Salt Lake Telegram | 1935-09-30 | Page 22 | Bank Control Plan Proposed

BANK CONTROL PLAN PROPOSED WASHINGTON Sept 80 zo t The securities commission wants want Investment bankers to set up jU self regulatory organization t to ai aid aidin aid aidin in suppressing fraud and promoting promo r ing fair practice standards Before he retired last week Jo-It Jo Joseph Jo Jo- seph P. P Kennedy former chairman t fj of the commission suggested the the- plan to the 21 investment bankers banker who constituted their code committee commit commit- tee under the old N R A. A Commission officials said that 4 i ultimately the n new w governing body 1 I if created and perpetuated might become similar i i- i ito to the business conduct con- con x duct committee of ot the New York 1 stock exchange which has hiU authority author author- I ity to expel members They added they had asked some S 'S bankers if it they desired to support the proposed plan a and d that j 90 per cent o of those replying had been favorable In addressing bankers Kennedy Kennedy Ken Ken- nedy sugg suggested sted the desirability of developing plans for lor a permanent organization of a self self-disciplining self body of investment j bankers with witha a view to cooperation with the government for the elimination elimination nation of fraud and the promotion of fair practices He said that aside from providing the commission with a central l advisory advisory advisory ad- ad unit on on investment banking problems and handling complaints it it seems likely as understanding and knowledge of oC our security markets mar mae that legislation al altering al a- a or expanding the present sc-ope sc scope of control over these markets will become necessary 4 B. B Howell Griswold Jr chairman of the code committee replied that tha with the commissions commission's approval the code committee would pro proceed eed to 1 J work out details of the plan