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F e d e r a l R e s e r v e Ba n k DALLAS. TEXAS of Dallas 75222 Circular No. 76-149 November 4, 1976 A m e ric a n R e v o lu tio n B ic en ten n ia l REGULATION Y — BANK HOLDING COMPANIES N o n b a n k i n g A c ti v iti e s of B a n k H o ld in g C o m p a n ie s TO ALL BANKS, BANK HOLDING COMPANIES, AND OTHERS CONCERNED IN THE ELEVENTH FEDERAL RESERVE DISTRICT: T h e B o a r d of G o v e r n o r s o f t h e F e d e r a l R e s e r v e S y s t e m h a s d e f e r r e d ac tio n on a p r o p o s a l to m a k e u n d e r w r i t i n g a n d d e a l i n g in F e d e r a l G o v e r n m e n t s e c u r i t i e s a n d g e n e r a l o b l i g a t i o n s o f S t a t e s o r t h e i r s u b d i v i s i o n s ( m u n ic ip a l s e c u ritie s) a p e rm is sib le activ ity for b a n k ho ld in g com panies. T h e B o a r d a l s o s u s p e n d e d f u r t h e r c o n s i d e r a t i o n of a p p l i c a t i o n s b y b a n k h o l d i n g c o m p a n ie s to e n g a g e in t h e a c t i v i t y , a n d a n n o u n c e d in c o n s e q u e n c e t h a t it w a s d e f e r r i n g a c tio n on a n a p p l i c a t i o n fro m U n ite d B a n c o r p , R o s e b u r g , O r e g o n . A ctio n w a s d e f e r r e d f o r 12 m o n t h s u n l e s s b e f o r e th a t tim e a c t i o n s b y th e M u n icip al S e c u r i t i e s R u le m a k i n g B o a r d — c r e a t e d b y C o n g r e s s in 1975 to r e g u l a t e th e m u n i c ip a l s e c u r i t i e s f i e l d —m a k e r e c o n s i d e r a t i o n a p p r o p r i a t e in t h e B o a r d ' s ju d g m en t. T h e B o a r d p r o p o s e d on A p r il 2, 1974, to a d d to th e list of p e r m i s s i b l e b a n k h o l d i n g c o m p a n y a c t i v i t i e s u n d e r w r i t i n g a n d d e a l i n g in o b l i g a t i o n s of t h e U n ite d S t a t e s , g e n e r a l o b l i g a t i o n s of a n y S ta te a n d of a n y p o litic a l s u b d i v i s i o n t h e r e o f , a n d o t h e r o b l i g a t i o n s t h a t S ta t e m e m b e r b a n k s a r e a u t h o r i z e d to u n d e r w r i t e a n d d e a l in . U n d e r w r i t i n g a n d d e a l i n g in U . S . G o v e r n m e n t s e c u r i t i e s a n d m u n i c i p a l s is common a m ong b a n k s . C o p ie s of t h e B o a r d ' s o r d e r s in t h i s r e g a r d will b e f u r n i s h e d u p o n r e q u e s t to t h e S e c r e t a r y ' s Office of t h i s B a n k (214) 651-6267. S in ce rely y o u rs , T . W. P l a n t First Vice President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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