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LETTER TO SENATOR RICHARD C. SHELBY

Dated: July 31, 1998

The Honorable Richard C. Shelby
Chairman
Financial Institutions and Regulatory
Relief Subcommittee
Senate Banking Committee
Room SD-534
Washington, DC 20510

Dear Senator Shelby:

The Financial Regulatory Relief and Economic Efficiency Act of 1997 (S.1405) has many laudable provisions that will reduce regulatory burdens for banking and savings institutions. However, for bank and savings institution directors, whom the American Association of Bank Directors represent, the legislation does nothing to alleviate the unreasonable burdens and risks on directors created by FIRREA and its progeny.

Enclosed is AABD's 1998 Legislative Proposal Summary. On behalf of our members, we request your consideration of amendments to S.1405 (in the Senate Banking Committee or on the floor of the Senate) which will provide reasonable protections to those willing to serve as directors of financial institutions. If our directors are not properly safeguarded, the banking industry will continue to lose qualified bank directors.

Sincerely,

David H. Baris
General Counsel

DHB:had
Enclosure

cc: The Honorable Connie Mack