FINANCIAL SERVICES MODERNIZATION HEARINGS BEFORE THE SUBCOMMITTEE ON FINANCIAL INSTITUTIONS AND CONSUMER CREDIT OF THE COMMITTEE ON BANKING AND FINANCIAL SERVICES HOUSE OF REPRESENTATIVES ONE HUNDRED FIFTH CONGRESS FIRST SESSION FEBRUARY 11, 13, 25, 1997 Printed for the use of the Committee on Banking and Financial Services Serial No. 105-1 38-389 CC U.S. GOVERNMENT PRINTING OFFICE WASHINGTON: 1997 For sale by the U.S. Government Printing Office Superintendent of Documents, Congressional Sales Office, Washington, DC 20402 HOUSE COMMITTEE ON BANKING AND FINANCIAL SERVICES JAMES A. LEACH, Iowa, Chairman MARGE ROUKEMA, New Jersey ROBERT L. EHRLICH JR., Maryland JON D. FOX, Pennsylvania DAVE WELDON, Florida VINCE SNOWBARGER, Kansas BOB RILEY, Alabama STEVEN C. LATOURETTE, Ohio HENRY B. GONZALEZ, Texas PAUL E. KANJORSKI, Pennsylvania JOSEPH P. KENNEDY II, Massachusetts JESSE L. JACKSON JR., Illinois BERNARD SANDERS, Vermont Albertalli, Roy C., Vice President and Associate General Counsel, Metropoli- tan Life Insurance Company, on behalf of the American Council of Life Baptista, Samuel J., President, Financial Services Council Bracewell, Dr. Joseph S., Chairman and CEO, Century National Bank, on behalf of the Independent Bankers Association of America Fink, Matthew P., President, Investment Company Institute Kelly, Craig J., Senior Vice President, Banc One Corporation, on behalf of the Consumer Bankers Association Klagholz, James R., Co-owner, C.N. Sterling Associates, Inc., on behalf of the Independent Insurance Agents of America, National Association of Life Underwriters, and American Land Title Association Lackritz, Marc E., President, Securities Industry Association McConnell, William T., Chairman and CEO, Park National Corporation, and Meyer, Weller, President and CEO, Acacia Federal Savings Bank, on behalf of America's Community Bankers Pollard, Dr. Alfred M., Senior Director for Legislative Affairs, The Bankers Tassey, Jeffrey A., Senior Vice President of Government and Legal Affairs, |