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o, HEARINGS

BEFORE

) moomi ON AGRICULTURE THE LIBRARY OF

HOUSE OF REPRESENTATIVES "o

SERIAL RECORD
SEVENTY-EIGHTH CONGRESS
SECOND SESSION JUN 9 - 1944.

(43.

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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 PEREFERENCES 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

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UNITED STATES GOVERNMENT PRINTING OFFICE 99.294 WASHINGTON : 1944 /

COMMITTEE ON AGRICULTURE
H. P. FULMER, South Carolina, Chairman

JOHN W. FLANNAGAN, JR., Virginia CLIFFORD 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

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FARMERS' HOMECORPORATION ACT OF 1944

WEDNESDAY, MARCH 29, 1944

Hous E 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 Cor. poration, 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

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

DISPosition of CERTAIN AGENCIES AND THEIR AssFTs 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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