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SAU OF
ERNMENT

U.S. CONGRESS DeNate. Committee on
Expenditures in the Executive Departments.
GREORGANIZATION PLAN NO. 22 OF 1950

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Reorganization Plan No. 22 (Transferring the Federal National
Mortgage Association from the Reconstruction Finance
Corporation to the Housing and Home Finance Agency)

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1246-50

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Letters, statements, memorandums, etc., submitted for the record by-

Authorizations, maximum, Federal National Mortgage Association__

Autonomy of Home Loan Bank Board, memorandum.

Federal Government secondary market operations in home mortgage

loans, history of authorizations and types of mortgages purchased

and sold___

Financial Aspects, document submitted by Reconstruction Finance

Corporation.

Goldberger, Marvin L., national legislative director, AMVETS, state-

ment_

Gray, Richard J., president, building and construction trades depart-

ment, A. F. of L., letter, June 30, 1950, to Hon. John L. McClellan

Johnson, Lee F., executive vice president, National Housing Con-

ference, Inc., letter, June 22, 1950, to Hon. John L. McClellan-

King, Joseph T., submitted testimony, relative to Reorganization

Plan No. 22.

McClellan, John L., report on Federal business enterprises__.

McCormick, Robert L. L., research director, Citizens Committee for

the Hoover Report, statement_

Schumacher, E. D., member, United Service and Research, Inc.,

letter, June 15, 1950, to Hon. John L. McClellan_.

Secondary Market Problem, document by Robert M. Morlan, research

director, Department of California Housing Committee, Veterans of

Foreign Wars of the United States..

Snyder, Calvin K., statement on behalf of the National Association

of Real Estate Boards__.

Stauffacher, Charles B. executive assistant director of the Bureau of

the Budget, statement. - .

Sullivan, Francis M., national legislative director, Disabled American

Veterans, letter, June 30, 1950 to Hon. John L. McClellan _ _

Unit d States Savings and Loan League, statement re S. Res. 299, to

disapprove Reorganization Plan No. 22 of 1950---

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REORGANIZATION PLAN NO. 22 OF 1950

WEDNESDAY, JUNE 28, 1950

UNITED STATES SENATE,

COMMITTEE ON EXPENDITURES IN THE

EXECUTIVE DEPARTMENTS, Washington, D. C. The committee met, pursuant to notice, at 10 a. m., in room 357, Senate Office Building, Senator John L. McClellan (chairman) presiding.

Present: Senators McClellan, Hoey, Benton, Mundt, Mrs. Smith of Maine, and Schoeppel.

The CHAIRMAN. The committee will come to order. We begin scheduled hearings this morning on Senate Resolution 299, introduced by Senators George and Cain, for the disapproval of Reorganization Plan No. 22.

At this point in the record we shall insert the President's message of transmittal, Reorganization Plan No. 22, and a copy of the resolution, which the committee will now consider and hear testimony upon. (The documents above referred to are as follows:)

[H. Doc. No. 587, 81st Cong., 2d sess.]

MESSAGE FROM THE PRESIDENT OF THE UNITED STATES, TRANSMITTING REORGANIZATION PLAN No. 22 OF 1950

To the Congress of the United States:

I transmit herewith Reorganization Plan No. 22 of 1950, prepared in accordance with the provisions of the Reorganization Act of 1949. The plan improves the grouping of Government programs according to their major purposes by transferring the Federal National Mortgage Association from the Reconstruction Finance Corporation to the Housing and Home Finance Agency. This reorganization carries out the specific recommendation of the Commission on Organization of the Executive Branch of the Government that "The Federal National Mortgage Association be placed under the Administrator of the Housing and Home Finance Agency."

At present, the Federal National Mortgage Association, a wholly owned Government corporation, is a subsidiary of the Reconstruction Finance Corporation. Its purpose is to provide a secondary market for home mortgages insured or guaranteed by other Government agencies through the purchase, service, and sale of such mortgages. In addition, it is authorized to make direct loans for housing in Alaska. As of the end of March 1950 its total holdings were approximately a billion dollars and its outstanding commitments to purchase were more than $1,400,000,000 in addition. Such a volume of activity has an obvious impact on the Government's entire housing program.

The Congress has long recognized that the function of such a secondary mortgage market is closely related to the entire housing program. The Federal National Mortgage Association originally was chartered by the head of the Federal Housing Administration as authorized by title III of the National Housing Act. In rechartering the Federal National Mortgage Association 2 years ago the Congress recognized the relationship between it and the operations of the Housing

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