National Consumer Cooperative Bank Act

NATIONAL CONSUMER COOPERATIVE BANK ACT

94-2

HEARINGS

BEFORE THE

SUBCOMMITTEE ON FINANCIAL INSTITUTIONS
SUPERVISION, REGULATION AND INSURANCE

OF THE

COMMITTEE ON
BANKING, CURRENCY AND HOUSING
HOUSE OF REPRESENTATIVES

NINETY-FOURTH CONGRESS

SECOND SESSION

H.R. 14512...

A BILL TO PROVIDE FOR CONSUMERS A FURTHER MEANS
OF MINIMIZING THE IMPACT OF INFLATION AND ECO-
NOMIC DEPRESSION BY NARROWING THE PRICE SPREAD
BETWEEN COSTS TO THE PRODUCER AND THE CONSUMER
OF NEEDED GOODS, SERVICES, FACILITIES, AND COMMOD-
ITIES THROUGH THE DEVELOPMENT AND FUNDING OF
SPECIALIZED CREDIT SOURCES FOR, AND TECHNICAL AS-
SISTANCE TO, SELF-HELP, NOT-FOR-PROFIT COOPERA-
TIVES, AND FOR OTHER PURPOSES

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COMMITTEE ON BANKING, CURRENCY AND HOUSING

HENRY S. REUSS, Wisconsin, Chairman

LEONOR K. (MRS. JOHN B.) SULLIVAN, ALBERT W. JOHNSON, Pennsylvania

Altman, Victor A., legal counsel, FCH Services Inc.-

Anastasio, Frank, executive director, Mid-Eastern Cooperatives, Inc.,
Carlstadt, N.J..

Arvio, Raymond Paavo, president, The Cooperative Garage of Rockland
County, Inc., West Nyack, N. Y

Barnwell, Thomas C., Jr., project director, Beaufort-Jasper Comprehensive

Health Services, Inc.

Beasley, Robert, vice president, information and public relations of Farm-

land Industries, Inc., Kansas City, Mo.---

162

Bryant, Roy L., general manager, Consumers Cooperative of Berkeley,

Inc., Richmond, Calif.

214

Clayman, Jacob, secretary-treasurer, Industrial Union Department, AFL-

CIO

158

Dixon, Hon. George H., Deputy Secretary of the Treasury; accompanied by

Robert A. Gerard, Assistant Secretary of the Treasury-

Dreyer, Stanley, president, Cooperative League of the U.S.A.

Foreman, Carol Tucker, executive director, Consumer Federation of

America___

Hansknecht, Joseph L., Jr., director, community affairs for League Life
and League General Insurance Companies, Detroit, Mich.
Harding, Hon. W. M., Governor, Farm Credit Administration.
Harrington, Hon. Michael J., a Representative in Congress from the State
of Massachusetts__.

229

114

237

Jaenke, E. A., president, E. A. Jaenke & Associates, Inc., former Governor

of the Farm Credit Administration..

McCurry, Dan C., director, Loop College Food Cooperative Project,

Chicago City-Wide Institute, City Colleges of _Chicago_

Merrill, Paul D., vice president, TechniCo-op, Inc.; board member, Na-

tional Association of Housing Cooperatives; board member, Cooperative

Foundation, Stamford, Conn

Nader, Ralph, Congress Watch

Oldham, M. Brent, president, Group Health Association; and Deputy

Director of Municipal Planning, District of Columbia Government_

Phillipson, Thomas K., Greenbelt Consumer Services, Silver Spring, Md.

Pierce, James M., executive director, National Sharecroppers Fund,

189

240

194

Rustad, Wallace, legislative representative, National Rural Electric

Cooperative Association__

168

Sollars, Frank, chairman, bank task force, Cooperative League of the
U.S.A...

ADDITIONAL INFORMATION SUBMITTED FOR THE RECORD

210

Altman, Victor A., prepared statement_ __

Anastasio, Frank, prepared statement on behalf of Mid-Eastern Coopera-

tives--

Arvio, Raymond Paavo, prepared statement with an attached article from

Consumer Reports magazine entitled "Start a Co-op Shop?"

Barnwell, Thomas C., Jr.:

Excerpt from statement presented on February 18, 1969.

Prepared statement.___

Beasley, Robert, prepared statement with an attached editorial from the

April 15, 1975, issue of Farmland News entitled "Bank Proposal Can

Widen Cooperative Spirit".

Page

164, 165

Bryant, Roy L., prepared statement with an attached exhibit on behalf of
the Consumers Cooperative of Berkeley, Inc. -
Clayman, Jacob, prepared statement..

215

161

Cooperative League of the U.S.A., statements presented on behalf by:

Stanley Dreyer, president__

Credit Union National Association (CUNA), letter dated June 28, 1976,

from George E. Myers, deputy director with an attached statement of

the national legislative forum supporting legislation to establish a

National Consumer Cooperative Bank_

110

Dixon, Hon. George H.: Response question of to Chairman St Germain are

specific examples as to where credit is available to consumer cooper-

I. "A Synopsis of Salient Provisions of H.R. 14512”.

II. "An Introduction to the Potential Need".

III. "Projected Condition Statement," years 1-10, National

Consumer Cooperative Bank__.

IV. “Projection of Demand," co-op self help development

fund..

Foreman, Carol Tucker, prepared statement..

"A__ Bank for Consumers," from the Washington Star-News,

"Co-op Bank Asked by McIntyre," from the Lebanon (N.H.)

Valley News, March 17, 1976--

"Co-op Bank Bill Eyed By Locals," from the Lebanon (N.H.)

Valley News, December 8, 1975..

"Co-op Bank Good Idea," from the Lebanon (N.H.) Valley News,

March 17, 1976...

"Co-ops Can Save Energy" from the Washington Star-News,

September 27, 1975__.

"Co-op, Once Maligned as Un-American, Honored as Eau Claire's
Top Business" from the Minneapolis Tribune, January 4, 1976-
"Cooperatives Future Termed Tremendous,' from the Man-
chester (N.H.) Union Leader, March 20, 1976--

"Consumer Cooperatives See Nationwide Potential," from the

Los Angeles Times, January 25, 1976-

"Consumerism: No Complaints," by Marian Burros

"Federal Co-op Financing Bank Sought," from the Pittsburgh

Press, March 22, 1976-

"Hanover Co-op Manager to Testify" from the Lebanon (N.H.)

Valley News, March 17, 1976..

"Hanover Man Set to Testify on Bank Bill," from the Man-

chester (N.H.) Union Leader, March 18, 1975.

"Labor Consumers Call for Co-op Funds," from the Baltimore

Sun, April 26, 1976..

"Local Co-op Leader Urges Bank Setup," from the Milwaukee