On the recordMay 13, 1998
This amendment would sunset, that is, repeal after 5 years the requirement that any bank that is not currently selling insurance products would not have to purchase an insurance agency that has been regulated within their State for at least 2 years. That reduces the competition, and this is obviously a compromise amendment that will at least take this prohibition away and produce greater competition in the marketplace. It was a fairly restrictive amendment. By providing 5 years before the sunset, I do not think any of the industries are going to take particular exception to it. I appreciate the fact that there is no opposition to it.
Source
govinfo.gov
