[Public Papers of the Presidents of the United States: George H. W. Bush (1992-1993, Book II)]
[October 23, 1992]
[Pages 1955-1956]
[From the U.S. Government Publishing Office www.gpo.gov]



Statement on Signing the Depository Institutions Disaster Relief Act of 
1992
October 23, 1992

    Today I am signing into law H.R. 6050, the ``Depository Institutions 
Disaster Relief Act of 1992.'' The Act provides the banking regulatory 
agencies with limited discretion to waive or modify certain regulatory 
requirements. These requirements needlessly restrict the flow of banking 
and credit services to areas devastated by Hurricanes Andrew and Iniki 
and the Los Angeles riots. This legislation will provide welcome relief 
to federally insured depository institutions and their customers in 
these shattered neighborhoods and help expedite recovery efforts.
    Following a meeting with bankers in south Florida in early 
September, my Administration first proposed legislation to assure the 
full participation of banks, thrifts,

[[Page 1956]]

and credit unions in the process of recovery from disasters or major 
emergencies. This Act stems from the Administration's original proposal 
and will be very helpful to the residents of south Florida, south-
central Louisiana, Kauai, and Los Angeles.
    This is the first banking legislation in a decade that does nothing 
but reduce regulatory burdens. I urge the next Congress to build upon 
this measure by the passage of my Credit Availability and Regulatory 
Relief Act (CARRA), which would reduce the excessive regulatory burden 
on the banking industry generally and permit banks to provide the credit 
needed for sustained economic growth.

                                                             George Bush

The White House,
October 23, 1992.

                    Note: H.R. 6050, approved October 23, was assigned 
                        Public Law No. 102-485.