GOVERNMENT DEPOSIT INSURANCE

HEARINGS

BEFORE THE

SUBCOMMITTEE ON FINANCIAL INSTITUTIONS

OF THE

COMMITTEE ON

BANKING, HOUSING AND URBAN AFFAIRS
UNITED STATES SENATE

NINETY-THIRD CONGRESS

SECOND SESSION

ON

S. 2640, Title I of S. 2735, and H.R. 11221

TO INCREASE THE AVAILABILITY OF URGENTLY NEEDED
MORTGAGE CREDIT FOR THE FINANCING OF HOUSING AND
FOR OTHER PURPOSES

COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS
JOHN SPARKMAN, Alabama, Chairman

WILLIAM PROXMIRE, Wisconsin
HARRISON A. WILLIAMS, New Jersey
THOMAS J. MCINTYRE, New Hampshire
ALAN CRANSTON, California
ADLAI E. STEVENSON III, Illinois

J. BENNETT JOHNSTON, JR., Louisiana
WILLIAM D. HATHAWAY, Maine
JOSEPH R. BIDEN, JR., Delaware

JOHN TOWER, Texas

WALLACE F. BENNETT, Utah

EDWARD W. BROOKE, Massachusetts
BOB PACKWOOD, Oregon

BILL BROCK, Tennessee

LOWELL P. WEICKER, JR., Connecticut

DUDLEY L. O'NEAL, Jr., Staff Director and General Counsel
WM. HOWARD BEASLEY III, Director of Minority Staff

SUBCOMMITTEE ON FINANCIAL INSTITUTIONS
THOMAS J. MCINTYRE, New Hampshire, Chairman

JOHN SPARKMAN, Alabama
WILLIAM PROXMIRE, Wisconsin
HARRISON A. WILLIAMS, New Jersey

WALLACE F. BENNETT, Utah
JOHN TOWER, Texas
BILL BROCK, Tennessee

T. J. ODEN, Assistant Counsel

(II)

Paul A. Volcker, Under Secretary of the Treasury for Monetary Affairs..

Frank Wille, Chairman, Federal Deposit Insurance Corporation

Thomas R. Bomar, Chairman, Federal Home Loan Bank Board.

WEDNESDAY, MARCH 20

Rex J. Morthland, president, American Bankers Association...

Harold A. Hovey, director, Illinois Bureau of the Budget, on behalf of

National Governors' Conference.

Donald E. Pearson, president, Conference of State Bank Supervisors _

Mayor John H. Poelker, St. Louis, Mo., and chairman, National League

of Cities' Effective Governments Committee...

John M. Urie, president, Municipal Finance Officers Association--

George L. Partlow, co-chairman, public finance, Federal Legislation

Committee, Securities Industry Association...

126

148

Arthur T. Cooke, Jr., member, public finance, Federal Legislation Com-

mittee, Securities Industry Association..

148

Stephan K. Small, legislative counsel, Securities Industry Association. ___

148

THURSDAY, MARCH 21

Tom B. Scott, Jr., legislative chairman, U.S. League of Savings Associa-

tions, accompanied by Arthur Edgeworth, Washington counsel___.

Gilbert G. Roessner, president, National Savings & Loan League, accom-

panied by William B. McKenna, general counsel..

Kenneth L. Birchby, vice president, National Association of Mutual Sav-

ings Banks, accompanied by Grover W. Ensley, executive vice president,

and Louis H. Nevins, director-counsel of the Washington office..

Thomas E. Roby, first vice president, Credit Union National Association,

Inc., accompanied by George Myers, acting director, Washington office,

and Donald Melvin, counsel.

168

219

236

245

245

James C. Barr, executive vice president, National Association of Federal

Credit Unions__

Joseph B. Doherty, president, National Association of Realtors, accom-

panied by Michael Roberts, chairman of legislative committee, and

Al Abrams, director of public affairs, Washington office_

Lewis Cenker, president, National Association of Home Builders, accom-

panied by Nathaniel Rogg, executive vice president, and Carl Coan, Jr.,

legislative counsel..

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258