Thank you for visiting SNEWPapers!
Sign up free
The Potters Herald
East Liverpool, Columbiana County, Ohio
What is this article about?
Chairman Emanuel Celler of the House monopoly investigating committee calls for federal regulation of insurance companies, citing their vast assets of $50-60 billion, diverse financial activities, and insufficient state supervision, exemplified by Equitable Life Assurance Society's plan to buy and rent freight cars to railroads.
Clipping
OCR Quality
Full Text
Of Insurance Co's.
Washington (LPA) - Chairman Celler (D, N. Y.) of the House monopoly investigating committee has called for federal regulation of the insurance companies. He cited as evidence of their growing power the announcement by the Equitable Life Assurance Society that it will buy freight cars and rent them to the railroads.
"Standing by itself," Celler said, "this proposal appears sound and should be most helpful to the railroads, most of which are in financial difficulties. It points up, however, the need for thorough exploration of the ever growing magnitude of the assets of life insurance companies and the lack of proper and organized supervision of same by state agencies."
Celler said the investigation by his monopoly committee had shown little state supervision of the huge assets of the insurance companies, which are so powerful they are "practically laws unto themselves."
"The insurance companies," Celler said, "construct housing projects; build commercial and industrial structures and rent them for short or long periods; they are in the banking business and make loans to all manner and kinds of business. There is neither floor nor ceiling to their financial activities, save that they may only invest in capital stock to a limited degree."
Asserting the insurance companies now control assets of between $50 and $60 billion Celler said "we cannot leave such power to chance."
What sub-type of article is it?
What keywords are associated?
What entities or persons were involved?
Where did it happen?
Domestic News Details
Primary Location
Washington
Key Persons
Outcome
call for federal regulation to address lack of supervision over insurance companies' assets and activities.
Event Details
Chairman Celler of the House monopoly investigating committee has called for federal regulation of insurance companies, highlighting their growing power as shown by Equitable Life Assurance Society's announcement to buy freight cars and rent them to railroads. He noted inadequate state supervision of their $50-60 billion assets, which allow them to engage in housing, commercial building, banking, and loans with few restrictions.