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Office of the Press Secretary

For Immediate Release September 13, 1994

Statement by the President

Today this country took an historic step -- one that has been delayed for much too long -- to help American banks better meet the needs of our people, our communities and our economy. By joining the House in passing the interstate banking bill, the Senate has gone beyond gridlock to eliminate unnecessary barriers to the competitiveness and efficiency of our banking system while preserving essential prerogatives of the states.

We also welcome the bill's requirement that the Treasury, with the assistance of a broadly representative advisory committee, study and make recommendations on the future shape of financial services in the United States. American banks have shown over the last several years that they can combine high quality service for all with strong financial performance. Enactment of the interstate bill and the community development and regulatory improvement legislation will help them continue that record.