This report is a result of the directive contained in House Joint Resolution No. 271 passed by the 1975 Session of the General Assembly. The resolution directed a joint Subcommittee comprised of members of the House Corporations, Insurance and Banking Committee and the Senate Commerce and Labor Committee to study and report on methods to more effectively monitor, preserve and make secure financial institutions that conduct business in the Commonwealth.

Pursuant to the directive of the Resolution the House Corporations, Insurance and Banking Committee appointed Delegates A. L. Philpott, William T. Wilson, J. Marshall Coleman, C. Hardaway Marks, and Archibald A. Campbell, Jr. to the membership of the Subcommittee.

The Senate Commerce and Labor Committee appointed Senators Edward M. ,Holland, Coleman B. Yeatts, and William E. Fears to serve on the Joint Subcommittee. L. Willis Robertson, Jr. and Thomas R. Oliver, Jr. were provided by the Division of Legislative Services to serve as staff to the Joint Subcommittee.

The Joint Subcommittee thus formed, was further divided into three Subcommittees to study banks and other financial institutions, the insurance industry, and public utilities.