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| BBA APPLAUDS POSITIVE ACTION RE: ATTORNEY-CLIENT PRIVILEGE PROTECTION ACT OF 2007 The BBA is pleased to report that after aggressive advocacy in concert with the American Bar Association, the U.S. House of Representatives on Tuesday, November 13, 2007, overwhelmingly approved H.R. 3013, the "Attorney-Client Privilege Protection Act of 2007." The measure was approved by voice vote under suspension of the rules, a special expedited procedure that permits only limited debate and no amendments and requires a 2/3 majority vote for passage. The bill, an original version approved by the House Judiciary Committee on August 1, now includes a semi-technical amendment, which simply clarifies that the new Act will not repeal or modify any existing federal statute that may give the federal banking regulatory agencies the authority to force financial institutions to produce privileged materials during routine bank examinations or inspections. It also clarifies that the Act will not affect any existing federal law that may make it a criminal offense for a company to pay an employees' legal fees, enter into a joint defense agreement with the employee, or share information with an employee during an investigation. The BBA will continue to work with the ABA to make sure that the Senate gives its support to S. 186, an identical measure sponsored by Senator Arlen Specter (R-PA) that is pending in the Senate Judiciary Committee. |