Title: An Early Reading of the Clinton/Gore Administration
Abstract: One of the cardinal rules of evaluating politicians is to look to their record. But there are many dimensions to political decisions, and the dynamics that drove one choice may bear only a superficial resemblance to those affecting the next. This is important to bear in mind when weighing the potential impact the new Clinton Administration will have on banking. Danger of precedent. For example, one speaker at last fall's ABA Annual Convention attempted to project President--then candidate--Clinton's stance on the federal interstate branching debate from the fact that Arkansas adopted a regional interstate banking law on his watch. Attempting to extrapolate from that and some other positions taken at the state level is a mistake, according to Edward L. Yingling, ABA's executive director for government relations. It's one thing to take a particular action when you're governor of a single state, points out Yingling, and quite another when, as President, you are balancing the responsibilities for 50 states and the nation they comprise. By late fall, Clinton and his team had given few clues about their positions on financial services issues. For example, even a longstanding interest in establishing a network of community development banks remained undefined. Many position papers were said to be floating around the transition team's headquarters and some observers feel the fate of some issues will hinge on who Clinton selects for financial agency posts. However, there were hopeful signs that bank regulatory reform could be a Clinton priority, because of the potential economic improvement it could support. Advisors have been quoted as stating that the Community Reinvestment Act, for example, should stress excellent performance, rather than excellent paperwork. During the final Presidential debate, Clinton said he felt federal examiners had gone too far, causing the credit crunch. regulatory burden issue should be part of the [Administration's] 100-day plan, said Yingling. He said ABA was making that case and appeared to be having some success. Yingling added that with the new Administration's anticipated stress on measures to stimulate the economy, it was doubtful that it would want to tackle such controversial issues as Glass-Steagall reform. ABA President William H. Brandon, Jr., an Arkansas banker who has worked with Governor Clinton on several projects, broadly agrees that Clinton's stances as governor can't be used to predict his positions as President. However, he says one thing bankers can count on is Clinton's continuing belief that small business is a better generator of jobs--a top priority-than is big business. Arkansas bankers' opinions. The new President's attitude towards the industry can be gleaned from comments of bankers who know him. ABA BJ talked with several Arkansas bankers about life under Clinton. think Clinton's good news for bankers, says community banker Marlin D. Jackson, who took a sabbatical between 1983 and 1987 to serve as Clinton's banking commissioner. Bill Clinton is the most pro-business, probanking governor I have known in my life. Jackson, now chairman and CEO of $190 million-assets Worthen National Bank of Conway, still sends books on financial subjects to Clinton, receiving short handwritten commentaries in reply. He's been receptive to creating a level playing field, says James Street, executive vice-president of $32 million-assets Bank of Cave City. Street noted that the Arkansas wild-card statute, which granted state banks parity with national banks, became law during Clinton's watch. This indicates a level of understanding. He's not a bank basher, but he's also not the person that's been portrayed as kow-towing to special interests, insists Curt Bradbury, chairman and CEO of $2 million-assets Worthen Banking Corp., Little Rock. Bradhury, who is close to Clinton, says this is bad rap. …
Publication Year: 1993
Publication Date: 1993-01-01
Language: en
Type: article
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