March 3, 1989
TO: UNIT INVESTMENT TRUST COMMITTEE NO. 9-89
RE: GLASS-STEAGALL LEGISLATION
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You will recall that at our last meeting we discussed the
desirability of having committee members review developments
concerning the Glass-Steagall Act and appointed Norm Schvey as
primary liaison on Glass-Steagall matters. In that regard,
attached are copies of two bills recently introduced in the
Senate. S.305, introduced by Senator Dixon, is very similar to
the Proxmire bill that was approved by the Senate last year.
S.308, introduced by Senator Dodd, would allow bank affiliates
similar securities powers but would condition such powers on the
affiliated bank being a "safe bank" (i.e., one that could invest
only in certain liquid securities) in lieu of various "firewalls"
contained in Dixon's bill.
Please call me with any comments you may have.
Craig S. Tyle
Assistant General Counsel
Attachments