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SUBCOMMITTEE OF THE
DOCUMENT COMMITTEE ON BANKING AND CURRENCY
UNITED STATES SENATE
A STUDY OF THE OPERATIONS OF THE
APRIL 13, 22, and 27, 1950
Printed for the use of the Committee on Banking and Currency
COMMITTEE ON BANKING AND CURRENCY
BURNET R. MAYBANK, South Carolina, Chairman GLEN H. TAYLOR, Idaho
CHARLES W. TOBEY, New Hampshire J. W. FULBRIGHT, Arkansas
HOMER E. CAPEHART, Indiana A. WILLIS ROBERTSON, Virginia
RALPH E. FLANDERS, Vermont JOHN SPARKMAN, Alabama
JOHN W. BRICKER, Ohio
IRVING M. IVES, New York
A. LEE PARSONS, Clerk
SUBCOMMITTEE ON RECONSTRUCTION FINANCE CORPORATION
J. W. FULBRIGHT, Arkansas, Chairman BURNET R. MAYBANK, South Carolina CHARLES W. TOBEY, New Hampshire J. ALLEN FREAR, JR., Delaware
HOMER E. CAPEHART, Indiana PAUL H. DOUGLAS, Illinois
GEORGE MEADER, Counsel
Warren, Lindsay C., Comptroller General of the United States
Davis, Ralph E., Houston, Tex.: Letter to Senator Fulbright re-
Arkansas: Letter to Comptroller General Warren regarding Tex-
Examiner's second supplemental report of September 12,
STUDY OF RECONSTRUCTION FINANCE CORPORATION
THURSDAY, APRIL 13, 1950
UNITED STATES SENATE, COMMITTEE ON BANKING AND CURRENCY, SUBCOMMITTEE ON RECONSTRUCTION FINANCE CORPORATION,
Washington, D. C. "he subcommittee met, pursuant to notice, at 10 a. m., in room 301, Senate Office Building, Senator J. William Fulbright (chairman of the subcommittee), presiding.
Present: Senators Fulbright, Maybank, Frear, and Douglas.
Also present: Mr. Meader, chief counsel, and Mr. Herz, director of staff of subcommittee.
Senator FULBRIGHT. The committee will come to order.
This is the first public hearing of the Banking and Currency subcommittee on the Reconstruction Finance Corporation pursuant to the terms of Senate Resolution 219, the Eighty-first Congress, ordering a study to be made of the operations of the Reconstruction Finance Corporation.
At this point I will insert in the record a copy of that resolution. (The resolution referred to follows:)
(S. Res. 219, 81st Cong., 2d sess.)
RESOLUTION Resolved, That the Senate Committee on Banking and Currency, or any duly authorized subcommittee thereof, is authorized and directed to conduct a thorough study of the operations of the Reconstruction Finance Corporation, and its subsidiaries, with special attention given to the recommendations of the Commission on Organization of the Executive Branch of the Government with respect to such Corporation and its subsidiaries.
Sec. 2. The committee shall report its findings, together with its recommendations for such legislation as it may deem advisable, to the Senate at the earliest practicable date but not later than June 1, 1950.
SEC. 3. For the purposes of this resolution, the committee, or any duly authorized subcommittee thereof, is authorized to employ upon a temporary basis such technical, clerical, and other assistants, as it deems advisable, and is authorized, with the consent of the head of the department or agency concerned, to utilize the services, information, facilities, and personnel of any of the departments or agencies of the Government. The expenses of the committee under this resolution, which shall not exceed $50,000, shall be paid from the contingent fund of the Senate upon vouchers approved by the chairman of the committee.
Senator FULBRIGHT. The Senate Banking and Currency Committee has adopted a resolution de ignating this subcommittee as the one to conduct the study of the operations of the Reconstruction Finance Corporation directed by Sena ie Resolution 219. I will also place this resolution in the record at this point,