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Board of Govan»ora Mr. Cherry laarii>*s on tha b i l l i>. t o rw u ul*ta bank bololn* ceapanlss. Coaptrollar of th« UvrmMT Dslan© and «r. 8a»oal tewart t«stlflad at tha hamringa an ths teak folding soapsny b i l l this «omii»t. In addition* Mr. Cocka, repreeantlaL tha Aatriean Bank* ars Association* subalttad a st*t*asnt with rapaaot to aaaruLaacta propoaad by taa Association a« had baan praviouali raquasta* by tba C«»«Kttta«| and /r. ' . I« sieadhan, C<jun»«l for tba Aaarlaan cankara Aaaoeiation, obtali\ad paralaaioa for Htm Caasron Thaajaw\ to tubait a »tata«ant Utar ragardlng Um b i l l . 1 Sir* I alano raad a praparad ata.taoantf tna flat of vnleb wa» ha balla^ad la pr<9par bank noldlnf coapanjr lagialatlon, but that ha fait that tha praaant b i l l crantad too broad dlaarationary powara to tha 3oard9 that oonaidaration ahould ba glTan to aoaa diffnalon of tbt ad»dni»tratior» batman tha varioua Fadaral bank supervisory »^an©l««, as4 that, in any «vant, uuawroua proTidon* of tha b i l l ahould f aaandad for taohnieal or othar raaacns. Ha dlaouasad al«-van dlffarant provision* In tha b i l l which in ni» judg»ant raquirad anandaant. Is raapeBsa to a qnaatlon fros banator Tobay, &r. l alano rafuaad to say vaathmt ha « M for or a&alnst tna c i U , but raitoratad his stataaaot that tha b i l l ought to ba shangad in aoaa raspaeta. Ma saia ha haA disauaaad tha b i l l with ^oraUry .inydar# that Saoratary .xiydar aad aathorUad hill to aaka this atatoaant b*£i>r* tha eoaaattaa, aud that ha thought vl«»s agraad ^anarally with his* Mr. i:«lano daelioad to d i i e o i in oajan hoarm* tha aattar of tha pandlAg appliGaUona of tha Bank of Aaarlea to astabllsn branahas and i t « M iadieatad that ha would ba glTan at. oppertwlty to dlseuss thla la&ttar with tha subooaalttsa in axucutxve sasaioaj. Stawart, raprasaQtiAg Trtniaaarloa,* r*m from a y praparad ata.t«aaat9 tha bulk of which daalt with tba astivitiaa of bank of Aasrlaa. dm also subaittad stataaMbts (1) in raply to Chairman tiaCaba'e atataasnt of NJarah 6, 1950 rafcardlng tba arils iutaodad to ba by tha bill* and tha Chairman's soppXaaantal tasUaony «iv«n on 17* 1950, (?) anawarint a>. Townaand'a lattar of March 13 ra^aroV ing tha dafinition of bank holding aoapany contalnad in tha b i l l , (3) with raspact to tha tax quastlons ralsad by tat bill, and (k) aontainlng his own viaws as to how tha b i l l shovXd ba aaatdad. Board of Gcnren or* » • ftobertscn, <aybank sod T©bey had a dleeuaeion aa to whether Chairman Mo^abe ahoulci be given an opportunity tc re^ly to the Comptroller'a aufcteetioue, aa wall aa the suggestion* to be eubaltted by other A. In this connection, i t waa neutioned by Senator Robertson that a group of batik holding company representatives are aaeting in Kew York and nave aeiied permission to f i l e a statement regardi&g the b i l l next week* The idea of holding the hearing cpem until Chairman iteCabe'e return waa dropped| and i t apparently waa the consensus that an effort would be made to get a l l tha etateaents in toe record by next week, tnat the record should then be printed and distribute edf end that thereafter the Hniaa1ttee would cooaiaer what kind of a b i l l emwuld be reported* benator Robertson stated that he waa not satisfied with the b i l l aa i t la new drawn and taat he intended to have the b i l l rewritten* In this connection, he weaned to look » 1 J I favor upon the aaaodasnta ed by Mr* Delano, stating that such amendment a were designed to tighten up the b i l l , eliminate vagueneee, and reduce the amount of <&aeration eeaferred upon the Board* It was agreed to hold another hearing on Thursday tfareh ?3, for the purpose of asking further quastior»« of Mr. ; elano and also to give aV* Harl an opportunity to appear if he so deairea* In the absence of unforeseen cevelopaentB, the hearings w i l l close on Thursday* levelopaents today elderly indicate that the b i l l will be rewritten md aodified ia several respect a and* in view of the procedure indicated today» i t aay be come tisjs before the aubeoewdttee takes eei All Aoard siesibsra Jforrillj rhurstoni Kiefleri Carpenter AKC:cad
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