Report of-

H.R. 5050_

8

H.R. 340

115

Securities and Exchange Commission on title I of H.R. 5050, with
attachment consisting of letter dated April 16, 1973, from SEC
Chairman Cook to Chairman Staggers on considerations involved
in requests for access to Commission files..
Treasury Department, on title IV of H.R. 5050..

117

124

Statement of—

Arachtingi, M. James, chairman of the board and president, Auerbach,
Pollak & Richardson, Inc___

1377

Baker, Donald I., Director of Policy Planning, Antitrust Division,
Department of Justice__

1525

Bayless, James L., president, Rauscher Pierce Securities Corp. 1457, 1471
Becker, George R., chairman, Midwest Stock Exchange, Inc__

499

Berl, Warren H., industry director, New York Stock Exchange.......... 867, 893
Bevan, Robert L., assistant Federal legislative counsel, American

Bankers Association__.

783, 1925

Statement of-Continued

Bevis, Herman W., member, Banking and Securities Industry Com- Page mittee (BASIC).

Bigler, Harold E., American Life Insurance Association__
Blanchard, Alan, Acting Executive Director-Designate, Securities and
Exchange Commission__-

1824, 1872

761

401

1738

Boyd, Michael, vice president and associate general counsel, Donaldson, Lufkin & Jenrette, Inc.

867, 873

Calvin, Donald L., vice president, New York Stock Exchange.
Cary, Professor William L., Columbia University School of Law,
former Chairman, Securities and Exchange Commission -
Casey, John L., president, Investment Counsel Association of America,
Inc..

Celler, Hon. Emanuel, former Chairman, Committee on the Judiciary,
U.S. House of Representatives___

Chalmers, Jay L., chairman, operations committee, Securities Industry
Association.

Chapman, Merrill J., president, Association of Investment Brokers_.
Cocchi, Raymond W., president, Independent Broker-Dealers Trade
Association_ .

125

740

1773

1943

1355

822, 1415

Cohen, Manuel F., former Chairman, Securities and Exchange Commission__

237, 319

Coriaci, Joseph P., chairman, Working Committee, National Coordi-
nating Group for Comprehensive Securities Depositories--
Del Col, Peter, president, Bradford Computer & Systems, Inc__
Derrickson, Lloyd J., senior vice president and general counsel,
National Association of Securities Dealers, Inc.

1824

1807

577

1738

401

Donaldson, William, chairman, Donaldson, Lufkin & Jenrette, Inc__
Donaty, Frank, Comptroller, Securities and Exchange Commission__
Evans, John R., Commissioner, Securities and Exchange Commission 297,

401, 1778 1599

Fortas, Abe, general counsel, the Committee of Publicly Owned
Companies--

Frank, Walter N., industry director, New York Stock Exchange. 867, 892
Friedman, Daniel M., First Deputy Solicitor General, Department
of Justice.

Gardiner, Robert M., chairman, governing council and chairman, ad hoc securities processing committee, Securities Industry Association ___

272

Garil, Bernard H., assistant to the managing partner, Oppenheimer & Co--

Gilligan, Pat, exchange specialist, National Stock Exchange..
Girard, John D., president, National Stock Exchange.

Griswold, Hon. Erwin N., Solicitor General of the United States,
Department of Justice-

1943

1576

492

492

272

619

717

1525

651

822, 1415

Hender, George S., vice president, PBW Stock Exchange, Inc.
Jones, T. Lawrence, president, American Insurance Association.
Kauper, Thomas E., Assistant Attorney General, Antitrust Division,
Department of Justice__

Kendall, Leon T., president, Securities Industry Association_
Kimsey, James V., president, Bronwen Corp., and member, Inde-
pendent Broker-Dealers Trade Association..

Kolton, Paul, chairman of the board, American Stock Exchange, Inc. 535, 801
Kreps, Ms. Juanita M., Ph. D., public director, New York Stock
Exchange--

867, 887

Landau, I., member, Corporate Trust Activities Committee, Trust
Division, American Bankers Association.......

1925

Lee, John F., executive vice president, New York Clearing House
Association.

1961

Levenson, Alan, Director, Division of Corporation Finance, Securities and Exchange Commission_

401

Liftin, John, Associate Director, Division of Market Regulation,
Securities and Exchange Commission.

425

Loomis, Philip A., Jr., Commissioner, Securities and Exchange Com

mission.

297, 401, 425

MacIntyre, Hon. A. Everette, Commissioner, Federal Trade Com

V

McKay, Peter H., executive officer, Bradford Computer & Systems,

Inc.

Macklin, Gordin S., president, National Association of Securities
Dealers, Inc.

Mason, Paul, Jr., associate general counsel, American Life Insurance
Association_

Milburn, William G., American Bankers Association_
Morin, Charles H., counsel, Committee for the Martin Report_.
Moss, Hon. John E., a Representative in Congress from the State of
California, as read by Hon. W. S. (Bill) Stuckey -

Page 1807

577

761

1925

1457

1

535, 801

Nash, Gordon, counsel, American Stock Exchange, Inc..
Needham, James J., chairman, board of directors, New York Stock
Exchange

O'Hara, Thomas E., chairman, board of trustees, National Association
of Investment Clubs..

O'Neill, James J., executive director, the Committee of Publicly Owned
Companies__

Owens, Hugh F., senior Commissioner, Securities and Exchange
Commission_

867

1686

1599

297, 401

1699, 1701

Payne, William E., executive officer, Public Employees' Retirement
System, State of California..........

Peake, Junius W., member, board of governors, National Association
of Securities Dealers, Inc...

577

Pickard, Lee A., Director, Division of Market Regulation, Securities
and Exchange Commission_.

Pingree, Charles A., American Bankers Association..

Pitt, Harvey L., Chief Counsel, Division of Market Regulation,
Securities and Exchange Commission - -

425, 1778 783

425

535, 801

Poser, Norman S., senior vice president, policy planning, American
Stock Exchange, Inc. -

Potter, Hamilton F., Jr., counsel, Banking and Securities Industry
Committee (BASIC).

Potts, Ramsay D., counsel, Investment Counsel Association of
America, Inc.

Rappaport, Sheldon, Associate Director, Division of Market Regula-
tion, Securities and Exchange Commission__.

1824

740

425

Rasweiler, Donald J., senior vice president and treasurer, Auerbach,
Pollak & Richardson, Inc__

1377

Redden, James A., treasurer, State of Oregon_

Refsnes, Joseph L., executive vice president, Rauscher Pierce Securi-
ties Corp---

1699, 1700

1457, 1471

Regan, Donald T., chairman of the board, Merrill Lynch & Co---- 1555
Reinisch, Hans R., president, National Shareholders Association___
Reycraft, George D., counsel, M. A. Schapiro & Co., Inc.-
Roche, James M., public director, New York Stock Exchange...
Russo, Thomas A., counsel, M. A. Schapiro & Co., Inc. -
Saul, Ralph S., industry director, New York Stock Exchange-
Schapiro, Morris A., president, M. A. Schapiro & Co., Inc___
Schneider, Carl W., special counsel, PBW Stock Exchange, Inc.--
Schotland, Prof. Roy A., Georgetown University Law Center, Wash-
ington, D.C__

1508

1430

867, 885

1430

867, 889 1430

619

361

Scott, William T., executive director, New York City Teachers'
Retirement Board.

1699, 1703

Scribner, Richard O., general counsel, Securities Industry Associa-
tion_..

Shepheard, Eugene P., Rauscher Pierce Securities Corp--.
Siegel, Barry, staff, the Committee of Publicly Owned Companies--- 1599
Smidt, Seymour, public governor, National Stock Exchange.
Smith, Irwin F., deputy treasurer-investments, State of Connecti-
cut.

651, 1943 1457, 1480

492

1699, 1707

Solomon, Frederic, Director, Division of Supervision and Regulation,
Board of Governors, Federal Reserve System_

1815

Sommer, A. A., Jr., member, board of governors, National Association
of Securities Dealers, Inc__.

577

Stephenson, Revis, member, executive committee, the Committee of

Statement of-Continued

Stewart, Samuel B., member, National Coordinating Group for
Comprehensive Securities Depositories-

Theobald, Thomas C., American Bankers Association
Thomas, Walter F., chairman, steering committee, New York Clear-
ing House Association...

Tobin, Michael E., president, Midwest Stock Exchange, Inc.
Vinyard, Walter D., Jr., counsel, Washington office, American In-
surance Association__

Page

1824

783

1961

499

717

1543

1543, 1549

Weeden, Donald E., chairman of the board, Weeden & Co..
Weeden, John D., executive vice president, Weeden & Co.---
Weithers, John G., executive vice president, Midwest Stock Exchange,
Inc..

Wetherill, Elkins, president, PBW Stock Exchange, Inc..
Whitehead, John C., chairman, Securities Industry Association.
Whitten, Stanley, Washington area representative, Association of
Investment Brokers...

499

619

651

Additional material supplied for the record by

American Bankers Association:

Zeder, Fred M., member, executive committee, the Committee of
Publicly Owned Companies.

Young, Llewellyn P., vice president and counsel, Bradford Computer & Systems, Inc...

Wood, C. V., Jr., chairman, the Committee of Publicly Owned Companies

1355

1599

1807

1599

Article from Wall Street Journal entitled "NASD To Propose
Rules To Tighten Broker Standards".

Average brokerage fees as a percentage of the dollar value of
transactions paid by the First National Bank of Boston..
Letter dated October 5, 1973, from Robert L. Bevan, assistant
Federal legislative counsel, providing details concerning per-
centage of securities orders placed by bank trust departments
with brokers and number under $100,000 or over $300,000----
Negotiated commissions paid by First National City Bank, May 1
to June 15, 1973__

Report of the special committee on institutional membership of
stock exchanges-

1933

799

792

799

789

Statement of April 23, 1973, on title II of H.R. 5050.
Statement of May 7, 1973, on title IV of H.R. 5050-

786

AIA portfolio holdings

American Institute of Certified Public Accountants, letter dated
April 20, 1973, from Edwin P. Fisher, chairman, to Chairman Moss-
American Insurance Association:

1929

1770

727

Exhibit A to Mr. Jones' statement-Proposed subsection (e) of
section 205, H.R. 5050_.

722

Letter dated July 10, 1973, from Walter D. Vinyard, Jr., counsel,
to Congressman McCollister, responding to questions on total
income from investments and underwritings..
Letter dated July 13, 1973, from Walter D. Vinyard, Jr., counsel,
to Congressman McCollister, concerning amount of portfolio
trading executed through broker-dealers_-

Letter dated August 21, 1973, from Walter D. Vinyard, Jr.,
counsel, to Chairman Moss, respecting the finding to be required
of the SEC in order to permit continuation of fixed rates, and
standard of review a court should follow in reviewing such a
SEC determination _ _

American Life Insurance Association:

Letter dated April 23, 1973, with attachments, to Chairman Moss,
commenting on H.R. 5050__

728

730

737

767, 1976

Letter dated July 6, 1973, to Secretary, Securities and Exchange
Commission, commenting on NYSE interpretation of rule 318-
Life company stock trades under $100,000 and over $300,000,
January-June 1973___.

Portfolio turnover in the separate accounts funding pension plans

777

774

Additional material supplied for the record by-Continued
American Stock Exchange, Inc.:

Page 568, 815

Amex board of governors-biographical data_.
Letter dated September 6, 1973, from Paul Kolton, chairman, to
Chairman Moss, responding to questions re size of average
transaction on Amex during past 5 years, and comparative
impact on Amex and NYSE of withdrawal of individual
investor from the market__

Letter dated September 7, 1973, from Paul Kolton, chairman, to
Chairman Moss, responding to written questions of committee
staff.

Memorandum commenting on titles II and III of H.R. 5050_

Exhibit A-Letter dated December 22, 1972, from Paul
Kolton, president, to Chairman Moss, re proposal that
public governors be provided with independent staff
support

Exhibit B-Letter dated March 6, 1973, from Paul Kolton,
president, to Lee A. Pickard, Associate Director, Division
of Market Regulation, Securities and Exchange Commis-
sion, commenting on SEC's proposed amendments to
rule 15c3-1.

Memorandum of comments on titles II, III, and V of H.R. 5050_
Supplemental statement relating to section 203 of H.R. 5050_-
Ash, Roy L., Director, Office of Management and Budget, Executive
Office of the President, statement...

Asiel & Co., letter May 23, 1973, from Solomon Litt, senior partner, to Chairman Moss___.

Association of Investment Brokers, letter dated August 7, 1973, from Merrill J. Chapman, president, to Chairman Moss, with attachments consisting of suggested language and rationale therefor for section 15(b) (8) (D) _

Banking and Securities Industry Committee (BASIC):

Letter dated May 8, 1973, from James J. Needham, chairman,
NYSE, to John M. Meyer, Jr., chairman, BASIĆ, referring
to certain provisions of BASIC's model bill
Memorandum of Comment on title IV of H.R. 5050.
Supplement to Memorandum of Comment..
Text of model bill.

807

819

543

549

550

553

572

417

1771

1371

1912

1876

1898

1899

Boston Stock Exchange, memorandum on the matter of membership
on national securities exchanges by foreign-owned entities . .
Bradford Computer & Systems, Inc., proposed amendments to title
IV of H.R. 5050__

1761

1812

Budge, Hamer H., former Chairman, Securities and Exchange Commission, statement..

420

California, State of, Public Employees' Retirement System:

Letter dated August 14, 1973, from William E. Payne, executive
officer, to Chairman Moss, listing retrictions on types of
investment imposed by State...

Letter dated September 18, 1973, from Melvin W. Petersen,
Chief of Investments, to Chairman Moss, listing portfolio of
stocks held.

Letter dated October 11, 1973, from Melvin W. Petersen, Chief
of Investments, to Chairman Moss, setting forth an analysis
of stock trades below and above $300,000..
Cary, Professor William L., Columbia University School of Law
and former Chairman, Securities and Exchange Commission:
Outlook for Securities Markets, article from Harvard Business
Review, July-August 1971...

1716

1727

1733

212

Politics and the Regulatory Agencies, chapters 1, 2, and 5.
Rulemaking and Administration, extract from 24 Administrative
Law Review, No. 4, June 1971..

130

203

Casey, William J., Under Secretary for Economic Affairs, Department of State, and former Chairman, Securities and Exchange