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COMMITTEE ON MERCHANT MARINE AND FISHERIES

SCHUYLER OTIS BLAND, Virginia, Chairman WILLIAM I. SIROVICH, New York

RICHARD J. WELCH, California ROBERT RAMSPECK, Georgia

FRANCIS D. CULKIN, New York AMBROSE J. KENNEDY, Maryland

GEORGE N. SEGER, New Jersey CHARLES N. CROSBY, Pennsylvania

BENJAMIN JARRETT, Pennsylvania MONRAD C. WALLGREN, Washington J. C. OLIVER, Maine JOSEPH J. MANSFIELD, Texas LINDSAY C. WARREN, North Carolina SAMUEL W. KING, Hawaii EUGENE B. CROWE, Indiana

ANTHONY J. DIMOND, Alaska EDWARD J. HART, New Jersey JAMES A. O'LEARY, New York FRANK W. BOYKIN, Alabama CHARLES J. COLDEN, California J. HARDIN PETERSON, Florida JACK NICHOLS, Oklahoma VINCENT F. HARRINGTON, Iowa

JAMES W. GULICK, Jr., Clerk

ROYCE L. GIVENS, Assistant Clerk
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LIBRARY OF CONGRESS

AUG 1.0 1937
DIVISION OF DOCUMENTS

FISHERY CREDIT ACT

TUESDAY, JUNE 29, 1937

HOUSE OF REPRESENTATIVES,
COMMITTEE ON THE MERCHANT MARINE AND FISHERIES,

Washington, D.C. The committee met at 10 a. m., Hon. Schuyler 0. Bland (chairman) presiding:

The CHAIRMAN. Gentlemen, we have met to consider H. R. 6039 and H. R. 7309, the last bill, H. R. 7309, to establish a Fishery Credit Corporation, clearly being intended as a substitute for the first bill, and that has been referred to the Bureau and there has been no report submitted up to this time.

[H. R. 6039, 75th Cong. 1st sess.] A BILL To establish a Fishery Cooperative Loan Corporation, to promote the cooperative

production and merchandising of aquatic products in interstate and foreign commerce, and to provide for organizations within the Bureau of Fisheries of the Department of Commerce for services in connection therewith

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

DECLARATION OF POLICY

Section 1. That it is hereby declared to be the policy of Congress to promote cooperative activity among producers of aquatic products in the collective planting, cultivating, propagating, producing, harvesting, catching, taking, collecting, or gathering of aquatic products, and the effective merchandising of aquatic products or the byproducts thereof, or produced therefrom, in interstate and foreign commerce, so that the fishery industry will be placed on a basis of economic equality with other industries, and to that end to protect, control, and stabilize the currents of interstate and foreign commerce in the marketing of aquatic products and the byproducts thereof or produced therefrom

(1) By minimizing speculation ;
(2) By preventing inefficient and wasteful methods of distribution ;

(3) By encouraging the organization of producers of aquatic products into effective associations or corporations under their own control for greater unity of effort in marketing, and by promoting the establishment and financing of a fishery marketing system of producer-owned and producer-controlled fishery cooperative associations and other agencies; and

(4) The Secretary of the Department of Commerce shall execute the powers vested in the Department of Commerce by this Act in such manner as will in his judgment aid to the fullest practicable extent in carrying out the policy above declared.

ESTABLISHMENT OF THE "FISHERY COOPERATIVE LOAN COTPORATION"

SEC. 2. The Secretary of Commerce, hereinafter referred to as the Secretary, is hereby authorized and directed to organize and charter a corporation to be known as the “Fishery Cooperative Loan Corporation”, with its principal office in the District of Columbia and such other offices as in the opinion of the Secretary may be necessary.

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