I wrote a column recently in which I argued that the Bank Holding Company Act should be repealed. Ken Guenther, executive vice president of the Independent Bankers Association of America, took exception in a letter to the editor.

One premise of my column was that the Bank Holding Company Act's original purpose was to prevent the spread of interstate banking by Bank of America and others. Since Congress has now declared that interstate branch banking is the preferred national policy, a fundamental underpinning of the Bank Holding Company Act has been removed.

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