Bruce F. Vento: “The House passed H.R. 1306 on suspension calendar on June 1. The deadline for State action to limit interstate branching…”

“The House passed H.R. 1306 on suspension calendar on June 1. The deadline for State action to limit interstate branching within the States was June 1, and although we are a bit tardy, this bill is no less important to maintain the viability of State bank charters today, than it was in May. As has been explained by the subcommittee chairman, the title was changed, the application of Federal law to out-of-State State banks is further clarified. A State's right to opt out of the Depository Institutions Deregulation and Monetary Control Act was preserved, and, importantly, as this measure does not impact the Comptroller of the Currency's administration of national banking law resulting in the preemption of State laws when such preemption is warranted for national banks, thus opening up preemption capabilities for out-of-State State banks, the Senate amendments propose that an annual report be required of the OCC to show when and where preemption of State law took place in a previous year. I urge support for the bill.”