Statement of Administration Policy: H.R. 176 - Truth in Savings Act

(House)
(Lehman (D) California and 102 others)

The administration fully supports the goal of H.R. 176: to provide full and fair disclosure to consumers of information necessary for them to make informed financial decisions. Existing statutory and regulatory authority already exists to achieve this goal, however. As a consequence, this legislation is not necessary. Nonetheless, the administration would not oppose H.R. 176, should the Congress decide to act favorably upon it.