Magazine article American Banker

D'Amato Says No Banking Laws Will Pass in '84

Magazine article American Banker

D'Amato Says No Banking Laws Will Pass in '84

Article excerpt

WASHINGTON -- Congress will not pass any major banking legislation this year, a member of the Senate Banking Committee predicted Tuesday.

Securities subcommittee chairman Alfonse D'Amato, R-N.Y., told a meeting of the American Institute of Certified Public Accountants that election-year concerns will dominate the 1984 congressional agenda. The only major piece of financial legislation that will be approved, he predicted, will provide stiffer penalties for insider trading violations.

"If we catch you and prove it, you can expect to pay triple damages," Mr. D'Amato said. He called the legislation long overdue but added, "It's about all Congress will pass."

Nearly 500 accountants are attending the two-day seminar on recent Securities and Exchange Commission developments.

Although Mr. D'Amato had praise for recent SEC action, he had plenty of criticism for Congress on the issue of the deficit, saying that a "grand and glorious opportunity to forge a national consensus was frittered away" because Congress failed to attack the growth in the entitlement programs during the first three years of the Regan administration.

After the elections, Congress must create a consensus to attack the deficit problem and assure a vigorous economy, he said. Shad Says Congress Must Act

But Congress must eventually address some pressing banking isses, SEC Chairman John S.R. Shad told the accountants. Mr. Shad said that "major mergers and acquisitions and new products and services are blurring the distinctions between banks, thrifts, and securities firms. …

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