3:46 PM 28 Sep 1998
| from: |
Ronald E. |
| to: |
Alice, Courtney B. Timberlake, Cynthia A. Rice, Debra J. Bond, Douglas W., Edward Brigham, Edwin, Elena Kagan, Ellen J., Emil E., Francis S. Redburn, Gary L. Bennethum, janet e. irwin, Jennifer L. Klein, John E. Thompson, John S., Jonathan, Joseph J., Joshua H., Larry R. Matlack, Maria, Mark A., Maureen T., Michele, Nicole R. Rabner, Pamula L., Rebecca M., Robert N., Roger S., Sarah, Thomas P., Toni S. Hustead, Wayne |
| cc: |
James J. Jukes, Jeffrey A. Farkas |
NO HARD COPY OF THE FOLLOWING DRAFT LETTER WILL BE SENT
Total Pages:
LRM ID: REJ607
EXECUTIVE OFFICE OF THE PRESIDENT
OFFICE OF MANAGEMENT AND BUDGET
Washington, D.C. 20503-0001
Monday, September 28, 1998
LEGISLATIVE REFERRAL MEMORANDUM
TO: Legislative Liaison Officer - See Distribution below
FROM: Jeffrey A. Weinberg (for) Assistant Director for Legislative
Reference
OMB CONTACT: Ronald E. Jones
PHONE: (202)395-3386 FAX: (202)395-3109
SUBJECT: TREASURY Report on S1301 Consumer Bankruptcy Reform Act
of 1998
DEADLINE: Noon Tuesday, September 29, 1998
In accordance with OMB Circular A-19, OMB requests the views of your
agency on the above subject before advising on its relationship to the
program of the President. Please advise us if this item will affect
direct spending or receipts for purposes of the "Pay-As-You-Go" provisions
of Title XIII of the Omnibus Budget Reconciliation Act of 1990.
COMMENTS:
DISTRIBUTION LIST
AGENCIES:
61-JUSTICE - L. Anthony Sutin - (202) 514-2141
118-TREASURY - Richard S. Carro - (202) 622-0650
7-AGRICULTURE - Marvin Shapiro - (202) 720-1516
25-COMMERCE - Michael A. Levitt - (202) 482-3151
30-EDUCATION - Jack Kristy - (202) 401-8313
35-Farm Credit Administration - Eileen McMahon - (703) 883-4056
34-Export-Import Bank of the United States - David Carter - (202) 565-3203
54-HUD - Jeff Lischer - (202) 708-1793
18-Council of Economic Advisers - Liaison Officer - (202) 395-5084
76-National Economic Council - Sonyia Matthews - (202) 456-6630
107-Small Business Administration - Mary Kristine Swedin - (202) 205-6700
52-HHS - Sondra S. Wallace - (202) 690-7760
62-LABOR - Robert A. Shapiro - (202) 219-8201
27-Consumer Product Safety Commission - Robert J. Wager - (301) 504-0515
32-ENERGY - Bob Rabben - (202) 586-6718
59-INTERIOR - Jane Lyder - (202) 208-4371
129-VETERANS AFFAIRS - John H. Thompson - (202) 273-6666
EOP:
Robert N. weiner
Roger S. Ballentine
Maureen T. Shea
Rebecca M. Blank
Elena Kagan
Douglas w. Elmendorf
Maria Echaveste
Sarah Rosen
Jonathan Orszag
Nicole R. Rabner
Joseph J. Minarik
Emil E. Parker
Jennifer L. Klein
Cynthia A. Rice
John E. Thompson
Edward A. Brigham
Alice Veenstra
Courtney B. Timberlake
Mark A. Weatherly
Wayne Upshaw
Thomas P. Stack
Ellen J. Balis
Pamula L. Simms
Francis S. Redburn
John S. Radzikowski
Edwin Lau
Larry R. Matlack
Debra J. Bond
Joshua H. Raymond
Gary L. Bennethum
Toni S. Hustead
Janet E. Irwin
Michele Ahern
LRM ID: REJ607 SUBJECT: TREASURY Report on S1301 Consumer Bankruptcy
Reform Act of 1998
RESPONSE TO
LEGISLATIVE REFERRAL
MEMORANDUM
If your response to this request for views is short (e.g., concur/no
comment), we prefer that you respond bye-mail or by faxing us this
response sheet. If the response is short and you prefer to call, please
call the branch-wide line shown below (NOT the analyst's line) to leave a
message with a legislative assistant.
You may also respond by:
(1) calling the analyst/attorney's direct line (you will be
connected to voice mail if the analyst does not answer); or
(2) sending us a memo or letter
Please include the LRM number shown above, and the subject shown below.
TO: Ronald E. Jones phone: 395-3386 Fax: 395-3109
Office of Management and Budget
Branch-Wide Line (to reach legislative assistant): 395-3454
FROM: (Date)
(Name)
(Agency)
(Telephone)
The following is the response of our agency to your request for views on
the above-captioned subject:
Concur
No Objection
No Comment
See proposed edits on pages
Other:
FAX RETURN of _____ pages, attached to this response sheet
DRAFT TREASURY LETTER TO BANKRUPTCY CONFEREES ON BUSINESS BANKRUPTCY
PROVISIONS
Dear
I am writing to share the AdministrationO,s views on certain
business bankruptcy provisions in S. 1301, the bankruptcy reform bill
before the conference committee, and related provisions in H.R. 4393, the
D&Financial Contract Netting Improvement Act of 1998.08
The Administration supports the financial contract netting
provisions in S. 1301. These provisions are based on a proposal from the
PresidentO,s Working Group on Financial Markets, which was the result of
an intensive, multi-year interagency effort to improve the regime
governing the recognition of netting of certain financial contracts in
insolvency situations. As I noted when we transmitted our recommendations
to Congress, the proposed legislation would reduce systemic risk in our
financial markets, reducing the risk that a failure of a single firm would
cause significant disruption and danger to our financial markets. In
particular, this proposal will help to reduce systemic risk arising out of
activities in the derivatives market.
The Administration also encourages the conferees to include
similar provisions amending the bank insolvency laws, which are contained
in H.R. 4393 as approved by the House Banking Committee. One of the goals
of the Working Group effort was to harmonize, where appropriate,
provisions under the Bankruptcy Code and the bank insolvency laws. 'The
bank insolvency provisions in H.R. 4393 would accomplish that
harmonization and would also clarify the power of the Federal Deposit
Insurance Corporation to transfer qualified financial contracts to another
financial institution. This clarification will help ensure that the
resolution of a failed depository institution can be accomplished at the
lowest possible cost to the deposit insurance funds administered by the
FDIC.
We look forward to working with the conferees to enact these
desirable reforms, in conjunction with moderate and balanced consumer
bankruptcy reform legislation.
Sincerely,
Robert E. Rubin
