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Mr. HARMON. The Commission really took no position on it and I take no strong position on it myself.

Chairman ST GERMAIN. Mr. Manton, do you have any questions?
Mr. MANTON. No further questions.
Chairman ST GERMAIN. Mr. Wortley.
Mr. WYLIE. No further questions.

Chairman ST GERMAIN. We want to express our appreciation to the panel. I have a number of questions that we will submit to you in writing. We would ask for your additional assistance with those and also thank you for your appearance this morning. It has been beneficial.

[The information referred to can be found in the appendix.]

Chairman ST GERMAIN. Hopefully this will assist us in coming up with some legislation within the jurisdiction of this subcommittee and full committee that will be meaningful without overreacting, as Mr. Hadlow said we shouldn't do.

Mr. HADLOW. Thank you, sir.

[The letter from Mr. Berman to Chairman St Germain dated May 13, 1986 and the prepared statement of Mr. Berman on behalf of the American Civil Liberties Union can be found in the appendix.)

Chairman ST GERMAIN. The subcommittee stands in recess to the call of the Chair.

(Whereupon, at 12:15 p.m., the subcommittee was adjourned, subject to the call of the Chair.]

[Additional supplemental material supplied for the record can be found in the appendix.]

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HR

Dear Mr. Ogilvie:

On May 14, 1986, the Subcommittee on Financial Institutions Supervision, Regulation and Insurance will continue its hearings on proposals to protect against financial institutions becoming havens for tax evaders, drug traffickers and launderers of funds derived from criminal activity. .

As part of these hearings, the Subcommittee will conduct hearings on the several bills dealing with money laundering, including the Administration's bill, HR 2785. The other bills the Subcommittee intends to review are : 1367 (MI. McCollum), BR 1945 (Mr. Hubbard), HR 1474 (Mr. Bughes), ER 3892 (Mr. Wortley), HR 4280 (MJ. Torres), and HR 4573 (Mr. Pickle).

The views of the American Bankers Association on these proposals would be of value to the Subcommittee in its deliberations. It is requested, therefore, that you, or your designee, appear and testify before the Subcommittee concerning these matters on May 14, 1986, at 10:00 a.s. in Room 2128, Rayburn House Office Building.

In addition to the bills mentioned above, there are four titles of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 (FIRICA), also known as the Safe Banking Act of 1978, which the Subcommittee intends to review and which we feel may lend support to our efforts to fight those criminals who use our financial institutions for their illegal gains. They are Titles I, VI, VII and XI (Supervisory Authority over Depository Institutions; Change in Bank Control Act; Change in Savings and Loan Control Act; and the Right to Financial Privacy Act, respectively).

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The Subcommittee would appreciate any comments or opinions which you might have with respect to the aforementioned Titles and that you believe would provide guidance to us in these matters.

Please provide the Subcommittee with 175 copies of your testimony no later than 24 hours in advance of your appearance. Please contact Earl F. Rieger, Counsel of the Full Committee staff, if there are any questions.

Sincerely,

etthand J. St Germain Chairman

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HR

On May 14, 1986, the Subcomun ittee on Financial Institutions Supervision, Regulation and Insurance will continue its hearings on proposals to protect against financial institutions becoming havens for tax evaders, drug traffickers and launderers of funds derived from criminal activity.

As part of these hearings, the Subcommittee will
conduct hearings on the several bills dealing with money
laundering, including the Administration's bill, HR 2785.
The other bills the Subcommittee intends to review are:
1367 (Mr. McCollum), HR 1945 (Mr. Hubbard), HR 1474 (Mr.
Hughes), HR 3892 (Mr. Wortley), AR 4280 (Mr. Torres), and
HR 4573 (ME. Pickle).

As the Executive Director and Chief Counsel of the
President's Commission on Organized Crime, your views on
these proposals would be of value to the Subcommittee in
its deliberations. It is requested, therefore, that you
appear and testify before the Subcommittee concerning these
matters on May 14, 1986, at 10:00 a.m. in Room 2128,
Rayburn House office Building.

In addition to the bills mentioned above, there are
four titles of the Financial Institutions Regulatory and
Interest Rate Control Act of 1978 (FIRICA), also known as
the Safe Banking Act of 1978, which the Subcommittee
intends to review and which we feel may lend support to our
efforts to fight those criminals who use our financial
institutions for their illegal gains. They are Titles I,
VI, VII and XI (Supervisory Authority over Depository
Institutions ; Change in Bank Control Act; change in Savings
and Loan Control Act; and the Right to Financial Privacy
Act, respectively).

-2

The Subcommittee would appreciate any comments or opinions which you might have with respect to the aforementioned Titles and that you believe would provide guidance to us in these matters.

Please provide the Subcommittee with 175 copies of your testimony no later than 24 hours in advance of your appearance. Please contact Earl F. Rieger, Counsel of the Full Committee staff, if there are any questions.

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