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HENRY B. STEAGALL, Alabama, Chairman
JESSE P. WOLCOTT, Michigan FRANK W. HANCOCK, JR., North Carolina PETER A. CAVICCHIA, New Jersey CLYDE WILLIAMS, Missouri
HAMILTON FISH, JR., New York 0. H. CROSS, Texas
CHARLES L. GIFFORD, Massachusetts BRENT SPENCE, Kentucky
EVERETT M. DIRKSEN, Illinois PRENTISS M. BROWN, Michigan
CLARE G. FENERTY, Pennsylvania FRED J. SISSON, New York JAMES I. FARLEY, Indiana JAMES A. MEEKS, Illinois HERMAN P. KOPPLEMANN, Connecticut MARTIN J. KENNEDY, New York THOMAS F. FORD, California PAUL BROWN, Georgia RICHARD M. RUSSELL, Massachusetts D. J. DRISCOLL, Pennsylvania D. WORTH CLARK, Idaho
J. T. CRAWFORD, Clerk
Dr. Theodore N. Beckman, Ohio State University, Columbus, Ohio..
INTERMEDIATE CREDIT CORPORATION
MONDAY, MAY 27, 1935
HOUSE OF REPRESENTATIVES,
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 pur. poses
Be it enacted by the Senate and House of Representatives of the United Sta’es 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
date of the expiration of the term for which his predecessor was appointed, except that any person appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed only for the unexpired term of such predecessor. If such vacancy shall be filled during the recess of the Senate a commission shall be granted which shall expire at the end of the next regular session.
(d) One of the members shall be designated biennially by the President as the Governor who shall be the chairman and active executive officer of the Board and . of the Corporation.
(e) Before entering upon his duties, each of the directors and each officer of the Corporation shall take an oath faithfully to discharge the duties of his office. No director, officer, attorney, agent, or employee of the Corporation shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting his personal interests or the interests of any corporation, partnership, or association in which he is interested.
(f) No director of the Corporation shall, during his continuance in office, be an officer or director of any other corporation, institution, association, or partnership engaged in banking, or in the business of making loans or of buying and/or selling mortgages or securities. Before entering upon duties as a director of the Corporation each director shall certify under oath to the President that he is eligible under this section.
SEC. 4. (a) The Corporation shall have power to adopt, alter, and use a cor, porate seal; to make contracts; to lease or purchase real estate; to sue and be sued, to complain and defend, in any court of competent jurisdiction, State or Federal; to select, employ, dismiss, and fix the compensation of such officers, attorneys, and technical experts, as shall be necessary for the transaction of the business of the Corporation without regard to the provisions of the Civil Service Act of January 16, 1883, and amendments thereto or any rule or regulation made in pursuance thereof; to define the authority and duties of all employees, require bonds of them and fix penalties thereof; and to prescribe, amend, and repeal bylaws, rules, and regulations governing the manner in which its business may be conducted and the powers granted to it by law may be exereised and enjoyed.
(b) The Corporation shall have succession until it is dissolved by an Act of Congress.
(c) The Corporation shall annually make a full report of its operations to the President, who shall cause same to be printed for the information of the Congress. It shall be the duty of the Corporation to prepare from time to time bulletins setting forth the principal features of this Act and to distribute the same, particularly to the press, to industrial and commercial journals, and to professional associations of firms or individuals engaged in commerce or industry; to prepare and distribute in the same manner circulars or other publications setting furth the principles and advantages of loans made pursuant to this Act.
(d) The Corporation shall determine and prescribe the manner in which its obligations shall be incurred and its expenses allowed and paid.
(e) The Corporation shall make special efforts to simplify insofar as possible the procedures and information required of applicants for loans to expedite the consideration and decision upon the merits of the applications for loans, and to arrange that the applicant is put to as little expense as possible in the execution of his application or in the negotiations subsequent thereto: Provided, That such special efforts shall not be carried to such point as will prevent the obtaining of sufficient information to give reasoned judgment upon the merits of such applications for loans.
(f) The Corporation shall have free use of the United States mails in the same manner as the executive departments of the Government.
Sec. 5. (a) The Corporation shall have power
(1) To rediscount for or purchase from any member institution of the Federal Reserve System, or any State bank, trust company, industrial or commercial credit corporation, incorporated loan and finance company, savings institution, cooperative bank, building and loan association, cooperative credit or marketing association, or other financial organization as aforementioned, organized under the laws of any State, Territory, or the District of Columbia, any note, draft, bill of exchange, debenture, or other such obligation, the proceeds of which have been advanced or used originally for any industrial or commercial purpose: Provided, That such member institution of the Federal Reserve System, State bank, trust company, industrial or commercial credit corporation, incorporated loan or finance company, savings institution, cooperative bank, building and loan association, cooperative credit or marketing association, or other financial organization, which accepts deposits, maintains or establishes a separate and