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A BILL TO AMEND THE FEDERAL DEPOSIT INSURANCE
ACT TO PROVIDE SAFEGUARDS AGAINST MERGERS AND
CONSOLIDATIONS OF BANKS WHICH MIGHT LESSEN
COMPETITION UNDULY OR TEND UNDULY TO CREATE A

MONOPOLY IN THE FIELD OF BANKING

MARCH 18 AND 19, 1959

Printed for the use of the Committee on Banking and Currency

59.6ocoy

UNITED STATES
GOVERNMENT PRINTING OFFICE

-38251

WASHINGTON : 1959

COMMITTEE ON BANKING AND CURRENCY

A. WILLIS ROBERTSON, Virginia, Chairman J. W. FULBRIGHT, Arkansas

HOMER E. CAPEHART, Indiana JOHN J. SPARKMAN, Alabama

WALLACE F. BENNETT, Utah J. ALLEN FREAR, JR., Delaware

PRESCOTT S. BUSH, Connecticut PAUL H. DOUGLAS, Illinois

J. GLENN BEALL, Maryland JOSEPH S. CLARK, Pennsylvania

JACOB K, JAVITS, New York
WILLIAM PROXMIRE, Wisconsin
ROBERT C. BYRD, West Virginia
HARRISON A. WILLIAMS, JR., New Jersey
EDMUND S. MUSKIE, Maine

J. H. YINGLING, Chief of Staff
MATTHEW HALE, Chief Counsel

II

A X4-5

R.V.S. al Ap 59

CONTENTS

Page

2

86

113

116

47

26

117

S. 1062

Statement of -

Celler, Emanuel, a Representative in Congress from the State of

New York...

Du Bois, Ben, secretary, Independent Bankers Association.

Funk, Carl W., American Bar Association, section of corporation,

banking, and business law-

Gidney, Ray M., Comptroller of the Currency, accompanied by L.

A. Jennings, Deputy Comptroller, and Roy T. Englert, Chief

Counsel

Myers, Robert L., Jr., National Association of Supervisors of State

Banks

Naughton, Joseph M., committee on Federal legislation; J. o. Brott,

general counsel; and Charles R. McNeill, assistant general counsel,

American Bankers Association.

Robertson, James L., member Board of Governors, Federal Reserve

System

Wolcott, Jesse P., Chairman; Erle Cocke, Director; Royal L. Coburn,

General Counsel; Neil G. Greensides, Chief, Division of Examina-
tion; William Matthews, Assistant to Director; and E. H. Cramer,
Chief, Division of Research and Statistics, Federal Deposit Insur-

ance Corporation

Letters, statements, memorandums, etc., submitted for the record by-

American Bar Association:

Resolution..

Statement of Mr. Funk.

Association of Registered Bank Holding Companies, Joseph H. Col-

man, president:

Statement -

Letter on testimony of Congressman Celler..

Letter to Congressman Celler-

Celler, Emanuel, a Representative in Congress from the State of New

York:

Recommended amendment of S. 1062_

Letter in reply to Mr. Colman's letter.

Chamber of Commerce of the United States: Statement-

Comptroller of the Currency:

Letter to Congressman Celler on bank consolidations, mergers,

etc.

Report on S. 1004.

Letter amplifying testimony-

Letter with reference to Congressman Celler's testimony -

Letter enclosing Treasury report on H.R. 4152.

Appendix A: Table, consolidations, mergers, assumptions not

requiring approval of appropriate Federal bank supervisory

agency-

Appendix B: Summary of consolidations, mergers, and purchase

and sale transactions, by years -

Appendix C: Number of commercial banks.

Letter and table setting forth reasons national banks went into

voluntary liquidation.

Federal Deposit Insurance Corporation:

Report on S. 1062_
Letter on competition in banking, with tables.
Letter on discretionary authority to submit issue of monopoly

and competition to Attorney General. -
Letter from Mr. Wolcott on requesting opinion of Attorney Gen-

eral..

15

114
116

8
54

60

62

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