COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS ONE HUNDRED FIRST CONGRESS FIRST SESSION NOVEMBER 15, 1989 Printed for the use of the Committee on Banking, Finance and Urban Affairs Serial No. 101-65 U.S. GOVERNMENT PRINTING OFFICE WASHINGTON : 1989 24-4195 For sale by the Superintendent of Documents, Congressional Sales Office U.S. Government Printing Office, Washington, DC 20402 124 HOUSE COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS HENRY B. GONZALEZ, Texas, Chairman CHALMERS P. WYLIE, Ohio NORMAN D. SHUMWAY, California STAN PARRIS, Virginia CARROLL HUBBARD, Jr., Kentucky BILL MOCOLLUM, Florida JOHN J. LAFALCE, New York MARGE ROUKEMA, New Jersey MARY ROSE OAKAR, Ohio DOUG BEREUTER, Nebraska BRUCE F. VENTO, Minnesota DAVID DREIER, California DOUG BARNARD, JR., Georgia JOHN HILER, Indiana ROBERT GARCIA, New York THOMAS J. RIDGE, Pennsylvania CHARLES E. SCHUMER, New York STEVE BARTLETT, Texas BARNEY FRANK, Massachusetts TOBY ROTH, Wisconsin RICHARD H. LEHMAN, California ALFRED A. (AD) MOCANDLESS, California BRUCE A. MORRISON, Connecticut JIM SAXTON, New Jersey MARCY KAPTUR, Ohio PATRICIA F. SAIKI, Hawaii BEN ERDREICH, Alabama JIM BUNNING, Kentucky THOMAS R. CARPER, Delaware RICHARD H. BAKER, Louisiana ESTEBAN EDWARD TORRES, California CLIFF STEARNS, Florida GERALD D. KLECZKA Wisconsin PAUL E. GILLMOR, Ohio BILL PAXON, New York SUBCOMMITTEE ON ECONOMIC STABILIZATION MARY ROSE OAKAR, Ohio, Chair JOHN J. LAFalce, New York NORMAN D. SHUMWAY, California BRUCE F. VENTO, Minnesota TOBY ROTH, Wisconsin PATRICIA SAIKI, Hawaii PAUL E. GILLMOR, Ohio KE27 B 542 1989i CONTENTS Page Choate, Pat, vice president of policy analysis, TRW, Richardson, Elliot L., chairman, Association for International Investment, Washington, DC, accompanied by Dr. Samuel M. Rosenblatt, president; and Bradley R. Larschan, Esq., Milbank, Tweed, Hadley and McCloy, corporate Tolchin, Susan, professor of public administration, School of Government, George Washington University; accompanied by Cynthia Stachelberg, grad- Prepared statements: Choate, Pat.. ADDITIONAL MATERIAL SUBMITTED FOR THE RECORD Canner, Stephen J., letter from Elliot L. Richardson dated September 12, 1989 Choate, Pat and Dr. Susan Tolchin, response to questions........ Foreign Investment Barriers: Where America Stands Among Its Competitors, Richardson, Elliot L., response to questions from Hon. Mary Rose Dakar Shumway, Hon. Norman D., a Representative in Congress from the State of United States General Accounting Office: Report entitled "Competitive Concerns of Foreign Financial Firms in Japan, the United Kingdom, and the United States" dated June 1988..... Report entitled "Market Access Concerns of U.S. Financial Institutions in Fale ad |