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• W104695656 abstract "William T. McConnell, chairman and CEO, Park National Corporation, Newark, Ohio. When I wrote to bankers in June about the legislative situation in Washington, I said that the last few weeks in Congress makes that old comparison between making laws and sausage seem like an insult to sausage-makers. I haven't changed my mind. That letter was written soon after the House of Representatives had narrowly passed H.R. 10, the so-called modernization legislation, by a vote of 214-213. That bill was more about improving things for securities brokers, mutual funds, and insurance companies than it was about modernizing the financial services for everyone. In the House we battled the insurance agents, the securities lobby, consumer groups, and even the chairman of the Federal Reserve. They all spoke out in favor, and worked for the passage, of H.R. 10. In addition, as you may know, a few of the largest banks in this country lobbied for the bill. You may not know, however, that none of them (very substantial dues-paying members all), either before, during, or after the debate, made any attempt to have us change our position on the legislation. They understand the democratic process by which the ABA's positions are established; and they respect it. Despite all this formidable opposition, we lost by just one vote. Actually, we had the winning votes when the time for voting ended. But the leadership ran the clock until they could beg, borrow, and steal enough votes to be up by one and then called time. We could have been bull-dozed. Why weren't we? Well, first, because bankers--a lot of bankers--contacted their House members and asked them to vote against H.R. 10. Literally, it took the personal intervention of the Speaker of the House, and the rest of the House Republican leadership, to pass that bill. By one vote. We were that close. The second reason we were not bulldozed in the House is because of an effective and highly dedicated staff of government-relations people at ABA. Except for the extraordinary efforts of Ed Yingling and his staff, H. R. 10 would have passed by a real and substantial majority. Without question, this has been a tough year legislatively. We started on a high with the Supreme Court victory on the credit union common bond. Soon after, however, the House passed a bill (H.R. 1151) to reverse the decision of the Court. We had the law on our side. They had the votes on theirs. The credit unions' impressive grassroots machinery once again demonstrated its ability to turn out the calls and letters--in this case enough to see the House pass the bill by a vote of 411-8. …" @default.
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• W104695656 date "1998-08-01" @default.
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• W104695656 title "Sausage Tastes Better" @default.
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