4.822: F 497

INSTITUTIONS

HEARINGS

BEFORE THE

COMMITTEE ON BANKING AND CURRENCY

HOUSE OF REPRESENTATIVES

EIGHTY-EIGHTH CONGRESS

FIRST SESSION

ON

H.R. 5845, H.R. 7878, H.R. 8230, H.R. 8245,
H.R. 8247, H.R. 8459, and H.R. 8541

SEPTEMBER 23, 24, 25, 26, 27, 30; OCTOBER 1, 2, 3, 7, 8, 9, 10, 11;
NOVEMBER 6, 7; DECEMBER 10, 11, AND 13, 1963

Printed for the use of the Committee on Banking and Currency

INSTITUTIONS

HEARINGS

BEFORE THE

COMMITTEE ON BANKING AND CURRENCY

HOUSE OF REPRESENTATIVES

EIGHTY-EIGHTH CONGRESS

FIRST SESSION

ON

H.R. 5845, H.R. 7878, H.R. 8230, H.R. 8245,
H.R. 8247, H.R. 8459, and H.R. 8541

SEPTEMBER 23, 24, 25, 26, 27, 30; OCTOBER 1, 2, 3, 7, 8, 9, 10, 11;
NOVEMBER 6, 7; DECEMBER 10, 11, AND 13, 1963

Printed for the use of the Committee on Banking and Currency

26-739 O

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON: 1964

For sale by the Superintendent of Documents, U.S. Government Printing Office
Washington, D.C., 20402 Price $3.00

CONTENTS

H.R. 5845. A bill to assist cities and States by amending

section 5136 of the Revised Statutes, as amended, with

respect to the authority of national banks to underwrite

and deal in securities issued by State and local governments,

and for other purposes---

H.R. 7878. A bill to amend section 24 of the Federal Reserve

Act (12 U.S.C. 371) relating to certain limitations on real

estate loans by national banks.

H.R. 8230. A bill to amend section 24 of the Federal Reserve

Act (12 U.S.C. 371) to liberalize the conditions of loans by

national banks on forest tracts.

H.R. 8245. A bill to broaden the investment powers of Federal

savings and loan associations, and for other purposes--

H.R. 8247. A bill to amend section 5200 of the Revised

Statutes, as amended (12 U.S.C. 84), to increase the limit.

on the maximum liability of a single borrower to a national

bank..

H.R. 8459. A bill to amend the Federal Credit Union Act to

allow Federal credit unions greater flexibility in their

organization and operations...

H.R. 8541. A bill to amend section 5 of the Home Owners'

Loan Act of 1933, as amended _ _

Statement of-

Ames, Amyas, president, Investment Bankers Associa-

tion; accompanied by Lloyd B. Hatcher, vice president

of IBA; William M. Adams, former chairman, IBA

Municipal Securities Committee; and Gordon L.

Calvert, municipal director and assistant general

counsel IBA.

Bradbury, John L., president, Municipal Bond Club...

Bromley, W. S., executive secretary, American Pulpwood

Association, New York, N.Y..

Page

1

2

2

2

4

4

5

513

661

206, 208

Browne, Alan K., vice president, Bank of America, San
Francisco, Calif.; Delmont K. Pfeffer, senior vice presi-
dent, First National Bank of New York; and Allen
Morgan, president, First National Bank of Memphis,
Memphis, Tenn......

413, 864, 870

Bubb, Henry A., legislative chairman; accompanied by

Bert King, Washington counsel, and Stephen Slipher,

staff vice president and legislative director, United

States Savings & Loan League.

Carrison, H. George, past president, Florida Security

Dealers Association..

Clark, Senator Joseph S., of Pennsylvania.

Cleveland, Hon. James C., a U.S. Representative from the

Second Congressional District of the State of New

Hampshire

273

662

333

781