BANKING & FINANCE - June 25, 1992

Administration Seeks to Cut Banks’ Paperwork: The Bush Administration sent Congress a bill to reduce the paperwork burden on the banking industry, which it said spends $10 billion a year to comply with federal regulations. “When the government makes lending burdensome and unattractive, it’s no wonder that bankers would rather buy a government bond than make a community loan,” Treasury Secretary Nicholas F. Brady said. The legislation would ease some of the burden imposed on the industry by 1991 banking legislation. The Treasury said it wants to prevent federal bank regulators from being able to promulgate new rules “governing virtually every aspect of a bank’s” operations and management.