[Public Papers of the Presidents of the United States: George H. W. Bush (1992, Book I)]
[April 24, 1992]
[Page 639]
[From the U.S. Government Publishing Office www.gpo.gov]



Remarks Prior to a Briefing on Banking and Finance Regulatory Reform

April 24, 1992
    I announced in the State of the Union Message a 90-day regulatory 
moratorium, and today another step is being taken to reduce the 
regulatory burdens. The 90-day moratorium has been a tremendous success. 
And I applaud the good work by the Council on Competitiveness, headed by 
Vice President Quayle.
    As you know, excessive regulations add billions of dollars of costs 
to the American economy each year. We've got to do something about these 
costs. And during the moratorium we've made more than 70 deregulatory 
changes that will save tens of billions of dollars for American 
consumers and taxpayers. Many of these changes will also help create 
jobs for American workers.
    We will have more announcements next week, and I'll have more to say 
on this subject on Wednesday. Today's announcement concerns financial 
service regulations, and we're announcing a package of banking 
initiatives designed to streamline financial regulation. Our new 
regulatory uniformity policy will reduce or eliminate unnecessary 
compliance costs by financial service institutions. We're also 
announcing measures to strengthen financial health and to reduce 
unnecessary regulatory barriers to new lending. These reforms will 
increase access to capital for individuals and businesses, thereby 
contributing to economic growth.
    The Deputy Secretary of the Treasury, John Robson, and Boyden Gray, 
our General Counsel, and Michael Boskin will provide you with all the 
details.
    Thank you very much.

                    Note: The President spoke at 11:55 a.m. in the 
                        Briefing Room at the White House.