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HOUSE OF REPRESENTATIVES
H. R. 6263
A BILL TO PROVIDE A FEDERAL CHARTER FOR
AND FOR OTHER PURPOSES
APRIL 13, 14, 15, 16, AND 19, 1948
Printed for the use of the Committee on Banking and Currency
COMMITTEE ON BANKING AND CURRENCY
JESSE P. WOLCOTT, Michigan, Chairman RALPH A. GAMBLE, New York
BRENT SPENCE, Kentucky FREDERICK C. SMITH, Ohio
PAUL BROWN, Georgia JOHN C. KUNKEL, Pennsylvania
WRIGHT PATMAN, Texas HENRY O. TALLE, Iowa
A. S. MIKE MONRONEY, Oklahoma FRANK L. SUNDSTROM, New Jersey JOHN H. FOLGER, North Carolina ROLLA C. MCMILLEN, Illinois
BROOKS HAYS, Arkansas CLARENCE E. KILBURN, New York JOHN H. RILEY, South Carolina HOWARD H. BUFFETT, Nebraska
ALBERT RAINS, Alabama ALBERT M. COLE, Kansas
FRANK BUCHANAN, Pennsylvania MERLIN HULL, Wisconsin
HALE BOGGS, Louisiana WILLIAM G. STRATTON, Illinois
ABRAHAM J. MULTER, New York HARDIE SCOTT, Pennsylvania PARKE M. BANTA, Missouri CHARLES K. FLETCHER, California DONALD W. NICHOLSON, Massachusetts
WILLIAM J. HALLAHAN, Clerk
ORMAN S. FINK, Technical Staff Director
Crofton, Charles B., representing the North American Export Grain
Dodd, Norris E., Under Secretary of Agriculture -
Sanford, H. E., chairman, National Grain Trade Council.
FEDERAL REINCORPORATION OF COMMODITY CREDIT
TUESDAY, APRIL 13, 1948
HOUSE OF REPRESENTATIVES,
Washington, D.C. The committee convened at 10 a. m., Hon. Jesse P. Wolcott, chairman, presiding.
Present: Messrs. Wolcott, Smith, Kunkel, Talle, Sundstrom, Hull, Banta, Fletcher, Nicholson, Spence, Brown, Folger, Hays, Buchanan, and Multer.
The CHAIRMAN. The committee will come to order.
We will take up this morning the subject of the continuance of Commodity Credit Corporation.
You will recall that last year we continued Commodity Credit Corporation for 1 year without rechartering it.
Section 304 (b) of the Government Corporation Control Act of the Seventy-ninth Congress provides that, No wholly owned Government corporation created by a clause of any State shall continue after June 30, 1948
as an agent of the instrumentality of the United States.
That section also provides that wholly owned corporations may be reincorporated by an act of Congress.
The prime bill before us incorporates the Commodity Credit Corporation as a Government-chartered corporation, whereas it is now a. Delaware corporation.
So we will have before us H. R. 6214, which does that, and also we will have before us the bill introduced last year by Mr. Brown of Georgia, H. R. 30, to continue Commodity Credit Corporation as a permanent agency, as does H. R. 6214, when and if it is reincorporated.
We also have before us, dealing with the farm price-support program,
H. R. 5131, introduced by Mr. Murray of Wisconsin; H. R. 5152, introduced by Mr. H. Carl Andersen of Minnesota; H. R. 5156, introduced by Mr. Curtis of Nebraska ; H. R. 5157, introduced by Mr. Miller of Nebraska; H. R. 5160, introduced by Mr. Stefan of Nebraska; H. R. 5179, introduced by Mr. Talle of Iowa; H. R. 5218, introduced by Mr. Cunningham of Iowa.
I think all of those price-support bills would continue the pricesupport program for 2 years with the exception of the bill introduced by Mr. Talle, which I understand is for 4 years. (The bills referred to are as follows:)
[H. R. 30, 80th Cong., 1st sess.] A BILL To continue Commodity Credit Corporation as an agency of the United States on a
permanent basis Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the first sentence of subsection (a) of