Political Quotes

“I rise in support of H.R. 3841. While I have reservations over considering legislation of this importance under suspension of the rules, I believe the time for interstate banking and branching has come and the House should act on the bill. I am concerned that our States should have adequate time to decide if they want to participate in interstate branching. As Chairman Neal knows, I believe that States should have a 3-year period before interstate branching through consolidation of subsidiaries is permitted. While the bill has a 3-year waiting period for regular branching, it would allow subsidiaries of bank holding companies to be converted into branches after 18 months. Congressman Craig Thomas and I offered an amendment in committee to equalize the time period for branching and consolidation. I would have liked to have the full House consider this issue, but to enable the interstate bill to move forward, I am not contesting the consideration of the bill under suspension of the rules. Chairman Gonzalez and Mr. Leach agree with my view of the consolidation issue and I hope Chairman Neal will remain open to discussion on this issue when the bill goes to conference. I want to thank Chairman Gonzalez, Chairman Neal of the subcommittee and Mr. Leach and Mr. McCollum for working with me to clarify the bill's language relating to a State's tax authority. The bill and report protect a State's authority to tax the affiliates of banks and bank holding companies.”