Show I dill Bill Seeks Revamp Of Bank Jank Control A bill proposing to lo revamp federal control over banks was vas opposed Saturday by Rep Sherman P. P Lloyd Llod for posing a dangerous concentration of power TilE THE BILL ILL is under study by bythe bythe the he House louse Banking Commit CommIt- tee Mr 11 Lloyd has been involved involved in in- the I in committees committee's I week long review of the measure measure measure mea mea- sure to lo create a federal banking banking banking bank bank- ing commission The commission would assume assume assume as as- sume regulatory t y now wielded b by the Federal Reserve System the Federal Deposit Insurance Corporation and the Comptroller of the Currency THE TilE COMPTROLLERS COMPTROLLER'S job and position would cease to lo exist The Thc supervisory roles of the other two o agencies the FRS and the would be turned over to the thc new agency agen- agen C c cy The FRS would continue to have its control over monetary monetary monetary mon mon- policies and the would retain its deposit insurance insurance insurance ance operation Those supporting the Ule bill inthe inthe in inthe the committees committee's hearings have argued it would be better to channel chalmel all federal regulation over banks into a single agency agency agency agen agen- cy for fOl the promotion of uni un uni- uni i- i form policies The They p argued that thai the Ule three federal agencies have sometimes followed conflicting conflicting conflicting con con- policies BUT UT MR Lloyd said that thai the lithe evidence has not shown a clear need for this legislation legislation legisla legisla- tion lion and it is likely that concentration concentration concentration con con- of power in super agency would cause more problems than it would cure There is also an advantage ad by the presence of three regulatory regulatory regulatory regu regu- agencies to serve as a check and balance to each other Although it isn't a tidy arrangement on an un organizational organizational chart it 11 does docs give a abroad abroad broad base to federal regulation regulation regulation regula regula- tion of the banking industry Furthermore the 55 t e m works and works well |