Kit Bond: “let me begin by commending the chairman and the ranking member of the Banking Committee for the hard work that has gone…”

“let me begin by commending the chairman and the ranking member of the Banking Committee for the hard work that has gone into the issue of resolving the questions around interstate banking and branching. This has been a very important and a contentious issue which we have worked on for a number of years. The Senate has been trying for a long time to get legislation enacted which would provide for interstate banking and branching, and I believe we can see the light at the end of the tunnel. I intend to support the legislation as drafted because I do believe it takes us in the right direction but also because I am a supporter of State's rights. I would prefer that the bill contain some amendments which I believe may be offered by one of my colleagues on the other side. The provisions I specifically address are, No. 1, to allow for a 3-year period in which States may have time to consider changes in State laws which are necessary to the implementation of this act. I believe, since we do have a dual banking system where State regulation is important, that we should give States that opportunity. Second, I would like to ensure that State laws apply to all branches of out-of-state banks, both Federal and State chartered.”