THE DETROIT JEWISH NEWS
8 Friday, July 18, 1975
22 State Bank Commissioners 'Won't Tolerate' Boycott
INDOOR- OR
OUTDOOR
TENNIS LESSONS
NEW YORK (JTA) — The
American Jewish Commit-
tee reported that 22 state
banking commissioners,
Reasonable rates
357-0629 or 355-0629
Davia_Deitch after b
from all parts of the coun-
try, have indicated that they
would tolerate no discrimi-
nation by any state banks
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under their jurisdiction as
the price for accepting Arab
investments or deposits in
their institutions.
ElmN- L. \\Tinter, presi-
dent of the AJCommittee,
said that at least seven
other state commissioners
were considering similar
steps but had not as yet offi-
cially replied to the organi-
zation.
The action of the various
state officials came in re-
sponse to a request by the
AJCommittee, asking them
to issue directives to their
state banks making it clear
that religious or racial dis-
crimination by them would
not be tolerated.
The request followed
reports that some banks
may have been offered
large deposits by foreign
investors on condition that
no Jew serve on the bank's
board of directors or con-
trol any significant por-
tion of its stock.
The AJCommittee's re-
quest to the state commis-
sioners also followed the
action of James E. Smith,
U.S. Comptroller of the Cur-
rency, reminding federally-
chartered banks to avoid
any such discrimination.
Among the strongest ac-
tions taken were those by
the state banking authori-
ties in Illiorris Massa-
chusetts, New Hampshire
and New York.
Other states whose bank-
ing commissioners indicated
agreement with the need to
maintain non-discrimina,
tion in banking practices
included Califormia, Colo-
rado, Georgia, Idaho, Iowa.
Kansas, Missouri, Mon-
tana, Nebraska New Mex-
ico, Oregon, Pennsylvania,
South Dakota, Tennessee,
Texas, Utah, Virginia, and
Wyoming.
In legislative action, Rep.
Elizabeth Holtzman (D-NY)
has introduced a bill in Con-
gress with 100 co-sponsors
that would fine any com-
pany up to $1 million for
pressuring another com-
pany into discrimination or
boycotting. The participat-
ing company could also be
heavily fined under the bill.
,
The American Jewish
Congress said that it was
"shocked and dismayed"
by the testimony of three
Department of Justice of-
ficials on the Holtzman bill
which, the Congress said,
indicates that the Depart-
ment of Justice "has no in-
tention of enforcing the
antiboycott provisions of
the Export Administration
Act."
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In a letter to Attorney
General Edward H. Levi,
the AJCongress said, "three
representatives of the Jus-
tice Department, testifying
at a Congressional hearing
on Wednesday, July 9, ex-
pressed general opposition
to Federal legislation to bar
compliance by U.S. firms
with the Arab boycott.
"We are shocked and dis-
mayed by this testimony,
which we regard as a decla-
ration of moral bankruptcy.
"First, it repudiates exist-
ing governmental policy,
declared in Federal law,
which condemns compliance
with the boycott and says,
in effect, that that law
should not and will not be
enforced.
"Second, it argues that in-
dividual decisions of U.S.
businessmen about whom
they will deal with are in-
distinguishable legally from
attempts by foreign govern-
ments to use the U.S. econ-
omy as a means of carrying
on their wars."
In London, two Israeli
officials disclosed that mea-
sures to block Arab boycott
action were included in the
discussions leading up to
the recently signed pact be-
tween Israel and the Euro-
pean Common Market coun-
tries and are also part of the
ongoing negotiations for an
Israeli-Egyptian interim
agreement in Sinai.
Avraham Agmon, the
recently appointed advisor
to the Israeli government
on counterbo.ycott mea-
sures, and Dan Halperin,
an advisor to the Finance
Minister, said that before
Israel signed its agree-
ment with the European
Economic Community
(EEC) calling for a mutual
reduction of tariffs, Israel
asked for measures to
prevent Arab discrimina-
tory practices. Agmon said
Israel believed such mea-
sures were in the interests
of the EEC in its efforts to
develop a Mediterranean
free trade area.
Halperin confirmed that
in the talks on an interim
agreement being conducted
through the good offices of
the U.S., Israel made it
clear that Egypt would have
to modify its economic war-
fare against. Israel as part of
the efforts to reduce ten-
sion.
The Arab League infor-
mation office in London put
out a statement Friday jus-
tifying the anti-Israel boy-
cott on grounds that the Al-
lies boycotted neutral
countries that did business
with Nazi Germany during
World \Var II.
They also claimed that
the boycott weapon was
first used by Zionist settlers
in Palestine early in this
century when they banned
the use of Palestinian labor
in Jewish settlements.
Controversial Tax Reform
Bills Approved by Knesset
JERUSALEM, (JTA) —
The Knesset overwhelm-
ingly approved eight bills
implementing the govern-
ment's controversial tax re-
form measures retroactively
from July 1.
The most important bill,
putting the reforms into ef-
fect, was adopted with a
majority of 76 votes. Only
the two Rakah Communi t
MKs voted against the
forms, and Meir Payil of the
leftist Moked faction ab-
stained.
The strong support for -
the measure indicated that
both the government and
parliament consider the re-
forms urgent for Israel's
economic well-being and are
resolute in their stand de-
spite opposition from var-
ious sectors of the economy.
,
The measures embody
two main principles: a re-
duction in the rate of taxa-
tion whereby a majority of
tax payers will not be pay-
ing more.than 45 percent of
their taxable income; and
the elimination of most
exemptions.
The Israeli Journalists
Union has threatened a
48-hour strike if their ex-
penses are taxed.
Another issue that has
raised objections among
wage-earners is the provi-
sion to reduce cost-of-living
allowances to 70 percent of
the COL increase and mak-
ing the allowances taxable.
Histadrut said that it had
assurances from the govern-
ment that the take-home
pay of government em-
ployes in July will not be
lower than in June when the
tax refermi8 were not in ef-
fect.