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PROPOSED FEDERAL BANKING COMMISSION AND
FEDERAL DEPOSIT AND SAVINGS INSURANCE BOARD

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A BILL TO ESTABLISH THE FEDERAL DEPOSIT AND SAVINGS
INSURANCE BOARD TO MANAGE THE FDIC AND THE FSLIC,

AND FOR OTHER PURPOSES

AND

H.R. 5874

A BILL TO ESTABLISH A FEDERAL BANKING COMMISSION TO
ADMINISTER ALL FEDERAL LAWS RELATING TO THE EXAM-

INATION AND SUPERVISION OF BANKS

MAY 7, 8, 9, 10, 13, 14, AND 15, 1963

Printed for the use of the
Committee on Banking and Currency

FEDERAL DEPOSIT AND SAVINGS INSURANCE BOARD

HEARINGS

BEFORE THD

SUBCOMMITTEE ON BANK SUPERVISION

AND INSURANCE

OF THE

COMMITTEE ON BANKING AND CURRENCY

HOUSE OF REPRESENTATIVES

EIGHTY-EIGHTH CONGRESS

FIRST SESSION

ON

H.R. 729
A BILL TO ESTABLISH THE FEDERAL DEPOSIT AND SAVINGS
INSURANCE BOARD TO MANAGE THE FDIC AND THE FSLIC,

AND FOR OTHER PURPOSES

AND

H.R. 5874

A BILL TO ESTABLISH A FEDERAL BANKING COMMISSION TO
ADMINISTER ALL FEDERAL LAWS RELATING TO THE EXAM-

INATION AND SUPERVISION OF BANKS

MAY 7, 8, 9, 10, 13, 14, AND 15, 1963

Printed for the use of the
Committee on Banking and Currency

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1963

20-602

For sale by the Superintendent of Documents, U.S. Government Printing Office

Washington, D.C., 20402 - Price $1.35

[blocks in formation]

COMMITTEE ON BANKING AND CURRENCY

WRIGHT PATMAN, Texas, Chairman ALBERT RAINS, Alabama

CLARENCE E. KILBURN, New York ABRAHAM J. MULTER, New York

WILLIAM B, WIDNALL, New Jersey WILLIAM A. BARRETT, Pennsylvania EUGENE SILER, Kentucky LEONOR K. SULLIVAN, Missouri

PAUL A. FINO, New York BENRY S. REUSS, Wisconsin

FLORENCE P. DWYER, New Jersey THOMAS L. ASHLEY, Ohio

SEYMOUR HALPERN, New York CHARLES A. VANIK, Ohio

JAMES HARVEY, Michigan WILLIAM S. MOORHEAD, Pennsylvania OLIVER P. BOLTON, Ohio KOBERT G. STEPHENS, JR., Georgia W. E. (BILL) BROCK, Tennessee FERNAND J. ST GERMAIN, Rhode Island ROBERT TAFT, JR., Ohio HENRY B. GONZALEZ, Texas

JOSEPH M. MCDADE, Pennsylvania CLAUDE PEPPER, Florida

SHERMAN P. LLOYD, Utah
JOSEPH G. MINISH, New Jersey

BURT L. TALCOTT, California
CHARLES L. WELTNER, Georgia
RICHARD T. HANNA, California
BERNARD F. GRABOWSKI, Connecticut
CHARLES H. WILSON, California

WM. SUMMERS JOHNSON, Clerk and Staj Director

ROBERT R. Poston, General Counsel
John E. BARRIERE, Professional Staff Member
HARRISON F. HOUGHTON, Senior Economist
ORMAN S. FINK, Minority Staf Member

SUBCOMMITTEE ON BANK SUPERVISION AND INSURANCE

ABRAHAM J. MULTER, New York, Chairman WILLIAM S. MOORHEAD, Pennsylvania OLIVER P. BOLTON, Ohio FERNAND J. ST GERMAIN, Rhode Island W. E. (BILL) BROCK, Tennessee HENRY B. GONZALEZ, Texas

ROBERT TAFT, JR., Ohio JOSEPH G. MINISH, New Jersey

SHERMAN P. LLOYD, Utah
CHARLES L. WELTNER, Georgia

BURT L. TALCOTT, California
BERNARD F. GRABOWSKI, Connecticut
CHARLES H. WILSON, California

II

CONTENTS

Statement of —

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,

Page

Independent Bankers Association.--

389

Brome, Robert H., general counsel and secretary of Bankers Trust Co.,

New York.

297

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...

217

Courshon, Arthur H., Chairman, legislative committee, National

League of Insured Savings Associations; accompanied by Bryce

Curry, general counsel, legislative committee, National League of

Insured Savings Associations..

315

Golembe, Carter, economist, American Bankers Association..

293

Hughes, Randolph, chairman of the legislative committee of the

National Association of Supervisors of State Banks; accompanied

by James F. Bell, general counsel.--

329

Kelly, William F., on behalf of the American Bankers Association.- 266
McMurray, Hon. Joseph P., Chairman, Federal Home Loan Bank

Board; accompanied by Joseph J. Williams, Jr., member; John de

Laittré, member; and Max Wilfand, attorney for the Board ----- 3, 122

McNeill, Charles R., director of the Washington office, the American

Bankers Association.

279

Martin, Hon. William McChesney, Jr., Chairman, Board of Governors

of the Federal Reserve System..

168, 205

Mills, Abbot L., Jr., member, Board of Governors, Federal Reserve

System.-

181

Mitchell, George W., member, Board of Governors, Federal Reserve

System.

184

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

League

307

Robertson, Hon. J. L., member of the Board of Governors of the

Federal Reserve System..

174

Root, Hon. Oren, New York superintendent of banks.

249

Saxon, Hon. James J., Comptroller of the Currency.

395

Additional statements and information submitted to the subcommittee

by-

Comptroller of the Currency:

Response to question regarding charter, branch, and merger

applications, letter dated July 1, 1963.

420

Statement on the Comptroller's letter of March 18, 1963, ad-

dressed to the presidents of all national banks on the subject

of the direct leasing of personal property--

430

National banks and the future report of the Advisory Committee

on Banking--

431

Federal Home Loan Bank Board:

Report on H.R. 729, dated May 6, 1963.

10

Report on H.R. 5874 (H.R. 4253), dated May 6, 1963.-

12

Regulation No. FSLIC-981, dated November 3, 1960, and amend-

ment dated February 13, 1961..

15

Number and assets of insured savings and loan associations, by
type, December 31, 1962...

19
State laws governing the status of savings and loan or building
and loan association branches..

21

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