Clinton signs catch-all banking bill

President Clinton signed the American Homeownership and Economic Opportunity Act of 2000 on Dec. 27. The bill contains a number of provisions related to the banking industry, many designed to relieve regulatory burden. For example, the bill gives national banks more flexibility in electing board members. Other provisions extend the new capital rules deadline for the 12 Federal Home Loan Banks to May, increase the Federal Reserve Board chairman's pay by $15,700 to $157,000, and authorizes the Fed to purchase a third office building in Washington, D.C.