HomeMy WebLinkAboutResolutions - 1975.02.06 - 14564MISC. RESOLUTION NO. 6980 February 6, 1975
Mr. Chairman, I move thadcrption of the forego rfrsolu-
tion.
DENNIS M. AARON
Commissioner - District 19
By: Dennis M. Aaron
IN RE: FOREIGN OWNERSHIP OF LOCAL BANKS AND DEPOSITORIES
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS:
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, there appears to be a' concerted effort by
foreign nationals to buy controlling interests in banks and depositories
doing business in Oakland County, and
WHEREAS, it is the sense of this body that foreign control of
domestic banks is detrimental to the growth and stability of the American
economy and business sector, and
WHEREAS, existing banking regulations fail to provide
sufficient safeguards,
NOW, THEREFORE, BE IT RESOLVED that the Oakland
County Board of Commissioners objects to foreign ownership of banks
and depositories as being contrary to the best interests of our citizens
and fraught with dangers to the American economy,
BE IT FURTHER RESOLVED that it shall be the policy of
the Oakland County Board of Commissioners to deposit public funds
only in banks and depositories owned and controlled by American
citizens.
BE IT FURTHER RESOLVED that the federal banking regu-
lations and laws be reviewed and amended to prevent foreign nationals from
exercising voting control of stock ownership in any manner whatsoever.
#6980
• Moved by Aaron supported by Daly the resolution be referred to the
General Government Committee, Mr. Button objected to the referral.
The Chairman stated it would take 14 votes to sustain the objection.
AYES: Wilcox, Button, Dearborn, tunleavy, Gabler, Lennon, McDonald,
Montante. (8)
NAYS: Page, Patterson, Perinoff, Pernick, Price, Roth, Wilson, Aaron,
Daly, Fortino, Hoot, Houghten. (12)
A sufficient majority not having voted therefor, the motion failed.
Mr. Gabler requested the resolution also be referred to the Finance
Committee. There were no objections.