A BILL TO AMEND THE COMMODITY CREDIT MARCH 21, 22, 23, 24, 25, AND APRIL 5, 1949 Printed for the use of the Committee on Banking and Currency 46217 88681 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1949 H. R. 2682. A bill to amend the Commodity Credit Corporation Charter Act, the Strategic and Critical Materials Stock Piling Act, and for other 127 Blakemore, James R., Assistant Director, Corporation Audits Divi- 137 Brannan, Hon. Charles F., Secretary of Agriculture_. Hoeven, Hon. Charles B., a Representative in Congress from the 78 Johnston, Clement D., president, American Warehousemen's Asso- Johnston, Dale H., president, W. B. Johnston Grain Co., Enid, Okla__ Long, Robert L. supervisor, Corporation Audits Division, General Parel, Don, associate director, Washington office, American Farm Bu- Sanders, J. T., legislative counsel, the National Grange_ Scott, Walter R., executive vice president, the Board of Trade of Smith, Russell, legislative secretary, National Farmers Union Todd, John H., counsel and Washington representative, the National Cotton Compress and Cotton Warehouse Association. Additional information, communications, and statistics submitted for the Brannan, Hon. Charles F., Secretary of Agriculture, letter from, to Hon. Lindsay C. Warren, Comptroller General of the United States- Commodity Credit Corporation loan, purchase, and sales activities, fiscal year 1949, through February 28, 1949_. General Accounting Office, letter and statement from, relative to Jones, Hon. Marvin, chief judge, United States Court of Claims, Percentage of occupancy of coolers and freezers, by areas_ Percentage of total grain storage capacity filled in terminal centers by districts, as of March 12, 1949- III COMMODITY CREDIT CORPORATION CHARTER ACT AMENDMENTS MONDAY, MARCH 21, 1949 HOUSE OF REPRESENTATIVES, COMMITTEE ON BANKING AND CURRENCY, Washington, D. C. The committee convened pursuant to call at 10 a. m., the Honorable Brent Spence, chairman, presiding: Present: Messrs. Spence, Brown, Patman, Monroney, Hays, Buchanan, Deane, O'Brien, McKinnon, Addonizio, Mitchell, O'Hara, Wolcott, Kunkel, Talle, McMillen, Kilburn, Hull, and Nicholson. The CHAIRMAN. The committee will be in order. We have met to consider H. R. 2682, the Commodity Credit bill. (The bill referred to is as follows:) [H. R. 2682, 81st Cong., 1st sess.] A BILL To amend the Commodity Credit Corporation Charter Act, the Strategic and Critical Materials Stock Piling Act, and for other purposes Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 2 of the Commodity Credit Corporation Charter Act (Public Law Numbered 806, Eightieth Congress) is amended by deleting the words "direction and control of its Board of Directors" at the end of the said section and substituting therefor the words "supervision and direction of the Secretary of Agriculture (hereinafter referred to as the 'Secretary')". SEC. 2. Section 4 (h) of the said Commodity Credit Corporation Charter Act is amended by deleting the second sentence thereof and inserting in its place the following: "The Corporation shall have power to acquire personal property necessary to the conduct of its business but shall not have power to acquire real property or any interest therein except that it may (a) rent or lease office space necessary for the conduct of its business and (b) acquire real property or any interest therein for the purpose of providing storage adequate to carry out effectively and efficiently any of the Corporation's programs, or of securing or discharging obligations owing to the Corporation, or of otherwise protecting the financial interests of the Corporation." SEC. 3. Section 9 of the said Commodity Credit Corporation Charter Act is amended to read as follows: "SEC. 9. Directors: The management of the Corporation shall be vested in a board of directors (hereinafter referred to as the 'Board'), subject to the general supervision and direction of the Secretary. The Secretary shall be an ex officio director and shall serve as Chairman of the Board. The Board shall consist of not less than six nor more than ten members (in addition to the Secretary), who shall be appointed by, and hold office at the pleasure of, the Secretary. In addition to their duties as members of the Board, such appointed members shall perform such other duties as may be prescribed by the Secretary. Each appointed member of the Board shall receive compensation at such rate not in excess of the maximum then payable under the Classification Act of 1923, as amended, as may be fixed by the Secretary, except that any such member who holds another office or position under the Federal Government the compensation for which exceeds 1 |