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Alaska House of Representatives passes bill aligning state banking with national standards

Updated: May. 17, 2021 at 5:03 PM AKDT
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FAIRBANKS, Alaska (KTVF) - The Alaska House of Representatives voted to alter Alaskan banking laws, bringing them into alignment with national laws.

In a vote of 35 to 2, the legislature passed House Bill 85, which was sponsored by District 1 Republican Representative Bart LeBon.

According to LeBon, this bill was introduced at the request of the Alaska Bankers Association, and allows state-chartered and nationally-chartered banks to compete on the same level. “The competitive playing field, if you will, is balanced and equal,” LeBon said.

Seven commercial banks currently operate in the state, three of which are nationally-chartered. All seven banks are in favor of this measure, according to LeBon.

The representative has in the past worked for banks in both categories. He said the disparity “was an issue that was in the forefront of how I conducted myself as a banker, so once I retired from banking and I became a state legislator, the Alaska Banking Association came to me and asked me to carry this bill on their behalf.”

The bill has been sent to the Senate Labor and Commerce committees. Despite its passage in the state house, LeBon predicts that his bill will not be resolved in the State Senate until the 2022 legislative session.

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