H.R. 1062, the Financial Services Competitiveness Act of 1995, Glass-Steagall Reform, and Related Issues (revised H.R. 18): Hearings Before the Committee on Banking and Financial Services, House of Representatives, One Hundred Fourth Congress, First Session, Parte 4

U.S. Government Printing Office, 1995
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Página 157 - Board after due notice and opportunity for hearing has determined (by order or regulation) to be so closely related to banking or managing or controlling banks as to be a proper incident thereto.
Página 130 - A member, in the conduct of his business, shall observe high standards of commercial honor and just and equitable principles of trade.
Página 144 - ... what constitutes doing business in this State, and also exercises powers and privileges available to the state by virtue of Public Law 15, 79th Congress of the United States, Chapter 20, 1st Session, S. 340, which declares that the business of insurance and every person engaged therein shall be subject to the laws of the several states.
Página 157 - USC 1843(c)(8» [Reg. Y. 37 PR 1464, Jan. 29, 1972] §225.126 Activities not closely related to banking. Pursuant to section 4(c)(8) of the Bank Holding Company Act and § 225.4(a) of Regulation Y, the Board of Governors has determined that the following activities are not so closely related to banking or managing or controlling banks as to be a proper incident thereto: (a) Insurance premium funding— that is, the combined sale of mutual funds and insurance. (b) Underwriting life insurance that...
Página 131 - Banks can serve as investment advisers to mutual funds without registering under the Investment Advisers Act of 1940. As a result of this loophole, shareholders in mutual funds advised by banks, unlike their counterparts in other mutual funds, do not receive the protections of that Act's provisions, including those related to the recordkeeping and inspections by the SEC and those restricting performance-based fees and agency cross-transactions.
Página 151 - ... deploy them to finance retailers, jobbers, manufacturers and individuals who further the distribution of the parent's products and services. The bank will be inclined to withhold credit from those who are, or could be, competitors to the parent corporation. Thus, the cornerstone of effective banking, independent credit decisions based on objective evaluation of creditworthiness, will be undermined. Instead, credit decisions will be subordinated to the broader business interests of the parent...
Página 128 - SROS' rules and regulations and review of examination and disciplinary programs. SROS, such as the National Association of Securities Dealers (NASD) and the New York Stock Exchange (NYSE...
Página 139 - But the ability of banks to tie insurance products to their financial products does not depend on market power. In the banking industry, the power to affect a customer's decision is inherent in the banking relationship itself. That is, no small business dependent on a loan or line of credit, is going to challenge a bank that, as part of its loan approval or review process, "suggests...
Página 5 - NASAA is the national organization of the 50 state agencies responsible for investor protection and the efficient functioning of the capital markets at the grassroots level. I appreciate the opportunity to appear before you today to testify...
Página 97 - As for our long-term economic growth potential, the creation of giant banking industrial combines would have numerous detrimental consequences. It would create a powerful, self-perpetuating elite. It is folly to believe that government would stay aloof from this elite group. Through the back door would come an insidious form of industrial policy.

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