FROM THE OFFICE OF PUBLIC AFFAIRS

Today's decision by the Office of the Comptroller of the Currency to allow subsidiaries of national banks to underwrite municipal revenue bonds will benefit states and municipalities throughout the country. It is a significant and important step in the direction of making our financial services system more competitive and more responsive to the needs of consumers.

While we fully support the Comptroller's initiative in strengthening the national banking system through an orderly and prudent expansion of the use of bank operating subsidiaries, we continue to believe that Congress should give high priority to comprehensive reform of the laws that govern our financial services system. Eliminating outdated barriers to increased competition, while assuring protection of a sound financial system, must remain an essential goal.

Link to the OCC website for more information.