WASHINGTON - President Clinton on Thursday signed the year's final government spending bill, including two provisions of particular interest to bankers.
The law, which funds the departments of Labor, Education, and Health and Human Services, includes a measure to overhaul commodities law. The Commodity Futures Modernization Act of 2000 will, among other things, restrict nonbank regulators' jurisdiction over wholesale swaps contracts executed by banks.
The law also contains the New Markets and Community Renewal initiative, which will increase by 40% the tax credit to banks that lend for low-income housing construction and will create other tax breaks for banks that invest in poor communities.
Separately, the President was expected as early as today to sign the Homeownership and Economic Opportunity Act, with about 20 minor bank regulatory relief measures.