respect to financial institutions, recent and continuing economic pressures of great enormity have meant
that the banking industry is faced with intense and abiding concerns
about its powers, activities, practices and procedures. Legislative
proposals have the potential to affect the way in which members
of the financial community are able to conduct their daily business
and prepare for future activities.
Internet and the World Wide Web are also attracting increasing attention
from federal and state legislators, and from their counterparts
in other countries, who seek ways to share in the bounty that is
emerging and expected in the future.
While specific proposals may change from year to year, there are
several major areas of legislation in which activity may be expected:
Proposals to further regulate the permissible banking and non-banking
activities for bank holding companies and their operating subsidiaries.
Consumer-conscious legislators are listening
to requests for measures that could affect the powers and profitability
of financial institutions in the future.
Legislators will also be considering a myriad
of proposals designed to enhance and retain public confidence
in U.S. financial institutions as they deal with serious global economic problems and compete in the domestic and global markets of the 21st Century.
Legislative proposals to tax and regulate the
Web are receiving ever-increasing attention in Congress and
state legislatures, as millions of people conduct all kinds
of transactions in Cyberspace and reap the rewards of doing
so. It has been estimated that there are 30,000 taxing
authorities in the U.S. alone, which have the ability to levy
taxes or regulate Internet commerce in one form or another
and would love to do so.
are successful practitioners of the tactics required for effective
action as these and other issues are fought on the federal and state
serving as counsel to the U.S. Senate Committee on Banking, Housing,
and Urban Affairs, Timothy
D. Naegele wrote the
Anti-Tying Provision of the Bank Holding Company Act Amendments
of 1970 (see our Published
Articles on the subject), the "Brooke Amendment"
relating to public housing, and the national "housing allowance"
program that became the Section 8 housing program, which has helped millions of people nationwide. Also, he wrote the financial institutions laws of
the State of Maine, which now appear as Title 9-B of the Maine Revised
Statutes Annotated; and he served as special consultant to the State
of California on matters pertaining to financial institutions, including
We can reach and influence legislatures nationwide.
Our services include the research and preparation of testimony for
clients who appear before congressional committees and state legislatures;
serving as their liaison to staff aides; drafting suggested language
for inclusion in legislation under consideration; and analyzing
and monitoring the progress of bills, resolutions, amendments and
conference reports as they wind their way through the legislative
stand ready to serve you!