Letter to Secretary Dillon on the Need for Coordinating Federal Actions in the Field of Bank Regulation.

[ Released March 18, 1964. Dated March 2, 1964 ]

Dear Mr. Secretary:

I am concerned about reports of a lack of coordination of action and procedures among the Federal agencies charged with the responsibility for the regulation of banks.

I am sure that when two or three agencies have overlapping or coordinate statutory responsibilities, as is the case in the area of bank regulation, there will be differences of opinion. These may take the form of conflicting legal opinions or of differences on matters of policy. To the extent that each of these agencies has been granted authority directly by Congress, each enjoys considerable independence of action in this field. Nevertheless, from a standpoint of overall public policy, it is important that they follow orderly procedures and that all agencies work together to try to accommodate the views of the others.

I am directing you, as the chief financial officer of this administration, to establish procedures which will insure that every effort is made by these agencies to act in concert and compose their differences.

Sincerely,

LYNDON B. JOHNSON

[Honorable Douglas Dillon, Secretary of the Treasury, Washington, D.C.]