June 27, 1991
TO: BOARD OF GOVERNORS NO. 48-91
RE: INSTITUTE TESTIMONY ON FUNCTIONAL REGULATION LEGISLATION
__________________________________________________________
On June 20, 1991, the Institute testified before the
Subcommittee on Telecommunications and Finance of the House
Committee on Energy and Commerce. The subjects of the hearing
were the "Securities Regulatory Equality Act of 1991" (H.R. 797),
which has been introduced by Congressman Dingell and others, and
those provisions of the Administration's financial services
restructuring legislation that concern regulation of bank
securities activities.
The Institute expressed strong support for H.R. 797, which
would subject various bank securities activities to SEC
regulation. The Institute also expressed support for most of the
comparable provisions in the Administration's bill, but noted
that, in certain cases, those in H.R. 797 were preferable. The
testimony also recommended additional investor protections that
should be added to each bill.
Finally, the Institute's testimony stressed the importance
of allowing the House Energy and Commerce Committee, which has
jurisdiction over securities matters, ample time to review the
Administration's bill.
Copies of the Institute's written and oral testimony are
attached.
Craig S. Tyle
Associate General Counsel
Attachment