To the Editor:

Your story on House Banking Committee Chairman Jim Leach's remarks supporting new powers for bank subsidiaries ("Leach to Seek Broadening of Powers for Bank Units," Dec. 20, page 1) does not fully reflect my views on Chairman Leach's statement.

As I noted in a statement I released on Dec. 19 in response to the chairman's remarks, I am very pleased that his new approach to financial modernization permits broader activities for bank operating subsidiaries.

As you reported, I also believe there are still important issues to address. However, Chairman Leach's incorporation of the operating subsidiary concept into his bill will enhance progress toward reaching a consensus on financial modernization.

I look forward to a continuing and productive dialogue with Chairman Leach on these and other issues before the Banking Committee next Congress.

Eugene A. Ludwig

Comptroller of the currency

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