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Furce, and Ulian Affam bermittle on way:
OVERSIGHT HEARINGS ON NATIONAL DEVELOPMENT

BANK LEGISLATION

HEARINGS

BEFORE THE

SUBCOMMITTEE ON

GENERAL OVERSIGHT AND RENEGOTIATION

OF THE

COMMITTEE ON

BANKING, FINANCE AND URBAN AFFAIRS
HOUSE OF REPRESENTATIVES

NINETY-SIXTH CONGRESS

SECOND SESSION

ON

H.R. 7902

A BILL TO ESTABLISH A NATIONAL DEVELOPMENT BANK TO
PROVIDE LOANS TO FINANCE URGENTLY NEEDED PUBLIC FA-
CILITIES FOR STATE AND LOCAL GOVERNMENTS, TO HELP
ACHIEVE A FULL EMPLOYMENT ECONOMY BY PROVIDING
LOANS FOR THE ESTABLISHMENT OF BUSINESSES AND IN-
DUSTRIES, AND THE EXPANSION AND IMPROVEMENT OF SUCH
EXISTING BUSINESSES AND INDUSTRIES, AND TO PROVIDE
JOB TRAINING FOR UNSKILLED AND SEMISKILLED UNEM-
PLOYED AND UNDEREMPLOYED WORKERS

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HOUSE COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS

HENRY S. REUSS, Wisconsin, Chairman

THOMAS L. ASHLEY, Ohio
WILLIAM S. MOORHEAD, Pennsylvania
FERNAND J. ST GERMAIN, Rhode Island
HENRY B. GONZALEZ, Texas
JOSEPH G. MINISH, New Jersey
FRANK ANNUNZIO, Illinois
JAMES M. HANLEY, New York
PARREN J. MITCHELL, Maryland
WALTER E. FAUNTROY, District of
Columbia

STEPHEN L. NEAL, North Carolina
JERRY M. PATTERSON, California
JAMES J. BLANCHARD, Michigan
CARROLL HUBBARD, JR., Kentucky
JOHN J. LAFALCE, New York
GLADYS NOON SPELLMAN, Maryland
LES AUCOIN, Oregon

DAVID W. EVANS, Indiana

NORMAN E. D'AMOURS, New Hampshire
STANLEY N. LUNDINE, New York

JOHN J. CAVANAUGH, Nebraska

MARY ROSE OAKAR, Ohio

JIM MATTOX, Texas

BRUCE F. VENTO, Minnesota
DOUG BARNARD, JR., Georgia
WES WATKINS, Oklahoma
ROBERT GARCIA, New York
MIKE LOWRY, Washington

J. WILLIAM STANTON, Ohio
CHALMERS P. WYLIE, Ohio

STEWART B. MCKINNEY, Connecticut
GEORGE HANSEN, Idaho
HENRY J. HYDE, Illinois
RICHARD KELLY, Florida
JIM LEACH, Iowa

THOMAS B. EVANS, JR., Delaware
S. WILLIAM GREEN, New York
RON PAUL, Texas

ED BETHUNE, Arkansas

NORMAN D. SHUMWAY, California
CARROLL A. CAMPBELL, JR., South
Carolina

DON RITTER, Pennsylvania

JON HINSON, Mississippi

JOHN EDWARD PORTER, Illinois

PAUL NELSON, Clerk and Staff Director
MICHAEL P. FLAHERTY, General Counsel
JAMES C. SIVON, Minority Staff Director

SUBCOMMITTEE ON GENERAL OVERSIGHT AND RENEGOTIATION
JOSEPH G. MINISH, New Jersey, Chairman

HENRY B. GONZALEZ, Texas
FRANK ANNUNZIO, Illinois
CARROLL HUBBARD, JR., Kentucky
PARREN J. MITCHELL, Maryland
STEPHEN L. NEAL, North Carolina
DOUG BARNARD, JR., Georgia
WALTER E. FAUNTROY,

District of Columbia

S. WILLIAM GREEN, New York
RON PAUL, Texas

CARROLL A. CAMPBELL, JR.,

South Carolina

JON HINSON, Mississippi

ROBERT LOFTUS, Staff Director
JAMES W. BROWN, Counsel

(II)

81-600651

6 mr 81

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Port Authority of New York and New Jersey..

177

Miller, Hon. G. William, Secretary of the Treasury

198

Moorhead, Hon. William S., a Representative in Congress from the State of
Pennsylvania.......

194

Slater, Fred, vice chairman, Slater Companies, Inc., Livingston, N.J.

216

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"Emergency Federal Financial Assistance to Private Enterprise:
A Selective Examination of Past Loan and Loan Guarantee
Programs of the Federal Government," John Mitrisin, Econo-
mist, Economics Division, November 29, 1974.......

"Purposes of the Reconstruction Finance Corporation"

"Reconstruction Finance Corporation: A Brief Background

Report,' Caroline Walker, Economic Analyst, January

"The Federal Financing of Manufacturing Facilities: The Experi-
ence of the Wartime Subsidiaries of the Reconstruction Fi-
nance Corporation," John Mitrisin, Economist, Economics Divi-
sion, March 14, 1975.....

"The Reconstruction Finance Corporation and the Small Busi-

ness Administration: A Brief Survey," Julius W. Allen, Ana-

lyst in Industrial Organization and Corporation Finance, Eco-

nomics Division, August 19, 1953.

Prepared statement

154

139

(III)

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