COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE TO ACCOMPANY S. 1963 together with ADDITIONAL VIEWS MARCH 23 (legislative day, FEBRUARY 22), 1994.-Ordered to be printed 79-010 U.S. GOVERNMENT PRINTING OFFICE WASHINGTON: 1994 COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS DONALD W. RIEGLE, JR., Michigan, Chairman PAUL S. SARBANES, Maryland CHRISTOPHER J. DODD, Connecticut RICHARD C. SHELBY, Alabama JOHN F. KERRY, Massachusetts BARBARA BOXER, California BEN NIGHTHORSE CAMPBELL, Colorado ALFONSE M. D'AMATO, New York CHRISTOPHER S. BOND, Missouri LAUCH FAIRCLOTH, North Carolina STEVEN B. HARRIS, Staff Director and Chief Counsel KAY E. BONDEHAGEN, Counsel CYNTHIA E. LASKER, Legislative Assistant Interstate banking and consolidations Regulatory approval Section 2. Interstate banking 103D CONGRESS 2d Session SENATE REPORT 103-240 INTERSTATE BANKING AND BRANCHING ACT OF 1994 MARCH 23 (legislative day, FEBRUARY 22), 1994.—Ordered to be printed Mr. RIEGLE, from the Committee on Banking, Housing, and Urban Affairs, submitted the following REPORT [To accompany S.1963] INTRODUCTION On February 23, 1994, the Senate Committee on Banking, Housing, and Urban Affairs marked up and ordered to be reported a bill, the Interstate Banking and Branching Act of 1994. The Act would permit, after one year, adequately capitalized and managed bank holding companies to undertake the interstate acquisition or establishment of banks in any state. In addition, the Act would allow, after two years (unless a state elects earlier), bank holding companies with bank subsidiaries located in more than one state to combine the subsidiaries into interstate banks. States would be permitted to opt out of the interstate combination provisions. Under this bill, de novo interstate branching would be permitted only if a state law expressly allowed for such branching. The Committee vote was unanimous with all 19 members voting to adopt the November 10, 1993, Committee Print as amended by a managers' amendment. Voting to report the bill were: Chairman Riegle and Senators Sarbanes, Dodd, Sasser, Shelby, Kerry, Bryan, Boxer, Campbell, Moseley-Braun, Murray, D'Amato, Gramm, Bond, Mack, Faircloth, Bennett, Roth, and Domenici. The Treasury Department, while expressing reservations about some of the provisions of the bill reported by the Committee, stated its strong support for the bill because it will improve the efficiency and stability of our banking system. |