Donald Riegle: “Yes. In fact, the committee recently received a letter from the Independent Bankers Association of America contending…”

“Yes. In fact, the committee recently received a letter from the Independent Bankers Association of America contending that because the wholesale branches of foreign banks are not subject to such requirements, they have a competitive advantage over U.S. banks and can thus "undercut the price charged by U.S. banks for comparable services." I ask unanimous consent to have printed in the Record that letter from the IBAA. There being no objection, the letter was ordered to be printed in the Record, as follows: Independent Bankers Association of America, Washington, DC, December 21, 1993. Hon. Donald W. Riegle, Jr., Chairman, Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, DC. Dear Mr. Chairman: As you know, the IBAA has long favored the "Fair Trade In International Banking Act", and has testified in favor of the bill several times. We believe that "national treatment" is becoming an increasingly important concept as international banking expands, both in the United States and worldwide. However, the Fair Trade In International Banking Act only speaks to the treatment afforded to U.S. banks doing business in foreign countries. We have concerns that the playing field is not even here in the United States and that U.S. banks are currently at a serious competitive disadvantage.”