ments, in addition to those provided by other laws, in connection with any loan of a type which has been the subject of action by the President under this section. Such conditions and requirements may vary for classifications of persons or transactions as the President may prescribe, and failure to comply therewith shall constitute a violation of this section."

(d) Title VI of the Defense Production Act of 1950 is amended by striking out the heading "CONTROL OF CONSUMER AND REAL ESTATE CREDIT" and inserting in lieu thereof the heading "CONTROL OF CREDIT"; by striking out the subheading "THIS TITLE AUTHORIZES THE REGULATION OF CONSUMER CREDIT AND REAL ESTATE CONSTRUCTION CREDIT ONLY" and inserting in lieu thereof the subheading "SUBTITLE A-CONSUMER AND REAL ESTATE CREDIT"; and by adding to such title at the end thereof the following new subtitle:

"SUBTITLE B-COMMODITY SPECULATION

"SEC. 611. The Commodity Exchange Act, as amended (42 Stat. 998; 49 Stat. 1491; 52 Stat. 205; 54 Stat. 1059), is further amended by inserting at the end of section 4a the following:

"(5) (A) Whenever the President determines that the nature or extent of speculative trading on boards of trade causes or threatens to cause sudden or unreasonable fluctuations or unwarranted changes in the price of any commodity, he may prescribe rules and regulations governing the margain to be required with respect to the speculative purchase or speculative sale of any such commodity for future delivery, or the maintenance of a speculative position in any such commodity for future delivery, on or subject to the rules of any board of trade, whether or not designated as a contract market under section 5 of this Act: Provided, That no such rule or regulation shall be applicable to bona fide hedging transactions. "(B) It shall be unlawful for any person to buy or sell, or accept orders for the purchase or sale of any such commodity for future delivery, subject to the rules of any board of trade, or maintain or carry a position resulting from such purchase or sale, unless margin funds or securities are deposited and maintained in compliance with the rules and regulations promulgated under this paragraph (5). The provisions of paragraph (4) of this section, insofar as they relate to futures commission merchants, shall not apply to the requirements of this paragraph (5). No floor broker shall be deemed to have violated this paragraph (5) with respect to any transaction in connection with which he has acted solely in the capacity of floor broker.

"(C) All money, securities, or property deposited as margin shall be handled by the person receiving such margin in compliance with the requirements of section 4d (2), regardless of whether such person is a futures commission merchant as defined in this Act and, for the purpose of this provision, the term 'contract market', as used in section 4d (2) shall be deemed to mean board of trade.

"(D) It shall be unlawful for any person to engage in soliciting or accepting orders for the purchase or sale of any commodity for future delivery on any board of trade, whether or not such board of trade is designated as a contract market, unless such person shall keep a record in writing showing the date, the parties to such contracts and their addresses, the commodity covered and its price, the terms of delivery, and the amount and kind of margin deposited. Such record shall be kept for a period of three years from the date of the transaction and shall at all times be open to the inspection of any representative of any agency of the United States designated for the purpose by the President.

“(E) For the purpose of this paragraph (5) the term 'commodity' shall mean, in addition to those commodities specifically mentioned in section 2 (a) of this Act, any other agricultural or forest product or byproduct.

"(F) For the efficient execution of the provisions of this paragraph (5), the provisions of section 21 of the Securities Exchange Act of 1934 (48 Stat. 899), as amended, are made applicable to the jurisdiction, powers, and duties of the President in administering and enforcing the provisions of this paragraph (5) and to any person subject thereto.

"(G) Sections 4a and 4i of the Act are extended and made applicable to any commodity as defined in (E) above, and for the purposes of this subparagraph (5) the term 'contract market' as used in sections 4a and 4i shall be deemed to mean board of trade."

GENERAL PROVISIONS

SEC. 107. The table of contents of the Defense Production Act of 1950 is amended by striking out "Authority to requisition" and inserting in lieu thereof

"Authority to requisition and condemn"; by inserting immediately below "Title IV. Price and wage stabilization." the following: "Title IV-A. Rent stabilization."; and by striking out "Control of consumer and real estate credit" and inserting in lieu thereof "Control of credit".

SEC. 108. (a) Subsection (a) of section 703 of the Defense Production Act of 1950 is amended by striking out the second sentence and inserting in lieu thereof the following sentence: "The President is authorized to appoint heads and assistant heads of any such new agencies, and other officials therein of comparable status, and to fix their compensation, without regard to the Classification Act of 1949, as amended, the head of one such agency to be paid at a rate comparable to the compensation paid to the heads of executive departments of the Government, and other such heads, assistant heads, and officials at rates comparable to the compensation paid to the heads and assistant heads of independent agencies of the Government."

(b) Section 705 of the Defense Production Act of 1950 is amended by redesignating subsections (d) and (e) as subsections (f) and (g), respectively, and by inserting the following new subsections:

"(d) The President is authorized to obtain, by regulation or otherwise, from any person such information as he may deem necessary and appropriate for measuring the adequacy of existing legislative and administrative provisions for the national defense and developing recommendations for any changes in or additions to such provisions.

"(e) Whenever the President deems such action to be in the interest of the national defense, he may, while this Act is in effect, dispense with any of the statistical work in which any executive department or establishment, by another provision of law, is directed to engage.”

(c) Subsection (a) of section 706 of the Defense Production Act of 1950 is amended by striking out the last eight words thereof and inserting in lieu thereof the following: "or other order, with or without such injunction or restraining order, shall be granted without bond".

(d) Subsection (b) of section 706 of the Defense Production Act of 1950 is amended by striking out the first two sentences and inserting in lieu thereof the following sentences: "Except as otherwise provided in this Act, the district courts of the United States and the United States courts of any Territory or other place subject to the jurisdiction of the United States shall have exclusive jurisdiction of violations of this Act or any rule, regulation, order, or subpena thereunder, and of all civil actions under this Act to enforce any liability or duty created by, or to enjoin any violation of, this Act or any rule, regulation, order or subpena thereunder, regardless of the amount in controversy. Any criminal proceeding on account of any such violation may be brought in any district in which any part of any act, failure to act, or transaction constituting the violation occurred."

(e) Section 710 of the Defense Production Act of 1950 is amended by adding at the end thereof the following new subsection:

"(f) The President, when he deems such action necessary, may make provision for the printing and distribution of reports, in such number and in such manner as he deems appropriate, concerning the actions taken to carry out the objectives of this Act."

(f) Section 716 of the Defense Production Act of 1950 is amended by striking out subsections (a) and (b), by redesignating subsections (c) and (d) as subsections (b) and (c), respectively, and by inserting the following new subsection: "(a) This Act and all authority conferred thereunder shall terminate at the close of June 30, 1953."

TITLE II-MISCELLANEOUS

SEC. 201. The Housing and Rent Act of 1947, as amended, is hereby repealed, except that as to offenses committed, or rights or liabilities incurred, prior to such repeal, the provisions of said Act and regulations, orders, and requirements thereunder shall be treated as still remaining in full force for the purpose of sustaining any proper suit, action, or prosecution with respect to any such right, liability, or offense. The President shall administer the powers, duties, and functions under this section through the new independent agency created pursuant to section 403 of the Defense Production Act of 1950. The President may provide for the transfer to the new independent agency created pursuant to_section 403 of the Defense Production Act of 1950 of any of the functions, records, property, personnel, and unexpended balances of appropriations, allocations, and other

funds of the Office of the Housing Expediter. Any employees of the Office of the Housing Expediter not so transferred shall unless transferred to other positions in the Government be separated from the service. The President shall make such provisions as he shall deem appropriate for the termination and liquidation of the affairs of the Office of the Housing Expediter and until such action is taken by the President, the Office of the Housing Expediter shall be continued. For the purposes of determining the status of employees transferred to the agency administering functions provided for in this Act, and in the Defense Production Act of 1950, as amended by this Act, they shall be deemed to be transferred in connection with a transfer of functions.

SEC. 202. (a) The President shall administer the powers, functions, and duties under this section; and for the purpose of exercising such powers, functions, and duties the President may delegate any power or authority conferred upon him by this section to any officer or agency of the Government and he may authorize such redelegations by that officer or agency as the President may deem appropriate.

(b) Section 215 of the Independent Offices Appropriation Act, 1946 (59 Stat. 106, 134), and section 213 of the Independent Offices Appropriation Act, 1947 (60 Stat. 60, 81), are hereby repealed. Any allocations made or committed, or priorities granted for the delivery, of any housing materials or facilities under any regulation or order issued under the authority contained in Public Law 388, Seventy-ninth Congress, and before the date of enactment of this Act with respect to veterans of World War II, their immediate families, and others, shall remain in full force and effect.

(c) In order to assure preference or priority to persons who at any time during the effective period of this Act are serving, or have since September 16, 1940 served, in the active military or naval forces of the United States (hereinafter referred to in this section as veterans) or their families-

(1) no housing accommodations designed for single-family residence, the construction or conversion of which has been completed since June 30, 1947, shall be offered for sale or resale, or sold or resold, to persons other than veterans or their families, unless such housing accommodations have been publicly offered for sale exclusively to veterans or their families (a) during the period of construction or conversion and for thirty days thereafter, prior to a sale or offering for sale to such nonveterans, and (b) for a period of seven days prior to a resale, or an offering for resale, to such nonveterans; and

(2) no housing accommodations designed for occupancy by other than transients, the construction or conversion of which has been completed since June 30, 1947, shall be offered for rent or rerent, rented or rerented to persons other than veterans or their families, unless such housing accommodations have been publicly offered for rent exclusively to veterans or their families (a) during the period of construction or conversion and for thirty days thereafter, prior to a first renting or offering for rent to such nonveterans, and (b) for a period of seven days prior to a subsequent renting, or offering for rent, to such nonveterans; and

(3) no housing accommodations designed for single-family residence, the construction or conversion of which has been completed since June 30, 1947, shall be offered for sale or resale, or sold or resold, to any person at a price less than the price for which it had been last offered for sale to veterans or their families for at least seven days: Provided, however, That in no event shall the public offering period to veterans or their families total less than thirty days in any first or original sale as required by paragraph (1) of this subsection; and

(4) no housing accommodations designed for occupancy by other than transients, the construction or conversion of which has been completed since June 30,1947, shall be offered for rent or rerent, or rented or rerented, to any person at a price less than the price for which it had been last offered for rent to veterans or their families for at least seven days: Provided, however, That in no event shall the public offering period to veterans or their families total less than thirty days in any first or original renting as required by paragraph (2) of this subsection.

(d) As used in this section

(1) The term "person" shall include an individual, corporation, partnership, association or any other organized group of persons, or a representative of any of the foregoing.

(2) The term "housing accommodations" shall include, without limitation, and building, structure, or part thereof, or land appurtenant thereto, or any real or personal property, designed, constructed, or converted for dwelling or residential purposes, together with all privileges, services, or facilities in connection therewith; industrially made or prefabicated houses, sections, panels, or their aggregate as a "package" designed or constructed for dwelling or residential purposes; and a certificate, deposit, membership, stock interest, or undivided interest in real estate, under a cooperative mutual ownership or similar plan, which carries with it the right of occupancy of individual dwelling units. (e) The President is authorized to issue regulations and orders prescribing the manner in which such housing accommodations shall be publicly offered in good faith for sale or rent to veterans or their families and such other regulations or orders as he may deem necessary in the public interest to effectuate the provisions of this section. The President is further authorized to grant such exceptions to the provisions of this section for persons engaged in national defense activities and for hardship cases as he may deem appropriate.

(f) Any person who willfully violates any provisions of this section shall, upon conviction thereof, he subject to a fine of not more than $5,000 or to imprisonment for not more than one year, or to both such fine and imprisonment. Whenever the President has reason to believe that any person is liable for punishment under this subsection, he may certify the facts to the Attorney General, who may, in his discretion, cause appropriate proceedings to be brought. (g) This section shall cease to be in effect at the close of June 30, 1953, or at such earlier time as the Congress by concurrent resolution or the President by proclamation may designate or upon the date that the President proclaims that the protection to veterans or their families provided by this section is no longer needed, whichever date is the earlier, except that as to offenses committed, or rights or liabilities incurred, prior to such termination date, the provisions of this section and regulations and orders issued thereunder shall be treated as still remaining in force for the purpose of sustaining any proper suit, action, or prosecution with respect to any such right, liability, or offense.

(h) If any provisions of this section or the application of such provision to any person or circumstances shall be held invalid, the remainder of the provisions and the application of such provisions to persons or circumstances other than those as to which it is held invalid shall not be affected thereby.

(The statement of the chairman follows:)

The Banking and Currency Committee is opening hearings this morning on S. 1397. This bill provides for an extension of the Defense Production Act which was passed by the Congress last year and which became public law when signed by the President on September 8. In addition to extending the act, this bill also contains many amendments and some substantial new provisions.

S. 1397 was introduced by me as chairman of the committee. This is not my bill. I introduced it by request so that a bill might be formally referred to this committee in order that these hearings might be held prior to the expiration of all this authority on June 30.

There are provisions in this bill which the record will show that I have opposed consistently in the past. In this bill, for example, rent control is proposed to be added to the provisions of the Defense Production Act. One of the sections in the rent-control title would include commercial properties. So far as my personal feeling is concerned, I do not care to even consider this provision. That, however, will be left to the discretion of the members of the committee. I do not feel that sufficient thought or study has been given to this proposal to warrant its enactment at this time.

If the President cares to appoint a special group to look more thoroughly into the necessity for rent control on commercial properties, I would be happy to cooperate. Or if this committee would like to designate a special subcommittee to go into the problem, I would not object. I simply do not feel that we can obtain sufficient facts and evidence in this short time to enable us to consider such a proposal intelligently.

While I believe that some form of rent control is essential in certain congested defense areas, I could not go along with any across-the-board rent controls. There is also a proposal in this bill which would affect the parity formula on agricultural commodities, and, as I have stated, I am opposed to tampering in any way with the established parity provisions for agricultural products. When this bill was under consideration last fall, I stated at that time, and

have repeated many times since, that any basic change in the parity formula is a matter for the consideration of the Committee on Agriculture. Should the chairman of the Senate Agriculture Committee make such a request, I would consider myself duty bound to invite the chairman and any members of the Agriculture Committee to sit with this committee in any consideration of such a change.

I cite these proposals merely as examples of what we have ahead of us between now and June 30.

It is my understanding that there has been some talk of simply extending the present law for 1 year. In my opinion, such a step would be fatal to many businesses in this country. The hardships which would be imposed under the present authority would be so severe that many firms could not possibly survive. Look at what happened last year. On July 19, 1950, I introduced the bill known as the Defense Production Act of 1950. This committee held hearings beginning on July 24. We were in almost constant session--many times well into the night-in an effort to expedite action on legislation which we recognized at that time to be of vital concern to every American. With the splendid cooperation of the committee members on both sides of the aisle, I reported that legislation to the Senate on August 7, 1950.

A similar bill was passed in the House of Representatives on August 10. The Senate acted on August 21. Following day and night sessions, the conferees agreed, and the Defense Production Act of 1950 was passed by both the House and the Senate on September 1. The act was approved and became Public Law 774 on September 8.

Then what happened? Nothing.

I would like to repeat for the record an excerpt from a statement I made on January 2, 1951:

"Four months have now passed since the enactment of this bill which gave to the President complete and broad authority to institute a program of priorities and allocations for materials and facilities. The authority also extended to requisitioning materials and facilities, providing financial assistance for expansion of productive capacity and supply, providing for price and wage stabilization, the settlement of labor disputes and the strengthening of controls over credit. Under this authority and by these measures the President was directed to facilitate the production of goods and services necessary for the national security.

"Now, let's see what has happened. Prices have continued to spiral upward until they have reached an all-time high on the standard-of-living index which is kept by the Bureau of Labor Statistics. Labor unions have forced wages ever higher. Critical materials have again slipped under the counter into the black market. Fly-by-night firms are again entering the picture and hoarding scarce items and materials, diverting them from normal business channels and seriously affecting the production of goods for both the civilian and military market. "This must not be allowed to continue. We are dealing in human lives. We are dealing in the security of our Nation. We are juggling, with butterfingers, the future of our way of life.

"The time has come for firm, positive action. I hope it is not too late. We have had enough of pussyfooting and kowtowing. Our very lifeblood depends now on swift, mailed-fist determination. We must sacrifice luxuries and soft living. Business as usual must take a back seat until we have forever repelled the constant threat of invasion and internal disruption."

It was not until January 25 that some positive action was finally taken. Then it was too late. It was impractical then, and now it is impossible, to use the base periods which were established in the Defense Production Act of 1950. Too much has happened. The changes have been too great.

The recent meat order is a perfect example of the inequities which can now be created under, the present law. I have just released to the press a memorandum which sets forth clearly the conditions facing feeders, slaughterers, and distributors of meat. There will be more said about this on next Tuesday when we have Mr. Johnston and Mr. DiSalle before the committee.

This new act must either be one with guts or we may as well forget it right now and not waste the time of the committee or the other Members of Congress who have so much trouble getting to their many meetings as it is because of their many duties and responsibilities.