11 Republicans on House Committee Urge Approval of Banking Legislation
Chell, Gretchen, American Banker
WASHINGTON -- A majority of Republicans on the House Banking Committee have protested the closing of the door on congressional consideration of banking legislation this year.
Eleven of the panel's 18 Republican members sent a letter to Rep. Fernand J. St Germain, D-R.I., the committee chairman, that says, "It is important to enact meaning banking legislation this year."
The members said Congress should close the nonbank loophole and address othe rissues they deemed uncontroversial, including credit card protections, disclosure of banking fees, and mortgage-backed securities activities for banks. They are among the provisions in a Senate Banking Committee bill approved by the Senate several weeks ago.
It appears that Rep. St Germain and Sen. Jake Garn, R-Utah, chairman of the Senate Banking Committee, cannot come to grips with a proposal that will satisfy both chambers. Chances for a bill to emerge this year are practically nil.
Mr. Garn has told some senators in private that the Senate's version of banking legislation will be reintroduced when Congress returns next year and that hearings will take place in the spring.
Earlier this week, Sen. Garn publicly all but ruled out any chance that Congress would pass a banking bill in 1984, saying, "Apparently the door has been closed for this year. …