PRINTER'S NO. 1628
No. 125 Session of 1985
INTRODUCED BY CAWLEY, TIGUE, STABACK, BELARDI, KUKOVICH,
JAROLIN, MICOZZIE, CIVERA, SERAFINI, STEVENS, BALDWIN AND
O'DONNELL, JUNE 4, 1985
REFERRED TO COMMITTEE ON RULES, JUNE 4, 1985
A RESOLUTION
1 Directing the House Business and Commerce Committee to hold
2 Statewide hearings to investigate the stability of financial
3 institutions which are not Federally insured.
4 WHEREAS, Financial institutions in several states have
5 recently faced problems which required governmental action to
6 prevent their failure and to prevent loss to their depositors;
7 and
8 WHEREAS, These problems caused great concern for the
9 thousands of persons who had entrusted their savings to such
10 institutions for investment and safekeeping; and
11 WHEREAS, The institutions which experienced problems in the
12 other states were not insured by Federal agencies; and
13 WHEREAS, There are a number of financial institutions in this
14 Commonwealth that are not Federally insured; and
15 WHEREAS, Every possible precaution should be taken to ensure
16 that similar situations do not arise in this Commonwealth;
17 therefore be it
18 RESOLVED, That the House Business and Commerce Committee hold
1 Statewide hearings and conduct an investigation of the stability
2 of all financial institutions doing business in this
3 Commonwealth whose deposits are not insured by Federal agencies,
4 its primary objective being to determine if it would be feasible
5 to require all such institutions to become Federally insured as
6 a condition of continuing business; and be it further
7 RESOLVED, That the committee may hold hearings, take
8 testimony and make its investigations at such places as it deems
9 necessary in this Commonwealth. Each member of the committee
10 shall have power to administer oaths and affirmations to
11 witnesses appearing before the committee; and be it further
12 RESOLVED, That the committee make a report of its findings
13 and recommendations to the House of Representatives as soon as
14 possible.
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