Statements to the Congress: John P. LaWare

In a statement before the Subcommittee on Telecommunications and Finance, John P. LaWare, member of the Board of Governors of the Federal Reserve System, discussed the Federal Reserve Board's views of HR 3447, The Securities Regulatory Equality Act, and commented on what is termed functional re...

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Bibliographic Details
Published inFederal reserve bulletin Vol. 80; no. 6; p. 517
Main Author LaWare, John P
Format Journal Article
LanguageEnglish
Published Washington Board of Governors of the Federal Reserve System 01.06.1994
Subjects
Affiliates
Bank examinations
Bank examiners
Bank holding companies
Banking industry
Bills
Compliance
Customers
Government securities
Jurisdiction
Regulation of financial institutions
Security interests
Stock brokers
Stock exchanges
US
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Summary:In a statement before the Subcommittee on Telecommunications and Finance, John P. LaWare, member of the Board of Governors of the Federal Reserve System, discussed the Federal Reserve Board's views of HR 3447, The Securities Regulatory Equality Act, and commented on what is termed functional regulation. The Board believes that a comprehensive proposal that repeals the outdated restrictions of the Glass-Steagall Act and that modifies the bank exemptions to the securities laws, while making provision for banks to continue to conduct certain limited traditional banking activities and for small banks to continue to serve the needs of their customers, has merit. However, the Board does not believe that it is necessary or appropriate to take the step of forcing a reorganization of bank securities activities solely for the purpose of bringing these activities within the SEC's supervision and regulation.
ISSN:0014-9209
1944-8910