Newspaper article THE JOURNAL RECORD

Administration Backs Interstate Banks / Garn, Proxmire Don't

Newspaper article THE JOURNAL RECORD

Administration Backs Interstate Banks / Garn, Proxmire Don't

Article excerpt

WASHINGTON (UPI) - Treasury Secretary James Baker Thursday reiterated the administration's support for nationwide interstate banking, telling a Senate panel it would make banks more competitive withother financial services.

But Baker's position ran into trouble from the Senate Banking Committee, where Chairman Jake Garn, R-Utah, said he saw ""no need to have an interstate banking title'' in legislation he is working on.

And the ranking Democrat on the panel, Wisconsin's William Proxmire, was even more critical of the idea, telling Baker the idea was ""most unfair. This country is unique. It is the only country on the face of the Earth with local banking. It has the best capital markets in the world.''

But, said Proxmire, in light of a House bill that would clear the way for interstate banking, ""the odds are stacked against us.''

The House Banking Committee Wednesday adopted a regional banking bill that would permit interstate banking by 1990. It would let out-of-state bank holding companies purchase in-state banks. …

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