NOMINATION OF WILLIAM B. CAMP

WEDNESDAY, JANUARY 18, 1967

U.S. SENATE,

COMMITTEE ON BANKING AND CURRENCY, Washington, D.C. The committee met at 10:40 a.m., pursuant to call, in room 5302, New Senate Office Building, Senator John Sparkman (chairman) presiding.

Present: Senators Sparkman, Proxmire, Williams, Muskie, Long, McIntyre, Mondale, McGee, Spong, Bennett, Tower, Brooke, and Percy.

The CHAIRMAN. Let the committee come to order, please. We have a quorum present. Some of the members are not here yet, but I understand they will come in later.

In the beginning I should like to welcome the new members to the committee.

Senator Spong, of Virginia, we are delighted to have you. I am sure that you will enjoy the work on this committee.

Senator Brooke, we are glad to have you, sir, and I am sure you will also enjoy the work on the committee.

Senator Percy is on his way. Have you heard from Senator McGee? STAFF MEMBER. He will be here shortly.

The CHAIRMAN. The first business before the committee is to consider the nomination of Mr. William B. Camp of Maryland to be Comptroller of the Currency.

The Chair would like to insert here a brief biographical sketch of Mr. Camp, together with excerpts from the United States Code concerning the position of Comptroller of the Currency.

BIOGRAPHICAL SKETCH OF WILLIAM B. CAMP

William B. Camp, selected by President Johnson today to succeed James J. Saxon as Comptroller of the Currency, is a veteran of nearly 30 years' service in the Comptroller's Office.

For the past three years, he has been first deputy Comptroller, the highest position to which a career employee can be appointed.

Born in Greenville, Texas, November 25, 1913, Mr. Camp was educated at San Jacinto High School in Houston, at Texas Military College in Terrell, and at Baylor University in Waco. He joined the staff of the Comptroller's Office in February, 1937, was named an assistant National Bank Examiner in 1941, and received his commission as a National Bank Examiner from Secretary of the Treasury Snyder in September, 1949.

Mr. Camp served as a National Bank Examiner in the Fifth National Bank Region and, for several years, was responsible for the examination of the larger banks in the District of Columbia, Baltimore and their related metropolitan areas. On numerous occasions during this period, he was assigned special duties in other areas of the United States.

In January 1961, Mr. Camp was promoted to Assistant Chief National Bank Examiner in the Washington office and, in April 1962, was named Deputy Comp

troller of the Currency by Secretary of the Treasury Dillon. His promotion to First Deputy Comptroller followed in October 1963.

Mr. Camp is an elder in the Bethesda Christian Church, Bethesda, Maryland, and chairman of its Board of Trustees. He and Mrs. Camp, the former Miss Eileen Conner, of the District of Columbia, reside at 9518 Kentstone Drive, Bethesda.

For the past four years, Mr. Camp has served on the faculty of the Stonier Graduate School of Banking at Rutgers University.

His principal hobbies are fishing and hunting.

COMPTROLLER OF THE CURRENCY

Title 12, United States Code, section 1 (U.S.R.S., sec. 324; Fed. Res. Act, sec. 10, par 8).-There shall be in the Department of the Treasury a bureau charged with the execution of all laws passed by Congress relating to the issue and regulation of a national currency secured by United States bonds and, under the general supervision of the Board of Governors of the Federal Reserve System, of all Federal Reserve notes, the chief officer of which bureau shall be called the Comptroller of the Currency and shall perform his duties under the general directions of the Secretary of the Treasury.

APPOINTMENT OF THE COMPTROLLER OF THE CURRENCY

Title 12, United States Code, section 2 (U.S.R.S., sec. 325).—The Comptroller of the Currency shall be appointed by the President, by and with the advice and consent of the Senate, and shall hold his office for a term of five years unless sooner removed by the President, upon reasons to be communicated by him to the Senate; and he shall receive a salary at the rate of $15,000 a year.1

OATH AND BOND OF THE COMPTROLLER OF THE CURRENCY

Title 12, United States Code, section 3 (U.S.R.S., sec. 326).—The Comptroller of the Currency shall, within fifteen days from the time of notice of his appointment, take and subscribe the oath of office; and he shall give to the United States a bond in the penalty of $250,000, with not less than two responsible sureties, to be approved by the Secretary of the Treasury, conditioned for the faithful discharge of the duties of his office.

INTEREST IN NATIONAL BANKS

Title 12, United States Code, section 11 (U.S.R.S., sec. 329).—It shall not be lawful for the Comptroller or the Deputy Comptroller of the Currency, either directly or indirectly, to be interested in any association issuing national currency under the laws of the United States.

Mr. Camp is here today to testify and to answer any questions that the members of the committee may wish to ask him.

Mr. Camp has a distinguished background, having most recently been First Deputy Comptroller to Mr. Saxon. He has had long experience in the office, and he comes to us with the recommendation of the Senators from Maryland; where he now lives, and the Senators from Texas, where he was reared.

Mr. Camp has a big pair of shoes to fill. Mr. Saxon, the previous Comptroller, as we all know, was a most vigorous and imaginative comptroller. He did much to reorganize and revitalize the national bank system and, in fact, the whole banking industry. We trust that Mr. Camp will be able to preserve the benefits of Mr. Saxon's reforms and improvements and at the same time to bring about coordination and smooth operations with the financial agencies in the financial world.

We are glad to have Senators here from both of Mr. Camp's States. He now lives in Maryland. We have Senator Brewster here from

The Comptroller of the Currency's compensation is now fixed by the Federal Executive Salary Act of 1964 at $28,500:

Maryland, and we have Senator Yarborough representing the State of Texas. We should be glad to hear from you two gentlemen. Observing the rule of seniority, we will ask Senator Yarborough to speak first.

Senator YARBOROUGH. Senator Brewster's constituent and Senator Brewster have graciously consented to waive in my favor for a moment, since I am working on another committee, so I can go back and relieve the chairman, who must go to another committee. There are only two of us there.

I do want to say since we lost Mr. Camp to Maryland some years ago, his wife is from the District. There are many people from the old Sam Rayburn district in Washington. He came to Washington on the recommendation of the late great Speaker, Sam Rayburn, and like so many people in America Sam Rayburn has recommended, he has done well and has won many promotions through his diligent work. And as I say, we lost him some years ago, but the people still remember you down there, and we are very proud that you have justified, in your service, all the fine recommendations that Speaker Rayburn made back there in the 1930's.

Mr. Camp is a former student of San Jacinto High School in Houston, Texas Military College in Terrell, and Baylor University at Waco and, I believe, has taught at the Stonier Graduate School of Banking at Rutgers University and has had wide Government experience that this committee knows of.

It is a pleasure to come before this distinguished committee for a moment here before going to other duties, to see a person who left my State and rendered extremely valuable service to this Government. I thank the chairman and the committee.

The CHAIRMAN. Thank you very much, Senator.

Senator Brewster?

Senator BREWSTER. Mr. Chairman and members of the committee, allow me to thank you one and all for the privilege of appearing before you this morning to recommend the confirmation of a fellow Marylander. I do this with great pleasure.

Mr. Camp is a respected member of the Rockville community in Maryland, and though he comes from Texas, we consider him one of ours now, because he has lived with us so long, and we are very proud of him.

My colleague, Senator Yarborough, has mentioned the colleges he went to, so I will not dwell on that, but I do want to comment on the promotion of career employees. Mr. Camp has been in the Government for a long time. He is a professional. He knows his job. He was the Deputy, and now he is named as the top man. This seems to me to be very fair and very proper and also, in the long run, conducive to high morale among our Federal employees.

So as one who has known Mr. Camp, and speaking for my colleague Senator Tydings also, we would strongly recommend to this committee that his nomination as Comptroller of the Currency of the United States be confirmed.

I thank you very much for allowing me this privilege.
The CHAIRMAN. Thank you very much, Mr. Brewster.

Senator TOWER. Mr. Chairman, would you yield to me to make a supporting statement?

The CHAIRMAN. Certainly.

Senator TOWER. I should also like to associate myself with remarks made by my distinguished colleague, Senator Yarborough and my distinguished colleague, Senator Brewster.

We, in Texas, are very proud of Mr. Camp, and we know he will do an excellent and selfless job, and I would like to join my colleagues in heartily recommending and favorably reporting his confirmation. The CHAIRMAN. Thank you very much, Senator Tower.

We have a biographical sketch of Mr. Camp available to the members. There is one before each of you.

May I say that Senator Percy has now come in.

Senator Percy, we welcome you to the committee and look forward to very pleasant relationships with all the new members.

Senator Proxmire, do you have any questions of Mr. Camp? Senator PROXMIRE. I do not have any questions. I am highly in favor of the appointment for the reasons given by Senator Brewster, but also I understand, Mr. Camp, you have demonstrated the same kind of vigor and imagination and force as your predecessor has demonstrated, and I think we greatly need that in the position which you are assuming. This has been an industry in which there is some tendency to observe the status quo and not look for new or imaginative ideas, and I think Mr. Saxon, though he was controversial, brought a blast of zooming, fresh air to the office, and I think you are the kind of man who will continue that. And also, as the chairman said, you will do your best to work for coordination and smoothness in the operation of your office. So I am delighted to see this nomination.

There is one question I have, a perfunctory question. In view of your previous position, I believe you have no problems as to conflict. of interest, that your holdings would not in any way contradict your job. One of the difficulties in your job is that almost anything you hold is likely to make it somewhat sensitive.

Mr. CAMP. Senator, I have no conflict of interests in that regard whatsoever. As a former National Bank Examiner, we are precluded by statute from owning stocks in any bank which we are authorized to examine, and we have to give a sworn statement to that effect, and that continues throughout our career with the office. So there is no conflict whatsoever.

Senator PROXMIRE. I see. You are covered by title 12, U.S. Code, section 11, as Deputy as well as Comptroller?

Mr. CAMP. That is the view that our office has taken; yes, sir.
Senator PROXMIRE. Thank you.

The CHAIRMAN. Senator Bennett?

Senator BENNETT. I just want to add my voice of welcome to Mr. Camp to this committee and his new position. I am sure he is going to carry the responsibility of that position with great credit to himself and great benefit to the banking industry that he has already held for so many years, and I am happy to say that I will be delighted to vote for his confirmation.

The CHAIRMAN. Senator Muskie?

Senator MUSKIE. Mr. Chairman, the support which is mobilized behind Mr. Camp is so overwhelming and I am glad to accept it. have not had the pleasure of knowing Mr. Camp, but I had a very pleasant and satisfying talk with him in my office. I appreciated the