Reorganization Plan No. 2 of 1956. S. Res. 291 June 1956. 84-2Considers Reorganization Plan No. 2 of 1956 to establish FSLIC as an independent agency. |
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Page 7
... basic function is to insure the accounts of investors in the Federal savings and loan associations and in those State - chartered savings and loan , building and loan and homestead associations and cooperative banks which apply for ...
... basic function is to insure the accounts of investors in the Federal savings and loan associations and in those State - chartered savings and loan , building and loan and homestead associations and cooperative banks which apply for ...
Page 11
... basic principle in support of the plan is that an inherent conflict of interest exists in permitting the Bank Board , which promotes , charters , and supervises the organization and operation of Federal savings and loan associations ...
... basic principle in support of the plan is that an inherent conflict of interest exists in permitting the Bank Board , which promotes , charters , and supervises the organization and operation of Federal savings and loan associations ...
Page 12
... basic objections to this proposed plan . 1. The proposed plan would change a method of operation in this field which has been in existence for 22 years , and would effect this major change in operating procedure without careful study ...
... basic objections to this proposed plan . 1. The proposed plan would change a method of operation in this field which has been in existence for 22 years , and would effect this major change in operating procedure without careful study ...
Page 13
... basic and far reaching come after 22 years of successful operation under the present arrangement ? Just a year ago , the President , himself , expressed strong disapproval of any plan which would create another independent agency in the ...
... basic and far reaching come after 22 years of successful operation under the present arrangement ? Just a year ago , the President , himself , expressed strong disapproval of any plan which would create another independent agency in the ...
Page 14
... basic economic area . The plan entails confusion , duplication , potential waste and un- doubted increase in cost of administration . I therefore urge that the plan be disapproved . Mr. Chairman , I want to qualify one statement that I ...
... basic economic area . The plan entails confusion , duplication , potential waste and un- doubted increase in cost of administration . I therefore urge that the plan be disapproved . Mr. Chairman , I want to qualify one statement that I ...
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Common terms and phrases
Accounting Office administration assets audit reports Banking and Currency billion board of trustees BRUNDAGE BUBB Chairman Colonel Sherman Committee on Banking Comptroller Cong Currency Committee Deposit Insurance Corporation Director effect established examinations executive branch Federal associations Federal Deposit Insurance Federal Government Federal Home Loan Frank Muller functions Government Operations Home Finance Agency Home Loan Bank Hoover Commission recommended Housing and Home increase inherently conflicting insurance program insure the accounts insured institutions June 18 KANE legislative lending agencies letter Loan Advisory Council loan associations Loan Bank Board Loan Bank System loan business loan institutions Loan Insurance Corporation Loan League MCALLISTER member institutions mortgage NORRIS COTTON organization present President promote and charter Reorganization Plan responsibility Savings & Loan Savings and Loan Senate Banking Senate Resolution 291 Senator COTTON Senator Fulbright Senator Sparkman Senator WOFFORD separate board statement Subcommittee on Reorganization task force tion United States Savings United States Senate Washington
Popular passages
Page 39 - ... in most respects comparable to that of the Federal Deposit Insurance Corporation. Although the Hoover Commission recommended that management of the Corporation be separated completely from the Federal Home Loan Bank Board, the plan provides that the Chairman of the Board shall be 1 of 3 members of the Board of Trustees of the Federal Savings and Loan Insurance Corporation with authority identical to that of the other trustees. It is believed that such an arrangement is necessary and desirable...
Page 4 - Prepared by the President and transmitted to the Senate and the House of Representatives in Congress assembled, April 24, 1958, pursuant to the provisions of the Reorganization Act of 1949, approved June 20, 1949, as amended CIVILIAN MOBILIZATION SECTION 1.
Page 7 - ... of this section, and the term "domestic association" means such savings and loan, building and loan, and homestead associations and cooperative banks as are domestic associations within the meaning of such statutory provision; (2) The term "give-away" means any merchandise or other thing of value, or services performed in whole or in part outside the premises of an association, furnished the recipient as a gift or premium or as a result of a drawing...
Page 4 - Director shall direct. (b) Such further measures and dispositions as the Director of the Bureau of the Budget shall deem to be necessary in order to effectuate the transfers provided for in subsection (a) of this section shall be carried out in such manner as he shall direct and by such agencies as he shall designate.
Page 2 - I would like at this time to insert in the record a copy of Senate Resolution 291, a copy of Reorganization Plan No.
Page 35 - ... regulations and directions and the frustrations of attempting to determine which agency to follow. Where 1 report now suffices, 2 would be necessary under the plan, probably in a different form and with different instructions. In short, redtape and agency buckpassing would result under the plan. 2. Under the plan the savings and loan institutions would have substantially increased operating expenses, All of the expenses of the Federal Home Loan Bank Board and of the Federal Savings and Loan Insurance...
Page 40 - Corporation shall deem, necessary in connection with such insurance, and (2) if the insurance is granted, to permit and pay the cost of such examinations as in the judgment of the Corporation may from time to time be necessary for its protection and the protection of other insured institutions, to permit the Corporation to have access to any information or report with respect to any examination made by any public regulatory authority and to furnish any additional information with respect thereto...
Page 45 - ... to serve as a member of the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corporation at the same time." The recommendation of the Hoover Commission would not be complied with, since the Chairman of the Federal Home Loan Bank Board would also serve as 1 of the 3 members of the board of trustees of the Federal Savings and Loan Insurance Corporation. 5. The President's plan presupposes that the Insurance Corporation would be strengthened by the reorganization plan and...
Page 3 - The rates of compensation fixed for these officers are, respectively, those which I have found to prevail in respect of comparable officers in the executive branch of the Government.
Page 31 - Kans., and I appear here today as chairman of the legislative committee of the United States Savings & Loan League.