Statement of Administration Policy: S.J. Res. 13 - Joint Resolution Providing for Congressional Disapproval of the Rule Submitted by the Office of the Comptroller of the Currency of the Department of the Treasury Relating to the Review of Applications under the Bank Merger Act

STATEMENT OF ADMINISTRATION POLICY

(Senate)
(Sen. Kennedy, R-LA, and five cosponsors)

The Administration strongly supports passage of S.J. Res. 13, a joint resolution providing for congressional disapproval of the rule issued by the Office of the Comptroller of the Currency of the Department of the Treasury relating to the review of applications under the Bank Merger Act.

This rule limits banks' ability to achieve scale, diversify risk, and expand product offerings by effectively discouraging mergers - which will only serve to reduce competition and innovation in the financial sector. The rule injects unnecessary uncertainty and delay into the merger process, deterring otherwise lawful and economically sound mergers that would benefit Americans.

If S.J. Res. 13 were presented to the President in its current form, his senior advisors would recommend that he sign it into law.