OCR Text |
Show Enterprise Review , May 5, 1976 Page 4b E Bill Promotes Unfair Competition Opposition to the proposed Financial Institutions Act by Utah bankers continues even though the bill has been fragmented into three different bills, said Robert Bischoff, president of Commercial Sec- urity Bank. The bill still does nothing for the housing industry. It would dry up the contributions of thrift institutions. It would reward most of those who need help the least, Bris-chosaid. The Act, currently subject of House Banking Committee Harlan Y. Hammond, Virginia B. Godfrey, President Office Manager and Closing Officer Title Examiners: David K. Lauritzen George A. Easter Robert K. Mouritsen Gregory C Diamond mortgages, where' they competition. be able to so I dont see can claim unfair They would still handle all the loans,. she The representative of added. She said Howes office has Howes office said the bill gives Congress greater control received much mail regarding the Act. Response has been divided 50-5- 0 between banks who oppose it and credit unions who are very much in favor of the Act. Expert Schedules Inventory Seminar stoos Harlan Hammond, Virginia Godfrey and a great crew of Title Examiners are now together to give you better title service than youve probably ever had. For speed and reliability, send it to Stewart. Robert Bischoff all three bills are still as guilty as ever of promoting unfair competition on unequal ground. Title Insurance and Escrows Stewart Title Guaranty Company of Houston, Underwriters 330 Broadway Plaza 250 East Third South Salt Lake City, Utah 841 11 355-478- She dismissed bankers I dont concern saying, understand what the banks are so upset about. They dont do that much business in commercial of monetary policy by requiring the Federal Reserve Chairman to . report every three months to the congressional deliberations, drew heated banking committees. opposition from bankers and other financiers last month. Fearing complete rejection of the bill, Committee members split the original Acf into three different bills, representing the original Acts major parts. The American Production The first of those bills is and Inventory Control Society expected to reach the House is sponsoring a seminar with floor for a vote within a month. Robert L. VanDeMark, author According to a member of of such articles as Inventory Rep. Alan Howes office the Control Techniques and bill now is innocent of most of Production Control Technithe offenses bankers com- ques. plained of. But according to VanDeMark will speak at FeOSds:!! Telephone Congressional Control ff Announcing 8o0 those institutions would concentrate on paying interest on .checking accounts rather than processing mortgages. They would use their expanded powers at the expense of the housing market, he said. 7:00 p.m. at the Salt Lake Hilton Hotel on May 19. He will address the group on Coordinating Inventory ConInterested trol with Supply. parties may contact Ronald K. Goodsell at 914 West 9th North, Salt Lake City. Mtn. Fuel Plans Reservoir Political Control The first bill leaves the Federal Reserve Bank susceptible to political control by making the directors term the ' same as that of the Presidents (of the U.S.) It also makes the bank's directors appointed parties rather than career bankers, Bischoff charged. "The second bill omitted the least objectionable and retained the most objectionable parts. Bankers are still opposed to competing with 3 continued from page 3b . to do so. No restriction was placed on Northwest regarding distribution of the gas stored in the Utah reservoir. Work said. The stored gas would be available to all of Northwests customers, he said. Vallely indicated Northwest distributes natural gas to 18 utility companies throughout the Pacific Northwest. Northwest is supplied with of its gas from Basin reservoir we wont have to close down our domestic wells, Vallely said. Availability of the reservoir would not necessarily enable us to increase our commitments. Because we are regulated by the federal government, we dont go out and try to sell gas. But it will enable us to sell more gas and better service our customers, he said. Vallely said Northwest has contracts effective with other financial institutions Canada, ' Vallely said. Canadian gas suppliers until that don't have the same tax Although the company also 1989. They have indicated and reserve requirements operates wells n the U.S., it they are willing to honor those banks do, he continued. has had to close down those contracts, and we have every That bill would dry up the wells in the summer due to valid reason to believe they contributions of thrift institu- decreased domestic demand would be willing to renew tions to the housing industry, during hot weather. If we are them as well, Vallely said. Bischoff charged, because able to store gas in the Clay two-thir- ds ...About Salt Lake growth, development, tourism, education, pollution, government, industry, public safety, airport efficiency, highway and transit development, career education for youth, military and community relations, private enterprise, business expertise, professional sports, winter sports, wholesale and retail trade? THE SALT LAKE AREA CHAMBER OF COMMERCE DOES!!! volunteer committees of businessmen and women arc led by the communitys top leaders and supported by a professional staff in TK providing information, action groups, sri area promotion and community Q Shouldnt you be a part of this Tw enty-eig- ht rela-tion- s. action-oriente- d organization? Salt Lake Area Chamber of Commerce 1 19 East 2nd So. 364-363- ...a craft Commerce Printing Company 481 South 400 East Bountiful, Utah 84010 295-676- 2 |