Current Events - 07/14/2003

CBA Washington D.C. visit September 16-18

CBA is pleased to announce its fall visit to Washington D.C. September 16-18.  This visit provides CBA members with a valuable opportunity to meet and discuss important legislative issues with their elected officials in Washington.  CBA cannot emphasize enough the importance of this visit and reminds you of an observation from Rep. Michael Oxley, chair of the House Financial Services Committee, who indicated that the California banking industry needed to make its members more visible to key officials in Washington.  The tentative agenda includes a congressional staff briefing, two days of Capitol Hill visits, and a meeting with Darrell Issa, the California Republican responsible for the campaign to recall Gov. Davis.  For more information on the trip, including registration and reservation information, please see the enclosed material or log onto the CBA Web site at the link listed above.

Class action reform passes House of Representatives

On June 12^th, the U.S. House of Representatives voted by a 253-170 margin to approve H.R. 1115, The Class Action Fairness Act of 2003.  CBA supports this legislation which would go a long way towards restoring fairness and balance to the legal system.  A similar measure, S. 274, was approved by the Senate Judiciary Committee on April 11^th, thanks in large measure to the support of Senator Dianne Feinstein, who offered a key compromise amendment to the legislation.

Under current law, class actions have been discredited by the "forum shopping" of large, frivolous cases in "plaintiff friendly" state courts to ensure the highest jury award possible, with little regard for where the majority of defendants or plaintiffs reside.  In most cases, plaintiffs’ attorneys receive huge fees, businesses pay out millions in expenses, and class members receive little more than coupons -- regardless of the merits of a case.  Class action abuse is hurting our economy, reducing the incentive for innovation, and unnecessarily inflating consumer prices.

The Class Action Fairness Act would rein in this abuse by moving large, national cases to federal courts (ensuring forums and legal standards are fair for all parties), and protecting plaintiffs from unfair settlements through a "plaintiff’s bill of rights."  Senate floor action on S. 274 is expected soon.  Please continue to contact Senator Feinstein at one of the numbers listed below to thank her for her continued support of S. 274.

San Francisco:  (415) 393-0707

Los Angeles: (310) 914-7300

Fresno:  (559) 485-7430

San Diego:  (619) 231-9712

Washington:  (202) 224-3841

CBA schedules district “meet and greets” with 2004 primary candidates

As stated in the June 30^th Monday Courier, CBA has begun to schedule “meet and greets” in the district with some of the more viable candidates that have met with our lobbying staff in Sacramento.  These meetings are a good opportunity for you to get to know the candidates who may be voting on the issues of importance to your bank.

Our first meeting has been scheduled with Sam Blakeslee, Republican candidate for Assembly District 33.  The incumbent, Assembly Member Abel Maldonado, is running for Senate District 15.  The luncheon will be held on Friday, August 8, 2003, at 12:00 noon, at the Benvenuti Restaurant in San Luis Obispo.  If you would like to attend this luncheon meeting, please contact Mary Boruff at (916) 441-7377, ext. 207.

If you would like to recommend setting up a meeting with a candidate, please let us know.

Legislative meetings update

The following meetings have been scheduled between CBA members and their elected officials.  If you would like more information on these meetings, or would like to participate in any of the meetings, please contact Mary Boruff at 916/441-7377, ext. 207.  If you are not available, please send a senior officer from your bank.  These meetings are a good opportunity for your senior management to get to know the legislators who vote on the issues of importance to your bank.

You are welcome to phone in to a grassroots conference call (888/903-2663) every Thursday afternoon (4:00 pm – State Legislature / 4:30 pm – House of Representatives) prior to a scheduled district office meeting(s) to discuss CBA’s priority issues and to answer any questions you may have regarding meeting with your legislator.