Bill 795

                    Current Status

Bill Number:                       795
Type of Legislation:               Concurrent Resolution CR
Introducing Body:                  Senate
Introduced Date:                   19970529
Primary Sponsor:                   Saleeby
All Sponsors:                      Saleeby and Leventis 
Drafted Document Number:           jud4005.ees
Date Bill Passed both Bodies:      19970605
Subject:                           Federal Reserve urged to
                                   maintain Columbia Processing Center,
                                   Requests and Memorials, Banks and
                                   Savings and Loan Assn.

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________
Senate  19970605  Received from House
House   19970605  Adopted, returned to Senate
                  with concurrence
House   19970604  Committee report: Favorable              24 HIMR
House   19970603  Introduced, referred to Committee        24 HIMR
Senate  19970529  Introduced, adopted, sent to House

COMMITTEE REPORT

June 4, 1997

S. 795

S. Printed 6/4/97--H.

Read the first time June 3, 1997.

To whom was referred a Concurrent Resolution (S. 795), to urge the Federal Reserve to maintain its Processing Center in Columbia, South Carolina, etc., respectfully

That they have duly and carefully considered the same, and recommend that the same do pass:

RICHARD M. QUINN, JR., for Committee.

TO URGE THE FEDERAL RESERVE TO MAINTAIN ITS PROCESSING CENTER IN COLUMBIA, SOUTH CAROLINA, AND TO CONSOLIDATE SERVICES INTO THE COLUMBIA OFFICE BECAUSE OF ITS DEMONSTRATED EFFICIENT OPERATION AND ITS ESTABLISHED AND HIGHLY QUALIFIED EMPLOYEES RATHER THAN RELOCATING THE CENTER TO CHARLOTTE, NORTH CAROLINA.

Whereas, the Federal Reserve's Processing Center in Columbia, South Carolina, employs sixty-two highly qualified individuals with a payroll of two million dollars annually; and

Whereas, the Columbia Processing Center's volume for check clearing ranges from fourteen to fifteen million items monthly for South Carolina's independent banks, credit unions, and savings and loans, and is experiencing a twelve to eighteen percent increase in annual transactions; and

Whereas, as the large interstate banks abandon rural markets, community banks look to the Federal Reserve for check clearing capabilities and other services; and

Whereas, South Carolina has chartered fifteen new independent community banks in the last two years; and

Whereas, the Columbia Processing Center was developed to provide efficient service to South Carolina's financial institutions and to clear checks from those institutions as quickly as possible; and

Whereas, South Carolina's flourishing community financial institutions will continue to need check clearing services until electronic checking becomes a reality. Now, therefore,

Be it resolved by the Senate, the House of Representatives concurring:

That the General Assembly urges the Federal Reserve to maintain its Columbia Processing Center and to consolidate services into the Columbia office because of its demonstrated efficient operation and its established and highly qualified employees rather than relocating the center to Charlotte, North Carolina.

Be it further resolved that a copy of this resolution be forwarded to Mr. J. Alfred Broaddus, Jr., President of the Federal Reserve Bank of Richmond.