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A BILL TO PROVIDE FOR THE CREATION OF AN INTER-
MAY 27, 28, 29, JUNE 3, 4, 5, AND 6, 1935
INTERMEDIATE CREDIT CORPORATION
MONDAY, MAY 27, 1935
HOUSE OF REPRESENTATIVES,
COMMITTEE ON BANKING AND CURRENCY,
Washington, D. C. The committee met at 10:30 a. m., Hon. Henry B. Steagall (chairman) presiding.
The CHAIRMAN. The committee will come to order. We have before us for consideration this morning H. R. 5918, introduced by Mr. Kopplemann, to provide for the creation of an Intermediate Credit Corporation for Commerce and Industry, to aid in financing small and medium-sized commercial and industrial establishments, and for other purposes.
(The bill referred to is as follows:)
[H. R. 5918, 74th Cong., 1st sess.]
A BILL To provide for the creation of an Intermediate Credit Corporation for commerce and industry, to aid in financing small and medium-sized commercial and industrial establishments, and for other purposes
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 "Intermediate Industrial Credit Corporation Act."
SEC. 2. (a) The Secretary of the Treasury is hereby authorized and directed to create a corporation to be known as the "Intermediate Industrial Credit Corporation (hereinafter referred to as the "Corporation"), which shall be an instrumentality of the United States.
(b) The principal office of the Corporation shall be located in the District of Columbia. The Corporation shall establish branch offices in the following cities of the United States: Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, Saint Louis, Minneapolis, Kansas City, Dallas, and San Francisco. The Corporation may establish additional branch offices in any other city or cities of the United States as deemed necessary by the Board of Directors: Provided, That there shall not be more than one branch office in any one State, the District of Columbia, the Territories of Alaska, the Canal Zone, Hawaii, Philippine Islands, Puerto Rico, or the Virgin Islands.
SEC. 3. (a) The control and management of the Corporation shall be vested in a board of nine directors, who shall be appointed by the President of the United States by and with the consent of the Senate. Of the nine members of the Board not more than five shall be members of any one political party, and all nine of said members shall be citizens of the United States and shall devote their entire time to the business of the Corporation; they shall receive an annual salary of $10,000, payable monthly, with the exception of the chairman of the Board, who shall receive $12,000 annually, payable monthly, and they shall receive actual necessary traveling expenses.
(b) Members to be appointed by the President shall be by experience or training qualified in the field of intermediate or long-term commercial and industrial credit.
(c) Of the directors first appointed, three shall continue in office for a term of two years, three for a term of four years, three for a term of six years, from the date this Act takes effect, the term of each to be designated by the President at the time of appointment. Their successors shall be appointed by the President with the advice and consent of the Senate, each for a term of six years from the