Reorganization Plan No. 2 of 1956

REORGANIZATION PLAN NO. 2 OF 1956 (Federal Savings and Loan Insurance Corporation)

GOVERNMENT OPERATIONS.

HOUSE OF REPRESENTATIVES

EIGHTY-FOURTH CONGRESS

SECOND SESSION

H. Res. 541

79534

JUNE 26, 1956

Printed for the use of the Committee on Government Operations

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON: 1956

COMMITTEE ON GOVERNMENT OPERATIONS

WILLIAM L. DAWSON, Illinois, Chairman

CHET HOLIFIELD, California

JOHN W. MCCORMACK, Massachusetts EARL CHUDOFF, Pennsylvania

JACK BROOKS, Texas

LESTER HOLTZMAN, New York

L. H. FOUNTAIN, North Carolina

ROBERT H. MOLLOHAN, West Virginia
PORTER HARDY, JR., Virginia
JOHN A. BLATNIK, Minnesota
ROBERT E. JONES, Alabama

EDWARD A. GARMATZ, Maryland
JOHN E. MOSS, California

JOE M. KILGORE, Texas
DANTE B. FASCELL, Florida

MARTHA W. GRIFFITHS, Michigan
HENRY S. REUSS, Wisconsin

CLARE E. HOFFMAN, Michigan

R. WALTER RIEHLMAN, New York
CECIL M. HARDEN, Indiana
CHARLES B. BROWNSON, Indiana
GEORGE MEADER, Michigan
CLARENCE J. BROWN, Ohio
GLENARD LIPSCOMB, California
B. CARROLL REECE, Tennessee
J. ARTHUR YOUNGER, California
VICTOR A. KNOX, Michigan
OTTO KRUEGER, North Dakota
CHARLES R. JONAS, North Carolina
WILLIAM E. MINSHALL, Ohio

CHRISTINE RAY DAVIS, Staff Director
ORVILLE S. POLAND, General Counsel
HELEN M. BOYER, Minority Professional Staff

EXECUTIVE AND LEGISLATIVE REORGANIZATION SUBCOMMITTEE

WILLIAM L. DAWSON, Illinois, Chairman

JOHN W. MCCORMACK, Massachusetts
ROBERT E. JONES, Alabama
JOE M. KILGORE, Texas
DANTE B. FASCELL, Florida

CECIL M. HARDEN, Indiana
CLARENCE J. BROWN, Ohio
CHARLES R. JONAS, North Carolina
CLARE E. HOFFMAN, Michigan, ex officio

ELMER W. HENDERSON, Counsel

ORVILLE S. POLAND, General Counsel II

WILLIAM PINCUS, Associate General Counsel

R.VS, 9

CONTENTS

Page

House Resolution 541.

Message from the President of the United States transmitting reorganiza-

tion plan No. 2 of 1956 (H. Doc. No. 406) – .

Statement of—

Brundage, Percival, Director, Bureau of the Budget

Bubb, Henry A., chairman, legislative committee, United States

Savings and Loan League_

Highsmith Albert W., organizational director, Citizens Committee for
the Hoover Report

Holifield, Hon. Chet, a Representative in Congress from the State of
California.

Johnson, Hon. Lester, a Representative in Congress from the State of

Wisconsin..

Kane, Owen, on behalf of the General Accounting Office

McAllister, Walter, chairman, Federal Home Loan Bank Board.

Maloney, Dr. Joseph F., Hicksville, N. Y..

Morrison, W. Franklin, chairman, Legislation Committee, National
Savings and Loan League.

Spence, Hon. Brent, a Representative in Congress from the State of

Kentucky

Younger, Hon. J. Arthur, a Representative in Congress from the

State of California..

Letters, statements, etc., submitted for the record by-

Brundage, Percival, Director, Bureau of the Budget:

Excerpt from audit report of the Federal Home Loan Bank Board

for the fiscal years ended June 30, 1945 and 1946__

Excerpt from Commission Report on Lending Agencies-

Excerpt from General Accounting Office report__

Excerpt from the Reorganization Act of 1949, as amended.

Bubb, Henry A., chairman, legislative committee. United States

Savings and Loan League:

Excerpt from administration spokesmen statement before the

House Banking Committee re the establishment of an inde-

pendent Federal Home Loan Bank Board

Excerpt from hearings on lending agencies.

Excerpt from comments of Albert M. Cole on Commission Report

on Lending Agencies

Excerpt from House Banking and Currency Committee report..

Excerpt from statement of President Eisenhower when he signed

the Housing Amendments of 1955

Excerpt from Task Force Report on Lending Agencies.
Dawson, Hon. William L., a Representative in Congress from the
State of Illinois, and chairman, House Committee on Government
Operations: Excerpt from the Reorganization Act of 1949, as
amended

Fascell, Hon. Dante B., a Representative in Congress from the State
of Florida:

Excerpt from statement of Percival Brundage.

Excerpt from testimony of Oakley Hunter from hearings on the
lending agencies

Letter from A. B. Shierlow, president, First Federal Savings &

Loan Association, Austin, Tex., to Hon. Dante B. Fascell,

June 20, 1956-

107

III

Letters, statements, etc., submitted for the record by-Continued

Fascell, Hon. Dante B-Continued

Letter from B. M. Keith, The Dalles, Oreg., to Hon. Dante B.

Fascell, June 23, 1956-

Letter from Carl F. Distelhorst, executive vice president, Florida

Savings and Loan League, Órlando, Fla., to Hon. Dante B.

Fascell, June 23, 1956..

Letter from Henry G. Stein, president, Bay Ridge Savings & Loan

Association, Brooklyn, N. Y., to Hon. Dante B. Fascell, June

20, 1956.

Letter from Irvin Marcus, president, Jefferson Federal Savings &

Loan Association, Inc., Louisville, Ky., to Hon. Dante B.

Fascell, June 21, 1956_..

Letter from J. M. Sink, Jr., president, Federal Home Loan Bank

of Greensboro, Greensboro, N. C., to Hon. Dante B. Fascell,

June 22, 1956_.

Resolution of Federal Home Loan Bank of Greensboro,

Greensboro, N. C..

Letter from Josie T. Camors, president, Union Federal Savings

& Loan Association, Baton Route, La., to Hon. Dante B.

Fascell, June 19, 1956...

Resolution-Federal Savings and Loan Advisory Council, sub-
mitted by Lacy Boggess, secretary-

Highsmith, Albert W., organizational director, Citizens Committee

for the Hoover Report: Excerpt from Comptroller General's audit

report of the Federal Savings and Loan Insurance Corporation

(81st Cong., H. Doc. 467).

Holifield, Hon. Chet, a Representative in Congress from the State of

California:

Excerpt from court decision, Board of Governors et al. v. Trans-

america Corporation_-_

Excerpt from Reorganization Plan No. 2 of 1956-

Johnson, Hon. Lester, a Representative in Congress from the State of
Wisconsin:

Letter from F. W. Carpenter, secretary-treasurer, Durand Fed-
eral Savings & Loan Association of Wisconsin, Durand, Wis.,
to Hon. Lester Johnson, June 21, 1956__

Letter from H. E. Simpson, secretary, River Falls Federal Savings

& Loan Association, River Falls, Wis., to Hon. Lester Johnson,

June 21, 1956.

Letter from Laurence S. Coe, secretary, Rice Lake Building &

Loan Association, Rice Lake, Wis., to Hon. Lester Johnson,

June 4, 1956.

Letter from Rufus Dimmick, secretary-treasurer, Jackson County

Federal Savings & Loan Association, Black River Falls, Wis.,

to Hon. Lester Johnson, June 23, 1956-

Letter from W. H. Wenzel, executive vice president, First Federal

Savings & Loan Association of Eau Claire, Wis., to Hon.

Lester Johnson, June 7, 1956---