INVESTMENT COMPANY AMENDMENTS ACT OF 1969 HEARINGS BEFORE THE COMMITTEE ON BANKING AND CURRENCY NINETY-FIRST CONGRESS FIRST SESSION ON S. 34 and S. 296 BILLS TO AMEND THE INVESTMENT COMPANY ACT OF 1940 28-510 APRIL 15, 17, AND 18, 1969 Printed for the use of the Committee on Banking and Currency U.S. GOVERNMENT PRINTING OFFICE WASHINGTON: 1969 COMMITTEE ON BANKING AND CURRENCY JOHN SPARKMAN, Alabama, Chairman WILLIAM PROXMIRE, Wisconsin THOMAS J. MCINTYRE, New Hampshire - WALLACE F. BENNETT, Utah EDWARD W. BROOKE, Massachusetts DUDLEY L. O'NEAL, Jr., Staff Director and General Counsel (II) Hugh F. Owens, Commissioner, Securities and Exchange Commission, accompanied by Philip A. Loomis, Jr., General Counsel. Paul W. Eggers, General Counsel, Department of the Treasury, accom- panied by Dean E. Miller, Deputy Comptroller of the Currency.. Davidson Sommers, senior vice president and general counsel, Equitable Life Assurance Society of the United States; accompanied by Richard J. Congleton, senior vice president, Prudential Insurance Co. of America; Paul A. Samuelson, economist, Massachusetts Institute of Technology-- Reese H. Harris, Jr., executive vice president, Manufacturers Hanover Trust Co., New York City; accompanied by Leo Herzel, special counsel, on behalf of the American Bankers Association___. Robert L. Augenblick, president, Investment Company Institute_--- J. Edward Day, John L. Schroeder, and Paul H. Baris, on behalf of Associa- Henry C. Wallich, professor of economics, Yale University. Ernest L. Folk III, professor of law, University of Virginia.... Robert M. Loeffler, Sr., vice president, Investors Diversified Securities... 186, 194 Andrew J. Melton, Jr., first vice president, Investment Bankers Association of America; accompanied by Gordon L. Calvert, general counsel of the association; Franklin R. Johnson, a vice president of the Keystone Co. Raymond W. Cocchi, chairman, Independent Broker Dealers' Trade Association; accompanied by James C. Butterfield, treasurer. ALPHABETICAL LIST OF WITNESSES Augenblick, Robert L., president, Investment Co. Institute___ Congleton, Richard J., senior vice president, Prudential Insurance Com- 45 Day, J. Edward, Association of Mutual Fund Plan Sponsors_ 121, 139 41 152, 160 |