• Now, as I say, I don't know very much about that myself. I know that we have one company owned by a security company, and two years ago I got a resolution of the directors, a passage of an act by our legislature, compelling every company to keep their permanent securities inside the state of Michigan.
• If there should be a failure here, which I hope there won't, you will have an awful mess in untangling it; and I would like to move that the President appoint a committee of five, to make a study of the effect and the management of these interlocking directors owned by organizations holding companies on life insurance only (not on the others, but on life insurance). It strikes me that it is time for us to make a quiet study of that, and report, and I think it will have a very deterrent effect upon the speculation that is going on in life insurance companies.  (p30)

--  Commissioner Livingston (Michigan):