President is set to sign interstate measure today.

WASHINGTON -- President Clinton is scheduled to sign the interstate branching bill today in a Treasury Department ceremony that will be witnessed by representatives from two of the nation's large banks.

On hand for the signing will be Thomas G. Labrecque, chairman of Chase Manhattan Corp., and Richard Kovacevich, chairman of Norwest Bank, Minneapolis.

For the banking industry, the bill is noteworthy on several counts, said Edward L. Yingling, executive director for government relations at the American Bankers Association.

First, he said, it demonstrates the merit of a decision made early on by the ABA and its state affiliates to back a particular approach to interstate: legislation that permits branching by banks while reserving to the states the right to "opt out" of the system.

Secondly, he said, it is a bill that advances bank powers without any offsetting negative price tag.

"This is the only bill that I remember in recent times that was kept clean," he said.

And for large banks. the bill grants one important new power: the ability to move nationwide without the necessity of maintaining a separate charter in each state.

"This legislation represents a major step forward for the American banking system that has been sought by both parties for years," said Treasury Secretary Lloyd Bentsen in advance of the signing.

"Interstate banking and branching will be beneficial to banks and their customers as well as the nation's economy as a whole," he added.

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