Government Hearings - 1999

  • Financial Services Modernization
    • [PDF-Can't Find, VIDEO-CSPAN]
    • Jim Leach (R-IA)
    • Financial Services Modernization Act of 1999, would repeal part of the Glass-Steagall Act of 1933
    • House - Financial Services Committee
  • 1999 0428 and 0505 - GOV (House) - The Financial Services Act of 1999
    • [PDF-205p,
    • House - Committee on Commerce - Subcommittee on Finance and Hazardous Materials 
    • (p111) - NAIC - Prepared Statement of Commissioner George Nichols III Chairman, Committee on Financial Services Modernization 
  • 1999 0625 - GOV (House) - Risky Business in the Operating Subsidiary: How the OCC Dropped the Ball - [PDF-106p, VIDEO-?]  ---  [BonkNote]
    • (p100) - 12 As you know, however, insurance industry trade groups have filed suit in federal court challenging the OCC’s approval of the sale of fixed rate annuities by national bank operating subsidiaries.
      • See Variable Annuity Life Insurance Co. [VALIC] v. Clarke, 786 F. Supp. 639 (S.D. Tex. 1991); National Association of Life Underwriters v. Clarke, 761 F. Supp. 1285 (W.D. Tex. 1991).
      • While the lower court decision in VALIC upheld the OCC’s approval, this case presently is on appeal.
      • The final resolution of this litigation could result in a different outcome and possibly affect the Partnership’s ability to engage is such activities