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United Statesa

FINANCIAL SERVICES

MODERNIZATION

HEARINGS

BEFORE THE

SUBCOMMITTEE ON
FINANCIAL INSTITUTIONS AND CONSUMER CREDIT

OF THE

COMMITTEE ON BANKING AND

FINANCIAL SERVICES
HOUSE OF REPRESENTATIVES

ONE HUNDRED FIFTH CONGRESS

FIRST SESSION

FEBRUARY 11, 13, 25, 1997

Printed for the use of the Committee on Banking and Financial Services

Serial No. 105-1

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1997

38_389 CC

For sale by the U.S. Government Printing Office
Superintendent of Documents, Congressional Sales Office, Washington, DC 20402

ISBN 0-16-055226-5

KF27 .25364 1997

HOUSE COMMITTEE ON BANKING AND FINANCIAL SERVICES

JAMES A. LEACH, Iowa, Chairman

BILL MCCOLLUM, Florida, Vice Chairman MARGE ROUKEMA, New Jersey

HENRY B. GONZALEZ, Texas DOUG BEREUTER, Nebraska

JOHN J. LAFALCE, New York RICHARD H. BAKER, Louisiana

BRUCE F. VENTO, Minnesota RICK LAZIO, New York

CHARLES E. SCHUMER, New York SPENCER BACHUS, Alabama

BARNEY FRANK, Massachusetts MICHAEL N. CASTLE, Delaware

PAUL E. KANJORSKI, Pennsylvania PETER T. KING, New York

JOSEPH P. KENNEDY II, Massachusetts TOM CAMPBELL, California

FLOYD H. FLAKE, New York EDWARD R. ROYCE, California

MAXINE WATERS, California FRANK D. LUCAS, Oklahoma

CAROLYN B. MALONEY, New York JACK METCALF, Washington

LUIS V. GUTIERREZ, Minois ROBERT W. NEY, Ohio

LUCILLE ROYBAL-ALLARD, California ROBERT L. EHRLICH JR., Maryland

THOMAS M. BARRETT, Wisconsin BOB BARR, Georgia

NYDIA M. VELAZQUEZ, New York JON D. FOX, Pennsylvania

MELVIN L. WATT, North Carolina FRANK A. LOBIONDO, New Jersey

MAURICE D. HINCHEY, New York J.C. WATTS JR., Oklahoma

GARY L. ACKERMAN, New York SUE W. KELLY, New York

KEN BENTSEN, Texas RON PAUL, Texas

JESSE L. JACKSON JR., Mlinois DAVE WELDON, Florida

CYNTHIA A. MCKINNEY, Georgia JIM RYUN, Kansas

CAROLYN C. KILPATRICK, Michigan MERRILL COOK, Utah

JAMES H. MALONEY, Connecticut VINCE SNOWBARGER, Kansas

DARLENE HOOLEY, Oregon
BOB RILEY, Alabama

JULIA M. CARSON, Indiana
RICK HILL, Montana
PETE SESSIONS, Texas

BERNARD SANDERS, Vermont
STEVEN C. LATOURETTE, Ohio

SUBCOMMITTEE ON FINANCIAL INSTITUTIONS AND CONSUMER CREDIT

MARGE ROUKEMA, New Jersey, Chairwoman

BILL MCCOLLUM, Florida, Vice Chairman DOUG BEREUTER, Nebraska

JOHN J. LAFALCE, New York PETER T. KING, New York

BRUCE F. VENTO, Minnesota TOM CAMPBELL, California

CHARLES E. SCHUMER, New York EDWARD R. ROYCE, California

CAROLYN B. MALONEY, New York JACK METCALF, Washington

LUCILLE ROYBAL-ALLARD, California ROBERT L. EHRLICH JR., Maryland

THOMAS M. BARRETT, Wisconsin BOB BARR, Georgia

MELVIN L. WATT, North Carolina SUE W. KELLY, New York

GARY L. ACKERMAN, New York RON PAUL, Texas

KEN BENTSEN, Texas DAVE WELDON, Florida

CYNTHIA A. MCKINNEY, Georgia JIM RYUN, Kansas

CAROLYN C. KILPATRICK, Michigan

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TUESDAY, FEBRUARY 11, 1997

Albertalli, Roy C., Vice President and Associate General Counsel, Metropoli-

tan Life Insurance Company, on behalf of the American Council of Life

Insurance

Baptista, Samuel J., President, Financial Services Council
Bracewell, Dr. Joseph S., Chairman and CEO, Century National Bank, on

behalf of the Independent Bankers Association of America

Fink, Matthew P., President, Investment Company Institute

Kelly, Craig J., Senior Vice President, Banc One Corporation, on behalf

of the Consumer Bankers Association

Klagholz, James R., Co-owner, C.N. Sterling Associates, Inc., on behalf of

the Independent Insurance Agents of America, National Association of Life

Underwriters, and American Land Title Association
Lackritz, Marc E., President, Securities Industry Association
McConnell, William T., Chairman and CEO, Park National Corporation, and

President-Elect, American Bankers Association
Meyer, Weller, President and CEO, Acacia Federal Savings Bank, on behalf

of America's Community Bankers

Pollard, Dr. Alfred M., Senior Director for Legislative Affairs, The Bankers

Roundtable

Tassey, Jeffrey A., Senior Vice President of Government and Legal Affairs,

American Financial Services Association

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