Copyright (c) 1998 University of North Carolina School of Law Banking Institute
North Carolina Banking Institute
ARTICLE: UNDERSTANDING THE ISSUES RAISED BY FINANCIAL MODERNIZATION
2 N.C. Banking Inst. 25
J. Virgil Mattingly *, Keiran J. Fallon **
On January 7, 1997, Representative James Leach, Chairman of the Committee on Banking and Financial Services of the United States House of Representatives (Banking Committee), introduced H.R. 10, the Financial Services Competition Act of 1997. H.R. 10 represents only the latest effort by Congress to achieve an elusive but necessary goal - comprehensive modernization of the laws governing our nation's banks and other financial intermediaries. After numerous amendments, H.R. 10 passed the Banking Committee in June 1997 1 and was referred to the House Committee on Commerce (Commerce Committee) for consideration. On October30, 1997, the Commerce Committee approved a revised version of H.R. 10 that differs from the bill passed by the Banking Committee on several important issues, including the contentious issues associated with bank insurance and securities activities. 2 In light of the differences between the Banking Committee and Commerce Committee bills and the difficult policy issues underlying these differences, members of the House were unable to devise a compromise bill in sufficient time to bring H.R.10 to the floor before the first session of the 105th Congress concluded on November 13, 1997.
The Senate has not taken up the issue of financial modernization in the 105th Congress and probably will not begin hearings on the matter until the House completes action on H.R. 10. Senator Alfonse D'Amato, the Chairman of the Senate Committee on Banking, Housing and Urban Affairs, however, has introduced a financial modernization bill - S.298 - that differs significantly from ...
If you are interested in obtaining a lexis.com® ID and Password, please contact us at 1-(800)-227-4908 or visit us at http://www.lexisnexis.com/.