Financial Restructuring: The Road Ahead : Hearings Before the Subcommittee on Telecommunications, Consumer Protection, and Finance of the Committee on Energy and Commerce, House of Representatives, Ninety-eighth Congress, Second Session, on H.R. 5342, H.R. 4506, and H.R. 3537, April 4, 5, and May 17, 1984U.S. Government Printing Office, 1984 - 655 pages |
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acquired agencies amended American American Bankers Association assets authorized bank holding companies Banking Committee banking system believe brokerage Capital Markets Chairman changes Client Credit Account commercial banks Commission competition concentration concern conflicts of interest Congress consumer CREEDON deposit insurance depository institution deregulation economic engage equity FDIC Federal Reserve Board financial institutions financial services financial services industry financial system Glass-Steagall Act HEALEY Holding Company Act insurance companies interest rates interstate banking investors issues Key Client Credit legislation limited loan holding company loophole McFadden Act Merrill Lynch money market moratorium mortgage mortgage-backed securities mutual funds National Bank nonbank banks nonbanking activities operations OXLEY powers problems prohibited proposed public policy question real estate regulation regulatory requirements revenue bonds RINALDO risk S&Ls safety and soundness savings and loan securities activities securities affiliate securities firms securities industry service corporation subcommittee subsidiary tion underwriting VOLCKER WIRTH
Popular passages
Page 196 - Board after due notice and opportunity for hearing has determined (by order or regulation) to be so closely related to banking or managing or controlling banks as to be a proper incident thereto...
Page 330 - Is so closely related to banking as to be a proper incident thereto before it may approve that activity for bank holding companies.
Page 515 - The Federal Deposit Insurance Corporation. FDIC, and the Federal Savings and Loan Insurance Corporation, FSLIC, had to pay the depositors in the insolvent banks.
Page 41 - ... primarily engaged in the issue, flotation, underwriting, public sale, or distribution, at wholesale or retail, or through syndicate participation, of stocks, bonds, or other similar securities, shall serve at the same time as an officer, director, or employee of any member bank...
Page 342 - A bank shall not in any manner extend credit, lease or sell property of any kind, or furnish any service, or fix or vary the consideration for any of the foregoing, on the condition or requirement...
Page 201 - ... securities corporations,' and it would be difficult, if not impossible, for the same set of officers to conduct safely, soundly, and successfully the conservative business of the national bank and at the same time direct and manage the speculative ventures and promotions of the ancillary institutions. These varying...
Page 200 - ... of the peril to a bank, incident to the dual and diverse interests of its officers and directors. If many enterprises and many banks are brought and bound together in the nexus of a great holding corporation, the failure of one may involve all in a common disaster. And if the plan should prosper it would mean a union of power in the same hands over industry, commerce, and finance, with a resulting power over public affairs, which was the gravamen of objection to the United States Bank.
Page 207 - ... takes the risk that the public may not readily absorb the new securities which he brings out and that his own capital may be tied up for a long time." The Glass-Steagall Act was praised by Mr. Aldrich not only for preventing the banks from undertaking risks that they could not and should not assume but also for eliminating the possibilities of abuse inherent in a union of the underwriting and commercial banking functions. The commercial banks, he maintained, "should not be in a position to exert...
Page 316 - Islands, which both— (i) accepts demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others; and (ii) is engaged in the business of making commercial loans. (2) EXCEPTIONS. — The term "bank...
Page 570 - In determining whether a particular activity is a proper incident to banking or managing or controlling banks the Board shall consider whether its performance by an affiliate of a holding company can reasonably be expected to produce benefits to the public, such as greater convenience, increased competition, or gains in ejficency, that outweigh possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interests, or unsound banking practices.