HEARINGS BEFORE A SUBCOMMITTEE OF THE COMMITTEE ON BANKING AND CURRENCY FIRST SESSION ON S. 1771 and H. R. 6021 BILLS TO PROVIDE ADDITIONAL HOME-MORTGAGE RELIEF, MARCH 20 TO 29, 1935 Printed for the use of the Committee on Banking and Currency 13-29-4 Rout Supt, Doc, Page Bodfish, Morton, executive vice president, United States Building and Catlett, Fred W., member of the Federal Home Loan Bank Board_. Delano, Preston, General Manager Home Owners' Loan Corporation--- 106, Eidt, Charles W., president of the Real Estate Owners Association, New Friedlander, I., president United States Building and Loan League_---- 9, 22 Harding, E. J., managing director of the Associated General Contractors 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 Jones, Sullivan W., representing Construction League of the United Lawrence, Will, Chicago, Ill. 123 MacDougall, Edward A., chairman finance committee, National Associa- Moffett, James A., Federal Housing Administrator--- O'Connor, Hon. John J., a Representative in Congress from the Sixteenth Penn, C. T., vice president, Indiana Limestone Corporation_-_ Russell, Horace, General Counsel, Federal Home Loan Bank Board. Sander, Charles F., adviser to the Ways and Means Committee of the Snow, W. A., representing Associated General Contractors of America__ Webb, T. D., Vice Chairman Federal Home Loan Bank Board. Winn, Robert H., representing National Limestone Industry Associated, CORRESPONDENCE III HOME OWNERS' LOAN AND NATIONAL HOUSING ACT WEDNESDAY, MARCH 20, 1935 UNITED STATES SENATE, ་ ་ SUBCOMMITTEE OF COMMITTEE ON 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. 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:) [S. 1771, 74th Cong., 1st sess.] 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 66 Be it enacted 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 |