JOURNAL

OF THE

FRIDAY, NOVEMBER 1, 1991 (135) The House was called to order by the SPEAKER.

1135.1

APPROVAL OF THE JOURNAL

The SPEAKER announced he had examined and approved the Journal of the proceedings of Thursday, October 31, 1991.

Pursuant to clause 1, rule I, the Journal was approved.

1135.2 COMMUNICATIONS

Executive and other communications, pursuant to clause 2, rule XXIV, were referred as follows:

2291. A letter from the General Counsel, Oversight Board of the Resolution Trust Corporation, transmitting the audited financial statements of the Resolution Trust Corporation as of December 31, 1990, pursuant to Public Law 101-73, section 511(a) (103 Stat. 404); to the Committee on Banking, Finance and Urban Affairs.

2292. A letter from the Assistant Secretary of State for Legislative Affairs, transmitting notification of a proposed license for the export of major defense equipment sold commercially to Saudi Arabia (Transmittal No. DTC-38-91), pursuant to 22 U.S.C. 2776(c); to the Committee on Foreign Affairs.

2293. A letter from the Assistant Secretary of State for Legislative Affairs, transmitting notification of a proposed license for the export of major defense equipment sold commercially to the United Kingdom and Belgium (Transmittal No. DTC-45-91), pursuant to 22 U.S.C. 2776(c); to the Committee on Foreign Affairs.

2294. A letter from the Assistant Secretary of State for Legislative Affairs, transmitting notification of a proposed license for the export of major defense equipment sold commercially to Malaysia (Transmittal No. DTC-48-91), pursuant to 22 U.S.C. 2776(c); to the Committee on Foreign Affairs.

2295. A letter from the Director, Office of Management and Budget, transmitting a report for pay-as-you-go calculations for Public Law 102-136, pursuant to Public Law 101– 508, section 13101(a) (104 Stat. 1388-582); to the Committee on Government Operations.

2296. A letter from the Army and Air Force Exchange Service, transmitting copies of ac

tuary's reports for the Retirement Annuity Plan for Employees of the Army and Air Force Exchange Service; Supplemental Deferred Compensation Plan for Members of the Executive Management Program; the General Information Sheet for the Retirement Savings Plan and Trust for Employees of the Army and Air Force Exchange Service for the plan year ended 31 December 1990, pursuant to 31 U.S.C. 9503(a)(1)(B); to the Committee on Government Operations.

2297. A letter from the Secretary, Commission of Fine Arts, transmitting the annual report under the Federal Managers' Financial Integrity Act for fiscal year 1991, pursuant to 31 U.S.C. 3512(c)(3); to the Committee on Government Operations.

1135.3 MESSAGE FROM THE SENATE

A message from the Senate by Mr. Hallen, one of its clerks, announced that the Senate had passed without amendment joint resolutions of the House of the following titles:

H.J. Res. 281. Joint resolution approving the extension of nondiscriminatory treatment with respect to the products of the Mongolian People's Republic; and

H.J. Res. 282. Joint resolution approving the extension of nondiscriminatory treatment with respect to the products of the People's Republic of Bulgaria.

The message also announced that the Senate had passed with amendments in which the concurrence of the House is requested, bills of the House of the following titles:

H.R. 355. An Act to provide emergency drought relief to the Reclamation States, and for other purposes; and

H.R. 2950. An Act to develop a national intermodal surface transportation system, to authorize funds for construction of highways, for highway safety programs, and for mass transit programs, and for other purposes.

The message also announced that the Senate insisted upon its amendment to the bill (H.R. 2950) to develop a national intermodal surface transportation system, to authorize funds for construction of highways, for highway safety programs, and for mass transit

programs, and for other purposes and requested a conference with the House on the disagreeing votes of the two Houses thereon, and appointed from the Committee on Environment and Public Works only for matters within its jurisdiction: Mr. MOYNIHAN, Mr. BURDICK, Mr. MITCHELL, Mr. LAUTENBERG, Mr. REID, Mr. CHAFEE, Mr. SYMMS, Mr. WARNER, and Mr. DURENBERGER; from the Committee on Commerce, Science, and Transportation only for matters within its jurisdiction: Mr. HOLLINGS, Mr. EXON, Mr. BRYAN, Mr. DANFORTH, and Mr. GORTON; from the Committee on Banking, Housing, and Urban Affairs only for matters within its jurisdiction: Mr. RIEGLE, Mr. CRANSTON, Mr. SARBANES, Mr. BOND, and Mr. D'AMATO; from the Committee on Finance only for matters within its jurisdiction: Mr. BENTSEN, Mr. MOYNIHAN, Mr. BAUCUS, Mr. PACKWOOD, and Mr. DOLE; from the Committee on Governmental Affairs only for the consideration of the Uniform Relocation Act Amendment: Mr. GLENN, Mr. LEVIN, and Mr. ROTH; to be the conferees on the part of the Senate.

The message also announced that the Senate agreed to the report of the committee of conference on the disagreeing votes of the two Houses on the amendments of the Senate to the bill (H.R. 2686) making appropriations for the Department of the Interior and related agencies for the fiscal year ending September 30, 1992, and for other purposes. The message also announced that the Senate agreed to the amendments of the House to the amendments of the Senate numbered 1, 6, 9, 12, 16, 18, 19, 24, 26, 32, 33, 34, 37, 39, 40, 41, 52, 55, 63, 64, 65, 68, 69, 76, 86, 87, 89, 105, 108, 109, 124, 126, 127, 129, 131, 133, 137, 142, 144, 157, 163, 165, 179, 180, 185, 190, 193, 195, 196, 201, 214, 218, 219, 222, 224, and 226, to the above-entitled bill.

The message also announced that the Senate agreed to the amendments of

the House to the amendments of the Senate numbered 164 and 191, to the

above-entitled bill.

The message also announced that the Senate receded from its amendments numbered 130 and 167, to the above-entitled bill.

The message also announced that the Senate agreed to the amendment of the House to the amendment of the Senate numbered 175, with an amendment.

The message also announced that the Senate had passed a joint resolution of the following title, in which the concurrence of the House is requested:

S.J. Res. 133. Joint resolution in recognition of the 20th anniversary of the National Cancer Act of 1971 and the over 7 million survivors of cancer alive today because of cancer research.

The message also announced that, pursuant to Public Law 99-498, the Chair, on behalf of the President pro tempore, appoints Dr. William C. Hiss of Maine, to the Advisory Committee on Student Financial Assistance. 1135.4 ORDER OF BUSINESS-AMENDMENT MODIFICATION-H.R. 6

On motion of Mr. VENTO, by unanimous consent,

Ordered, That the amendment to the bill (H.R. 6) to reform the deposit insurance system to enforce the congressionally established limits on the amounts of deposit insurance, and for other purposes, numbered 8 on page 15 of House Report No. 102-281 and made in order by House Resolution 266, may be offered in the Committee of the Whole House on the state of the Union in the modified form as follows that has been placed at the desk:

Page 185, beginning on line 12, strike sections 301, 302, 303, 304, 305, and 306 and insert the following new sections (and redesignate the succeeding section and conform the table of contents accordingly):

SEC. 301. NATIONWIDE BANKING.

(a) INTERSTATE ACQUISITIONS.-Section 3(d) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(d)) is amended to read as follows: "(d) INTERSTATE ACQUISITIONS AND BRANCHING.

"(1) IN GENERAL.-Subject to paragraph (4), the Board may approve an application under this section by a bank holding company or foreign bank to acquire, directly or indirectly, any voting shares of, interest in or all or substantially all of the assets of any additional insured depository institution or bank holding company located in any State.

"(2) STATE LAW.-Subject to paragraph (4), any acquisition described in paragraph (1) that has been approved under this section may be consummated notwithstanding any State law that would prohibit or otherwise limit such acquisition on the basis of

"(A) the location or size of the acquiring company, foreign bank, or subsidiary of such company or foreign bank;

"(B) the number of insured depository institution subsidiaries of such company or foreign bank; or

"(C) any other factor that, directly or indirectly has the effect of prohibiting or limiting the acquisition of shares or control of an insured depository institution or bank holding company located in that State by an outof-State bank holding company or foreign bank if such factor is not applied with similar effect in the case of acquisitions of insured depository institutions or bank hold

ing companies located in such State by bank holding companies located in the State.

"(3) CONCENTRATION LIMITS.-The Board may not approve an application under paragraph (1) if—

"(A) the applicant controls, or upon completion of the acquisition would control, more than 10 percent of the insured depository institutions deposits of the United States, as determined under regulations of the Board; or

"(B) the applicant controls, or upon completion of the acquisition would control, 30 percent or more of the insured depository institution deposits in the State in which the bank to be acquired is located, as determined under regulations of the Board, except that a State may waive the applicability of this subparagraph.

Nothing in this paragraph affects the applicability of Federal antitrust laws or of State antitrust laws that do not discriminate against out-of-State bank holding companies.

"(4) LIMITATIONS ON CONSOLIDATIONS."(A) IN GENERAL.-Except as provided in subparagraph (B), any insured depository institution acquired after the date of the enactment of the Financial Institutions Safety and Consumer Choice Act of 1991 pursuant to paragraph (1) may not be a party to any transaction under subsection (h) before the end of the 3-year period beginning on such date of enactment.

"(B) PROVISION APPLICABLE TO CERTAIN INSTITUTIONS.-Subparagraph (A) shall not apply with respect to any insured depository institution the acquisition of which occurs after the date of the enactment of the Financial Institutions Safety and Consumer Choice Act of 1991 pursuant to an application or notice filed before such date with any appropriate Federal banking agency or State bank supervisor.

"(5) EXCEPTION.-Notwithstanding the previous paragraphs, any provision of State law in existence on the date of enactment of the Financial Institutions Safety and Consumer Choice Act of 1991, or enacted thereafter, which restricts entry to the acquisition of existing banks shall apply, except that a State law which requires that the bank must have been in existence longer than 5 years shall not apply unless such law is in effect on such date of enactment.".

(b) EFFECTIVE DATE.-The amendment made by this section shall take effect at the end of the 18-month period beginning on the date of the enactment of this Act.

SEC. 302. INTERSTATE BRANCHING BY NATIONAL BANKS.

Section 5155 of the Revised Statutes (12 U.S.C. 36) is amended

(1) by redesignating subsections (d) through (h) as subsections (e) through (i), respectively; and

(2) by inserting after subsection (c) the following:

"(d) INTERSTATE BRANCHING BY NATIONAL BANKS.

"(1) IN GENERAL.

"(A) APPROVALS AUTHORIZED.-Beginning 3 years after the date of enactment of the Financial Institutions Safety and Consumer Choice Act of 1991, the Comptroller of the Currency may approve an application under this section which will permit a national bank that is adequately capitalized and adequately managed to establish or acquire, and operate, a branch located outside the State in which the main office of such bank is located, subject to paragraphs (2), (3), and (6). "(B) CONDITIONS.-In determining whether to grant approval under subparagraph (A), the Comptroller of the Currency shall consider the bank's rating under the Community Reinvestment Act of 1977 and the views of the appropriate State bank officials re

garding the bank's compliance with applicable State community reinvestment laws. "(C) APPLICABLE LAW.—

"(i) IN GENERAL.-Subject to paragraph (6), any branch established or acquired under subparagraph (A) shall be subject to the laws of the host State with respect to intrastate branching, consumer protection, fair lending, and community reinvestment as if it were a branch of a bank chartered by that State, unless such State law, is preempted by Federal law regarding the same subject. There shall be no discriminatory effect in the application of such laws between a branch of a bank chartered by the host State and in-State branches of out-of-State national banks. Such State laws shall be enforced, with respect to branches of national banks by the Comptroller of the Currency. All other laws of the host State shall apply as if the branch was a national bank situated in that State.

"(ii) FILING REQUIREMENT.-A host State may require any national bank that has its main office in another State that wishes to establish a branch within the host State to comply with filing requirements that are not discriminatory in nature and that are similar in their effect to those that are imposed on a corporation from another State that is not engaged in the business of banking and that seeks to engage in business in the host State. The host State may preclude any national bank the main office of which is located in another State from establishing or operating a branch within the host State if that national bank or its branch materially fails to comply with the filing requirements. "(2) STATE ELECTION TO PROHIBIT INTERSTATE BRANCHING.

"(A) IN GENERAL.-The provisions of paragraph (1) shall not apply to branches to be located in a State which has enacted, during the period beginning on January 1, 1990, and ending 3 years after the date of the enactment of this subsection, a law that applies equally to national and State banks and that expressly prohibits all out-of-State banks from establishing or acquiring branches located in that State.

"(B) EFFECT OF PROHIBITION.-A national bank that has its main office in a State that has in effect a prohibition under subparagraph (A) may not acquire or establish a branch located in any other State under the provisions of this subsection.

"(3) STATE ELECTION TO PERMIT INTERSTATE BRANCHING.

"(A) DURING THE THREE-YEAR PERIOD FOLLOWING ENACTMENT.-The Comptroller of the Currency may approve an application under paragraph (1)(A) before the expiration of the 3-year period described in paragraph (1)(A), if the State in which the branch is or will be located enacts a law during that period expressly permitting interstate branching by all national and State banks before the expiration of the time period described in paragraph (1)(A).

"(B) AFTER THE THREE-YEAR PERIOD FOLLOWING ENACTMENT.-A State that originally elected, pursuant to paragraph (2), to prohibit interstate branching may nonetheless elect at any later time to permit interstate branching if such State enacts a law expressly permitting interstate branching by all national and State banks.

"(4) STATE IMPOSED CONDITIONS ON INTERSTATE BRANCHING.

“(A) A State may require a copy of an application submitted under this section to be filed with the host State banking authority in a timely manner (and the Comptroller of the Currency shall consider any timely comments of the host State prior to approving that application); and

"(B) subject to paragraph (6) a State may impose other conditions on a branch established or acquired under paragraph (1)(A) if—