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COMMITTEE ON BANKING AND CURRENCY

J. WILLIAM FULBRIGHT, Arkansas, Chairman A. WILLIS ROBERTSON, Virginia

HOMER E, CAPEHART, Indiana JOHN J. SPARKMAN, Alabama

JOHN W. BRICKER, Ohio J. ALLEN FREAR, JR., Delaware

IRVING M. IVES, New York PAUL H. DOUGLAS, Illinois

WALLACE F. BENNETT, Utah HERBERT H. LEHMAN, New York

PRESCOTT S. BUSH, Connecticut A. S. MIKE MONRONEY, Oklahoma

J. GLENN BEALL, Maryland WAYNE MORSE, Oregon

FREDERICK G. PAYNE, Maine
J. H. YINGLING, Chief Clerk
ROBERT A. WALLACE, Staff Director

SUBCOMMITTEE ON HOUSING

JOHN J. SPARKMAN, Alabama, Chairman J. WILLIAM FULBRIGHT, Arkansas

HOMER E. CAPEHART, Indiana PAUL H. DOUGLAS, Illinois

IRVING M. IVES, New York HERBERT H. LEHMAN, New York

PRESCOTT S. BUSH, Connecticut A. S. MIKE MONRONEY, Oklahoma

FREDERICK G. PAYNE, Maine JACK CARTER, Staff Director

II

CONTENTS

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Letter of transmittal.

Part I. Origin of study.

Part II. The Federal Home Loan Bank Board, its functions and back-

ground.--

Introduction.

Organizational history--

The Home Loan Bank System.

Establishment of Federal home,loan banks--

Establishment of Home Owners Loan Corporation.-

Establishment of Federal savings and loan system..

Establishment of Federal Savings and Loan Insurance Corporation.

Development of the home-loan banks...

Development of Federal savings and loan associations.

Development of the Insurance Corporation.

Significant statutory changes.

Association reserves

Board action to counter inflation.

Part III. Separation of FHLBB and FSLIC.

Scope of study --

Conflict of interest issue..

Growth of insurance risks..

Participation of FSLIC in growth of insurance risk.

Effect of "separation” insofar as the “conflict of interest” issue

is concerned.

"Promotional” activity by the FHLBB.

Other issues involved in separation.-

Protection of the interests of the Corporation and the Treasury

Increasing the efficiency of present operations.

Reducing operating expenses -

Promoting public confidence..

Part IV. Issues not pertinent to separation.-

Federal Home Loan Bank Board responsibility for maintaining sound

credit conditions ---

Examination of insured State-chartered institutions-

Supervision of member associations-

Adequacy of reserves of the FSLIC.

Additional issues -

Part V. Summary and conclusions.

Appendix:

Message from the President transmitting Reorganization Plan No. 2-

Reorganization Plan No. 2_

Senate Resolution 291..

House Resolution 541.

Questionnaire

Replies to questionnaire:

Federal Home Loan Bank Board.

Bureau of the Budget-

Comptroller General

Federal Home Loan Bank of Cincinnati-

National Savings and Loan League -

United States Savings and Loan League -

Citizens Committee for the Hoover Report.

Treasury Department ----

Federal Deposit Insurance Corporation..

Duties and functions of the Federal Home Loan Bank Board

Duties and functions of the Federal Savings and Loan Insurance

Corporation.-

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III

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