Capital Briefs: Leach Renewing Push To Pass Relief Measure

House Banking Committee Chairman Jim Leach has revived efforts to enact regulatory relief before Congress adjourns this week.

The legislation - which has gotten lukewarm support from the industry - has been stalled since August after a House Banking subcommittee attached a controversial provision that would exempt small banks from the Community Reinvestment Act.

Rep. Leach will bypass the full committee and push for a House vote on the bill, provided he can persuade Republicans to drop the CRA amendment, his spokesman said Monday. Yet some Republicans objected to Rep. Leach's efforts in a letter to House Majority Leader Richard K. Armey.

"We do not consider it appropriate to remove this key provision of a regulatory burden relief bill without providing members of the full Banking Committee the opportunity to address this issue," wrote Rep. Pete A. Sessions, R-Tex., and seven fellow party members. "This amendment ... is an important step in ensuring the continued survival and competitive standing of our community banks."

If Rep. Leach succeeds, the House and Senate could approve the legislation by itself or attach it to financial services reform.

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