Mr. Chairman, thank you for holding this important hearing. I thank Governor Meyer and all of the witnesses for taking time out of your schedules to give us your perspective on two important provisions in the "Financial Regulatory Relief and Economic Efficiency Act of 1997." I commend Senators Shelby and Mack for crafting this legislation that, when passed, will help create what I believe will be a more equitable and efficient regulation of financial services.
As a former small businessman, I am particularly fond of the provision that would allow a depository institution to pay interest on business checking accounts. I believe this provision would foster a healthy competition among banks searching for a larger deposit base, especially smaller community banks.
There has been an increasing concern about financing and credit in rural areas such as Wyoming because of the changing demographics and other pressures unique to rural America. I believe the provisions to require the Fed to pay interest on reserves as well as eliminating the ban on business checking accounts will help banks in these rural areas to remain competitive in the future.
Thank you. I look forward to each of the witness testimonies.
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