HEARINGS BEFORE THE COMMITTEE ON BANKING AND CURRENCY UNITED STATES SENATE NINETIETH CONGRESS FIRST SESSION ON S. 1659 A BILL TO AMEND THE INVESTMENT COMPANY ACT OF COMMITTEE ON BANKING AND CURRENCY JOHN SPARKMAN, Alabama, Chairman WILLIAM PROXMIRE, Wisconsin WALLACE F. BENNETT, Utah HARRISON A. WILLIAMS, JR., New Jersey JOHN G. TOWER, Texas EDMUND S. MUSKIE, Maine EDWARD V. LONG, Missouri THOMAS J. MCINTYRE, New Hampshire WALTER F. MONDALE, Minnesota WILLIAM B. SPONG, JR., Virginia BOURKE B. HICKENLOOPER, Iowa LEWIS G. ODOM, Jr., Staff Director and General Counsel JOHN R. EVANS, Minority Staff Director II CONTENTS (The same table of contents appears in both parts 1 and 2) Manuel F. Cohen, Chairman, Securities and Exchange Commission; accompanied by Philip A. Loomis, Jr., General Counsel. TUESDAY, AUgust 1 Francis S. Williams, chairman, board of governors, Investment Company Father Gervase J. Soukup, O.S.B., professor of economics, St. John's WEDNESDAY, AUGUST 2 Prof. Paul A. Samuelson, institute professor, Massachusetts Institute of Cornelius Roach, chairman, Association of Mutual Fund Plan Sponsors, THURSDAY, AUGUST 3 Robert M. Gardiner, chairman, Board of Governors, National Association James E. Day, president, Midwest Stock Exchange; accompanied by Frederick Moss, president, Boston Stock Exchange 2 186 269 347 372 549 605 642 658 FRIDAY, AUGUST 4 Irwin Friend, professor of finance, Wharton School of Finance & Commerce, University of Pennsylvania... Page 665 Abraham L. Pomerantz, attorney, New York City... 689 Richard W. Jennings, professor of law, University of California Law 709 Edward S. Herman, professor, Wharton School of Finance & Commerce, 722 MONDAY, AUGUST 14 G. Keith Funston, president; accompanied by Gustave L. Levy, chairman of the board of governors, and Donald L. Calvin, vice president, New York Stock Exchange.. Robert M. Loeffler, vice president; accompanied by Joseph F. Grinnell, Robert A. James, president, Raymond James & Associates, St. Petersburg, 733 755 782 784 787 Dedrick Brittenum, Brittenum & Associates, Inc., Memphis, Tenn... Murray L. Simpson, executive vice president and general counsel, William 791 800 TUESDAY, AUGUST 15 Harry W. Besse, Chamber of Commerce of the United States, general partner in Hutchins, Mixter & Parkinson; accompanied by Turner Hogan, attorney, National Economic Development Group, Chamber of Commerce of the United States.. Thomas A. Martin, president; accompanied by Enno W. Ercklentz, vice James D. Fullerton, vice president, Investment Co. of America.. H. Dean Quinby, Jr.; accompanied by Elton J. Burgett, Quinby Co... Ronald T. Lyman, Jr., vice president, Investment Counsel Sponsored Milton Mound, president, First Multifund of America, Inc.; accompanied ALPHABETICAL LIST OF WITNESSES Agee, Rucker, member, Board of Governors, Investment Bankers Association_. 808 816 824 845 845 855 863 872 882 892 605 Augenblick, Robert L., president, Investment Company Institute. 186, 307 872 808 Bogert, H. Lawrence, president, Investment Bankers Association... 605, 621 Bradley, S. Whitney, governor-at-large, National Association of Securities 549 Brittenum, Dedrick, Brittenum & Associates, Inc. 800 Burgess, Ralph, chief economist, National Association of Securities 549 Burgett, Elton J., Quinby Plan. 845 Calvert, Gordon L., executive director and general counsel, Investment 605 Calvin, Donald L., vice president, New York Stock Exchange_ 733 Case, John D., president, First Investors Corp. 372 Cody, Robert L., chairman, Investment Companies Committee, National Cohen, Manuel F., Chairman, Securities and Exchange Commission........... Davis, Scott, chairman of the board, Midwest Stock Exchange. Page 549 2 863 642 642, 654 372 186, 337 549 Derrickson, Lloyd, general counsel, National Association of Securities Ercklentz, Enno W., vice president and general counsel, Channing Co., Inc. 816 186, 328 Fischer, Walter M., executive vice president and director of sales, Steadman 872 Friend, Irwin, professor of finance, Wharton School of Finance & Commerce, University of Pennsylvania- 665, 682 Fullerton, James D., vice president, Investment Co. of America_ 824, 830 733, 749 Gardiner, Robert M., chairman, Board of Governors, National Association of Securities Dealers__. 549 Godfrey, Wilfred, chairman and president, Keystone Custodian Funds, 855, 860 Grant, Raymond, executive vice president, Investors Planning Corp. of 372 Hogan, Turner, National Economic Development Group, Chamber of James, Robert A., president, Raymond James & Associates, representing the Greenburg, Henry A., attorney, Mound, Belfer & Greenburg__ Institute. Herman, Edward, Prof., Wharton School of Finance & Commerce, University of Pennsylvania. 882 755 863 186, 302 722, 728 808 782 Javits, Jacob K., U.S. Senator from the State of New York_ 845 Jennings, Richard W., professor of law, University of California Law 709, 719 Johnson, Franklin R., chairman, Investment Companies Committee, Investment Bankers Association__. 605 Kosek, Ernest, president, Ernest Kosek & Co... Kostmayer, John H., vice president, First Investors Corp. 787 372 Levy, Gustave L., chairman of the Board of Governors, New York Stock 733 Loeffler, Robert M., vice president, Investors Diversified Services, Inc. 755, 771 Loomis, Philip A., Jr., General Counsel, Securities and Exchange Commission Lyman, Ronald T., Jr., vice president, Investment Counsel Sponsored No- 2 863 McConnel, W. Bruce, Jr., chairman, Federal Securities Acts Committee, 605 Markham, Jesse, professor of economics, Princeton University. 186, 336 816 Morency, Joseph N., Jr., legal counsel, Midwest Stock Exchange. 642 658 Moulden, Ray, director, Investment Companies Department, National 549 Mound, Milton, president, First Multifund of America, Inc. 882 Myers, Robert A., vice president for public relations, Channing Co., Inc.- 816 784 689, 704 Quinby, H. Dean, Jr., Quinby Plan. 845 Ratzlaff, James, secretary, Investment Companies Committee, National 549 Regan, Donald T., vice president for governmental relations, Investment 605 |