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UNITED STATES SENATE
THE COMMODITY CREDIT CORPORATION
JANUARY 19, 20, AND 21; MARCH 15 AND 16, 1948
Printed for the use of the Committee on Agriculture and Forestry
COMMITTEE ON AGRICULTURE AND FORESTRY
ARTHUR CAPPER, Kansas, Chairman GEORGE D. AIKEN, Vermont
ELMER THOMAS, Oklahoma HARLAN J. BUSHFIELD, South Dakota
ALLEN J. ELLENDER, Louisiana GEORGE A. WILSON, Iowa
SCOTT W. LUCAS, Illinois MILTON R. YOUNG, North Dakota
TOM STEWART, Tennessee EDWARD J. THYE, Minnesota
CLYDE R. HOEY, North Carolina JAMES P. KEM, Missouri
CLAUDE PEPPER, Florida
---- 5, 54, 96
Simpson, Clark, Assistant Director, Corporation Audits Division,
General Accounting Office, Washington, D. C.---
Smith, Russell, legislative secretary, National Farmers Union, Wash-
ington, D. C--
Accounting Office, Washington, D. C..
COMMODITY CREDIT CORPORATION CHARTER
MONDAY, JANUARY 19, 1948
UNITED STATES SENATE,
Washington, D. C. The committee met, pursuant to call, at 10:20 a. m., in room 324, Senate Office Building, Senator Arthur Capper, chairman, presiding.
Present: Senators Capper (chairman), Aiken, Bushfield, Wilson, Young, Thye, Ellender, and Lucas.
The CHAIRMAN. The commmittee will come to order. We are here today to consider S. 1322, a copy of which we will insert into the record at this point.
(S. 1322 is as follows:)
A BILL To provide a Federal charter for the Commodity Credit Corporation
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the “Commodity Credit Corporation Charter Act."
SEC. 2. CREATION AND PURPOSE.—For the purpose of promoting the general welfare by stabilizing, supporting, and protecting farm income and prices, by assisting in the maintenance of balanced and adequate supplies of agricultural commodities, products thereof, foods, feeds, and fibers (hereinafter collectively referred to as "agricultural commodities”), and by facilitating the orderly distribution of agricultural commodities, there is hereby created a body corporate to be known as the Commodity Credit Corporation (hereinafter referred to as the “Corporation”), which shall be an agency and instrumentality of the United States, within the Department of Agriculture, subject to the general direction and control of the Secretary of Agriculture (hereinafter referred to as the “Secretary').
SEC. 3. OFFICES.—The Corporation may establish offices in such place or places as it may deem necessary or desirable in the conduct of its business.
SEC. 4. GENERAL POWERS.—The Corporation-
(b) May adopt, alter, and use a corporate seal, which shall be judicially noticed.
(c) May sue and be sued, but no attachment, injunction, garnishment, or other similar process, mesne or final, shall be issued against the Corporation or its property. The district courts of the United States, including the district courts of the District of Columbia and of any Territory or possession, shall have exclusive original jurisdiction of all suits brought by or against the Corporation : Provided, That the Corporation may intervene in any court in any suit, action, or proceeding in which it has an interest. Any suit against the Corporation shall be brought in the District of Columbia, or in the district wherein the plaintiff resides or is engaged in business. No suit against the Corporation shall be allowed unless it shall have been brought within two years after the right accrued on which suit is brought. All suits against the Corporation shall be tried by the court without a jury. Notwithstanding any other provision of this Act, the Federal Tort Claims Act (Public Law 601, Seventy-ninth Congress) shall be applicable to the Corporation.