To the Editor:

I want to clarify that in the current debate over financial modernization, the American Bankers Association has consistently opposed limits on the authority of the comptroller of the currency. We are equally opposed to limits on activities of bank subsidiaries.

This key element of our position on financial modernization was not properly reported in "Administration Stands Pat on Issue of Subsidiaries" (April 9, page 1). Banks of all sizes need options, not limits, if financial modernization is truly to work for all financial institutions.

Donald G. Ogilvie

Executive vice presidentAmerican Bankers AssociationWashington

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