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TUESDAY, FEBRUARY 11, 1997

Albertalli, Roy C., Vice President and Associate General Counsel, Metropoli-

tan Life Insurance Company, on behalf of the American Council of Life

Insurance

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

President-Elect, American Bankers Association

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

Roundtable

Tassey, Jeffrey A., Senior Vice President of Government and Legal Affairs,

American Financial Services Association

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FINANCIAL SERVICES MODERNIZATION

TUESDAY, FEBRUARY 11, 1997

HOUSE OF REPRESENTATIVES,
SUBCOMMITTEE ON FINANCIAL INSTITUTIONS AND

CONSUMER CREDIT,
COMMITTEE ON BANKING AND FINANCIAL SERVICES,

Washington, DC. The subcommittee met, pursuant to call, at 10:40 a.m., in room 2128, Rayburn House Office Building, Hon. Marge Roukema (chairwoman of the subcommittee) presiding.

Present: Chairwoman Roukema, Representatives Metcalf, Barr, Kelly, Paul, Ryun, Vento, La Falce, Maloney, Watt, Roybal-Allard, Bentsen and Kilpatrick.

Chairwoman ROUKEMA. The hearing will come to order.

We certainly hope that more Members will be arriving shortly in the near term. I certainly thank all the Members of the subcommittee as well as our panelists for being so understanding in that we have had to reschedule the hearing today and delay the beginning of the hearing because of a meeting that I was involved in at the White House as a Member of a bipartisan group of cosponsors to campaign financing reform. The President had called the meeting of those cosponsors, and it was quite productive. But I appreciate your indulgence and your understanding.

There are lots of things to be done, lots of issues on the agenda this year. But, White House or not, I certainly hope that this issue that we are here today to discuss will be at the top of everyone's agenda. But our work is cut out for us, and we are initiating that today.

As the Chairwoman of the subcommittee, I welcome my colleagues. I certainly welcome Congressman Vento, our Ranking Member here today, and hope that this will be the beginning of a long and very productive, I am sorry, not a long, a short and very productive series of procedures whereby we will be coming up with major landmark legislation.

Today, we are initiating the hearings of the Banking Committee to address financial services modernization in general and the Depository Institution and Thrift Charter Conversion Act, H.R. 268, specifically. This is the first in a series of hearings where the issues confronting our Nation's financial institutions will be fully examined and analyzed.

This is the second chapter, as I see it, of a long search for a legislative process to culminate with Congress passing landmark legislation. That is my stated intention, landmark reform legislation,

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