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sized by the European war seem to make it desirable that power be vested in the Trade Commission to authorize associations or combinations of merchants, manufacturers or traders of the United States properly to eliminate competition among the members thereof to the end that they will be thus able to meet the competition of similar bodies now lawfully existing in foreign countries.

4. Federal Reserve Board Lacks Power to Enforce Provisions of Clayton Law, Resulting in Discrimi.

nation Against All Member Banks. It is the duty of the Federal Reserve Board to enforce the provisions of the Clayton law wherein applicable to banks. It is directed to enforce the provisions thereof against stock ownership and interlocking, but neither the Trade Commission law, the Clayton law nor the Federal Reserve law makes any provision for the Reserve Board to hold hearings, subpoena witnesses or require the production of documentary evidence. With these limitations on its power it undoubtedly will be difficult, if not impossible, in many cases for the Board to perform its duty in the premises. As the Reserve Board has power to obtain information from banks which are members of the Federal Reserve System, 16 but has no jurisdiction over State banks which are not member banks, or over private bankers, the absence of the power suggested is a discrimination in favor of State banks and private bankers who are not members of the Federal Reserve System, and may often result in the existence of known violations of the law, with no power to prevent them.

Rush C. Butler,
Cornelius Lynde.

16.—The Federal Reserve Act, section 9.

FEDERAL TRADE COMMISSION LAW.

[PUBLIC_No. 203—630 CONGRESS.]

[H. R. 15613.]

An Act To create a Federal Trade Commission, to define its powers and duties, and for other purposes.

FEDERAL TRADE COMMISSION CREATED.

1. Sec. 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That a commission is hereby created and established, to be known as the Federal Trade Commission (hereinafter referred to as the commission), which shall be composed of five commissioners, who shall be appointed by the President, by and with the advice and consent of the Senate. Not more than three of the commissioners shall be members of the same political party. The first commissioners appointed shall continue in office for terms of three, four, five, six, and seven years, respectively, from the date of the taking effect of this Act, the term of each to be designated by the President, but their successors shall be appointed for terms of seven years, except that any person chosen to fill a vacancy shall be appointed only for the unexpired term of the commissioner whom he shall succeed. The commission shall choose a chairman from its own membership. No commissioner shall engage in any other business, vocation, or employment. Any commissioner may be removed by the President for inefficiency, neglect of duty, or malfeasance in office. A vacancy in the commission shall not impair the right of the remaining commissioners to exercise all the powers of the commission.

The commission shall have an official seal, which shall be judicially noticed.

SALARIES-SECRETARY AND EMPLOYEES.

2. Sec. 2. That each commissioner shall receive a salary of $10,000 a year, payable in the same manner as the salaries of the judges of the courts of the United States. The commission shall appoint a secretary, who shall receive a salary of $5,000 a year, payable in like manner, and it shall have authority to employ and fix the compensation of such attorneys, special experts, examiners, clerks, and other employees as it may from time to time find necessary for the proper performance of its duties and as may be from time to time appropriated for by Congress.

APPOINTMENTS UNDER CIVIL SERVICE AND EXCEP

TIONS.

3. With the exception of the secretary, a clerk to each commissioner, the attorneys, and such special experts and examiners as the commission may from time to time find necessary for the conduct of its work, all employees of the commission shall be a part of the classified civil service, and shall enter the service under such rules and regulations as may be prescribed by the commission and by the Civil Service Commission.

All of the expenses of the commission, including all necessary expenses for transportation incurred by the commissioners or by their employees under their orders, in making any investigation, or upon official business in any other places than in the city of Washington, shall be allowed and paid on the presentation of itemized vouchers therefor approved by the commission.

Until otherwise provided by law, the commission may rent suitable offices for its use.

The Auditor for the State and Other Departments shall receive and examine all accounts of expenditures of the commission,

COMMISSION SUCCEEDS BUREAU OF CORPORATIONS.

4. Sec. 3. That upon the organization of the commission and election of its chairman, the Bureau of Corporations and the offices of Commissioner and Deputy Commissioner of Corporations shall cease to exist; and all pending investigations and proceedings of the Bureau of Corporations shall be continued by the commission.

All clerks and employees of the said bureau shall be transferred to and become clerks and employees of the commission at their present grades and salaries. All records, papers, and property of the said bureau shall become records, papers and property of the commission, and all unexpended funds and appropriations for the use and maintenance of the said bureau, including any allotment already made to it by the Secretary of Commerce from the contingent appropriation for the Department of Commerce for the fiscal year nineteen hundred and fifteen, or from the departmental printing fund for the fiscal year nineteen hundred and fifteen, shall become funds and appropriations available to be expended by the commission in the exercise of the powers, authority, and duties conferred on it by this Act.

OFFICE IN WASHINGTON-MAY ACT ELSEWHERE.

5. The principal office of the commission shall be in the city of Washington, but it may meet and exercise all its powers at any other place. The commission may, by one or more of its members, or by such examiners as it may designate, prosecute any inquiry necessary to its duties in any part of the United States.

COMMERCE DEFINED.

6. Sec. 4. That the words defined in this section shall have the following meaning when found in this Act, to-wit:

“Commerce” means commerce among the several States or with foreign nations, or in any Territory of the United States or in the District of Columbia, or between any such Territory and another or between any such Territory and any State or foreign nation, or between the District of Columbia and any State or Territory or foreign nation.

CORPORATION DEFINED.

7. “Corporation” means any company or association incorporated or unincorporated, which is organized to carry on business for profit and has shares of capital or capital stock, and any company or association, incorporated or unincorporated, without shares of capital or capital stock, except partnerships, which is organized to carry on business for its own profit or that of its members.

DOCUMENTARY EVIDENCE DEFINED.

8. “Documentary evidence” means all documents, papers, and correspondence in existence at and after the passage of this Act.

ACTS TO REGULATE COMMERCE DEFINED.

9. “Acts to regulate commerce” means the Act entitled “An Act'co regulate commerce," approved February fourteenth, eighteen hundred and eighty-seven, and all Acts amendatory thereof and supplementary thereto.

ANTI-TRUST ACTS DEFINED.

10. “Antitrust acts” means the Act entitled “An Act to protect trade and commerce against unlawful restraints and monopolies," approved July second, eighteen hundred and ninety; also the sections seventy-three to seventy-seven, inclusive, of an Act entitled “An Act to reduce taxation, to provide revenue for the Government, and for other purposes," approved August twenty-seventh, eighteen hundred and ninety-four; and also the Act entitled “An Act to amend sections seventy-three and seventy-six of the Act of August twenty-seventh, eighteen hundred and ninety-four, entitled 'An act to reduce taxation, to provide revenue for the Government, and for other purposes,'” approved February twelfth, nineteen hundred and thirteen.

UNFAIR METHODS OF COMPETITION ARE UNLAWFUL.

11. Sec. 5. That unfair methods of competition in commerce are hereby declared unlawful.

COMMISSION EMPOWERED TO PREVENT USE OF UN

FAIR METHODS.

12. The commission is hereby empowered and directed to prevent persons, partnerships, or corporations, except banks, and common carriers subject to the Acts to regulate commerce, from 'using unfair methods of competition in commerce.

PROCEDURE BEFORE COMMISSION AND IN COURT TO

ENFORCE COMMISSION'S ORDER. 13. Whenever the commission shall have reason to believe that any such person, partnership, or corporation has been or

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