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COMMITTEE ON BANKING AND CURRENCY

JESSE P. WOLCOTT, Michigan, Chairman RALPH A. GAMBLE, New York

BRENT SPENCE, Kentucky FREDERICK C. SMITH, Ohio

PAUL BROWN, Georgia JOHN C. KUNKEL, Pennsylvania

WRIGHT PATMAN, Texas HENRY O. TALLE, Iowa

A. S. MIKE MONRONEY, Oklahoma FRANK L. SUNDSTROM, New Jersey JOHN H. FOLGER, North Carolina ROLLA C. MCMILLEN, Illinois

BROOKS HAYS, Arkansas CLARENCE E. KILBURN, New York

JOHN J. RILEY, South Carolina HOWARD H. BUFFETT, Nebraska

ALBERT RAINS, Alabama ALBERT M. COLE, Kansas

FRANK BUCHANAN, Pennsylvania MERLIN HULL, Wisconsin

HALE BOGGS, Louisiana WILLIAM G. STRATTON, Illinois

ABRAHAM J. MULTER, New York
HARDIE SCOTT, Pennsylvania
PARKE M. BANTA, Missouri
CHARLES K. FLETCHER, California
DONALD W. NICHOLSON, Massachusetts

WILLIAM J. HALLAHAN, Clerk
ORMAN S. FINK, Technical Staff Director

CONTENTS

Page

S. 2287. An act to amend the Reconstruction Finance Corporation Act, as

amended, and for other purposes.-

1

H. R. 5129. A bill relating to the taxation of certain property owned by

the Reconstruction Finance Corporation.--

5

H. R. 5637. A bill to amend the Reconstruction Finance Corporation Act,

as amended, so as to eliminate the exemption of certain real property of

the Reconstruction Finance Corporation from State, Territorial, county,

municipal, and local taxation.--

5

Statement of -

Coogan, Thomas, secretary, National Association of Home Builders.-

Corry, Edgar C., Jr., national commander, American Veterans of

World War II.

109

Creswell, Jay, president, Pneumatics, Inc., Plymouth, Ind.

104

Goodloe, John D., Chairman, Board of Directors, Reconstruction

Finance Corporation.-

6, 109

Johnson, Hon. Leroy, a Representative in Congress from the Third

District of California..

51

Kenyon, E. A., Assistant Director of Corporation Audits_

68

Lyle, George D., chairman, Michigan Veterans Housing Committee.. 123

Neel, Samuel E., counsel, Mortgage Bankers Association of America. 58

Northup, H. R., secretary-manager, National Retail Lumber Dealers

Association.

108

Weitzel, Frank H., Assistant to the Comptroller General.

68
Westfall, T. B., accountant..

68
Additional information submitted for the record:

Bakke, Norris C., Assistant General Counsel, Federal Deposit Insur-

ance Corporation, letter of January 13, 1948, to Lewis M. Stevens. 10, 35
Dineen, Robert E., superintendent of insurance, State of New York,
letter of January 16, 1948, to Hon. C. Douglass Buck...

11, 32

Federal National Mortgage Association mortgages, information on-

Commitments for purchase, authorized.-

117

Contracts purchased.

117

Applications and dispositions, by months, 1947 and 1948.

117

Applications and dispositions, March 1948.

118

Financial statement, June 30, 1947-.

118

Income and expense from February 1938 through June 30, 1947. 119

Authorizations, cancellations, disbursements, and repayments,

February 10, 1938, through June 30, 1947.

120

Analysis of repayments and other reductions, February 10, 1938,

through June 30, 1947-.

122

Goodloe, Hon. John D.:
Lending and investment functions, February 29, 1948.

43
Letter of April 22, 1948, to Hon. Jesse P. Wolcott.-

12
Letter from N. E. Dodd, Acting Secretary, Department of Agri-
culture, dated April 20, 1948..

19
Letter of April 14, 1948, to Hon. Clinton P. Anderson..

19
Letter of March 17, 1948, to Hon. C. Douglass Buck.

22
Letter of March 18, 1948, to Hon. C. Douglass Buck.

23
Liquidation of Reconstruction Finance Corporation's investment

in preferred stock, debentures, and capital notes of banks
(tabulation)

14
Position of RFC with respect to $2,000,000,000 limitation imposed
by Public Law No. 132.--

42
Purchase of section 603 and section 608 mortgages.

24

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