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

!!.S. Cogicis. Horne

HEARING CO.

4 JUL 12

1950

BEFORE A

SUBCOMMITTEE OF THE

COMMITTEE ON
GOVERNMENT OPERATIONS.
HOUSE OF REPRESENTATIVES

EIGHTY-FOURTH CONGRESS

SECOND SESSION

ON

H. Res. 541

JUNE 26, 1956

Printed for the use of the Committee on Government Operations

5.-6

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON : 1956

79534

COMMITTEE ON GOVERNMENT OPERATIONS

WILLIAM L. DAWSON, Illinois, Chairmani CHET HOLIFIELD, California

CLARE E. HOFFMAN, Michigan JOHN W. McCORMACK, Massachusetts R. WALTER RIEHLMAN, New York EARL CHUDOFF, Pennsylvania

CECIL M. HARDEN, Indiana JACK BROOKS, Texas

CHARLES B. BROWNSON, Indiana LESTER HOLTZMAN, New York

GEORGE MEADER, Michigan L. H. FOUNTAIN, North Carolina

CLARENCE J. BROWN, Ohio ROBERT H. MOLLOHAN, West Virginia GLENARD LIPSCOMB, California PORTER HARDY, JR., Virginia

B. CARROLL REECE, Tennessee JOHN A. BLATNIK, Minnesota

J. ARTHUR YOUNGER, California ROBERT E. JONES, Alabama

VICTOR A. KNOX, Michigan EDWARD A. GARMATZ, Maryland

OTTO KRUEGER, North Dakota JOHN E. MOSS, California

CHARLES R. JONAS, North Carolina
JOE M. KILGORE, Texas

WILLIAM E. MINSHALL, Ohio
DANTE B. FASCELL, Florida
MARTHA W. GRIFFITHS, Michigan
HENRY S. REUSS, Wisconsin

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 CECIL M. HARDEN, Indiana
ROBERT E. JONES, Alabama

CLARENCE J. BROWN, Ohio
JOE M, KILGORE, Texas

CHARLES R. JONAS, North Carolina DANTE B. FASCELL, Florida

CLARE E. HOFFMAN, Michigan, ex officio

ELMER W. HENDERSON, Counsel ORVILLE S. POLAND, General Counsel WILLIAM PINCUS, Associate General Counsel

II

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House Resolution 541.

1

Message from the President of the United States transmitting reorganiza-

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

1

Statement of -

Brundage, Percival, Director, Bureau of the Budget.

10

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

Savings and Loan League-

81

Highsmith Albert W., organizational director, Citizens Committee for

the Hoover Report.-

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

California

70

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

Wisconsin...

4

Kane, Owen, on behalf of the General Accounting Office

98
McAllister, Walter, chairman, Federal Home Loan Bank Board.

46
Maloney, Dr. Joseph F., Hicksville, N. Y..

90
Morrison, W. Franklin, chairman, Legislation Committee, National
Savings and Loan League -

93

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

Kentucky

7

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

45

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..

33

Excerpt from Commission Report on Lending Agencies

12
Excerpt from General Accounting Office report -

12
Excerpt from the Reorganization Act of 1949, as amended

16

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 r'ederal Home Loan Bank Board.

86

Excerpt from comments of Albert M. Cole on Commission Report

on Lending Agencies

86

Excerpt from hearings on lending agencies.

86

Excerpt from House Banking and Currency Committee report.. 87

Excerpt from statement of President Eisenhower when he signed

the Housing Amendments of 1955.

86, 88

Excerpt from Task Force Report on Lending Agencies_

85, 87

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..

38

Fascell, Hon. Dante B., a Representative Congress om State

of Florida:

Excerpt from statement of Percival Brundage.

29

Excerpt from testimony of Oakley Hunter from hearings on the

lending agencies

41, 42

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

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

June 20, 1956.

107

Page

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, Orlando, 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_-

Telegram from Eau Claire, Wis., listing associations opposed to

Reorganization Plan No. 2 of 1956.-

Kane, Owen, on behalf of the General Accounting Office:

General Accounting Office audit reports containing recommenda-

tion concerning separation of the Federal Savings and Loan

Insurance Corporation from the Federal Home Loan Bank

Board.

Letter from Joseph Campbell, Comptroller General of the United

States, to Hon. William L. Dawson, June 22, 1956_
Maloney, Dr. Joseph F., Hicksville, N. Y. Statement
Morrison, W. Franklin, chairman, legislation committee, National

Savings and Loan League: Statement...

74
74

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6

98
91

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