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HEARINGS

BEFORE THE

SUBCOMMITTEE ON SECURITIES

OF THE

COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

NINETIETH CONGRESS

FIRST SESSION

ON

S. 1985, S. 1290 and S. 1797

TO AMEND THE FEDERAL FLOOD INSURANCE ACT OF
1956, TO PROVIDE FOR A NATIONAL PROGRAM OF FLOOD

INSURANCE, AND FOR OTHER PURPOSES

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UNVERG TY OF CALIFORNIA

BERKLEY

U.S. GOVERNMENT PRINTING OFFICE

81-080

WASHINGTON : 1967

COMMITTEE ON BANKING AND CURRENCY

JOHN SPARKMAN, Alabama, Chairman WILLIAM PROXMIRE, Wisconsin

WALLACE F. BENNETT, Utah HARRISON A. WILLIAMS, JR., New Jersey JOHN G. TOWER, Texas EDMUND S. MUSKIE, Maine

BOURKE B, HICKENLOOPER, Iowa EDWARD V. LONG, Missouri

EDWARD W. BROOKE, Massachusetts THOMAS J. MCINTYRE, New Hampshire CHARLES H. PERCY, Ilinois WALTER F. MONDALE, Minnesota GALE W. MCGEE, Wyoming WILLIAM B, SPONG, JR., Virginia

LEWIS G. ODOM, Jr., Staff Director and General Counsel

JOHN R. EVANS, Minority Staff Director
PAUL M. PENICK, Assistant Counsel

SUBCOMMITTEE ON SECURITIES

HARRISON A. WILLIAMS, JR., New Jersey, Chairman WILLIAM PROXMIRE, Wisconsin

WALLACE F. BENNETT, Utah EDMUND S. MUSKIE, Maine

BOURKE B. HICKENLOOPER, Iowa EDWARD V. LONG, Missouri

EDWARD W. BROOKE, Massachusetts WALTER F. MONDALE, Minnesota

i WILLIAM B. SPONG, JR., Virginia

II

CONTENTS

Page

S. 1985.

169

S. 1290..

211

S. 1797.

229

Agency Reports:

Commerce

248

Interior.

246

Justice.

247

Tennessee Valley Authority.

245

Treasury-

245

WITNESSES

MONDAY, JUNE 26

Hon. Hale Boggs, U.S. Representative from the State of Louisiana---

3

Hon. Robert C. Wood, Under Secretary, Department of Housing and

Urban Development, accompanied by Thomas C. McGrath, General

Counsel; R. Otto Meletzke, legislative attorney; Mortimer Kaplan,

actuarial expert; and Henry Schechter, Director of Office of Economic

and Market Analysis.--

9

Hon. Howard W. Pollock, U.S. Representative from the State of Alaska - 20

Frank E. Clarke, Geological Survey, Department of Interior, accompanied

by Walter Langbein....

47

Robert F. Shea, vice president, American National Red Cross.

51

TUESDAY, JUNE 27

Hon. James J. Howard, a Representative in Congress from the State of

New Jersey.

61

Donald H. Garlock, second vice president, Travelers Insurance Cos.,

accompanied by William O. Bailey, vice president, Aetna Life & Casualty,

and DeRoy C. Thomas, general counsel, Hartford Insurance Group- 65

Wallace M. Smith, American Mutual Insurance Alliance, accompanied

by Harold W. Walters, executive secretary, National Association of

Mutual Insurance Cos., and F. A. Holderman, manager, Legislative

Bureau, American Mutual Insurance Alliance...

82

Vestal Lemmon, general manager, National Association of Independent ,

Insurers, accompanied by Arthur Mertz, general counsel, and P. G.

Buffinton, chairman, Flood Insurance Committee.--

92

Neil D. Coates, National Association of Insurance Agents, accompanied by,

Morton V. V. White, vice chairman, Federal Affairs Committee.-

97

WEDNESDAY, JUNE 28

Hon. George A. Smathers, U.S. Senator from the State of Florida..

101

Hon. Robert L. F. Sikes, a Representative in Congress from the State of

Florida...

102

Hon. E. L. Bartlett, U.S. Senator from the State of Alaska..

102

Broward Williams, chairman, Property and Casualty Subcommittee,

National Association of Insurance Commissioners--

106

Hon. Claude Pepper, a Representative in Congress from the State of

Florida...

127, 128

Ved Price, member, State board of insurance, State of Texas.

132

Dudley Guglielmo, insurance commissioner, State of Louisiana..

135

John F. Bolton, Jr., director of insurance, State of Illinois.

136

Howard Clark, chief deputy insurance commissioner, State of South

Carolina..

136

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