President Clinton Signs Interstate Bill into Law, Saying It's a First Step
Garsson, Robert M., American Banker
WASHINGTON -- President Clinton signed the interstate branching bill into law Thursday, flanked by two bankers who praised him for attacking what they described as outmoded banking laws.
"You recognize that the world is changing and laws passed in the 1920s don't work anymore," said Norwest Corp. chairman Richard M. Kovacevich.
Chase Manhattan Corp. chairman Thomas Labrecque said the bill, along with legislation implemenling new trade treaties, "shows a sustained commitment to make. the United States more competitive and effective in the global economy."
For his part, the President highlighted the measure as part of his continuing effort "to reinvent government," and promised more banking legislation to come.
"Our work is far from over," he told a group of lobbyists, regulators, lawmakers, and congressional aides who assembled for the ceremony in the Department of Treasury's ornate Cash Room.
The interstate branching bill, represents a significant victory for the banking industry and particularly for the trade groups and big banks that kept the bill alive when it appeared hopeless.
Moreover, the bill was kept "clean" free of the restrictions banks feared tlley would be saddled with. Of particular concern was an amendment restricting bank insurance powers and a measure expanding Community Reinvestment Act requirements. …