H-2060.1                  _______________________________________________

                                             HOUSE JOINT MEMORIAL 4022

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State of Washington                              53rd Legislature                             1993 Regular Session

By Representative Zellinsky

Read first time 03/10/93.  Referred to Committee on Financial Institutions & Insurance.

Urging repeal of unfairly restrictive and burdensome federal banking laws.

          TO THE HONORABLE BILL CLINTON, PRESIDENT OF THE UNITED STATES, AND TO THE PRESIDENT OF THE SENATE AND THE SPEAKER OF THE HOUSE OF REPRESENTATIVES, AND TO THE SENATE AND HOUSE OF REPRESENTATIVES OF THE UNITED STATES, IN CONGRESS ASSEMBLED:

          We, your Memorialists, the Senate and House of Representatives of the State of Washington, in legislative session assembled, respectfully represent and petition as follows:

          WHEREAS, Washington banks have a commitment to meet the financial needs of their communities; and

          WHEREAS, Washington's economy has suffered greatly in the past two years; and

          WHEREAS, Washington banks must remain healthy and profitable in order to participate in the state's economic recovery; and

          WHEREAS, Washington's small businesses need bank credit to assist in the state's economic recovery; and

          WHEREAS, Congress and federal regulators have reacted to the savings and loan crisis by enacting onerous laws and regulations; and

          WHEREAS, These new regulations and laws, specifically the financial institutions reform, recovery, and enforcement act of 1989 and the federal deposit insurance corporation improvement act of 1991, mandate that banks apply many more restrictive guidelines in their management and lending practices; and

          WHEREAS, Compliance with these new restrictive guidelines will cost Washington banks and their customers a great deal of money; and

          WHEREAS, Those funds could be better utilized by meeting the credit needs of Washington businesses;

          NOW, THEREFORE, Your Memorialists respectfully pray that Congress examine federal laws and regulations which relate to the regulatory and paperwork burden of commercial banks and repeal those laws and regulations which are unfairly restrictive and burdensome.  President Clinton is urged to issue an executive order to alleviate the unnecessary burdens and restrictions of these laws and regulations.

          BE IT RESOLVED, That copies of this Memorial be immediately transmitted to the Honorable Bill Clinton, President of the United States, the President of the United States Senate, the Speaker of the House of Representatives, and each member of Congress from the State of Washington.

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