Word: banke
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Dates: during 1960-1969
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...James J. Saxon, until recently Comptroller of the Currency, saw it, "Enclaves of monopoly and stagnant, unprogressive banks should not be safeguarded." Implementing that peppery philosophy during his five controversial years in office, Saxon approved 3,806 new national-bank branches, many of which were in direct competition with state-chartered banks. Fighting back, state banks in nine states so far have sued to close some of Saxon's federal branches. Last week the Supreme Court decided that Saxon had stretched his powers...
Ruling unanimously on two cases involving Utah banks, the court held that national banks are wholly bound by state laws restricting branches for state-chartered banks. In adopting the 1927 and 1933 banking laws, said Justice Tom C. Clark, Congress clearly intended to provide "competitive equality" in branching between the two kinds of banks. Utah law forbids banks to set up branches outside Salt Lake City, except by acquiring an existing bank that has been operating at least five years. Even so, Saxon in 1962 approved a new branch in Logan for First National Bank of Logan...
...decision, upholding what most bankers have long considered to be the status quo, will re-stabilize bank competition in the 22 states (including Utah) that limit bank branching in various ways. Sixteen other states prohibit all branch banks. Only twelve states allow unlimited branches...
...economic policy. Its passage would build Sharp's Liberal Party strength, polish his chances of one day succeeding Prime Minister Les ter Pearson as party chief. As a result, Mercantile, which had existed for ten years under Dutch ownership before Citibank bought it in 1963, is now a bank to be bullied...
...Liberal government seems in a mood to push on with the bill, to the astonishment of many Canadians. Montreal Gazette Business Columnist John Meyer called the bill "quite inexcusable" and warned that "the implications of this for other foreign investors are absolutely frightening." At the hearings, Bank of Montreal Chairman G. Arnold Hart protested that "such an arbitrary and discriminatory" act could only "lay us open to retaliation." Possibly so. If the bill passes, the next U.S. Congress will probably act on a measure, sponsored by New York's Republican Sena tor Jacob Javits, that provides...