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pt 4

COMMITTEE ON BANKING, CURRENCY AND HOUSING

HENRY S. REUSS, Wisconsin, Chairman

WRIGHT PATMAN, Texas
WILLIAM A. BARRETT, Pennsylvania
LEONOR K. (MRS. JOHN B.) SULLIVAN,
Missouri

THOMAS L. ASHLEY, Ohio

WILLIAM S. MOORHEAD, Pennsylvania
ROBERT G. STEPHENS, JR., Georgia
FERNAND J. ST GERMAIN, Rhode Island
HENRY B. GONZALEZ, Texas
JOSEPH G. MINISH, New Jersey

FRANK ANNUNZIO, Illinois

THOMAS M. REES, California
JAMES M. HANLEY, New York
PARREN J. MITCHELL, Maryland
WALTER E. FAUNTROY, District of
Columbia

LINDY (MRS. HALE) BOGGS, Louisiana
STEPHEN L. NEAL, North Carolina
JERRY M. PATTERSON, California
JAMES J. BLANCHARD, Michigan
CARROLL HUBBARD, JR., Kentucky
JOHN J. LAFALCE, New York

GLADYS NOON SPELLMAN, Maryland
LES AUCOIN, Oregon

PAUL E. TSONGAS, Massachusetts
BUTLER DERRICK, South Carolina
PHILIP H. HAYES, Indiana

MARK W. HANNAFORD, California
DAVID W. EVANS, Indiana

CLIFFORD ALLEN, Tennessee

ALBERT W. JOHNSON, Pennsylvania
J. WILLIAM STANTON, Ohio
GARRY BROWN, Michigan
CHALMERS P. WYLIE, Ohio
JOHN H. ROUSSELOT, California
STEWART B. MCKINNEY, Connecticut
JOHN B. CONLAN, Arizona
GEORGE HANSEN, Idaho

RICHARD T. SCHULZE, Pennsylvania
WILLIS D. GRADISON, JR., Ohio
HENRY J. HYDE, Illinois
RICHARD KELLY, Florida
CHARLES E. GRASSLEY, Iowa

MILLICENT FENWICK, New Jersey

PAUL NELSON, Clerk and Staff Director
WILLIAM P. DIXON, General Counsel
MICHAEL P. FLAHERTY, Counsel
GRASTY CREWS II, Counsel

ORMAN S. FINK, Minority Staff Director
GRAHAM T. NORTHUP, Deputy Minority Staff Director

SUBCOMMITTEE ON FINANCIAL INSTITUTIONS SUPERVISION, REGULATION AND INSURANCE

FERNAND J. ST GERMAIN, Rhode Island, Chairman

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QUESTIONS SUBMITTED BY LETTER FROM CHAIRMAN FERNAND J. ST GERMAIN ON THE
"FINE" STUDY "DISCUSSION PRINCIPLES" WITH ATTACHED REPLIES FROM THE FOL-
LOWING WITNESSES

Bankers Association for Foreign Trade, Washington, D.C_--

Benda, Kenneth J., president, Independent Bankers Association of

America

Benedict, Howard M., chairman, subcommittee on mortgage finance-FHA
operations, legislative committee, National Association of Realtors-----

Brinkerhoff, Philip R., executive vice president and chief administrative

officer, Federal Home Loan Mortgage Corporation---

Burnham, I. W. II, chairman of the board, Securities Industry Association_
Burns, Hon. Arthur F., Chairman, Board of Governors of the Federal
Reserve System

Chase, Dr. Samuel B., Jr., consultant to the FINE Study..
Cincotta, Gale, National Peoples Action on Housing, Chicago, Ill_---
Coldwell, Hon. Philip E., member, Board of Governors of the Federal
Reserve System____

Page

171

221

305

20

278

301

Connell, Lawrence, Jr., bank commissioner, State of Connecticut---

Crawford, Morris D., Jr., chairman, committee on Federal legislation,

National Association of Mutual Savings Banks___.

Cummings, Richard, executive vice president, National Bank of Detroit--
Davis, Stuart, chairman of the board, Great Western Savings & Loan,
Beverly Hills, Calif

38

208

Duwe, J. Rex, president, American Bankers Association_

Edwards, R. D., chairman of the board, Glendale Federal Savings & Loan
Association, Glendale, Calif____

Faris, James E., president, Conference of State Bank Supervisors__.

Friedman, Dr. Milton, Paul Snowden Russell Distinguished Service Pro-
fessor of Economics, Department of Economics, University of Chicago__

Gardner, Hon. Stephen S., Deputy Secretary, Department of the Treasury-

Goble, B. David, president, National Association of Federal Credit Unions_

Goldfinger, Nathaniel, director, research department, American Federa-
tion of Labor and Congress of Industrial Organizations (AFL-CIO)-.

Greenwood, Harold W., Jr., chairman, legislation committee, National

Savings and Loan League___

Guttentag, Jack M., professor of banking, Wharton School, University of
Pennsylvania

Hellie, M. R., president, Credit Union National Association (CUNA).
Hester, Dr. Donald, professor of economics, University of Wisconsin..
Holland, Hon. Robert C., member, Board of Governors of the Federal Re-
serve System---.

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Hunter, Oakley, chairman of the board and president, Federal National
Mortgage Association___

71

Kane, Dr. Edward J., Everett D. Reese Professor of Banking and Monetary
Economics, Ohio State University--

14

Kauper, Hon. Thomas E., Assistant Attorney General, Antitrust Division,

Department of Justice_-_

Leary, Fairfax, professor of law, Temple University School of Law____
Lewis, William B., president, National Association of State Savings &
Loan Supervisors---

Loomis, Hon. Philip A., Jr., Commissioner, Securities and Exchange

Commission

Marston, Hon. Garth, Acting Chairman, Federal Home Loan Bank Board__
Mayer, Dr. Thomas, professor, department of economics, University of
California at Davis__-

Meltzer, Dr. Allan H., Maurice Falk Professor of Economics and Social

Science, Carnegie-Mellon University, Pittsburgh, Pa..

Melville, Richard A., president, Allied Bank International, New York,

N.Y.

82

Smith, Hon. James E., Comptroller of the Currency-.

279

APPENDIX "B"

STATEMENTS, LETTERS, AND MATERIAL REGARDING THE "FINE" STUDY "DISCUSSION
PRINCIPLES" RECEIVED BY THE SUBCOMMITTEE FOR INCLUSION IN THE RECORD
Bank of America, San Francisco, Calif., letter with attached statement
from A. W. Clausen, president, dated April 1, 1976_--

Bankers Association for Foreign Trade, Washington, D.C., letter with

enclosed statement from Thomas L. Farmer, counsel, dated March 17,

1976

Boggs, Hon. Lindy, a Member of Congress from the State of Louisiana,
letter, with attached letters from constituents, dated February 25, 1976_-
City Bank & Trust Co., Natchitoches, La., letter from J. E. Pierson,
president, dated November 28, 1975-..

628

Dryades Savings & Loan Association, New Orleans, La., letter from
Albert J. Flettrich, chairman of the board and chief executive
officer, dated December 18, 1975___

630

Boggs, Hon. Lindy-Continued

Pelican Homestead & Savings Association, New Orleans, La., letter from John A. Marque, president, dated December 9, 1975---. British Bankers' Associaton, London, England, letters with enclosed papers from Rt. Hon. Lord O'Brien of Lothbury, president, dated

Page

631

December 12, 1975

380

March 15, 1976___

384

Byrd, Earline W., Hyattsville, Md., letter, with attachment, dated December 1, 1975__.

506

California Federal, Los Angeles, Calif., letters with attachments from:

Robert R. Dockson, president and chief executive officer, dated De-
cember 17, 1975__

Roger K. Lindland, senior vice president, dated March 10, 1976__. Casey, William L., Jr., statement submitted entitled "The Proposed Financial Institutions Act of 1976: A Critique".

Center for Law and Social Policy, statement by Michael C. Harper on
behalf of National Consumer Congress and Americans for Democratic
Action

Chamber of Commerce of the United States, Washington, D.C., letter from
Hilton Davis, general manager, legislative action, dated March 26, 1976--
Chase Manhattan Bank, N.A., New York, N.Y., letters with attachments
from George A. Roeder, Jr., vice chairman of the board, dated:

January 5, 1976__

April 26, 1976_.

Consumer Federation of America, statement of Carol Tucker Foreman, executive director_-_.

Cooperative League of the U.S.A., The, Washington, D.C., letter from Stanley Dreyer, president, with attached statements from various groups

432

443

515

333

687

449

456

325

346

Council for Self-Help Development, Inc., Carlstadt, N.J., letter, with
attached memorandum, from John B. Gauci, executive director,
dated January 30, 1976___.

350

Mid-Eastern Cooperatives, Inc., Carlstadt, N.J., letters from Frank P.
Anastasio, executive director, dated-

June 16, 1975___

348

February 2, 1976, with attachment__.

347

National Association of Housing Cooperatives, statement of Charles
Rappaport, chairman of the board........

356

Southard, Shelby E., statement entitled "The Consumer Federation of America and the National Consumer Cooperative Bank”. Universal Cooperatives, Inc., Alliance, Ohio, letter with attachment from Fran Lair, vice president, dated February 3, 1976---. Voorhis, Jerry, cooperative leader and former Member of Congress, statement entitled "What Worked for Farmers Can Work for Consumers"

349

355

353

Council of Mutual Savings Institutions, New York, N.Y., letter, with attached statement and summary, from Kenneth Virch, executive director, dated December 19, 1975__.

481

Dixon, Hon. George H., Deputy Secretary, Treasury Department, letter with attached statement dated March 18, 1976––

711

Farm and Home Savings Association, Nevada, Mo., statement of C. A. Duncan, president and chairman of the board...

392

358

Farmland Industries, Inc., Kansas City, Mo., letter from Robert L. Beasley,
vice president, information and public relations___.
Federal Home Loan Bank Board:
Letters from:

Donald M. Kaplan, Director, Office of Economic Research, with
attached graph and supporting tables, dated April 1, 1976-----
Hon. Garth Marston, Acting Chairman, with attachments, dated
April 16, 1976_____

Federal Savings League of New England, Inc., Boston, Mass., letter with
attached position statement from Joseph T. Benedict, president, and
Peter S. Morton, executive vice president, dated March 22, 1976___

689

696

421

First Kentucky National Corp., Louisville, Ky., letter with attachment from Leonard T. Kernen, vice president, governmental affairs, dated March 25, 1976_

Freedom Federal Savings, Worcester, Mass., letter with attached statement from Joseph T. Benedict, president and chairman, dated January 20, 1976

Glendale Federal Savings, Glendale, Calif., letter with attached paper and exhibits from David L. Smith, vice president and chief economist, dated March 29, 1976---.

Group Health Association, Inc., letter from Louis J. Segadelli, executive director, dated February 10, 1976__.

Harper, Michael C., Center for Law and Social Policy, statement submitted on behalf of National Consumer Congress and Americans for Democratic Action

Heimann, John G., superintendent, State of New York Banking Depart-
ment, letter with attached copy of a State bill and background memo-
randum, dated March 26, 1976___

Household Finance Corp., Chicago, Ill., letter from W. E. Werner, presi-
dent, consumer finance division, dated January 21, 1976----
Housing and Urban Development, Department of, letter from Hon. John C.
Weicher, Deputy Assistant Secretary, Office of Economic Affairs, dated
March 24, 1976.

Page

531

403

633

356

333

654

644

720

Independent Bankers Association of America, Winder, Ga., letter from
Charles O. Maddox, Jr., president, dated April 26, 1976---
Investment Company Institute, Washington, D.C., letters with attached
statements from Robert L. Augenblick, president, dated:

643

January 26, 1976__.

594

March 19, 1976, with attached copy of section 301 (a) of S. 2731_.
Jim Walter Corp., Tampa, Fla., letter with attached statement from
James W. Kynes, senior vice president, dated March 26, 1976-----.
Justice Department, letter from Thomas E. Kauper, Assistant Attorney
General, Antitrust Division, dated March 29, 1976--

598

591

714

714

Kauper, Hon. Thomas E., Assistant Attorney General, Antitrust Division,
Justice Department, letter dated March 29, 1976----
Midcontinent Farmers Association, Columbia, Mo., letter with attached
resolution from L. C. Carpenter, vice president, dated February 11,
1976

357

Monagan, John S., Washington, D.C., letter with attachment dated January 16, 1976_.

622

Mortgage Bankers Association of America, Washington, D.C., letters from
Oliver H. Jones, executive vice president, dated-

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National Association of Life Underwriters, statement concerning the com-
mittee print of the "Financial Reform Act of 1976" with attached arti-
cles from February 1975 issue of Life Association News entitled "Savings
Bank Life Insurance" by H. James Douds, NALU general counsel____
National Association of Realtors, Washington, D.C., letter from Albert E.
Abrahams, staff vice president, government affairs, dated April 6, 1976__
National Credit Union Administration, Washington, D.C., letter from
Herman Nickerson, Jr., Administrator, dated March 22, 1976___
National Grange, Washington, D.C., letter from John W. Scott, master,
dated March 22, 1976___

National Peoples Action on Housing, statement with attachments...

"Chicago Lenders Killing City, Saving Suburbs: MAHA," articles
from Chicago Tribune of March 25, 1976----

373

378

524

721

719

688

328

331

National Society of Public Accountants, Washington, D.C., letter from
Albert R. Van Tieghem, president, dated March 24, 1976_.

"Tax Incentives for Neighborhood Reinvestment," paper of the Na-
tional Peoples Action on Housing--.

332

614

New York State Bankers Association, New York, N.Y., letter with attach-
ment from Stephen A. Hopkins, chairman, Federal Government relations
committee, dated March 24, 1976___.

474

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