ABSTRACT
New and restrictive regulations were imposed on the deposit financial intermediaries in the 1930s. Whatever the original rationale for those regulatory constraints, considerable sentiment for change developed among academicians, many regulators, and a number of executives of depository financial institutions during the 1960s. During the period of discussions and decisions leading to the recommendations, the senior staff of the commission kept Treasury Department officials informed of the direction the commission members seemed to be taking. As is well known, the commercial banking industry is composed of some 14,000 separately chartered banks. Legislative lobbying by the industry is conducted by a number of associations of which three are the most important. The first is the American Bankers Associations (ABA), which has virtually all banks as members. Second, there is the Independent Bankers Association of America (IBAA) whose main membership and constituency is with the smaller, unit banks.
