Bill Bennett: “I have learned that some are arguing that section 114 and its legislative history somehow overrule, or cast doubt upon…”

“I have learned that some are arguing that section 114 and its legislative history somehow overrule, or cast doubt upon, interpretations of the word ``interest'' by the OCC, the FDIC, and the OTS. These interpretations have been repeatedly cited by many courts. Mr. Chairman, it is my interpretation that nothing in section 114 or the legislative history of the interstate banking law overrules, or casts doubt upon, these prior interpretive letters issued by the Federal banking agencies. The savings clause in section 111 makes this abundantly clear. Indeed, it is my understanding that section 114 addresses only procedural matters, and was not intended to alter or establish any principles of substantive law.”