COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS JOHN SPARKMAN, Alabama, Chairman WILLIAM PROXMIRE, Wisconsin DAVID H. GAMBRELL, Georgia JOHN TOWER, Texas WALLACE F. BENNETT, Utah EDWARD W. BROOKE, Massachusetts BOB PACKWOOD, Oregon WILLIAM V. ROTH, JR., Delaware BILL BROCK, Tennessee ROBERT TAFT, JR., Ohio DUDLEY L. O'NEAL, Jr., Staff Director and General Counsel MICHAEL E. BURNS, Minority Counsel (II) CONTENTS George W. Mitchell, Board of Governors, Federal Reserve System, ac- companied by Israel M. Labovitz__ Harry A. Shuford, and George A. Le Maistre, American Bankers Associa- Thomas E. Roby, first vice president, Credit Union National Association, Inc., accompanied by Herb Wegner, managing director, and Gerald Frank Wille, Chairman, Federal Deposit Insurance Corporation. Robert Bloom, Chief Counsel, Office of Comptroller of the Currency- Thomas B. Scott, Jr., chairman, legislative committee, U.S. Savings and Memorandum and letter from Charles R. McNeill, executive director__ Additional memorandum and table submitted for the record___. Banking Law Journal, reprint of article by Geoffrey B. Shields_ California Bankers Association, statement of Frederick Pownall, counsel Bank of America, statement of Bruce Koppe, vice president and tax Letter from W. Smoot Brimhall, chairman, Federal Legislation Page Congressional Record, excerpts from.. Council of Savings and Loan Stock Companies, statement of Tom Bane, president. Credit Union National Association, Inc., statement of Thomas E. Roby, first vice president. Federal Reserve System: Letters from Governor Mitchell to committee members____ Memorandum on power of Congress to limit a State's taxation of its "own" commercial banks__ 182 181 80 Federal Deposit Insurance Corporation, statement of Frank Wille, 93, 98 26, 41 26 Library of Congress, memorandum to committee from I. M. Labovitz, on National Association of State Savings and Loan Supervisors, statement of National League of Insured Savings Associations, statement of Raleigh W. National Legislative Conference, statement of Ralph D. Turlington, New York State Department of Taxation and Finance, letter from Norman 42 86 187 140 146 90 Securities Industries Association, statement of Stephan K. Small, legislative counsel, public finance division.. 83 Treasury Department, letter from Samuel R. Pierce, Jr., General Counsel__ 105 Comments on arguments which have been raised against full deposit insurance of public funds.. 138 Some problems and questions involved in the cashing of Federal checks by financial institutions___ 139 Statement of Tom B. Scott, Jr., chairman, legislative committee_ 128 TABLES Calculation of State and local taxes paid by all business enterprises. Distribution of 100 banks with highest percentage of State and local deposits by State 1971_ 42 67 Estimates of net income and taxes paid to State and local governments for 41 43 Taxes paid to State and local governments. 42 The 100 insured commercial banks with the largest ratios of total State and local government deposits to total deposits: |