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FINANCIAL INSTITUTIONS AND THE

NATION'S ECONOMY

COMPENDIUM OF PAPERS PREPARED FOR

THE FINE STUDY

COMMITTEE ON BANKING, CURRENCY AND

HOUSING
HOUSE OF REPRESENTATIVES
94th Congress, Second Session

BOOK I

PART 1-DEPOSITORY INSTITUTIONS AND HOUSING
PART 2-REGULATION OF DEPOSITORY INSTITUTIONS

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Printed for the use of the Committee on Banking, Currency and Housing

The report has not been officially adopted by the Committee on Banking, Currency and Housing and may not therefore necessarily reflect the views of its members.

[COMMITTEE PRINT]

FINE

FINANCIAL INSTITUTIONS AND THE

NATION'S ECONOMY

COMPENDIUM OF PAPERS PREPARED FOR

THE FINE STUDY

COMMITTEE ON BANKING, CURRENCY AND

HOUSING

HOUSE OF REPRESENTATIVES

94th Congress, Second Session

BOOK I

PART 1-DEPOSITORY INSTITUTIONS AND HOUSING

PART 2-REGULATION OF DEPOSITORY INSTITUTIONS

JUNE 1976

Printed for the use of the Committee on Banking, Currency and Housing

The report has not been officially adopted by the Committee on Banking,
Currency and Housing and may not therefore necessarily reflect the views
of its members.

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COMMITTEE ON BANKING, CURRENCY AND HOUSING

HENRY S. REUSS, Wisconsin, Chairman

LEONOR K. (MRS. JOHN B.) SULLIVAN,

Missouri THOMAS L. ASHLEY, Ohio WILLIAM S. MOORHEAD, Pennsylvania ROBERT G. STEPHENS, JR., Georgia FERNAND J. ST GERMAIN, Rhode Island HENRY B. GONZALEZ, Texas JOSEPH G. MINISH, New Jersey FRANK ANNUNZIO, Illinois THOMAS M. REES, California JAMES M. HANLEY, New York PARREN J. MITCHELL, Maryland WALTER E. FAUNTROY,

District of Columbia LINDY (MRS. HALE) BOGGS, Louisiana STEPHEN L. NEAL, North Carolina JERRY M. PATTERSON, California JAMES J. BLANCHARD, Michigan CARROLL HUBBARD, JR., Kentucky JOHN J. LAFALCE, New York GLADYS NOON SPELLMAN, Maryland LES AUCOIN, Oregon PAUL E. TSONGAS, Massachusetts BUTLER DERRICK, South Carolina PHILIP H. HAYES, Indiana MARK W. HANNAFORD, California DAVID W. EVANS, Indiana CLIFFORD ALLEN, Tennessee NORMAN E. D'AMOURS, New Hampshire STANLEY N. LUNDINE, New York

ALBERT W. JOHNSON, Pennsylvania
J. WILLIAM STANTON, Ohio
GARRY BROWN, Michigan
CHALMERS P. WYLIE, Ohio
JOHN H. ROUSSELOT, California
STEWART B. MCKINNEY, Connecticut
JOHN B. CONLAN, Arizona
GEORGE HANSEN, Idaho
RICHARD T. SCHULZE, Pennsylvania
WILLIS GRADISON, JR., Ohio
HENRY J. HYDE, Illinois
RICHARD KELLY, Florida
CHARLES E. GRASSLEY, Iowa
MILLICENT FENWICK, New Jersey
RON PAUL, Texas

PREFACE

The House Banking, Currency and Housing Committee together with the Subcommittee on Financial Institutions Supervision, Regulation and Insurance announced on April 24, 1975 the undertaking of a major review of the nation's financial institutions and their regulation by the Federal Government. A project was launched, called the Financial Institutions in the Nation's Economy (FINE) Study, encompassing five areas: The relationship between banks and thrift institutions, and what changes may be desirable in their borrowing, lending, investment and customer service activities; the adequacy of federal regulation, as now divided among three government agencies for banks alone; the structure and operations of the Federal Reserve System; the operation of U.S. banks abroad, of foreign banks in the U.S., and of the Eurodollar market; and the operation of bank holding companies.

A team of consultants and Committee staff, under the supervision of Dr. James L. Pierce, principal consultant to the Committee on the FINE Study, began an analysis of the major issues affecting our financial institutions. Working with staff and expert consultants, the Committee published in November 1975 a set of Discussion Principles which contained proposals for the restructuring of our financial institutions. Extensive hearings followed and ultimately legislation was proposed.

As a first step in this process, the Committee commissioned for FINE a number of studies that were conducted by respected scholars who had published extensively and had experience in advising the government on policy matters in their respective fields. These studies provided an independent perspective on financial reform. The papers present a focused evaluation of important issues which touch on the many facets of financial reform and are the result of careful study by individuals who have thought deeply in their chosen area.

The papers contained in this volume represent all of the studies that have been commissioned for the FINE Study. Four studies that were completed and in publishable form before the hearings began were published in a November 1975 volume. The present volume contains those four studies as well as new ones relating to international banking, bank holding companies, credit unions and additional papers on regulatory reform.

Besides the studies, an extensive and detailed questionnaire dealing with the current practices and attitudes of the Federal banking regulatory agencies was prepared by the FINE Study Staff and several consultants. This questionnaire was published in the earlier volume; in the present volume the questionnaire is reprinted as well as the replies from the Federal Reserve Board and the Comptroller of the Currency.

HENRY S. Reuss,
Chairman, Committee on Banking,

Currency and Housing.
FERNAND J. ST GERMAIN,
Chairman, Subcommittee on Financial
Institutions Supervision, Regulation and Insurance.

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