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Reprinted from December/January 2000 ABI Journal

Web posted and Copyright © December 1, 1999, American Bankruptcy Institute.

President Clinton signed the historic financial services modernization bill on Nov. 12 (Pub. L. 106-102), clearing the way for financial firms to be able to offer a full range of banking, securities and insurance products. It is hoped the new law, repealing the 1933 Glass-Steagall Act, will spur greater innovation, competition and choice for consumers. Section 730 of the law clarifies the so-called "source of strength doctrine," by amending the Federal Deposit Insurance Act to limit the circumstances under which a Federal banking agency, including one serving as a receiver, can be liable with respect to a transfer of assets from a financially troubled depository institution.

The Courts Subcommittees of the Senate and House Judiciary Committees held a hearing Nov. 2 on the Judicial Conference's request for 24 additional bankruptcy judgeships. The pending reform bills (H.R. 833 and S. 625) provide for 18 new positions only, all on a temporary basis. The Conference is seeking 13 permanent and 11 temporary positions and the conversion of three existing temporary positions to permanent judgeships. The six new positions are in: Puerto Rico (add one temporary and convert existing temporary); Delaware (add one permanent and convert existing temporary); Maryland (add one permanent); E.D. North Carolina (add one temporary judge); M.D. Georgia (convert shared judgeship with S.D. Ga. to a full-time position in the M.D.); S.D. Georgia (add one permanent judgeship following above conversion); S.D. Florida (add one temporary judgeship). Sen. Paul Coverdell (R-GA) has offered an amendment to S. 625 to add the six new positions.


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