[Congressional Record Volume 140, Number 46 (Monday, April 25, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: April 25, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                          AMENDMENTS SUBMITTED

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              INTERSTATE BANKING AND BRANCHING ACT OF 1994

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                 RIEGLE (AND OTHERS) AMENDMENT NO. 1658

  Mr. RIEGLE (for himself, Mr. D'Amato, and Mr. Roth) proposed an 
amendment to the bill S. 1693 to permit certain financial institutions 
to engage in interstate banking and branching, as follows:

       On page 3, line 4, strike ``(2) and (3)'' and insert ``(2), 
     (4), and (6)''.
       On page 4, between lines 17 and 18, insert the following:
       ``(3) Exception.--The Board may approve an application 
     under paragraph (1)(A), notwithstanding any provision of 
     paragraph (2), if such application involves the acquisition 
     of one or more banks in default or in danger of default or 
     with respect to which the Federal Deposit Insurance 
     Corporation provides assistance under section 13(c) of the 
     Federal Deposit Insurance Act.
       On page 4, line 18, strike ``(3)'' and insert ``(4)''.
       Beginning with page 4, line 23, strike all through page 5, 
     line 2, and insert the following:
       ``(5) No effect on state tax authority.--No provision of 
     this Act shall be construed as affecting the authority of any 
     State or political subdivision of any State to adopt, apply, 
     and administer any tax or method of taxation to any bank, 
     bank holding company, or foreign bank or to any affiliate of 
     any bank, bank holding company, or foreign bank to the extent 
     that such tax or tax method is otherwise permissible by or 
     under the Constitution of the United States or other Federal 
     law.
       ``(6) Affect on state contingency laws.--Nothing in this 
     subsection affects the applicability of a State law that 
     makes an acquisition of a bank contingent upon a requirement 
     to hold a portion of such bank's assets available for call by 
     a State-sponsored housing entity established pursuant to 
     State law, if--
       ``(A) the State law does not have the effect of 
     discriminating against out-of-State banks, out-of-State bank 
     holding companies, or subsidiaries thereof;
       ``(B) that State law was in effect as of the date of 
     enactment of the Interstate Banking and Branching Act of 
     1994;
       ``(C) the Federal Deposit Insurance Corporation has not 
     determined that compliance with such State law would result 
     in an unacceptable risk to the appropriate deposit insurance 
     fund; and
       ``(D) the appropriate Federal banking agency for such 
     institution has not found that compliance with such State law 
     would place the institution in an unsafe or unsound 
     condition.''.
       On page 5, line 9, insert `` `in default', `in danger of 
     default','' before ``and''.
       On page 5, line 18, strike ``and''.
       On page 5, line 23, strike all of the punctuation at the 
     end and insert ``; and''.
       On page 5, after line 23, insert the following:
       ``(3) a bank holding company is `adequately capitalized' if 
     it meets or exceeds all applicable Federal regulatory capital 
     standards.''.
       On page 8, strike lines 14 through 16 and insert ``host 
     states.--If any branch of an out-of-''.
       On page 8, line 23, strike ``based upon'' and all that 
     follows through page 9, line 6, and insert the following: 
     ``that imposes such tax based upon a method adopted by the 
     host State, which could include allocation and 
     apportionment.''.
       On page 11, line 19, insert ``or paragraph (8)'' before 
     ``shall have''.
       On page 13, between lines 23 and 24, insert the following:
       ``(11) No effect on state tax authority.--No provision of 
     this Act shall be construed as affecting the authority of any 
     State or political subdivision of any State to adopt, apply, 
     and administer any tax or method of taxation to any bank, 
     bank holding company, or foreign bank or to any affiliate of 
     any bank, bank holding company, or foreign bank to the extent 
     that such tax or tax method is otherwise permissible by or 
     under the Constitution of the United States or other Federal 
     law.
       On page 13, line 24, strike ``(11)'' and insert ``(12)''.
       On page 15, line 14, strike ``paragraph'' and insert 
     ``paragraphs''.
       On page 15, beginning on line 17, strike ``A State bank 
     supervisor'' and insert ``The appropriate State official''.
       On page 17, line 2, insert ``or to take any enforcement 
     actions or proceedings against'' after ``examine''.
       On page 17, strike lines 7 through 10, and insert ``agency 
     determines that the States have reached an agreement under 
     subparagraph (C) that adequately protects the deposit 
     insurance funds, the appro-''.
       On page 17, line 11, strike ``shall not'' and insert 
     ``may''.
       On page 17, line 13, strike the quotation marks and the 
     final period.
       On page 17, between lines 13 and 14, insert the following:
       ``(4) No effect on state tax authority.--No provision of 
     this Act shall be construed as affecting the authority of any 
     State or political subdivision of any State to adopt, apply, 
     and administer any tax or method of taxation to any bank, 
     bank holding company, or foreign bank or to any affiliate of 
     any bank, bank holding company, or foreign bank to the extent 
     that such tax or tax method is otherwise permissible by or 
     under the Constitution of the United States or other Federal 
     law.''.
       Beginning with page 17, line 14, strike all through page 
     19, line 22, and insert the following:
       (b) National Banking Associations.--The Act entitled ``An 
     Act to provide for the consolidation of national banking 
     associations'', approved November 7, 1918 (12 U.S.C. 215 et 
     seq.) is amended--
       (1) in the first sentence of subsection (a) of the first 
     section, by inserting ``, or in any State in which a bank is 
     authorized to engage in an interstate consolidation pursuant 
     to section 3(h) of the Bank Holding Company Act of 1956,'' 
     after ``located in the same State'';
       (2) by inserting before the period at the end of subsection 
     (d) of the first section ``, except that the applicability of 
     State law to an interstate consolidation undertaken in 
     accordance with section 3(h) of the Bank Holding Company Act 
     of 1956 is determined in accordance with the provisions of 
     that section'';
       (3) by adding at the end of the first section the following 
     new subsection:
       ``(h) An interstate consolidation--
       ``(1) shall be undertaken under this section pursuant to 
     the procedures, restrictions, and requirements--
       ``(A) set forth in section 3(h) of the Bank Holding Company 
     Act of 1956 as if such interstate consolidation were a 
     combination under that section; and
       ``(B) set forth in this section, to the extent that such 
     procedures, restrictions, and requirements are not 
     inconsistent with those of section 3(h) of the Bank Holding 
     Company Act of 1956; and
       ``(2) involving banks that are not affiliated (as such term 
     is defined in section 2 of the Bank Holding Company Act of 
     1956) shall meet the requirements of section 3(d) of the Bank 
     Holding Company Act of 1956, as determined by the Comptroller 
     of the Currency, as if such consolidation were an acquisition 
     under that section 3(d).'';
       (4) in the first sentence of section 2(a)--
       (A) by striking ``under an agreement not inconsistent with 
     this Act,''; and
       (B) by inserting ``or within any State in which a bank is 
     authorized to engage in an interstate merger pursuant to 
     section 3(h) of the Bank Holding Company Act of 1956,'' after 
     ``located within the same State,'';
       (5) in the sixth sentence of section 2(d) by inserting 
     before the period ``, except that the applicability of State 
     law to a merger undertaken in accordance with section 3(h) of 
     the Bank Holding Company Act of 1956 is determined in 
     accordance with the provisions of that section'';
       (6) in section 2, by adding at the end the following new 
     subsection:
       ``(h)(1) An interstate merger--
       ``(A) shall be undertaken under this section pursuant to 
     the procedures, restrictions, and requirements--
       ``(i) set forth in section 3(h) of the Bank Holding Company 
     Act of 1956 as if such merger were a combination under that 
     section; and
       ``(ii) set forth in this section, to the extent that such 
     procedures, restrictions, and requirements are not 
     inconsistent with those of section 3(h) of the Bank Holding 
     Company Act of 1956; and
       ``(B) involving banks that are not affiliated (as such term 
     is defined in section 2 of the Bank Holding Company Act of 
     1956) shall meet the requirements of section 3(d) of the Bank 
     Holding Company Act of 1956, as determined by the Comptroller 
     of the Currency, as if such merger were an acquisition under 
     that section 3(d).
       ``(2) Paragraph (1) shall apply to a State member bank 
     involved in an interstate merger on the same terms and 
     conditions and subject to the same procedures, restrictions, 
     and requirements as are applicable to the consolidation of 
     branches by a national banking association involved in an 
     interstate merger.''; and
       (7) in paragraph (4) of section 3, by inserting ``or within 
     any State in which a bank is authorized to engage in an 
     interstate consolidation, merger, or other transaction 
     pursuant to section 3(h) of the Bank Holding Company Act of 
     1956,'' after ``within the same State,''.
       On page 21, line 5, strike ``approval'' and insert 
     ``consent''.
       On page 21, line 13, strike ``and''.
       On page 21, line 20, strike all of the punctuation at the 
     end and insert ``; and''.
       On page 21, between lines 20 and 21, insert the following:
       ``(C) the term `adequately capitalized' has the same 
     meaning as in section 38.''.

     

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