Martin, William McC., Chairman, Board of Governors, Federal Reserve System, accompanied by R. M. Evans and Oliver S. Powell, members of the Board, and Ralph A. Young, Director, Division of Montague, Joe G., Texas and Southwestern Cattle Raisers' Associa- Newsom, Herschel D., master, The National Grange_ 874, 876 Pickell, Mark W., executive secretary, Corn Belt Livestock Feeders' 248 438 Schreiber, John, secretary, Eastern States Solid Fuel Conference. Terborgh, George, research director, Machinery and Allied Products Turner, Bertram, Cooperative Food Distributors of America.. Wiley, Alexander, a United States Senator from the State of Wisconsin Wilson, Charles E., Director, Office of Defense Mobilization, accom- panied by Manly Fleischmann, Defense Production Administrator, and Rodolfo A. Correa, general counsel, Office of Defense Mobiliza- Wright, Mrs. C. D., chairman, legislation department, General Fed- Statements, letters, telegrams, etc., submitted for the record by- Letter on S. 2645 to Senator Maybank. Letter to Senator Maybank on cheese imports.. 224 224 321 American Association of Port Authorities: Statement. 537 328 American Butter Institute: Comparison, hourly earnings, with retail 296 Price trends 7 months before controls and year after controls. Gross and net spendable weekly earnings, production workers Statements, letters, telegrams, etc., submitted for the record by-Con. Capehart, Homer E., a United States Senator from the State of Wholesale prices, ham and pork, Wednesday of each week Letter to Senator Maybank regarding nickel situation__ Article from Washington Star: Steel officials study OPS price 323 411 896 Chamber of Commerce of the United States: Statement.. 514 Prices of cheese in Italy, France, and Denmark in terms of 810 Newspaper articles. Cooperative Food Distributors of America: Statement Corn Belt Livestock Feeders Association: Statement___ Annex to statement of Mr. Haymes_ Defense Department, Robert A. Lovett, Secretary: Statement__ Defense Materials Procurement Agency, Jess Larson, Administrator: 826 724 458 237 245 DiSalle, Michael V., Director, Öffice of Price Stabilization: Letter to 3 Economic Stabilization Agency: Number of employees as of Jan. 146 Federal Trade Commission, Stephen J. Spingarn, Acting Chairman: 220 ington: Letter to Senator Maybank on S. 2722. Interior Department, Oscar L. Chapman, Secretary: Letter to Senator Labor Department, Maurice J. Tobin, Secretary: Statement Machinery and Allied Products Institute: Statement Magnuson, Warren, a United States Senator from the State of Wash- Manufacturing Chemists' Association: Statement Maybank, Burnet R., a United States Senator from the State of 801 National Association of Retail Grocers: List of OPS regulations regarding grocers- 465 710 711 Statements, letters, telegrams, etc., submitted for the record by-Con. Page Chart, Production-Canned fruits and vegetables.. 361 362 362 367 Chart, Consumers' selling price in relation to ceilings- 368 Statement_. 371 National Cheese Institute_ 310 National Council of American Importers, Harry S. Radcliffe, executive Minutes of staff meeting on metals picture___ Letter on suspension of controls. - 55 64, 569 South Carolina Oil Jobbers Association, W. L. Heinz, secretary: 545 Texas and Southwestern Cattle Raisers' Association: Statement. Toy Knights of America, J. V. Dunleavy, secretary: Telegram to 604 DEFENSE PRODUCTION ACT AMENDMENTS OF 1952 TUESDAY, MARCH 4, 1952 UNITED STATES SENATE, COMMITTEE ON BANKING AND CURRENCY, Washington, D. C. The committee met, pursuant to notice, at 10:30 a. m., in room 301, Senate Office Building, Senator Burnet R. Maybank (chairman) presiding. Present: Senators Maybank, Fulbright, Robertson, Sparkman, Frear, Douglas, Benton, Moody, Capehart, Bricker, Ives, and Schoeppel. The CHAIRMAN. The committee will be in order. For the record, I am going to submit the two bills introduced on the extension of the Defense Production Act. (The bills referred to follow :) [S. 2594. 82d Cong., 2d sess.] A BILL To extend the provisions of the Defense Production Act of 1950, as amended, and the Housing and Rent Act of 1947, as amended Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That sections 714 (a) (4) and 717 (a) of the Defense Production Act of 1950, as amended, are each amended by striking out "June 30, 1952” and inserting in lieu thereof “June 30, 1953." SEC. 2. Sections 4 (e) and 204 (f) of the Housing and Rent Act of 1947, as amended, are each amended by striking out "June 30, 1952" and inserting in lieu thereof "June 30, 1953." [S. 2645, 82d Cong., 2d sess.] A BILL To amend and extend the Defense Production Act of 1950, as amended, and the Housing and Rent Act of 1947, as amended Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Defense Production Act Amendments of 1952." TITLE I-AMENDMENTS TO DEFENSE PRODUCTION ACT OF 1950, AS AMENDED PRIORITIES AND ALLOCATIONS SEC. 101. (a) The last sentence of section 101 of the Defense Production Act of 1950, as amended, is amended to read as follows: "No restrictions, quotas, or other limitations, upon the slaughter of livestock shall be maintained which would limit the quantity of livestock slaughtered by processors to less than 100 per centum of the total quantity of livestock offered for sale to all such processors for slaughter. Whenever the number of livestock offered for sale in a particular area for slaughter exceeds the quotas previously established for the period upon the basis of anticipated marketings, the President shall promptly adjust quotas to permit the marketing of all such livestock. Whenever the President invokes 1 the power given him in this title to provide for the distribution of a species of livestock among the slaughterers of such species, he shall also provide for the allocation of the product of such species in such manner as to assure nonslaughtering processors and wholesalers thereof in the normal channels of distribution their normal share of the available civilian supply." (b) Section 104 of the Defense Production Act of 1950, as amended, is hereby repealed. EXPANSION OF PRODUCTIVE CAPACITY AND SUPPLY SEC. 102. Subsection (b) of section 304 of the Defense Production Act of 1950, as amended, is amended by striking out "$2,100,000,000" and inserting in lieu thereof "$3,000,000,000." PRICE AND WAGE STABILIZATION SEC. 103. (a) Paragraph (4) of subsection (d) of section 402 of the Defense Production Act of 1950, as amended, is hereby repealed. (b) Subsection (k) of section 402 of the Defense Production Act of 1950, as amended, is hereby repealed. CONTROL OF CONSUMER AND REAL ESTATE CREDIT SEC. 104. (a) Section 601 of the Defense Production Act of 1950, as amended, is amended by striking out the second paragraph thereof. (b) Section 605 of the Defense Production Act of 1950, as amended, is amended to read as follows: "To assist in carrying out the objectives of this Act the President may at any time or times, notwithstanding any other provision of law, reduce, for such period as he shall specify, the maximum authorized principal amounts, ratios of loan to value or cost, or maximum maturities of any type or types of loans on real estate which thereafter may be made, insured, or guaranteed by any department, independent establishment, or agency in the executive branch of the United States Government, or by any wholly owned Government corporation or by any mixedownership Government corporation as defined in the Government Corporation Control Act, as amended, or reduce or suspend any such authorized loan program, upon a determination, after taking into consideration the effect thereof upon conditions in the building industry and upon the national economy and the needs for increased defense production, that such action is necessary in the public interest: Provided, That in the exercise of these powers, the President shall preserve the relative credit preferences accorded to veterans under existing law. Subject to the provision of this section with respect to preserving the relative credit preferences accorded to veterans under existing law, the President may require lenders or borrowers and their successors and assigns to comply with reasonable conditions and requirements, 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." (c) Section 606 of the Defense Production Act of 1950, as amended, is repealed. GENERAL PROVISIONS SEC. 105. (a) Paragraph (4) of subsection (a) of section 714 of the Defense Production Act of 1950, as amended, is amended by striking out "1952" and inserting in lieu thereof "1954". (b) Subsection (a) of section 717 of the Defense Production Act of 1950, as amended, is amended by striking out "1952" and inserting in lieu thereof "1954". TITLE II-AMENDMENTS TO HOUSING AND RENT ACT OF 1947, AS AMENDED SEC. 201. (a) Subsection (e) of section 4 of the Housing and Rent Act of 1947, as amended, is amended by striking out "June 30, 1952" and inserting in lieu thereof "June 30, 1954". (b) Subsection (f) of section 204 of the Housing and Rent Act of 1947, as amended, is amended by striking out “June 30, 1952" and inserting in lieu thereof "June 30, 1954”. |