COMMITTEE ON BANKING AND CURRENCY,

UNITED STATES SENATE

NINETY-FIRST CONGRESS

SECOND SESSION

ON

S. 2348, S. 3988, and S. 3989

BILLS TO PROVIDE GREATER PROTECTION FOR CUSTOMERS
OF REGISTERED BROKERS AND DEALERS AND MEMBERS
OF NATIONAL SECURITIES EXCHANGES

THE LIB

THE

SUBCOMMITTEE ON SECURITIES

HARRISON A. WILLIAMS, JR., New Jersey, Chairman

WILLIAM PROXMIRE, Wisconsin
EDMUND S. MUSKIE, Maine

THOMAS J. MCINTYRE, New Hampshire
ERNEST F. HOLLINGS, South Carolina
ALAN CRANSTON, California

ROBERT W. PACKWOOD, Orego
WALLACE F. BENNETT, Utah
JOHN G. TOWER, Texas
EDWARD W. BROOKE, Massach

STEPHEN J. PARADISE, Assistant Counsel

(II)

13

Hamer H. Budge, Chairman, Securities and Exchange Commission, ac-
companied by Hugh Owens, Commissioner, Oklahoma; Richard B.
Smith and James J. Needham, Commissioners, New York; Sydney
Herlong, Commissioner, Florida; Philip Loomis, General Counsel, and
Irving Pollack, Director, Division of Trading and Markets..

Donald T. Regan, president, Merrill Lynch, Pierce, Fenner & Smith.

John E. Leslie, chairman of the board, Bache & Co., Inc..

Wallace C. Latour, senior managing partner, Francis I. duPont & Co.,

accompanied by Mark J. Appleman...

FRIDAY, APRIL 17

Robert W. Haack, president, New York Stock Exchange; accompanied

by R. John Cunningham, Charles Klem, Donald L. Calvin, and Mahlon

Frankhauser_..

Ralph S. Saul, president, American Stock Exchange.

Robert M. Gardiner, chairman, legislative committee, Association of

Stock Exchange Firms..

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210

THURSDAY, JUNE 18

Ralph D. DeNunzio, vice president, board of governors, New York Stock

Exchange; accompanied by John R. Raben and John Maynard of

Sullivan & Cromwell...

THURSDAY, JULY 16

David M. Kennedy, Secretary of the Treasury; accompanied by Bruce K.

MacLaury, Deputy Under Secretary for Monetary Affairs..

Hamer H. Budge, Chairman, Securities and Exchange Commission; ac-

companied by Philip A. Loomis, Jr., General Counsel; Irving M. Pollack,

Director, Division of Trading and Markets; and Gene L. Finn, Chief

Economist, Office of Policy Research...

Ralph D. DeNunzio, vice president, board of governors, New York Stock

Exchange, and chairman, Joint Securities Industry Task Force; accom-

panied by John R. Raben and John Maynard___

ALPHABETICAL LIST OF WITNESSES

Appleman, Mark J., partner, Francis I. DuPont & Co...

Budge, Hamer H., Chairman, Securities and Exchange Commission

Calvin, Donald L., senior officer, New York Stock Exchange.

Cunningham, R. John, senior officer, New York Stock Exchange...

DeNunzio, Ralph D., vice president, board of governors, New York

Stock Exchange-

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