DC Council Postpones Interstate Bill

By Naylor, Bartlett | American Banker, July 11, 1985 | Go to article overview

DC Council Postpones Interstate Bill


Naylor, Bartlett, American Banker


DC Council Postpones Interstate Bill

In an unexpected move, the District of Columbia Council postponed action on a bill that would permit interstate bank acquisitions between the district and 11 southern states.

Lobbyists from New York banks who want to include a "trigger' date when they can acquire district banks are apparently behind the postponement, sources say. As the bill now stands, there is no trigger.

Sponsored by council member Charlene Drew Jarvis, the legislation would permit purchases of banks in the district by institutions in any of 11 southern states, stretching from Maryland to Louisiana, provided these states enact reciprocal laws.

Ms. Jarvis said she would push for consideration Sept. 10. If the bill is approved, the district mayor has 10 days to sign it. Then it must be reviewed for 30 days by Congress, generally considered a formality.

On June 25, the council gave preliminary approval to the bill in an 11-0 vote.

But New York bank lobbyists, who already maintain offices in the nation's capital, have been promoting the trigger. Their campaign helped convince Mayor Marion Barry to support the trigger.

It is not clear exactly why Ms. …

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DC Council Postpones Interstate Bill
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