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SECURITIES ACTIVITIES OF COMMERCIAL BANKS

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

DECEMBER 9 AND 10, 1975

Printed for the use of the
Committee on Banking, Housing and Urban Affairs

U.S. GOVERNMENT PRINTING OFFICE

65-699 O

WASHINGTON : 1976

COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS

WILLIAM PROXMIRE, Wisconsin, Chairman JOHN SPARKMAN, Alabama

JOHN TOWER, Texas HARRISON A. WILLIAMS, JR., New Jersey EDWARD W. BROOKE, Massachusetts THOMAS J. MCINTYRE, New Hampshire BOB PACKWOOD, Oregon ALAN CRANSTON, California

JESSE HELMS, North Carolina
ADLAI E. STEVENSON, Illinois

JAKE GARN, Utah
JOSEPH R. BIDEN, JR., Delaware
ROBERT MORGAN, North Carolina

KENNETH A. MCLEAN, Staff Director
ANTHONY T. CLUFF, Minority Staff Director
STEPHEN J. PARADISE, A88istant Counsel

SUBCOMMITTEE ON SECURITIES

HARRISON A. WILLIAMS, JR., New Jersey, Chairman THOMAS J. MCINTYRE, New Hampshire EDWARD W. BROOKE, Massachusetts ALAN CRANSTON, California

JOHN TOWER, Texas ADLAI E. STEVENSON, Illinois

JESSE HELMS, North Carolina
ROBERT MORGAN, North Carolina

HOWARD A. MENELL, Assistant Counsel
CLIFFORD J. ALEXANDER, Assistant Counsel

(II)

CONTENTS

LIST OF WITNESSES

Page

8

16
88

168

TUESDAY, DECEMBER 9

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

Secretary

Roderick M. Hills, Chairman, Securities and Exchange Commission.-

James E. Smith, Comptroller of the Currency; accompanied by Dean
Miller, Deputy Comptroller of the Currency for Trusts.

WEDNESDAY, DECEMBER 10
I. W. Burnham II, chairman of the board, Securities Industry Association;

accompanied by Edward I. O'Brien, president; Carl M. Mueller, vice
chairman of the board and managing partner of Loeb, Rhoades &
Co.; James W. Walker, executive vice president, Washington office

and Richard O. Scribner, senior vice president and general counsel...

Ray F. Myers, executive vice president and corporate counsel, Continental

Illinois National Bank & Trust Co., Chicago; accompanied by

Robert L. Bevan, associate federal legislative counsel, American

Bankers Association..

Robert L. Augenblick, president, Investment Co. Institute; accompanied

by Ramsay D. Potts, counsel..

Charles W. Buek, chairman of the board, U.S. Trust Company of New

York..

280

303

331

298

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