[Congressional Record Volume 142, Number 139 (Tuesday, October 1, 1996)]
[Senate]
[Page S12091]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                                BIF/SAIF

  Mrs. FEINSTEIN. Mr. President, would the Chairman yield for the 
purposes of a brief colloquy to clarify a provision of the banking 
title to H.R. 3610, the omnibus appropriations bill, addressing the 
Bank Insurance Fund and the Savings Association Insurance Fund?
  Mr. D'AMATO. I would be happy to yield to the Senator from 
California.
  Mrs. FEINSTEIN. Am I correct that the new prohibition on deposit 
shifting set forth in section 2703(d) of the bill, if not carefully 
applied by the federal bank regulators, could raise serious issues of 
interference with first amendment rights of free speech?
  Mr. D'AMATO. We share the Senator's concern. In response, let me say 
that it is not our intent that the regulators implement the deposit 
shifting provision in a way that would raise constitutional free speech 
issues. The Supreme Court has made it clear that the first amendment 
protections do indeed extend to lawful and accurate business 
communications and we expect the regulators to abide by these 
decisions.

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