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LETTER OF TRANSMITTAL
Washington, D.C., November 26, 1973.
DEAR MR. CHAIRMAN: In cooperation with the Congressional Research Service, the General Accounting Office and consultants, our Subcommittees have assembled and analyzed materials relating to collection of information from regulated companies by independent Federal regulatory commissions.
These materials, including information supplied by companies on a voluntary basis, deal principally with information on corporate ownership, although certain other aspects of reporting requirements are discussed.
Since 1942, collection of information by government from companies has been controlled by the Office of Management and Budget and its predecessor, the Bureau of the Budget. Under Public Law 93–153, the Alaska pipeline bill, Congress removed OMB jurisdiction over the information requests made by independent regulatory commissions, and authorized the General Accounting Office to review commission requests for information from companies.
The Committee on Government Operations and our Subcommittees have direct responsibilities regarding OMB and GAO and their performance in this vital matter of agency collection and dissemination of information. We believe that the materials on this subject which we have assembled will be of use to the Congress and the public, and of special value to Members of the Committee on Government Operations. We therefore request that these materials be published as a committee print.
Very truly yours, LEE METCALF,
EDMUND S. MUSKIE, Chairman,
Chairman, Subcommittee on Budgeting,
Subcommittee on Intergovernmental Management and Expenditures.
COMMITTEE ON GOVERNMENT OPERATIONS,
Washington, D.C., August 17, 1972.
DEAR MR. JAYSON: We shall appreciate preparation by the Congressional Research Service, in cooperation with our staffs, of a subcommittee print dealing with principal stockholders of major corporations.
The basic material to be analyzed consists of responses received from several hundred industrial, transportation, utility, retail, insurance, and bank corporations, concerning the identity of their 30 principal stockholders.
These letters, reports by companies to Federal regulatory commissions, and financial references in the Library together provide data that when collated will be most useful in consideration of S. 3923, the Corporate Ownership Reporting Act.
Our staffs have conferred with Mr. Julius W. Allen, Chief of the Economics
Very truly yours,
Many weeks of effort by several persons were required to identify security holders who use nominee accounts, and to consolidate and tabulate their holdings in various companies. The contributions of Sally Davidson, Jean Stack, Lorelei Williams, and Anne Boni are deeply appreciated, as are those of Committee Staff Editor W. Thomas Foxwell and his associates with the Government Printing Office.
TABLE OF CONTENTS
Senate Concurrent Resolution 59....
Letter from Senator Edmund S. Muskie and Senator Lee Metcalf to the
Congressional Research Service, Library of Congress, August 17, 1972.
Institutional investors' role----
Commission and OMB responsibility-
Ownership reporting requirements..
Summary of the new data and its significance.
Ownership concentrated in unnamed banks.
Part I: 30 top stockholders of 89 companies.
Concentration in New York bank trust departments.
Bank voting power increasing --
Part III: Bank voting rights in broadcast companies.
Part IV: Electric utility reports to the FPC.--
The multiple levers of control.--
Inadequate disclosure a recurring theme.
Information not included in the Institutional Investor Study report-
Inadequate information on corporate interlocks..
Conclusions and recommendations..
Alternatives for readjusting corporate power..
Disclosure is the prerequisite
LEADING STOCKHOLDERS OF MAJOR AMERICAN CORPORATIONS IN 1972
BASED ON RESPONSES TO AN INQUIRY OF SENATOR LEE METCALF TO
324 CORPORATIONS, BY JULIUS W. ALLEN