Page images
PDF
EPUB

NATIONAL HOUSING ACT

HEARINGS

BEFORE THE

COMMITTEE ON BANKING AND CURRENCY

OF REPRESENTATIVES

SEVENTY-THIRD CONGRESS

SECOND SESSION

ON

H.R. 9620

A BILL TO IMPROVE NATION-WIDE HOUSING STANDARDS,
PROVIDE EMPLOYMENT, AND STIMULATE INDUSTRY;
TO IMPROVE CONDITIONS WITH RESPECT TO HOME-
MORTGAGE FINANCING, TO PREVENT SPECULATIVE
EXCESSES IN NEW-MORTGAGE INVESTMENT, AND TO
ELIMINATE THE NECESSITY FOR COSTLY SECOND-MORT-
GAGE FINANCING, BY CREATING A SYSTEM OF MUTUAL
MORTGAGE INSURANCE AND BY MAKING PROVISION
FOR THE ORGANIZATION OF ADDITIONAL INSTITUTIONS
"TO HANDLE HOME FINANCING; TO PROMOTE THRIFT
AND PROTECT SAVINGS; TO AMEND THE FEDERAL
HOME LOAN BANK ACT; TO AMEND THE FEDERAL

RESERVE ACT; AND FOR OTHER PURPOSES

MAY 18, 25, 26, 28, 29, 30, 31, JUNE 1, 2, 4, 1934

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON : 1934

Catera

[merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small]
[merged small][merged small][ocr errors][merged small][merged small]

1, 97

Statement of -

Page

Hon. Harry Hopkins, Federal Emergency Relief Administrator,

Washington, D.C..

Mr. Winfield W. Riefler, economic adviser to the Emergency Council,

Washington, D.C.

3

Mr. Marrimer C. Eccles, Assistant to the Secretary of the Treasury,

Washington, D.C..

6, 88, 171

Mr. Albert L. Deane, President General Motors Holding Corporation. 9

Hon. John H. Fahey, Chairman Federal Home Loan Bank Board,

Washington, D.C..

11, 23

Hon. Horace Russell, General Counsel Federal Home Loan Bank

Board, Washington, D.C.

15, 269

Hon Frances Perkins, Secretary of Labor, Washington, D.C..

65

Mr. Henry I. Harriman, president Chamber of Commerce of the

United States

122

Hon. Frank Watson, attorney with Reconstruction Finance Corpora-

tion.

149

Mr. Charles A. Miller, president Savings Banks & Trust Co., New

York, N. Y..

199

Mr. Hugh Potter, president National Association of Real Estate

Boards, Houston, Tex..

225

Mr. Morton Bodfish, executive vice president, United States Building

and Loan League, Chicago, Ill..

237

Miss Marie L. Obenauer, joint chairman board of governors Home

Owners Protective Enterprise, Washington, D.C.

320

Mr. Marvin Farrington, Washington, D.C., representing Home

Owners Protective Enterprise

327, 353

Hon. Campton L. White, M.C.

366

Mr. Charles E. Bentley, Landover, Md.

369

Mr. E. Avery McCarthy, Los Angeles and San Francisco, Calif. 375

Mr. Don A. Loftus, president Homer Permanesque, Cleveland, O. 377

Mr. Langdon Post, chairman of the New York Housing Authority,

New York, N.Y.

290

III

[ocr errors][merged small][merged small][merged small][merged small]

HOUSE OF REPRESENTATIVES,
COMMITTEE OF BANKING AND CURRENCY,

Washington, D.C. 6? The committee met at 2:45 p.m., Hon. Henry B. Steagall (chairman) presiding.

The CHAIRMAN, Gentlemen, we have under consideration H.R. 9620, and we have with us Mr. Hopkins, Mr. Riefler, Mr. Eccles, Mr. Deane, Mr. Fahey, and Mr. Russell. We are first going to ask Mr. Hopkins to make a statement relating to this bill, and I am going to suggest to the members of the committee that we permit Mr. Hopkins to proceed in his own way, without interruption, until such time as he shall have finished with his consecutive statement and is ready to be interrogated.

Mr. GOLDSBOROUGH. Mr. Chairman, my understanding of Mr. Hopkins' view is, in order that the committee may get a complete statement, they allow Mr. Hopkins, Mr. Riefler, Mr. Eccles, and Mr. Deane, all four, to complete their statements without interruption and then go back for examination.

The CHAIRMAN. What Mr. Hopkins suggests is that each one of those four be permitted to conclude his statement and that they then return, beginning with Mr. Hopkins, and submit to interrogation in the order that each one testifies. That will be quite satisfactory and we will now ask Mr. Hopkins to proceed.

STATEMENT OF HARRY L. HOPKINS, FEDERAL EMERGENCY

RELIEF ADMINISTRATOR

Mr. HOPKINS. Mr. Chairman, I would like to make a very brief statement in regard to this bill on four points: One, the present unemployment situation as it relates to building trades, and our relief organization and relief work as it relates to building trades; second, on the social value of housing; third, on the importance of moving heavy industries; and, fourth, on the great importance of our getting private credit into this picture rather than Government bonds.

The building trades in America represent by all odds the largest single unit of our unemployment. Probably more than one-third of all the unemployed are identified, directly and indirectly, with the building trades. More than one-third of all of the 4,000,000 families on the relief rolls are identified with the building trades. In other

1

« PreviousContinue »