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AND SUPERVISORY FUNCTIONS

HEARINGS

BEFORE THE

SUBCOMMITTEE ON BANK SUPERVISION

AND INSURANCE

OF THE

COMMITTEE ON BANKING AND CURRENCY

AND THE

COMMITTEE ON BANKING AND CURRENCY
HOUSE OF REPRESENTATIVES

EIGHTY-NINTH CONGRESS

FIRST SESSION

ON

H.R. 107
A BILL TO ESTABLISH A FEDERAL BANKING COMMISSION
TO ADMINISTER ALL FEDERAL LAWS RELATING TO THE

EXAMINATION AND SUPERVISION OF BANKS

AND

H.R. 6885
A BILL TO VEST IN THE SECRETARY OF THE TREASURY
ALL FUNCTIONS RELATING TO THE EXAMINATION AND

SUPERVISION OF FEDERALLY INSURED BANKS

APRIL 12, 14, 28, 29, 30; JUNE 29 AND 30, 1965

Printed for the use of the
Committee on Banking and Currency

U.S. GOVERNMENT PRINTING OFFICE

47-444

WASHINGTON : 1965

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

Washington, D.C., 20402 - Price $2.00

[blocks in formation]

COMMITTEE ON BANKING AND CURRENCY

WRIGHT PATMAN, Texas, Chairman ABRAHAM J. MULTER, New York

WILLIAM B. WIDNALL, New Jersey WILLIAM A. BARRETT, Pennsylvania PAUL A. FINO, New York LEONOR K. SULLIVAN, Missouri

FLORENCE P. DWYER, New Jersey HENRY S. REUSS, Wisconsin

SEYMOUR HALPERN, New York THOMAS L. ASHLEY, Ohio

JAMES HARVEY, Michigan WILLIAM S. MOORHEAD, Pennsylvania W. E. (BILL) BROCK, Tennessee ROBERT G. STEPHENS, JR., Georgia BURT L. TALCOTT, California FERNAND J. ST GERMAIN, Rhode Island DEL CLAWSON, California HENRY B. GONZALEZ, Texas

ALBERT W. JOHNSON, Pennsylvania JOSEPH G. MINISH, New Jersey

J. WILLIAM STANTON, Ohio
CHARLES L. WELTNER, Georgia

CHESTER L. MIZE, Kansas
RICHARD T. HANNA, California
BERNARD F. GRABOWSKI, Connecticut
COMPTON I. WHITE, JR., Idaho
TOM S. GETTYS, South Carolina
PAUL H. TODD, JR., Michigan
RICHARD L. OTTINGER, New York
EARLE CABELL, Texas
THOMAS C. MCGRATH, JR., New Jersey
JOHN R. HANSEN, Iowa
FRANK ANNUNZIO, Illinois

PAUL NELSON, Olerk and Staff Director

ALVIN LEE MORSE, Counsel
CURTIS A. PRINS, Chief Investigator
NORMAN L. HOLMES, A88istant Counsel
BENET D. GELLMAN, Investigative Counsel
ORMAN S. FINK, Minority Staff Member

SUBCOMMITTEE ON BANK SUPERVISION AND INSURANCE

ABRAHAM J. MULTER, New York, Chairman
WILLIAM S. MOORHEAD, Pennsylvania W. E. (BILL) BROCK, Tennessee
FERNAND J. ST GERMAIN, Rhode Island BURT L. TALCOTT, California
JOSEPH G. MINISH, New Jersey

DEL CLAWSON, California
CHARLES L. WELTNER, Georgia

ALBERT W. JOHNSON, Pennsylvania BERNARD F. GRABOWSKI, Connecticut. THOMAS C. MCGRATH, JR., New Jersey JOHN R. HANSEN, Iowa

II

CONTENTS

H.R. 107. A bill to establish a Federal Banking Commission to administer Page

all Federal laws relating to the examination and supervision of banks.. 3

H. R. 6885. A bill to vest in the Secretary of the Treasury all functions

relating to the examination and supervision of federally insured banks.. 31

SUBCOMMITTEE ON BANK SUPERVISION AND INSUR-

ANCE, APRIL 12, 14, 28, 29, AND 30, 1965

Statement of—

Brumbaugh, D. Emmert, chairman, legislative committee, Inde-

pendent Bankers Association of America; accompanied by Herschel

Schooley, Washington representative, and Ralph Zaun, president,

Independent Bankers Association of America -

152, 158

Cullom, F. Shelby, chairman of the legislative committee, National

Association of Supervisors of State Banks; accompanied by Hollis

Burt, executive director, and James Bell, general counsel

119

Davis, Archie K., chairman of the board, Wachovia Bank & Trust Co.

of Winston-Salem, N.C., and vice president of the American
Bankers Association; accompanied by Dr. Charls Walker, executive
vice president of the American Bankers Association.-

181
Klebaner, Benjamin J., associate professor of economics, the City
College of the City University of New York---

115

Patman, Hon. Wright, chairman, Committee on Banking and Cur-

rency -

76

Randall, Hon. K. A., Chairman, Federal Deposit Insurance Corpora-

tion; accompanied by Raymond E. Hengren, Chief, Division of

Research and Statistics, Federal Deposit Insurance Corporation,

and William M. Moroney, General Counsel, Federal Deposit

Insurance Corporation.-

210

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

Federal Reserve System.-

81

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

235

Additional information submitted to the subcommittee by-

Cullom, F. Shelby:

List of disputes between the Comptroller of the Currency and/or

the FDIC or the Federal Reserve, prepared from a banking

publication --

135

Number of banks, assets-classified by class of bank, June 1964

(table)

143

Status of State bank supervision (table)

148

Supervisory responsibilities of State banking departments (table) - 149

Moorhead, Hon. William S.:

Analysis of H.R. 7133_

223

Speech entitled "The Tangled Web of Bank Supervision”.

78
Multer, Hon. Abraham J.:

H.R. 7133. A bill to amend the Federal Reserve Act, the Federal

Deposit Insurance Act, and section 5155 of the Revised
Statutes, as amended, and for other purposes -

54

Letter from Charles R. McNeill

, director of the Washington

office of the American Bankers Association, with supplementary

statement-

203

Letter from D. Emmert Brumbaugh, chairman, legislative com-

mittee, Independent Bankers Association, dated May 24, 1965. 179

Letter from Hollis W. Burt, executive vice president, NASSB,

dated June 7, 1965---

150

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