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Prepared statements:

Consumer and community organizations:

Consumer Federation of America (CFA); Consumers Unio
Consumers League (NCL); Public Citizen's Congress
Public Interest Research Group (US PIRG)
Doyle, Charles T.

Gaiswinkler, Robert S

MAY 6, 1986

Kuthy, Eugene W., commissioner of financial institutions, S and vice president, Conference of State Bank Supervisors (C Levy, Gerald J., chairman, U.S. League of Savings Institution Rideout, Thomas P., treasurer, American Bankers Association

APPENDIX

Albright, Harry W., chairman, U.S. League's FDIC Liaison dated May 5, 1986.

Letters of invitation to witnesses of this day..

Prepared statements:

Kuthy, Eugene W

Levy, Gerald J.

Rideout, Thomas P.

MAY 7, 1986

Angermueller, Hans H., vice chairman, Citicorp, NA.

LaWare, John P., chairman-elect, Association of Bank Hol chairman of the board and chief executive officer, Shawm MA, accompanied by John S. Rippey, senior vice presiden tion......

Petty, John R., chairman, Marine Midland Banks

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Volcker, Hon. Paul A., Chairman, Board of Governors of the Federal Reserve
System

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Angermueller, Hans H., letter dated June 14, 1985, to Chairman St Germain,

re bank expansion such as Citicorp has benefited...

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244-246, 257-259

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294

260

285

334

247, 288

351

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St Germain, Chairman Fernand J., letter to Hon. Paul A. Volcker, Chairman, Board of Governors of the Federal Reserve System, dated May 12, 1986, containing written questions

"Survey of State Interstate Banking Laws” memorandum to Hon. Charles E. Schumer from the Congressional Research Service, Library of Congress, dated May 2, 1986

Volcker, Hon. Paul A., response to questions of:

Chairman St Germain.

Hon. Bill McCollum

Wylie, Hon. Chalmers P., opening statement..

MAY 8, 1986

Clarke, Hon. Robert L. Comptroller of the Currency

Gould, Hon. George D., Under Secretary for Finance, Department of the
Treasury.

463

452

Gray, Hon. Edwin J., Chairman, Federal Home Loan Bank Board..
Seidman, Hon. L. William, Chairman, Federal Deposit Insurance Corporation.
Sexton, James L., commissioner, Texas State Banking Department......

457

461

466

MATERIAL SUBMITTED FOR INCLUSION IN THE RECORD

Clarke, Hon. Robert L., response to information requested by Chairman St
Germain

493

Seidman, Hon. L. William, response to information requested by Chairman St
Germain

472

APPENDIX

Association of Thrift Holding Companies, letter dated May 12, 1986, from
C.E. Bentley, chairman

606

Coalition for Regional Banking and Economic Development, letter dated May 1, 1986, from Brian R. Foster, president...........

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Seidman, Hon. L. William, letter dated May 6, 1986, responding to questions of Chairman St Germain

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TO PRESERVE THE AUTHORITY OF THE FE
AL BANKING SUPERVISORY
SUPERVISORY AGENCIES
ARRANGE INTERSTATE ACQUISITIONS
MERGERS FOR FAILED AND FAILING B

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THURSDAY, MAY 1, 1986

HOUSE OF REPRESENTATIVES,

SUBCOMMITTEE ON FINANCIAL INSTITUTIONS,
SUPERVISION, REGULATION AND INSURANCE,

COMMITTEE ON BNAKING, FINANCE AND URBAN AFFAIRS
Washington

The subcommittee met at 10:05 a.m. in room 2128, R House Office Building; Hon. Fernand J. St Germain (chair the subcommittee) presiding.

Present: Chairman St Germain, Representatives Barna Falce, Vento, Frank, Cooper, Kaptur, Kanjorski, Wylie, W Dreier, Roukema, Bereuter, Bartlett, and Roth.

Also present: Representative Carper of the full committee. Chairman ST GERMAIN. The subcommittee will come to or This morning we open hearings on H.R. 4701, a bank package, introduced at the request of the Federal bank supe agencies.

This is the first of a series of hearings on legislation devel the administration and the Federal agencies to facilitate er cy interstate acquisitions, provide additional resources FSLIC and enhance the Federal Home Loan Bank Board su ry powers.

The focus of today's hearings on H.R. 4701 would libera emergency provisions of Garn-St Germain. It would give regulators increased powers to determine when, where, a banks can merge, acquire and branch across the Nation, co with the interstate activity already being carried out under al compacts and the existing provisions of Garn-St Germain. This newest proposal, if enacted, would go a long way ending the debate over the merits of interstate banking.

Now in considering this emergency banking bill, let us no that there is other banking legislation that is long, long o and on which this committee has taken action.

For instance, H.R. 20, which closed the nonbank bank 1 remains in the Rules Committee, where it has resided guished for almost 11 months. Now it is an essential piece lation, unless we intend to simply disband all pretense of ap ate bank supervision and regulation.

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To preserve the authority of the Federal banking supervisory agencies to arran interstate acquisitions and mergers for failed and failing banks, and for oth purposes.

IN THE HOUSE OF REPRESENTATIVES

APRIL 29, 1986

Mr. ST GERMAIN (for himself and Mr. WYLIE) (by request) introduced the follo ing bill; which was referred to the Committee on Banking, Finance a Urban Affairs

A BILL

To preserve the authority of the Federal banking supervisor agencies to arrange interstate acquisitions and mergers f failed and failing banks, and for other purposes.

1 Be it enacted by the Senate and House of Represent

2 tives of the United States of America in Congress assemble

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SHORT TITLE

SECTION 1. This Act may be cited as the "Financi

5 Institutions Emergency Acquisitions Amendments of 1986

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ASSISTED EXTRAORDINARY ACQUISITIONS

SEC. 2. Section 13(f) of the Federal Deposit Insuran

8 Act (12 U.S.C. 1823(f)) is amended

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(1) by amending paragraph (1) to read as follow

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