RESOLVE PROVIDING FOR AN INVESTIGATION AND STUDY BY A SPECIAL COMMISSION RELATIVE TO THE INSURANCE OF DEPOSITS IN SAVINGS AND COOPERATIVE BANKS AND THE LIQUIDITY FUNDS AVAILABILITY TO SUCH BANKS.
That a special commission, to consist of three members of the senate, six
members of the house of representatives, the commissioner of banks, and
three persons to be appointed by the governor, one of whom shall be the
president of the Federal Reserve Bank of Boston or his designee, one of
whom shall be the chairman of the Mutual Savings Central Fund, Inc., and
one of whom shall be the chairman of the Cooperative Central Bank, is hereby
established for the purpose of making an investigation and study relative
to deposit insurance coverage and liquidity funds availability for savings
and cooperative banks.
Said commission, in the course of its investigation and study, shall
consider the structure, adequacy and necessity of the existing system of
deposit insurance and liquidity funds availability with respect to such
banks, and such other matters as the commission may deem necessary.
Said commission may expend such sums as may be appropriated therefor, may
employ such administrative, legal, actuarial, research, clerical and other
assistance as it deems necessary, may summons witnesses, compel testimony
under oath and require the production of books, papers, records,
correspondence or other documents which it deems relevant.