Statement on Signing the Depository Institutions Disaster Relief Act of 1992

Today I am signing into law H.R. 6050, the "Depository Institutions Disaster Relief Act of 1992." The Act provides the banking regulatory agencies with limited discretion to waive or modify certain regulatory requirements. These requirements needlessly restrict the flow of banking and credit services to areas devastated by Hurricanes Andrew and Iniki and the Los Angeles riots. This legislation will provide welcome relief to federally insured depository institutions and their customers in these shattered neighborhoods and help expedite recovery efforts.

Following a meeting with bankers in south Florida in early September, my Administration first proposed legislation to assure the full participation of banks, thrifts, and credit unions in the process of recovery from disasters or major emergencies. This Act stems from the Administration's original proposal and will be very helpful to the residents of south Florida, south-central Louisiana, Kauai, and Los Angeles.

This is the first banking legislation in a decade that does nothing but reduce regulatory burdens. I urge the next Congress to build upon this measure by the passage of my Credit Availability and Regulatory Relief Act (CARRA), which would reduce the excessive regulatory burden on the banking industry generally and permit banks to provide the credit needed for sustained economic growth.

George Bush

The White House,

October 23, 1992.