The National Newspaper Association isn't wasting a good opportunity to promote the reintroduction of long-lost common sense legislation.

Nor should it.

After more than a decade, the time is ripe to reintroduce banking publication requirements that kept the public informed and confident about the nation's banking system.

We could use that now, more than ever.

The National Newspaper Association (NNA) is pressing Congress to reinstate requirements that nationally-chartered banks publish statements of financial well-being that included information about assets, liabilities, reserve funds and capital stock in the communities they do business.

"Public confidence in banks and other financial institutions has been gravely shaken by the credit freeze last fall," said NNA President John W. Stevenson. "The effects are still being felt from job losses, small business closings, depleted retirement investments and inability to attract investment from economic growth. This sorry tale began with the financial services world, where transparency has been clouded by lack of a genuine effort to help depositors and investors to understand the true conditions of banks and their business partners."

Congress required the information be published in 1924. But in 1994, the requirement was repealed by Congress without much, if any, discussion. While hearings were held on different aspects of the Riegle Community Development and Regulatory Improvement Act in 1994, the notices didn't get much attention and as often happens in Congress, the bill passed and the publication requirement was removed.

Congress should have had that discussion and the public should have been allowed time for comment.

Now is a good time for comment.

Some banks may voluntarily provide the information to the public, but without a Congressional mandate, it's hit and miss.

It shouldn't be hit and miss, the public needs information to make informed decisions and to rebuild lost confidence in the banking system.

Will publication of federally-chartered banking statements make a difference for the public well being? It can only help.

Besides, once the federal mandate was law, we would think the publication requirements would be extended to state-chartered banks meaning more relevant information would be in public hands.

The legislation - the Financial Transparency Restoration Act (HR2727) - was introduced June 4 by Rep. Walter Jones, R. N.C. We would encourage the South Dakota delegation to support this common sense legislation and help rebuild the public's trust in the nation's banking system.