HEARINGS BEFORE THE SUBCOMMITTEE ON SECURITIES OF THE COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS UNITED STATES SENATE NINETY-FOURTH CONGRESS FIRST SESSION ON THE EXPANSION OF COMMERCIAL BANKS' SECURITIES BUSINESS OPERATIONS AND THE ELIMINATION OF BARRIERS BETWEEN THE BANKING AND SECURITIES INDUSTRIES COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS WILLIAM PROXMIRE, Wisconsin, Chairman JOHN SPARKMAN, Alabama HARRISON A. WILLIAMS, JR., New Jersey THOMAS J. MCINTYRE, New Hampshire ADLAI E. STEVENSON, Illinois JOHN TOWER, Texas EDWARD W. BROOKE, Massachusetts BOB PACKWOOD, Oregon JESSE HELMS, North Carolina JAKE GARN, Utah ROBERT MORGAN, North Carolina KENNETH A. MCLEAN, Staff Director SUBCOMMITTEE ON SECURITIES HARRISON A. WILLIAMS, JR., New Jersey, Chairman THOMAS J. MCINTYRE, New Hampshire EDWARD W. BROOKE, Massachusetts JESSE HELMS, North Carolina HOWARD A. MENELL, Assistant Counsel CLIFFORD J. ALEXANDER, Assistant Counsel (II) CONTENTS Jeffrey M. Bucher, Member, Board of Governors, Federal Reserve System Edwin H. Yeo III, Under Secretary for Monetary Affairs, Department of the Treasury; accompanied by Robert A. Gerard, Deputy Assistant Roderick M. Hills, Chairman, Securities and Exchange Commission... James E. Smith, Comptroller of the Currency; accompanied by Dean I. W. Burnham II, chairman of the board, Securities Industry Association; Robert L. Augenblick, president, Investment Co. Institute; accompanied Charles W. Buek, chairman of the board, U.S. Trust Company of New ADDITIONAL STATEMENTS AND DATA American Bankers Association, answers to written questions subsequently |