HEARINGS BEFORE A ongress, Senate, SUBCOMMITTEE OF THE วง COMMITTEE ON BANKING AND CURRENCY EIGHTY-FIRST CONGRESCAND DIVISION SECOND SESSION ON S. 80, S. 2094, S. 2300, S. 2307 BILLS TO AMEND THE FEDERAL DEPOSIT 61165 JANUARY 11, 23, AND 30, 1950 Printed for the use of the Committee on Banking and Currency UNITED STATES WASHINGTON: 1950 211-50 Arthur, Harry, president, South Carolina Bankers' Association ____ Butler, Hugh, a United States Senator from the State of Nebraska.. Crowley, Leo, former chairman, FDIC. Delano, Preston, Comptroller of the Currency. Dubois, Ben, secretary, Independent Bankers Association. Harl, Maple T., Chairman, Board of Directors, Federal Deposit In- surance Corporation, accompanied by H. Earl Cook, member, Board of Directors; E. H. Cramer, Director of Research and Sta- tistics; L. L. Robertson, assistant to Chairman; and N. C. Bakke, Hughes, Syd J., on behalf of the Consumer Bankers Association. Kingman, Henry A., president, National Association of Mutual Sav- ings Banks, accompanied by Fred N. Oliver___ Wiggins, A. Lee M., chairman of the board, the Bank of Hartsville, Woollen, Evans, Jr., accompanied by Eugene C. Zorn, Jr., secretary, research council; C. E. Bennett, chairman, Committee on FDIC Study; and D. J. Needham, general counsel, American Bankers Letters, statements, exhibits, etc., submitted for the record by- Bakke, Norris C., Associate General Counsel, FDIČ: Letter to Consumer Bankers Association, George Clark, president, Chattanooga, 49 Harl, Maple T., Chairman, Board of Directors, FDIC: Assessments and coverage for deposit insurance reform.. Maybank, Burnet R., a United States Senator from the State of South Carolina: Deductions in computing net assessment income; 81 Vandenberg, Arthur H., a United States Senator from the State of Woollen, Evans, Jr., American Bankers Association: Chart- AMENDMENTS TO FEDERAL DEPOSIT INSURANCE ACT WEDNESDAY, JANUARY 11, 1950 UNITED STATES SENATE, COMMITTEE ON BANKING AND CURRENCY, SUBCOMMITTEE ON FEDERAL RESERVE MATTERS, Washington, D. C. The subcommittee met, pursuant to call, at 10:15 a. m., in room 301, Senate Office Building, Senator A. Willis Robertson presiding. Present: Senators Robertson, Maybank, Douglas, Tobey, and Flanders. Also present: Senator Bricker: Senator MAYBANK. Gentlemen, the meeting will come to order. I just want to make a preliminary statement. We are very happy and pleased to have you gentlemen down here this morning. I am hopeful that these hearings can be completed at an early date. Unfortunately, the committee room is going to be required for housing hearings for about a week following today's meeting. Therefore, we might have to defer these meetings for another week or so. I might say that I am very appreciative of the cooperation given me by the Federal Deposit Insurance Corporation and other agencies. And now I am going to ask Senator Robertson, the chairman of the Subcommittee on Federal Reserve Matters, to take over. I have also asked Senator Frear to come to the committee because of his interest in this and other legislation. Gentlemen, I am happy to have you here; and I now will ask Senator Robertson to go on from here, and we are hopeful of completing these hearings very soon. Senator ROBERTSON. There have been referred to the Subcommittee on Federal Reserve Matters two bills relating to the Federal Deposit Insurance Act. The first of these bills is S. 2300, which was introduced by the junior Senator from Ohio, Mr. Bricker, last July, but no hearings were had on it. The other bill is S. 2822, introduced on January 10, 1950, by the senior Senator from South Carolina, the chairman of this committee, Mr. Maybank. Without objection, I will have those two bills printed in the hearings at this point in order that all may be advised as to what is being considered today. (S. 2300 and S. 2822 are as follows:) [S. 2300, 81st Cong., 1st sess.] A BILL To amend section 12B of the Federal Reserve Act, pertaining to the Federal Deposit Insurance Corporation Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) paragraph (12) of subsection (c) 1 |