Societies industrial loans
Hello, Bachus President and members of the subcommittee, thank you for the opportunity to testify about Industrial Banks (IB), or as it is sometimes known Industrial Loan Corporation (ILC). I am Edward Leary, commissioner of financial institutions for the state of Utah. I worked with banking services for thirty-two years. First, a community as a banker, then fifteen years in the bank audit positions with the Utah Department and the fourteen years of his wife, as Commissioner. I am delighted to be here today, my views on this sector.
Charter status option
As we all know, the banking sector is an integral part of economic life of the canvas for us all. Since the inception of this nation, he said chartered, regulated and monitored Banking. The choice of the Charter remains an essential element of control and counterbalance double banking system. State-chartered institutions to try to survive and meet the needs of their communities to promote creativity and experimentation. The State-chartered institutions can innovate in a controlled environment, the limits of systemic risks. If a product, services, supplies or charter mechanism is, in principle, is uncertain or unhealthy, and weaknesses may be exposed.
Today, a large part of the USA as a result of success in fulfilling this role, the Charter remains a viable state, following refusal of the Confederation, less attractive choice for banks, large countries, especially activities. This innovation is particularly the case with the Industrial Bank Charter. Another basis of rotation, the banking system is the ability to choose freely the supervisory structure, including the company is insured. This foundation makes a contribution to a competition in terms of performance and quality of financial institution regulatory authorities. It is therefore essential that more than one approach to regulation and supervision of financial institutions.
When I was invited to attend this hearing today because of Utah history and experience in the regulation of chartering and industrial banks, and I think the report is that banks are the Industrial incarnation of this which is fair and cheap, alternately in the banking system.
I would like to return to a thought-provoking statement by the former Federal Reserve chairman, Alan Greenspan,
“ A system in which banks have decisions, regulations and the result of the give and take, where more than one agency, a better chance for the extremes of surveillance. “ (There is no single authority Superintendency of Banks, Wall Street Journal, December 15, 1993).
What the public should be a political debate
The fact that the subcommittee is now, after this consultation reflects the reality of Utah `chartering and regulating the banking industry, risks. Utah, in partnership with the FDIC, created jointly control a model for banks, the industry has evolved and may evolve, but more than twenty years of daily use, he worked in the absence Utah Industrial Bank has failed.
My belief is that this committee should not be considered to rewrite the banking laws to the needs of industry groups or associations, whose desire it is eliminating competition.
It is also necessary to amend the Congress, much less outlaw a good success in the regulatory structure because some groups have concerns about some asylum seekers.
Testimony before Congress on the territory of the reform of financial services during the year 1987, the FDIC `s, then President William L. Seidman argued that the public interest is better served
“ A … The financial services industry, met four objectives: the financial system should be viable and competitive banking system to exploit, security and health way, customers are advised enjoy the competition and the system should be sufficiently flexible to meet the challenges technological change.
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