CREDIT CORPORATION 5 BEFORE THE HEARINGS HOUSE OF REPRESENTATIVES EIGHTIETH CONGRESS SECOND SESSION ON CARD DIVISION 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 H. R. 30. A bill to continue Commodity Credit Corporation as an agency of the United States on a permanent basis.- 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.-- 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.-- 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.- 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.-- 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.. 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 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.-- H. R. 6214. A bill to provide a Federal charter for the Commodity Credit H. R. 6263. A bill to provide a Fedeeral charter for the Commodity Credit Corporation, and for other purposes.- Andersen, Hon. H. Carl, a Representative in Congress from the Seventh District of Minnesota... Crofton, Charles B., representing the North American Export Grain 170 Curtis, Hon. Carl T., a Representative in Congress from the First Dis- Dodd, Norris E., Under Secretary of Agriculture - 12, 190 85 Ogg, W. R., director, Washington office, American Farm Bureau Talle, Hon. Henry 0., a Representative in Congress from the Second Sanders, J. T., legislative counsel, National Grange- Sanford, H. E., chairman, National Grain Trade Council. 125 Additional information supplied for the record: Anderson, Hon. Clinton P., Secretary of Agriculture, letter from, of April 16, 1947, to Hon. Arthur H. Vandenberg--- Average of percentage changes from each year to the next in produc- tion of and income from farm products for period 1910–46.- Countries represented on International Emergency Food Committee Dodd, Hon. Norris E., letter from, dated April 20, 1948, to Hon. Henry Determination of Commodity Credit Corporation sales prices for Additional information supplied for the record—Continued Percentage of farmers voting, 1941 and 1942_ Proposed substitute for H. R. 6214. Purchase of wheat by Denmark.. Statement in connection with the Commodity Credit Corporation Part I. The Delaware Corporation - Part II. Section-by-section analysis of proposed legislation.. Tabulation showing results of transfers--- Total exports, all grains, United States and Canada (chart). FEDERAL REINCORPORATION OF COMMODITY CREDIT CORPORATION 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 i |