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CREDIT CORPORATION

5

BEFORE THE

HEARINGS
H.S. Congress,
COMMITTEE ON BANKING AND CURRENCY

HOUSE OF REPRESENTATIVES

EIGHTIETH CONGRESS

SECOND SESSION

ON

CARD DIVISION

H. R. 6263

A BILL TO PROVIDE A FEDERAL CHARTER FOR
THE COMMODITY CREDIT CORPORATION,

AND FOR OTHER PURPOSES

APRIL 13, 14, 15, 16, AND 19, 1948

Printed for the use of the Committee on Banking and Currency

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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
II

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Page

H. R. 30. A bill to continue Commodity Credit Corporation as an agency of

the United States on a permanent basis.-

1

H. R. 5131. A bill to extend the applicability of certain provisions affecting

the price-support program for agricultural commodities, and to extend

the life of the Commodity Credit Corporation.--

2

H. R. 5152. A bill to extend the applicability of certain provisions affecting

the price-support program for agricultural commodities, and to extend

the life of the Commodity Credit Corporation.--

2

H. R. 5156. A bill to extend the applicability of certain provisions affecting

the price-support program for agricultural commodities, and to extend

the life of the Commodity Credit Corporation.-

2

H. R. 5157. A bill to extend the applicability of certain provisions affecting

the price-support program for agricultural commodities, and to extend

the life of the Commodity Credit Corporation.--

3

H. R. 5160. A bill to extend the applicability of certain provisions affecting

the price-support program for agricultural commodities, and to extend

the life of the Commodity Credit Corporation..

3

H. R. 5179. A bill to extend the life of the Commodity Credit Corporation

and to extend certain provisions affecting the price-support program for

agricultural commodities.

4

H. R. 5218. A bill to extend the applicability of certain provisions affecting

the price-support program for agricultural commodities, and to extend

the life of the Commodity Credit Corporation.--

4

H. R. 6214. A bill to provide a Federal charter for the Commodity Credit

Corporation.--

5

H. R. 6263. A bill to provide a Fedeeral charter for the Commodity Credit

Corporation, and for other purposes.-

8

Statements of

Andersen, Hon. H. Carl, a Representative in Congress from the

Seventh District of Minnesota...

89

Crofton, Charles B., representing the North American Export Grain
Association

170

Curtis, Hon. Carl T., a Representative in Congress from the First Dis-

trict of Nebraska -

91

Dodd, Norris E., Under Secretary of Agriculture -

12, 190
Murray, Hon. Reid F., a Representative in Congress from the Seventh
District of Wisconsin..

85

Ogg, W. R., director, Washington office, American Farm Bureau

Federation.

97

Talle, Hon. Henry 0., a Representative in Congress from the Second

District of Iowa..

92

Sanders, J. T., legislative counsel, National Grange-

141

Sanford, H. E., chairman, National Grain Trade Council.

125
Warren, Hon. Lindsay C., Comptroller General of the United States. 190

Additional information supplied for the record:

Anderson, Hon. Clinton P., Secretary of Agriculture, letter from, of

April 16, 1947, to Hon. Arthur H. Vandenberg---

20

Average of percentage changes from each year to the next in produc-

tion of and income from farm products for period 1910–46.-

156

Countries represented on International Emergency Food Committee

(list)

71

Dodd, Hon. Norris E., letter from, dated April 20, 1948, to Hon. Henry

0. Talle..

188

Determination of Commodity Credit Corporation sales prices for

wheat sold under supply program.--

188

FEDERAL REINCORPORATION OF COMMODITY CREDIT

CORPORATION

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TUESDAY, APRIL 13, 1948

HOUSE OF REPRESENTATIVES,
COMMITTEE ON BANKING AND CURRENCY,

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

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