APPENDIX PROPOSED REMEDIAL LEGISLATION A BILL To amend the Federal Deposit Insurance Act to provide safeguards against mergers and consoli dations of banks which may adversely affect competition or unduly tend to create a monopoly in the field of banking Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (c) of section 18 of the Federal Deposit Insurance Act is amended by striking out the third sentence thereof and substituting in lieu thereof the following: "No insured bank shall merge or consolidate with any other insured bank or, either directly or indirectly, acquire the assets of, or assume liability to pay any deposits made in, any other insured bank without the prior written consent (i) of the Comptroller of the Currency if the acquiring, assuming, or resulting bank is to be a national bank or a district bank, or (ii) of the Board of Governors of the Federal Reserve System if the acquiring, assuming, or resulting bank is to be a State member bank (except a district bank), or (iii) of the Corporation if the acquiring, assuming, or resulting bank is to be a nonmember insured bank (except a district bank); and no noninsured bank shall merge or consolidate with any other noninsured bank or, either directly or indirectly, acquire the assets of, or assume liability to pay any deposits made in, any other noninsured bank without the prior written consent of the Board of Governors of the Federal Reserve System. In granting or withholding consent under this subsection, the Comptroller, the Board, or the Corporation, as the case may be, shall consider the factors enumerated in section 6 of this Act and shall also, in the case of a merger, consolidation, acquisition of assets or assumption of liabilities, take into consideration whether the effect thereof may be to lessen competition unduly or to tend unduly to create a monopoly contrary to the policy of Congress hereby declared in favor of local ownership and control of banks and competition in the field of banking." Number and deposits of all banks in the United States, by States and periods, 1914-51 [Deposits in millions of dollars] June 30, 1914 June 30, 1921 June 30, 1929 June 30, 1933 Dec. 30, 1944 Dec. 31, 1951 Geographical region and State Num- De- Num- De- Num- De- Num- De- Num- De- NumDeber posits ber posits ber posits ber posits ber posits ber posits United States, total. 26, 150 21, 256 30, 419 38, 505 25, 113 57, 941 14, 523 41, 532 14, 535 141, 449 14, 618 185, 756 Middle Atlantic, total. 2, 645 8, 646 3, 103 15, 075 3, 300 24, 228 2, 272 20, 548 2, 250 53, 778 2,057 64, 663 total.. 4, 593 3, 678 5, 789 6, 979 5, 522 10,600 2,636 4, 889 3, 001 26, 051 3,031 35, 208 Number and deposits of all banks in the United States, by States and periods, 1914-51-Continued Geographical region and State West North Central, total.. [Deposits in millions of dollars] June 30, 1914 June 30, 1921 June 30, 1929 June 30, 1933 Dec. 30, 1944 Dec. 31, 1951 Num- De- Num- De- Num- De- Num- De- Num- De- Num- Deber posits ber posits ber posits ber posits ber posits ber posits 7,544 2, 152 9, 023 3, 904 6, 435 4, 249 3, 301 2,377 3, 250 10, 600 3, 285 14,865 Minnesota. 1, 108 Iowa. 1,455 860 970 668 674 673 2,395 681 3, 197 1,762 663 2,394 4,855 North Dakota. 601 2, 920 1, 141 3, 228 2, 409 2, 443 3, 282 1, 401 2, 051 1, 576 10, 495 1,707 14, 436 443 773 275 619 1,280 607 1,841 641 3,314 1,576 2, 628 2, 254 1,680 1,325 1,578 7, 762 1,695 12,814 The hundred largest banks in the United States listed in order of amount of deposits on Dec. 31, 1951 (exclusive of mutual savings banks) [Compiled from published statements of the banks as of Dec. 31, 1951] |