Extensions of Remarks

6058 CONGRESSIONAL RECORD-- HOUSE Marc~ 1.6, 1966 By Mr. TUPPER: additional annual appropriations for grants PRIVATE BILLS AND RESOLUTIONS · H.R. 13728. A ·bill to provide that _when thereunder; to the Committee on Banking Under clause 1 of rule XXII, private ever the United States constructs certain and Currency. fishing vessels in foreign shipyards, equiv By Mr. CELLER: bills and resolutions were introduced and alent vessels shall be simultaneously con H.J. Res. 903. Joint resolution to establish severally referred as follows: structed in domestic shipyards; to the Com the American Revolution Bicentennial Com By Mr. FARBSTEIN: mittee on Merchant Marine and Fisheries. mission, and for other purposes; to the Com H.R. 13733. A bill for the·relief of Silvestre mittee on the Judiciary. Bommarito; to the Committee on the By Mr. HATHAWAY: By Mr. FLYNT: Judiciary. H.R. 13729. A bill to provide for a program H.J. Res. 904. Joint resolution to provide By Mr. FINO: to advance the humane ca-re, comfort, and for the designation of the second week of H.R. 13734. A bill for the relief of Angela welfare of laboratory animals used in scien May of each year as "National School Safety Maria Costanza; to the Committee on the tific study; to the com.rnittee on Interstate Patrol Week"; to the Committee on the Judiciary. and Foreign Commerce. Judiciary. By Mr. HALL: By Mr. McCARTHY: By Mr. QUILLEN: H.R. 13735. A bill for the relief of Mrs. H.R. 13730. A bill to extend and amend the H.J. Res. 905. Joint resolution authorizing Elizabeth Villanueva Samonte Leek; to the Library Services and Construction Act; to the and requesting the President of the United Committee on the Judiciary. Committee on Education and Labor. By Mr. KING of California: States to issue annually a proclamation des H.R. 13736. A bill for the relief of Mrs. By Mr. MULTER: ignating June as Amyotrophic Lateral Scle Irene Florence Lamey; to the Committee on H.R. 13731. A blll to direct the Secretary of rosis Month; to the Committee on the the Judiciary. the Interior to cooperate with the States of Judiciary. By Mr. McCARTHY: New York and New Jersey on a program to By Mr. RYAN: H.R. 13737. A bill for the relief of Dr. develop, preserve, and restore the resources H. Con. Res. 617. Concurrent resolution ex Haroon M. Qazi; to the Committee on the of the Hudson River and its shores and to pressing the sense of the Congress with re Judiciary. authorize certain necessary steps to be taken spect to discrimination in the assignment of By Mr. MURPHY of New York: to protect those resources from adverse Fed U.S. employees; to the Committee on Post H .R. 13738. A bill for the relief of Stefano eral actions until the States and Congress Office and Civil Service. and Rose Perrone; to the Committee on the Judiciary. shall have had an opportunity to act on that By Mr. ANDREWS of North Dakota: By Mr. NIX: program; to the Committee on Interior and H. Res. 780. Resolution requesting the Na H .R. 13739. A bill to provide for the free Insular Affairs. · tional Science Foundation to study a more entry of one broad range multigap mag By Mr. WIDNALL: equitable distribution of research and de netic spectrograph for the use of the Uni H.R. 13732. A bill to amend the Urban velopment funds; to the Committee on Sci versity of Pennsylvania, Philadelphia, Pa.; Mass Transportation Act of 1964 to authorize ence and Astronautics. to the Committee on Ways and Means. EXTENSIONS OF REMARKS Chairman Patman Justly Criticizes Agency Fortunately, at least one Member of feet, that "Congress really did not mean what Congress has sounded the alarm over this it said in 1940 and Chairman Cary'was talk Action Overturning Congressional highly disturbing development, and I ing through hls hat in 1963." Policies of Over 30 Years' Standing refer to our distinguished chairman of The Commission's weak explanation of its usurpation of congressional polieymaking in Against Abuses of Commercial the Banking and Currency Committee, granting this exemption is that the Comp the gentleman from Texas [Mr. PATMAN]. troller Of the Currency periodically examines Investment Banking Tieups Last Thursday, the SEC announced its national bank trust departments. But na decision to permit First National City tional bank trust departments have been ex EXTENSION OF REMARKS Bank, a $14 billion Wall Street institu amined by Federal supervisory authorities OF tion, to operate a mutual fund. Chair ever since national banks were first given man PATMAN's statement in response to trust powers back in 1918, long before Con HON. JOSEPH G. MINISH this news is "must" reading for all Mem gress saw the necessity of preventing bank OF NEW JERSEY domination of mutual funds in 1940. bers. With unanimous consent, I insert The entire opinion, except for CoJnmis IN THE HOUSE OF REPRESENTATIVES at this point in the RECORD his remarks sioner Budges' strong and convincing dis Wednesday, March 16,1966 of last Friday: sent, has a very strained and almost apolo STATEMENT BY HoN. WRIGHT B. PATMAN, DEM getic tone. But, of course, with the Ameri Mr. MINISH. Mr. Speaker, one of the OCRAT, OF TEXAS, CHAmMAN, HOUSE CoM can Bankers Association at the very same greatest financial reforms of the New MITTEE ON BANKING AND CURRENCY, ON mom.ent pushi11_g hard for a special interest Deal was cleaning up the mess in Wall SECURITIES AND ExCHANGE COMMISSION AP bill that would take away all SEC jurisdic Street from conflicts of interests and PROVAL OF APPLICATION BY FIRST NATIONAL tion over bank ventures into the mutual abuses inherent in banking-securities CITY BANK TO ENTER MUTUAL FUND BUSI fund field, I suppose SEC approval should tieups. NESS not have been too surprising. The Banking Act of 1933 and the In Yesterday's (March 10) split decision by vestment Company Act of 1940 are crys the Securities and Exchange Commission, permitting establishment of First National tal clear that a clean break between the City Bank's Mutual Fund, is truly astound two industries was what Congress in ing. Both the Federal Reserve Board and the Save Your Vision Week, 1966 tended. Former Chairman Cary, of the Justice Department have specifically refused Securities and Exchange Commission, in to say that such an operation by a member EXTENSION OF REMARKS his 1963 congressional testimony spelled bank is not a criminal offense, punishable by OF out in detail the tempting opportunities fine and imprisonment. for self-dealing present in bank-spon Furthermore, when we enacted the Invest HON. BYRON G. ROGERS sored securities operations. ment Company Act of 1940, Congress specifi cally provided that, in order to prevent rep OF COLORADO Yet, Mr. Speaker, there are those who etition of grave abuses, self-dealing and con IN THE HOUSE OF REPRESENTATIVES would turn back the clock over 30 years filets of interest between banks and invest Wednesday, March 16, 1966 when the Wall Street slogan was, ment companies, · hereafter no investment "There's a sucker born every minute." company could have a majority of its board Mr. ROGERS of Colorado. Mr. Both the Federal Reserve Board and the of directors consisting of bankers. In 'this Speaker, the week of March 6 just ended Securities and Exchange Commission are connection, former Chairman Cary of the the National Save Your Vision Week. I bending over backwards to accommodate SEC, in congressional testimony in 1963, have a special interest in this observance. again reminded the Congress of numerous the entry of First National City Bank of conflicts of interest inherent in bank-spon Two years ago I sponsored in the House New York into the mutual fund field. sored securities operations. Therefore, the the joint resolution which led to the Needless to say, their weak attempts to majority opinion of the Commission in ap President's declaring the first week in justify this in terms of law and policy proving First National City Bank's applica March of each year as Save Your Vision do neither agency much credit. tion to run a mutual fund is saying, in e!- Week. I might add that the then senior March 16, 1966 CONGRESSIONAL RECORD- HOUSE 6059 Senator of Minnesota, Vice President aware of the need for professional eye during the 80th Congress as fourth HUBERT H. HUMPHREY, introduced the care. ranking Democratic member of the House resolution in the Senate. The week just ended completes the Committee on Public Works as well as The first Save Your Vision Week took 1966 National Save Your Vision Week, the ranking Democratic member of Sub place in 1927 and since then the several but the value of the observance con committees on Rivers and Harbors and States Governors have declared state tinues. Although we cannot now meas Beach Erosion. For the 81st Congress wide Save Your Vision Weeks. My home ure the impact of the program, I know the Public Works Committee merged its State of Colorado proclaimed a State firsthand of the long-term benefits to Subcommittee on Beach Erosion into that Save Your Vision Week to impress the our citizens of the vision care informa on Rivers and Harbors, over which Mr. public with the importance of preserving tion disseminated. I commend the mem Larcade presided as chairman; and he individual eyesight. Based on my State's bers of the optometric profession and was at that time third-ranking Demo program, I was anxious to have this im the American Optometric Association for cratic member of the full committee.

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