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1921

Amendment No. 438 to S. 1659

TO AUTHORIZE FEDERAL RESERVE MEMBER BANKS TO
OPERATE AND TO ESTABLISH COMMINGLED MANAGE-
MENT AGENCY ACCOUNTS REGISTERED UNDER THE
SECURITIES ACT, AND FOR OTHER PURPOSES

COMMITTEE ON BANKING AND CURRENCY

JOHN SPARKMAN, Alabama, Chairman

WILLIAM PROXMIRE, Wisconsin

WALLACE F. BENNETT, Utah

HARRISON A. WILLIAMS, JR., New Jersey JOHN G. TOWER, Texas

Summary of proposed amendments dealing with bank collective in-

vestment funds

Section-by-section analysis

Report from the Federal Reserve System_

WITNESSES

Page

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Robert L. Augenblick, president, Investment Co. Institute; accompanied
by Francis Williams, chairman of the board of governors_.
Manuel F. Cohen, Chairman, The Securities and Exchange Commission;
accompanied by Philip A. Loomis, Jr., General Counsel..
Robert D. Ferguson, executive vice president of Pittsburgh National
Bank; accompanied by Cecil P. Bronston, vice president, Continental
Illinois National Bank and Trust Co. of Chicago; Edwin R. MacKethan,
senior vice president, Virginia National Bank of Norfolk; and Leo
Herzel, special counsel___

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Dean E. Miller, Deputy Comptroller for Trusts, Office of the Comptroller

of the Currency; accompanied by Robert Bloom, Chief Counsel.

Phil E. Pearce, National Association of Securities Dealers; accompanied

by Lloyd J. Derrickson, general counsel and secretary; and W. R.

Moulten, director of the Investment Companies Department_.

Francis R. Schanck, first vice president, Investment Bankers Association

of America; accompanied by W. Bruce McConnel, Jr., chairman of

securities committee; Franklin Johnson, chairman of investment com-

mittee, and Gordon L. Calvert, executive secretary and general counsel__ 1272

American Life Convention and Life Insurance Association of America,

statement of..

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Camp, William B., Comptroller of the Currency, defendant, U.S. District

Court for the District of Columbia, civil action No. 1083-66-

First National City Bank, Investment Company Act release No. 4538-

Forbes magazine, article entitled: "Mutual Prudence".

Investment Company Institute:

Civil action No. 1083-66, U.S. Court for the District of Columbia,

Comptroller of the Currency, defendant__

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Supplemental memorandum..

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Investment Bankers Association of America:

Calvert, Gordon L., executive director and general counsel, letter to
committee__

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Schanck, Francis R., first vice president, statement of

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National Association of Securities Dealers:

Pearce, Phil E., statement of..

Derrickson, Lloyd J., general counsel, letter to committee_

Memorandum to committee__.

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