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 HouseView additional legislative information at the LPITS web site.
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.