Statement by the President Upon Signing the Bank Holding Company Act of 1956.

I HAVE TODAY approved H. R. 6227, designated as the Bank Holding Company Act of 1956. Although the legislation has as its objectives (1) requiring bank holding companies to divest themselves of nonbanking assets and (2) preventing any lessening of competition in banking through the holding company device, as a result of various exemptions and other special provisions the legislation falls short of achieving these objectives. It does, however, represent a forward step in that direction, and I am approving the legislation for this reason. The exemptions and other special provisions will require the further attention of the Congress.