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FARMERS HOME CORPORATION ACT OF 1944

HEARINGS

BEFORE

THE COMMITTEE ON AGRICULTURE
HOUSE OF REPRESENTATIVESOMO LITE

SEVENTY-EIGHTH CONGRESS

JUN

21

1944

SECOND SESSION

ON

H. R. 4384
TO SIMPLIFY AND IMPROVE CREDIT SERVICES TO FARM
ERS AND PROMOTE FARM OWNERSHIP BY ABOLISHING
CERTAIN AGRICULTURAL LENDING AGENCIES AND FUNC-
TIONS, BY TRANSFERRING ASSETS TO THE FARMERS'
HOME CORPORATION, BY ENLARGING THE POWERS OF
THE FARMERS' HOME CORPORATION, BY AUTHORIZING
GOVERNMENT INSURANCE LOANS TO FARMERS, BY CRE-
ATING PREFERENCES FOR LOANS AND INSURED MORT-
GAGES TO ENABLE VETERANS TO ACQUIRE FARMS, BY
PROVIDING ADDITIONAL SPECIFIC AUTHORITY AND
DIRECTIONS WITH RESPECT TO THE LIQUIDATION OF
RESETTLEMENT PROJECTS AND RURAL REHABILITA-
TION PROJECTS FOR RESETTLEMENT PURPOSES, AND

FOR OTHER PURPOSES

MARCH 29 TO MAY 15, 1944

Printed for the use of the Committee on Agriculture

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON : 1944

99294

COMMITTEE ON AGRICULTURE

H. P. FULMER, South Carolina, Chair man JOAN W. FLANNAGAN, JR., Virginia

CLIFFORI) R. HOPE, Kansas RICHARD M. KLEBERG, Texas

J. ROLAND KINZER, Pennsylvania HAROLD D. COOLEY, North Carolina

FRED C. GILCHRIST, Iowa ORVILLE ZIMMERMAN, Missouri

AUGUST H. ANDRESEN, Minnesota STEPHEN PACE, Georgia

ANTON J. JOHNSON, Illinois W. R. POAGE, Texas

REID F. MURRAY, Wisconsin GEORGE M. GRANT, Alabama

CLIFF CLEVENDER, Ohio PAT CANNON, Florida

GEORGE W. GILLIE, Indiana VICTOR WICKERSHAM, Oklahoma

EDWIN ARTHUR HALL, New York JERRY VOORHIS, California

ROSS RIZLEY, Oklahoma WALTER K. GRANGER, Utah

WILLIAM S. AILL, Colorado JIM MCCORD, Tennessee

JOAN PHILLIPS, California E. C. CATHINGS, Arkansas

BOLÍVAR PAGÁN, Puerto Rico

JOSEPH RIDER FARRINGTON, Hawaii KATHERINE WHEELER, Clerk

IT

FARMERS' HOME CORPORATION ACT OF 1944

WEDNESDAY, MARCH 29, 1944

HOUSE OF REPRESENTATIVES,
COMMITTEE ON AGRICULTURE,

Washington, D. C. The committee met at 10 a. m., pursuant to notice, Hon. John W. Flannagan, Jr., presiding.

Mr. FLANNAGAN. The committee will come to order.

Mr. Patton has to catch a plane and we agreed to hear him first so that he could get away as soon as possible.

We have for consideration H. R. 4384, commonly known as the Farmers' Home Corporation Act of 1944.

(The bill referred to is as follows:)

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A BILL To simplify and improve credit services to farmers and promote farm ownership by abolishing

certain agricultural lending agencies and functions, by transferring assets to the Farmers' Home Corporation, by enlarging the powers of the Farmers' Home Corporation, by authorizing Government insurance of loans to farmers, by creating preferences for loans and insured mortgages to enable veterans to acquire farms, by providing additional specific authority and directions with respect to the liquidation of resettlement projects and rural rehabilitation projects for resettlement purposes, and for other purposes

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SHORT TITLE

SECTION 1. This Act may be cited as the "Farmers' Home Corporation Act of 1944”.

DISPOSITION OF CERTAIN AGENCIES AND THEIR ASSETS AND PERSONNEL SEC. 2. (a) The following agencies, functions, powers, and duties are hereby abolished and the following laws relating thereto repealed:

(1) The Farm Security Administration and all of its functions, powers, and duties. Title II of the Bankhead-Jones Farm Tenant Act (U. S. C., 1940 edition, title 7, secs. 1007 et seq.) (relating to rehabilitation loans) is hereby repealed.

(2) The Regional Agricultural Credit Corporation of Washington, District of Columbia, and the Regional Agricultural Credit Corporation of Minneapolis, Minnesota, their functions, powers, and duties, including those of their officers and boards of directors. Section 201 (e) of the Emergency Relief and Construction Act of 1932 (U. S. C., 1940 edition, title 12, sec. 1148), section 84 of the Farm Credit Act of 1933 (U. S. C., 1940 edition, title 12, sec. 1148a), and sections 32, 33, and 34 of the Farm Credit Act of 1937 (U. S. C., 1940 edition, title 12, secs. 1148b-1148d) (all relating to the creation and operation of regional agricultural credit corporations) are hereby repealed.

(3) All functions, powers, and duties of the Governor of the Farm Credit Administration which relate to the making, administration, and liquidation of (a) all loans to farmers under the Act entitled “An Act to provide for loans to farmers for crop production and harvesting during the year 1937, and for other purposes”, approved January 29, 1937 (U. S. C., 1940 edition, title 12, secs. 1020i-10200); (b) all loans identified or referred to in sections 6 (b), 5 (c), and 5 (d) of Executive Order Numbered 6084, dated March 27, 1933, and (c) all other

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