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DCCMJENT FESU&Z
03735 - rA28340641
(Proposed Safe Banking Act cf 1977]. October 3, 1977. 26 pp.
Testimony before the House Committee on Banking, Currency and
Housing: Financial Institutions Su;ervisiol, Regulation and
Insurance Subcowmittcee hy Robert T. Keller, Deputy Comptroller
General.
Contact: Office of the Comptroller General.
Budget Function: Ccmmerce and Transportation: Cther Advancement
and Regulation cf Coimerce (4023).
Orqanizaticn Copncerned: Federal Deposit Insurance Corp.; Federal
Reserve System.
Congressional Relevance: House Comittee on Barking, Currency
and Housing: Financial Institutions Supervision, Regulation
and Insurance Sukcommittee.
Authority: Financial Institutions Suporvisory Ict of 1966 (12
U.S.C. 1818). Administrative Procedure Act (5 U-S.C.
706(2)(E)). Safe Banking Act of 1977; H.R. 9C86 (9gh
Cong.). Bank Holding Company Act of 1956, as amended.
Federal Reserve Act. National Bank Act. S. 2304 (94th
Cong.). S. 71 (Sth Cong.). H.F. 2176 (95th Cong.).
The proposed Safe Banking Act of 1977, H.R. 9086 (95th
Congress), is responsive to previous GAO recommendations of
legislative changes that could be made to improve the efficiency
and effectiveness of the Federal bank regulatory agencies'
operations. The general thrust of the proposed legislation in
the area of supervisory authority over financial institutions,
which wcald include the authority to re-ove bank officers for
gross negligence and to levy civil penalties for certain
violations, could enhance the ability of supervisory agencies to
deal with bank problems. Provisions in the proposed legislation
for a hearing process for removal cf an officer or director of a
bank based on an indictment or conviction for a felony would
correct the deficiencies im existing procedures and will allow
the agencies use of this authority when appropriate. Providing
the Federal Deposit Insurance Corpcration wit> the power to
approve or disapprove the establishment and cperation of
branches in foreign countries by State nonmember insured banks
is consistent with existing law with respect to other banks.
Provisions which would establish tle framework for an effective
mechanism for insurirg interageniy cooperation and coordination
will help to avoid duplication of effort and afford equal
treatment to all classes of banks. (SC)](ViewImageLocal?handle=hein.gao/gaobadxwg0001&div=1&collection=&method=preview&ext=.png&size=3)