Vanderbilt Television News Archive

(Studio) American Bankers Association reported calling for equal terms in competition for money market funds in effort to deregulate banking industry
REPORTER: Dan Rather

(Dover, DE) Impact of banking industry's possible deregulation on American consumer examined; bank commercials shown. Current limitations placed on banking industry outlined; Merrill Lynch and Sears, Roebuck mentioned. [Citicorp chairperson Walter WRISTON - wants competition on "level playing field"; explains.] Delaware Governor Pierre du Pont's recent change in that state's regulations noted. DuPONT - says state is stepping forward.] Impact of DE's new laws on credit card industry outlined on screen. [Consumer Federation of America spokesperson James BOYLE - notes lopsidedness of legislature] 1978 Supreme Court decision with regard to bank's credit card operations on ntnwide. scale explained. [Chase Manhattan Bank executive vice president Robert DOUGLASS - supports Delaware legislature] [BOYLE - responds.] [DE state official Nathan HAYWARD - defs. high ints.] [DE bank cmsr Jack MALARKEY - notes lack of formal consumer groups in state.] [HAYWARD - comments on tax provision of bill.] Benefits to banks in Delaware outlined on screen; impact on banks in other states noted. [MALARKEY, WRISTON - continue their defense of legislature]
REPORTER: Steve Young