Palacios Beacon (Palacios, Tex.), Vol. 84, No. 21, Ed. 1 Wednesday, May 22, 1991 Page: 2 of 16
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Paul' 2A-Pulados Beacon, Wed., Mav 22.1991
Predicts dire side-effects for “Main Street ” businesses
Bank Begins contact campaign
on financial reform proposals
Public hearing on
federal funds at
PPvl) set Juntr-H)-
Beer HQ
Bud
A campaign jo warn lawmakers in Washington about the dire
'idc effects that the TfcasuB Department’s “prescription” for fi-
nancial refonn and other ctflprcssional proposals would have on
“Main Street America" has been kicked off by The City Stale Bank
of Palacios.
The goal of the campaign, according to City State Bank president
Jack 1 .eslcy, is to “provide Main Street America’s perspectives” on
what he termed as the Treasury Department’s "radical, Wall Street-
oriented plan for financial reform.”
The Treasury Department’s proposal calls for deposit insurance
cutbacks, nationwide interstate branching by big bunks and allowing
industrial and other commercial firms to own banks.
“Our lawmakers need to know how the Treasury's proposal, if
enacted, would significantly damage our economic development
efforts right here in Palacios,” said Lesley. "This proposal threatens
the ability of banks, like The City State Bank, to make loans to small
businesses and consumers. These loans are critical to the economic
development of the thousands of communities like Palacios across
the country."
Lesley noted that community banks arc the nation’s leaders in
providing loans to small businesses. “The Treasury’s proposal is a
prescription for a massive concentration of financial and economic
power on a scale America hasn’t witnessed since the turn of the
century.” he said. "It ignores the real needs of real Americans across
the country."
Lesley said among the proposals he is opposed to is the altering
the current FDIC coverage in regards to the "too big to fail” banks.
I le said any alteration to the present system would adversely affect
small community banks and favor the large city banks.
Deposits would shift out of community banks into the larger
money center banks," Lesley noted. "Without deposits the commu-
nity banks would not be able to loan to local interests.”
Foreign deposits should be included in assessments of FDIC
premiumns, according to Lesley. Since the insurance fund needs
more capital w ithout passing the burden on to taxpayers. Lesley feels
that all banks should pay the FDIC based on all of their deposits
including foreign desposits.
Among other areas Lesley urges die public to oppose is interstate
banking and changes in the regulatory system. He said interstate
banking "will lead to the demise of the dual banking system” and that
an "increasing concentration to only a few big banks in the nation
will be the inevitable result." The proposed change in the regulatory
system would establish a super regulator ip Washington “which
encroaches on state rights” he said.
Lesley said is is also opposed to the repeal of the Glass-Stcagal
Act and to the establishment of Financial Services holding compa-
nies. "To concentrate the control of depsoits and credits in the hand
of a few goes against all credit training which teaches you to
diversify your risks and not place the credit decisions in the hands of
very few people," remarked Lesley. "Bigger is not synonymous with
better."
The City State Bank national trade association, the Independent
Bankers Association of America (IBAA), has formed a "Main Street
Coalition” made up of small business, consumer and rural organiza-
tions that are opposed to the Treasury’s financial reform package.
“All of the groups in the Main Street Coalition have a vested
interest in ensuring that the nation’s community banks, their cus-
tomers and their communities are treated equitably in any financial
reform proposal," said Lesley. “If these proposals to consolidate our
nation’s financial services industry succeed, who will be around to
serve the economic development needs of small business, farmers
and ranchers and consumers?”
Lesley said he plans to ppt together a coalition of “Main Street”
businesses in Palacios to wnte letters to senators and representatives
in Washington, highlighting their concerns about the impact of the
Treasury’s financial reform proposal on the local community. He is
also urging depositors at The City State Bank to fill out postcards to
members of Congress, urging me lawmakers not to change the
present levels of deposit insurance coverage.
A public hearing on the use of
federal funds by the Palacios In-
dependent School District is
scheduled in conjunction with the
monthly board meeting on Mon-
day June 10 at 7:30 p.m.
The Elementary and Sec-
ondary Education Act (ESEA)
sets guidelines for the use of
federal funds in public education.
Thomas Galloway, Assistant
Superintendent, will be on hand
to answer questions or receive
suggestions on uses of these
funds. Chapter I funds arc cur-
rently being used for reading
improvement at East Side and
Central. Instructional aides arc
employed at Central and a
teacher and classroom are funded
Light & Dry
$«99
O 12pk
Diamond
Mini Mart
1500 1st St. Hours 6am-10pm
Palacios Sat. 7am-llpm
Wa9ne„r|
G^3,
New signs at Wagner
WAGNER General Hospital administrator Mike Cook
inspects one of the three new signs being erected at the
facility. The modern information signs are just part of
the overall renovation and upgrading of the Palacios
hospital. (Beacon Photo by Nick West)
Katherin Cook, D.C.
Chiropractor
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West, Nicholas M. Palacios Beacon (Palacios, Tex.), Vol. 84, No. 21, Ed. 1 Wednesday, May 22, 1991, newspaper, May 22, 1991; Palacios, Texas. (https://texashistory.unt.edu/ark:/67531/metapth725328/m1/2/: accessed July 8, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Palacios Library.