Political Quotes

“S. 1963, the Interstate Banking and Branching Act of 1994, is important legislation. The reason, however, that the legislation has such widespread support in this body owes much to the fact that it does much less than many less-informed believe. Let me explain. Interstate banking means that an out-of-State bank may acquire an in-State bank. This is already happening today. It has been the practice for some States to narrow the acquirer's eligibility to a particular region. The legislation, in contrast, ensures that the acquirer can come from any State across the Nation. This is no major change, in my opinion. Interstate branching is more significant. However, the legislation does not establish interstate branching. Interstate branching means that an out-of-State bank that owns an in-State subsidiary may convert it into a branch. This is, unlike interstate banking, something new. But all that this legislation does is to create a choice for the policymakers in each State--the Governor and the legislature--to make for that State. The efforts that I have expended on this legislation have been for one and only one purpose: To craft an absolutely neutral proposition for the States and the industry involved.”