[Congressional Record Volume 142, Number 33 (Tuesday, March 12, 1996)]
[House]
[Pages H2040-H2041]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      COMPTROLLER OF THE CURRENCY OVERSTEPPING HIS AUTHORITY AND 
                        CIRCUMVENTING STATE LAWS

  (Mr. WATTS of Oklahoma asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. WATTS of Oklahoma. Mr. Speaker, I rise today to bring to your 
attention the unlawful actions of an unelected official--an official 
who has taken it upon himself to dictate the laws governing the 
Nation's financial institutions, and proceeding so with no regard to 
State law or States' rights.
  The Comptroller of the Currency, is overstepping his authority and 
circumventing State laws.
  This overstepping of authority has become abundantly clear in my 
State of Oklahoma where the OCC has approved a national bank branch in 
a location that would be illegal under Oklahoma State law.
  Laws governing intrastate branching have always been an authority 
granted exclusively to the States. The OCC must not be allowed to pick 
and choose which State laws national banks have to comply with.
  They have become a rogue Federal agency and Congress must exercise 
its oversight authority. If we are to have a vibrant and healthy State 
banking system, we need to preserve State law.
  I thank my colleague, Chairman Leach of the House Banking Committee, 
for his recent comments on this issue. I appreciate his leadership and 
support for a dynamic and healthy dual banking system.
  It is time that Congress take action to reign the Comptroller of the 
Currency and my hope that the banking Committee will hold hearings on 
the OCC's recent disregard for States rights and the dual banking 
system.

[[Page H2041]]



                          CORRECTIONS CALENDAR

  The SPEAKER pro tempore (Mr. Camp). This is the day for the call of 
the Corrections Calendar.
  The Clerk will call the bill on the Corrections Calendar.

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