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NOVEMBER 9 AND 10, 1956
Printed for the use of the Committee on Banking and Currency
GOVERNMENT PRINTING OFFICE
COMMITTEE ON BANKING AND CURRENCY
J. W. FULBRIGHT, Arkansas, Chairman
HOMER E. CAPEHART, Indiana
JOHN W. BRICKER, Ohio
IRVING M. IVES, New York
WALLACE F. BENNETT, Utah
PRESCOTT S. BUSH, Connecticut
J. GLENN BEALL, Maryland
FREDERICK G. PAYNE, Maine
STUDY AUTHORIZED BY THE COMMITTEE ON BANKING AND CURRENCY PURSUANT TO
SENATE RESOLUTION 155, 84TH CONGRESS, 2D SESSION
A. WILLIS ROBERTSON, Virginia, Acting Chairman
DONALD L. ROGERS, Counsel
Gidney, Ray M., Comptroller of the Currency, accompanied by
Comptroller of the Currency:
Recommendations, statements, reports, etc.—Continued
Offices of operating banks not insured by FDIC.
suggestions for which specific language was not given in October
Mergers, consolidations, and absorptions by State member banks.
STUDY OF BANKING LAWS
FRIDAY, NOVEMBER 9, 1956
UNITED STATES SENATE,
Washington, D.O. The committee met, pursuant to call, in room 318, Senate Office Building, at 9:35 a. m., Senator A. Willis Robertson, acting chairman, presiding.
Present: Senators Robertson, Douglas, and Beall.
Also present: Donald L. Rogers, counsel, Banking and Currency Committee.
Senator ROBERTSON. The committee will please come to order.
We expect to have four other members of our committee here, but they are delayed. Pending their arrival we will take care of several preliminary matters.
First, I want to thank this splendid group of bankers and those interested in credit affairs for their willingness to serve on this advisory committee. We feel that we are particularly fortunate in prevailing on my good friend, Kenton Cravens, to serve as chairman of the Advisory Committee, and I feel highly gratified at the way he has organized the work and broken it down into subcommittees, so that those who are specialists in the various fields can center on proposals that they want the full advisory committee to act on at their next meeting in December.
Last July I was designated by Senator Fulbright to serve as acting chairman of the Senate Banking and Currency Committee for a study of the Federal statutes governing financial institutions and credit. The need for such an inquiry was evidenced by the fact that there had been no major revision of these laws in over 20 years. At the outset, I requested the Federal agencies concerned to review their statutory authority for the purpose of deleting obsolete provisions and adding new authority where needed. Trade associations in the financial field were also contacted and were requested to prepare appropriate recommendations.
In September, a 27-man advisory committee was selected to assist the Banking and Currency Committee. The recommendations of this highly competent group will make an important contribution to the study.
The committee counsel, Donald L. Rogers, was directed to prepare, with the assistance of the Federal supervisory agencies, all the necessary background information. In this connection, a compilation of the Federal statutes relating to banks, savings and loan associations, and credit unions has been prepared and published. In addition, the 176 legislative recommendations of the Federal supervisory agencies have been printed in book form.