Academic journal article ABA Banking Journal

Garn Gives Views on Reform Issues

Academic journal article ABA Banking Journal

Garn Gives Views on Reform Issues

Article excerpt

Garn gives views on reform issues

Sen. Jake Garn, ranking minority member of the Senate Banking Committee, speaking at ABA's National Operations and Automation Conference in May, addressed several points of the ongoing financial reform debate. He observed that during his 16 years in the Senate, the speed of change in banking and finance had been beyond his "wildest imagination."

"Yet people to this day say to me, |why do you favor interstate banking?'" His response is, "It doesn't matter what I support, [interstate banking is] here, but Congress hasn't recognized that."

Other points the Senator made in his speech and in a press briefing:

* "I understand banks' position that |too big to fail' should end, but I still think regulators should have the option [to bail out a large bank]." Recalling the Continental Illinois crisis and rumors that circulated at the time that Manufacturers Hanover would fail, Garn said that even in hindsight, the government support of Continental was good policy. …

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