Magazine article American Banker

Administration Backs House Effort to Ease Banks' Regulatory Burden

Magazine article American Banker

Administration Backs House Effort to Ease Banks' Regulatory Burden

Article excerpt

WASHINGTON - The Clinton administration on Tuesday endorsed a variety of legislative proposals aimed at easing regulations bankers say have become unnecessarily burdensome.

Testifying before a House banking subcommittee, Under Secretary of the Treasury Frank W. Newman, Comptroller of the Currency Eugene A. Ludwig, and Jonathan L. Fiechter, acting director of the Office of Thrift Supervision, pledged to work closely with Congress to cut unnecessary red tape.

They endorsed a number of provisions in the Economic Growth and Financial Institutions Regulatory Paperwork Reduction Act of 1993, a broad regulatory relief bill sponsored by Rep. Doug Bereuter, R-Neb., and Rep. Jim Bacchus, D-Fla.

Concerned over Duplication

"We very much would like to see most of the provisions of the bill become law," Mr. Newman said. "Reducing the regulatory burden on the nation's insured depository institutions, as this legislation seeks to do, is an important objective of this administration."

Despite their endorsement of legislative action, the officials said the administration is already working to relieve the burden through administrative action. In many cases, new laws would only duplicate measures the administration is now pursuing, they said.

Mr. Fiechter asked Congress to hold off on revamping the law until the administration's initiatives are fully implemented.

Broad-Based Changes

The Bereuter-Bacchus bill, which now has 260 co-sponsors, would change a broad range of banking provisions that the two lawmakers say burdens lenders without contributing to safety and soundness. …

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