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COPY THE SECRETARY OF THE TREASURY WASHINGTON 25 May 23 1947 Dear Senator Tobey: I am truly sorry that the Department is not in position to furnish your Committee with a definitive statement of our views on the Bank Holding Company b i l l at this time. As you know, my time in recent weeks has been preempted by a number of very important matters, particularly the tax b i l l , which has been the subject of f a i r l y extended hearings within the Senate and House, and the general tax study commenced only this week before the Ways and Means Committee. In addition matters involving international finance have required considerable attention. Under the circumstances, I would much prefer not to take any position on such an important matter without a more adequate basis for having one than I now have. A substantial amount of study has been given to the matter i n the Department, and I have been furnished with the views of a number of those in the Department to vhom I would look for advice i n such matters. However, I have not had an opportunity personally to go into the matter thoroughly. As you know, the Comptroller of the Currency, Mr. Delano, who has had the bank holding company legislation under study, has been i l l and away from the office for some time. That has contributed i n no small measure to ray unwillingness to go on record one way or the other now, as I definitely would like to discuss this Blatter thoroughly with him before taking a position. I should say that in taking this stand I do not intend to indicate or to imply opposition to the b i l l either i n principle or i n detail. Sincerely yours, (Signed) Honorable Charles W. Tobey Chairman, Senate Banking and Currency Committee Suite No. 325, Senate Office Building Washington, D. C. John W. Snyder Secretary of the Treasury
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