Nonetheless, the Board requests even greater modification to its existing statutory mandate so that the required  BIS Review 16/1997  -6-  applications process could be sharply cut back, particularly in the area of nonbank financial services.
We would hope that should the Congress authorize wider activities for financial services holding companies that it recognize that a bank which is a minor part of such an organization (and its associated safety net) can be protected through adequate bank capital requirements and the application of Sections 23A and 23B of the Federal Reserve Act.