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SUBCOMMITTEE OF THE
UNITED STATES SENATE
S. 1771 and H. R. 6021
MARCH 20 TO 29, 1935
Printed for the use of the Committee on Banking and Currency
COMMITTEE ON BANKING AND CURRENCY
DUNCAN U. FLETCHER, Florida, Chairman
PETER NORBECK, South Dakota
CARTER GLASS, Virginia
WILLIAM L. HILL, Clerk
SUMCOMMITTEE ON HOME LOAN BANK AND RELATED MATTERS
ROBERT J. BULKLEY, Ohio, Chairman ROBERT F. WAGNER, New York,
JOHN G. TOWNSEND, Delaware ALBEN W. BARKLEY, Kentucky
FREDERICK STEIWER, Oregon WILLIAM GIBBS MCADOO, California
Catlett, Fred W., member of the Federal Home Loan Bank Board.----- 147,
154, 158, 173
131, 195, 204
Friedlander, I., president United States Building and Loan League ---- 9, 22
Smith, R. Graham, representing Connecticut General Life Insurance Co.
of Hartford, Conn.----
HOME OWNERS' LOAN AND NATIONAL HOUSING ACT
WEDNESDAY, MARCH 20, 1935, ..
UNITED STATES SENATE,
Washington, D. C. The subcommittee met, at 10:30 a. m., pursuant to call, in Room 301 of the Senate Office Building, Senator Robert J. Bulkley presiding.
Present: Senators Bulkley (chairman of the subcommittee), McAdoo, Townsend, and Steiwer.
Present also: Senator Reynolds, of North Carolina.
Senator BULKLEY. The committee will be in order. The hearings this morning are in connection with S. 1771 and H. R. 6021, which we will have printed in the record. H. R. 6021, as introduced, is identical in lauguage with S. 1771, and as it comes to us now it contains the amendments agreed upon in the House of Representatives.
(The bills referred to are here printed in full as follows:)
A BILL To provide additional home-mortgage relief, to amend the Federal Home Loan
Bank Act, the Home Owners' Loan Act of 1933, and the National Housing Act, and for other purposes
Be it enaoted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Federal Home Loan Bank Act as amended be further amended by striking out the word “three" from the fifth line of subsection (6) of section 2 thereof, and inserting in lieu thereof the word “four".
SEC. 2. Section 6, subsection (k), of the Federal Home Loan Bank Act as amended is amended to read as follows:
"(k) All stock of any Federal Home Loan Bank shall share in dividend distributions without preference.”
SEC. 3. Section 7, subsections (a), (b), and (c) of the Federal Home Loan Bank Act as amended is amended to read as follows:
“ SEC. 7. (a) The management of each Federal Home Loan Bank shall be vested after 1935 in a board of nine directors, all of whom shall be citizens of the United States and bona fide residents of the district in which such bank is located.
“(b) Three of such directors shall be appointed by the Board. The terms of the two such directors heretofore provided by law shall expire at the end of 1936 and 1937, respectively, and the third such director shall be appointed at the end of the year 1935 for a term of three years, and their successors shall be appointed by the Board for terms of three years.
"(c) Upon the expiration of the term of the directors elected under the provisions of subsection (d) of this section, whose terms expire at the end of 1935, no successors to such directors shall be elected. After the year 1935, six of such directors, two of whom shall be known as class A directors, two of whom shall be known as class B directors, and two of whom shall be known