SENATE CONCURRENT RESOLUTION NO. 6
(By Senator Lucht)
Expressing the concern of the West Virginia Legislature over
mounting regulatory and reporting costs imposed upon the
banking industry by the federal government and encouraging
the United States Congress to consider legislation which
would significantly lessen such costs.
Whereas, West Virginia banks and their parent-holding
companies have an extraordinary history of safety and soundness
in the context of volatile economic markets in recent years; and
Whereas, West Virginia banks remain healthy and profitable,
notwithstanding the challenges faced by each of them; and
Whereas, West Virginia banks perform extraordinary service
in supporting economic growth and development in West Virginia;
and
Whereas, The continued vitality of the banking industry is
of critical importance to the future of West Virginia; and
Whereas, The federal government has imposed various
regulatory and reporting requirements on commercial banks,
compliance with which the American Bankers Association survey
indicates to cost over ten billion annually, a staggering sum
which is paid by both banks and their customers; and
Whereas, West Virginia's share of this extraordinary cost isestimated to be in excess of one hundred one million dollars; and
Whereas, Banking organizations in America have individually
and collectively proposed various reforms whereby most of this
burden can be relieved without hampering the safety and soundness
of banking institutions, thereby freeing capital for more
productive purposes; therefore, be it
Resolved by the Legislature of West Virginia:
That it is the sentiment of the West Virginia Legislature
that the representatives of West Virginia in the United States
Senate and United States House of Representatives should be alert
to reforms designed to lessen the regulatory and reporting burden
and costs placed upon the commercial banks in America by unneeded
and duplicative legislation and study carefully the requests for
reform now pending in Congress which relate to the regulatory and
paperwork burden of commercial banks; and, be it
Further Resolved, That the members of the West Virginia
delegation are fervently urged to be supportive of reform
proposals which have the effect of reducing paperwork and
compliance costs without unduly hampering efforts to maintain the
safety and soundness of banks throughout America.