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113401 1 (1980-09-24)

handle is hein.gao/gaobadypa0001 and id is 1 raw text is: / e-- 113qtcj UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. FOR RELEASE ON DELIVERY EXPECTED AT 10:00 A.M., EDT WEDNESDAY, SEPTEMBER 24, 1980 STATEMENT OF ELMER B. STAATS COMPTROLLER GENERAL OF THE UNITED STATES BEFORE THE SUBCOMMITTEE ON - FINANCIAL INSTITUTIONS SUPERVISION, REGULATION, d IW AND INSURANCE COMMITTEE ON BANKING, FINANCE, AND URBAN AFFAIRS U.S. HOUSE OF REPRESENTATIVES Mr. Chairman and Members of the Subcommittee: We are pleased to be here today to discuss our report on the ternational activities of ban~j That report, the result of your request, covered many topics in the international banking area, but it focused primarily on the activities of foreign banks and foreign individuals in the U.S. banking industry. We found that although the International Banking Act of 1978 has provided for more equal treatment of foreign and domestic banks in the United States, foreign banks continue to realize some advantages over domestic banks. The greatest advantage which many foreign banks have is the ability to buy large-to- medium U.S. banks %hich, in most cases, other U.S. banks would not be permitted to buy. 113401

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