Page images
PDF
EPUB

HEARINGS

BEFORE A

SUBCOMMITTEE OF THE
quoCOMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

SEVENTY-FOURTH CONGRESS

FIRST SESSION

ON

S. 1771 and H. R. 6021
BILLS 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

MARCH 20 TO 29, 1935

Printed for the use of the Committee on Banking and Currency

[blocks in formation]

COMMITTEE ON BANKING AND CURRENCY

DUNCAN U. FLETCHER, Florida, Chairman

PETER NORBECK, South Dakota
JOHN G. TOWNSEND, JR., Delaware
ROBERT D. CAREY, Wyoming
JAMES COUZENS, Michigan
FREDERICK STEIWER, Oregon
BRONSON CUTTING, New Mexico

CARTER GLASS, Virginia
ROBERT F. WAGNER, New York
ALBEN W. BARKLEY, Kentucky
ROBERT J. BULKLEY, Ohio
THOMAS P. GORE, Oklahoma
EDWARD P. COSTIGAN, Colorado
ROBERT R. REYNOLDS, North Carolina
JAMES F. BYRNES, South Carolina
JOHN H. BANKHEAD, Alabama
WILLIAM GIBBS MCADOO, California
ALVA B. ADAMS, Colorado
FRANCIS T. MALONEY, Connecticut
· GEORGE L. RADCLIFFE, Maryland

WILLIAM L. HILL, Clerk
R. H. SPARKHAM, Acting 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

cout

Supt, Joe,
4-48.35

CONTENTS

Page

Bankhead, Hon. John H., United States Senator from the State of

Alabama ---

71

Barbour, Hon. W. Warren, United States Senator from the State of

New Jersey------

41

Bodfish, Morton, executive vice president, United States Building and

Loan League -

----- 25, 227

Catlett, Fred W., member of the Federal Home Loan Bank Board.----- 147,

154, 158, 173
Delano, Preston, General Manager Home Owners' Loan Corporation---- 106,

131, 195, 204

Eidt, Charles W., president of the Real Estate Owners Association, New

York City-----

---------------------- 121
Fahey, John H., Chairman Federal Home Loan Bank Board------- 72,

130, 172, 186, 213, 238

Ferguson, A. H., Assistant General Counsel, Federal Housing Adminis-

tration --

Friedlander, I., president United States Building and Loan League ---- 9, 22
Harding, E. J., managing director of the Associated General Contractors
of America, Washington, D. O__

56

Hayden, Hon. Carl, United States Senator from the State of Arizona-- 167, 174

Hettinger, A. J., Jr., secretary Durable Goods Industries Committee.-

Hoagland, Dr. H. E., member of Home Loan Bank Board_--- 156, 182, 212, 245

Hyman, Isaac, representing the Bronx Tax-Payers' Association and

Council of Real Estate Associations, New York City-----

118

Jones, Sullivan W., representing Construction League of the United

States, Washington, D. C------

Lawrence, Will, Chicago, Ill -----

123

MacDougall, Edward A., chairman finance committee, National Associa-

tion of Real Estate Boards_

Moffett, James A., Federal Housing Administrator..

O'Connor, Hon. John J., a Representative in Congress from the Sixteenth

Congressional District of New York.---

113

Oppenheimer, Fred, treasurer of the Bronx Borough Taxpayers' League,

Inc., New York City-----

Penn, c. T., vice president, Indiana Limestone Corporation-----

Reynolds, Hon. Robert R., United States Senator from the State of

North Carolina-----

16

Russell, Horace, General Counsel, Federal Home Loan Bank Board --- 97,

140, 151, 177, 200, 206

Sander, Charles F., adviser to the Ways and Means Committee of the

Council of Real Estate Associations, New York...

Smith, R. Graham, representing Connecticut General Life Insurance Co.

of Hartford, Conn.----

Snow, W. A., representing Associated General Contractors of America_-

Schwellenbach, Hon. Lewis B., United States Senator from the State

of Washington.---

170

Webb, T. D., Vice Chairman Federal Home Loan Bank Board---------- 223

Winn, Robert H., representing National Limestone Industry Associated,

Washington, D. C---

61

CORRESPONDENCE

[blocks in formation]

HOME OWNERS' LOAN AND NATIONAL HOUSING ACT

WEDNESDAY, MARCH 20, 1935, ..

UNITED STATES SENATE,
SUBCOMMITTEE OF COMMITTEE ON.
BANKING AND CURRENCY,

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:)

[ocr errors]

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

« PreviousContinue »