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December 17, 1956. jlr. Cyril B # Upturn,, Secretary, Inter-Departatental Coasittee on Banking Legislation, Department of the Treasury, Washington, I>. C, Dear Mr* Uphaas In, accordance with the agreement a&de at Ifcst Monday in the office of Secretary itorgenth&u, I with suggestions rel&ti&g to banking legislation for of the committee before present? tioa to the incoming the meeting held &a submitting herethe considers tion Congress. •Our experience in the operation of the Federal Deposit Insurance Corporation convinces us thst saoy changes are desirable for the proper exercise of the powers arid performance of the duties of the Corporation. However, such changes are far reaching and are intimately interwoven with th© many activities of the Federal government 1» its supervision of banks and Its participation in bonking* Extensive banking legislation has 'been passed *ithin the last three years broadening Federal powers pertaining to banks s&d creating for the first time a financial obligation of the government to bank depositors* fe feel that basking legislation at this tise would Inevitably result ia conflicting claims tmd create an undesirable confusion* Ko legislation should be proposed until a cospreheiisiva prograa is developed for the entire field of bank supervision. Wiile ther© &r© admittedly administrative difficulties under the present circumstances, it m<ms to us that they can b© ovarcooe throu^a & coaplete cooperation of the ssrreral agencies in order to find a logical solution of our mutual probleas. is one matter relating to assessments on insured banks, which has no bearing on general banking legislation, in which we are interested. Several difficulties Ere involved in the asses*atents sow being p*tid fcy insured h>mks ^hlch ve have be*m studying with a view to proposing possible changes* resulting in advantages to both the Corporation &n& the banks* Except for this one proposal, we believe that other matters in which we are interested could be deferred, unless legislation relating generally to banks is introduced. Very truly yours. LEO T* Ch&iraan. TREASURY DEPARTMENT WASHINGTON December 18, 1936. Mr. Marriner S. iiccles, Chairman of the Board of Governors, Federal Reserve Board* Dear Mr. Eccles: Attached is a copy of a letter from Chairman Crowley of the FDIC, which is being distributed to the other members of the Interdepartmental Lending Committee for consideration at the meeting next Tuesday at 11, in the office of the Secretary of the Treasury. Very truly yours, C. 'B. Upham, Secretary. Interdepartmental Lending Coirarittee
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