Average domestic loans and investments are derived from call reports at beginning and end of period plus interim calls except for Bank of America, Chemical Bank New York Trust, Manufacturers Hanover Trust, Continental Illinois National Bank & Trust, First Pennsylvania Bank & Trust and Philadelphia National Bank, which consolidate foreign branch operations item by item. In these cases, average loans and investments are derived from consolidated statements of condition as reported to stockholders. Domestic deposits and capital accounts also are derived from call reports except for the above-named banks.

includes affiliate(s).

a Does not include beneficially held affiliates.

After deducting part of total provision for loan losses.

Senator YARBOROUGH. Dr. Walker, I have some questions which I will defer until the morning because of the limitations of time here and also so that we can have a full panel discussion. I am going to order printed in the record at this point S. 2334, which was introduced by Senator Morse for himself and Senator Javits of the minority. This is the bill to amend the National Defense Education Act of 1958 to provide for cancellation of loans pursuant to such act, that act, for service in the Armed Forces, et cetera. That will be somewhat similar to cancellation for teachers. I want that printed.

(Text of S.2334 follows:)

90TH CONGRESS 1ST SESSION

S. 2334

IN THE SENATE OF THE UNITED STATES

AUGUST 23, 1967

Mr. MORSE (for himself, Mr. JAVITS, Mr. MONTOYA, Mr. PROUTY, and Mr. YARBOROUGH) introduced the following bill; which was read twice and referred to the Committee on Labor and Public Welfare

A BILL

To amend the National Defense Education Act of 1958 and the Public Health Service Act in order to provide for cancellation of loans pursuant to such Acts for service in the Armed Forces, and to amend the Higher Education Act of 1965 in order to provide for payments for such service on loans insured or made pursuant to agreements under such Act.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 That (a) clause (3) of section 205 (b) of the National 4 Defense Education Act of 1958 is amended to read as 5 follows:

6

“(3) (A) all of any such loan (plus interest) shall

be canceled for service as a member of the Armed

7

II

2

Forces of the United States at the rate of 25 per centum of the total amount of such loan plus interest thereon for

each complete year of consecutive service; and

"(B) not to exceed 50 per centum of any such loan (plus interest) shall be canceled for service as a fulltime teacher in a public or other nonprofit elementary or secondary school in a State, in an institution of higher education, or in an elementary or secondary school

overseas of the Armed Forces of the United States, at the rate of 10 per centum of the total amount of such loan plus interest thereon for each complete

academic year or its equivalent (as determined under regulations of the Commissioner) of such service, except that (i) such rate shall be 15 per centum for each complete academic year or its equivalent (as determined under regulations of the Commissioner) of service as

a full-time teacher in a public or other nonprofit elementary or secondary school which is in the school

district of a local educational agency which is eligible in

such year for assistance pursuant to title II of Public Law 874, Eighty-first Congress, as amended, and which for purposes of this clause and for that year has been determined by the Commissioner, pursuant to regulations and after consultation with the State educational

agency of the State in which the school is located, to