Senate Banking Committee Chairman Alfonse M. D'Amato pledged Wednesday to bring to the Senate floor a bill that would free bank holding companies from overlapping state and federal securities regulations.
During a hearing Wednesday on the Securities Investment Promotion Act of 1996, the New York Republican said his committee would vote on the bill by July 4. He said he would seek Senate floor time for the bill as soon as possible after the committee vote.
"This legislation will make it easier to raise capital in the securities market," Sen. D'Amato said. "This legislation dusts the cobwebs off laws that now have only antique value."
The bill would replace a number of state securities regulations with a uniform set of federal laws. It would cut compliance costs for bank holding companies, which often issue stock to raise capital in more than one state and are consequently subjected to a patchwork of securities registration laws. A companion bill was approved by the House Commerce Committee May 15.