Dissolution of the Postal Savings System: Hearing ... Eighty-sixth Congress, First Session, on H.R. 2203 and Related Bills, Bills to Provide for the Discontinuance of the Postal Savings System. April 28, 1957Considers H.R. 2203 and related H.R. 631, H.R. 1151, H.R. 5013, and H.R. 6040, to authorize the discontinuance of the Postal Savings System when there is a lack of sufficient deposits and when costs exceed revenues. Cover page date erroneously listed as Apr. 28, 1957. |
Common terms and phrases
$1 billion $4 million 2.6 percent activity American Bankers Association amount on deposit banking facilities banking system BARRY bill H.R. Board of Trustees borrow money certificates closing date commercial banks committee Comptroller Congress correct cost the Government DAVIS declined deficit Derwinski discontinuance DULSKI enactment of H.R. financial institutions fiscal year 1958 FOLEY fourth-class post offices Fred Marshall going to cost Government bonds Hallbeck HEFFELFINGER higher rate inactive accounts income interest rate IRWIN JOHANSEN June 27 KATHARINE ST legislation LESINSKI MARKS ment misguided MOORE NOBLE number of depositors O'GERAN operation paid percent interest period PORTER Post Office Department postal savings accounts postal savings depositories postal savings deposits postal savings offices Postal Savings System Postmaster profit question rate of interest recommended REES revenue savings and loan savings banks taxpayer thrift tions transferred Treasury Department U.S. savings bonds WALLHAUSER
Popular passages
Page 44 - ... are insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, or in savings accounts of such institutions.".
Page 2 - State highway department and immediately certify the fact to the Secretary of the Treasury. The Secretary of the Treasury shall thereupon set aside the...
Page 2 - ... which includes the closing date shall include a statement with respect to the progress, results, and status of the winding up of the affairs of the Postal Savings System under this Act, together with such recommendations as the Postmaster General deems advisable. "§ 5227. Liquidation of investments "To facilitate the winding up of the affairs of the Postal Savings System, the Secretary of the Treasury shall redeem or purchase the public debt obligations of the United States, which are held for...
Page 2 - That where no guardian, curator, or conservator of the person under a legal disability has been appointed under the laws of the State of residence of the claimant, the Administrator shall determine the person who is otherwise legally vested with the care of the claimant or his estate...
Page 2 - ... person or estate of the depositor, or the person or estate of such claimant, the Board of Trustees of the Postal Savings System shall determine the person who is otherwise qualified to receive payment according to the laws of descent and distribution of the State where the account is held. Payment made under this subsection shall be a bar to recovery by any other claimant of amounts so paid. "(c) Until the last day of the first fiscal year which shall begin after the closing date for the Postal...
Page 2 - ... be reduced by a small, uniform percentage reflecting the margin of error in the records between the total of principal balances shown on the lists of active accounts provided by the Post Office Department and the lesser, and more accurate, total amount for such accounts shown by the books of the Board of Trustees of the Postal Savings System and transferred to the Secretary of the Treasury. (g) Interest payment. The interest accrued on the principal balances of the escheated accounts will be...
Page 31 - ... establishing the System are no longer applicable. Since 1910 the banking structure of our country has been expanded and more numerous savings facilities are now offered to small depositors by commercial and savings banks and financial institutions of the savings and loan association type. As a result of the creation of the Federal Deposit Insurance Corporation in 1933 and the Federal Savings and Loan Insurance Corporation in 1934, the guaranty and security of savings deposits sought by depositors...
Page 46 - CHAMBER OF COMMERCE OF THE UNITED STATES The Chamber of Commerce of the United States recommends that the portion of S.
Page 9 - System a flagrant example of an agency which has served its purpose well if modestly, and now continues to do less and less every year in a world which is no longer very much like the one in which and for which it was created.
Page 3 - In view of these considerations, we recommend the following: 56 (a) That the public be informed that after some reasonable period, say 12 months, no further deposits will be received by the Postal Savings System and that potential depositors be offered the more remunerative United States savings bonds.