PROPOSED FEDERAL BANKING COMMISSION AND HEARINGS BEFORE THE SUBCOMMITTEE ON BANK SUPERVISION OF THE COMMITTEE ON BANKING AND CURRENCY EIGHTY-EIGHTH CONGRESS FIRST SESSION ON H.R. 729 A BILL TO ESTABLISH THE FEDERAL DEPOSIT AND SAVINGS AND H.R. 5874 A BILL TO ESTABLISH A FEDERAL BANKING COMMISSION TO FEDERAL DEPOSIT AND SAVINGS INSURANCE BOARD HEARINGS BEFORE THE SUBCOMMITTEE ON BANK SUPERVISION OF THE COMMITTEE ON BANKING AND CURRENCY EIGHTY-EIGHTH CONGRESS FIRST SESSION ON H.R. 729 A BILL TO ESTABLISH THE FEDERAL DEPOSIT AND SAVINGS AND H.R. 5874 A BILL TO ESTABLISH A FEDERAL BANKING COMMISSION TO MAY 7, 8, 9, 10, 13, 14, AND 15, 1963 Printed for the use of the 20-602 U.S. GOVERNMENT PRINTING OFFICE WASHINGTON: 1963 For sale by the Superintendent of Documents, U.S. Government Printing Office COMMITTEE ON BANKING AND CURRENCY WRIGHT PATMAN, Texas, Chairman ALBERT RAINS, Alabama CHARLES A. VANIK, Ohio WILLIAM S. MOORHEAD, Pennsylvania JOSEPH G. MINISH, New Jersey CHARLES L. WELTNER, Georgia BERNARD F. GRABOWSKI, Connecticut CLARENCE E. KILBURN, New York FLORENCE P. DWYER, New Jersey W. E. (BILL) BROCK, Tennessee JOSEPH M. MCDADE, Pennsylvania BURT L. TALCOTT, California WM. SUMMERS JOHNSON, Clerk and Staff Director SUBCOMMITTEE ON BANK SUPERVISION AND INSURANCE WILLIAM S. MOORHEAD, Pennsylvania II OLIVER P. BOLTON, Ohio W. E. (BILL) BROCK, Tennessee Statement of- CONTENTS Albig, Reed H., president, National Bank of McKeesport, Pa., and chairman, bank study committee, Independent Bankers Associa- tion; accompanied by C. Herschel Schooley, Washington manager, Independent Bankers Association__. Brome, Robert H., general counsel and secretary of Bankers Trust Co., Cocke, Hon. Erle, Sr., chairman Board of Directors, FDIC; accom- panied by Hon. Jesse P. Wolcott, member of the Board; William M. Moroney, Assistant to the Chairman and Controller; Neil G. Greensides, Assistant to the Director and Chief, Division of Exam- ination; and John F. Lord, General Counsel.. Courshon, Arthur H., Chairman, legislative committee, National League of Insured Savings Associations; accompanied by Bryce Curry, general counsel, legislative committee, National League of 293 Golembe, Carter, economist, American Bankers Association___ Hughes, Randolph, chairman of the legislative committee of the National Association of Supervisors of State Banks; accompanied by James F. Bell, general counsel.. Kelly, William F., on behalf of the American Bankers Association__ Martin, Hon. William McChesney, Jr., Chairman, Board of Governors Mills, Abbot L., Jr., member, Board of Governors, Federal Reserve Mitchell, George W., member, Board of Governors, Federal Reserve Mortlock, Eugene M., vice president, U.S. Savings & Loan League; accompanied by T. Bert King, counsel; and Stephen Slipher, staff vice president and legislative director, U.S. Savings & Loan Root, Hon. Oren, New York superintendent of banks. Additional statements and information submitted to the subcommittee National banks and the future report of the Advisory Committee Report on H.R. 729, dated May 6, 1963.. Report on H.R. 5874 (H.R. 4253), dated May 6, 1963.. Regulation No. FSLIC-981, dated November 3, 1960, and amend- Number and assets of insured savings and loan associations, by State laws governing the status of savings and loan or building |