Russ Feingold: “I have an amendment relating to a GAO report on the requirement for insured depository institutions to collect data in…”

“I have an amendment relating to a GAO report on the requirement for insured depository institutions to collect data in light of this legislation, which I understand will be accepted by the managers of the bill. As I indicated, this amendment would simply direct GAO to submit a report on data collection under interstate branching to determine if modifications to existing requirements should be implemented in light of the enactment of this legislation. I appreciate the chairman's suggestion to perfect the amendment. Madam President, I had intended to offer an amendment to S. 1963, the Interstate Banking and Branching Act of 1994, that related to continuing current law requirements for certain statements of condition. The information in those condition statements is useful to regulators and consumer groups in evaluating the performance of insured depository institutions, but in the new banking structures allowed under S. 1963, there may be significant gaps in the reporting that we currently require. These gaps arise because of the nature of the new banking structures allowed in S. 1963.”