ized by this bill. Those public agency loans-the old RFC program— are loans for actual construction.

The CHAIRMAN. These community facilities that we are talking about had to do with where there was a war effort or the atomic energy plants and so forth.

Mr. COLE. Under the present program.

The CHAIRMAN. Under the present program, that is right.

I hold in my hand a chart entitled "Projects Eligible for Consideration Under Public Law 138, 82d Congress, as Amended."

I understand these are cities having projects that they would like to get some help for under this title, title III. Last year our committee continued title III and as I understand it, there is a remaining authorization of about $50 million available. The Bureau of the Budget did not recommend any appropriation for this program last year. We have received a number of communications from other Senators' offices and from some communities around the United States urgently requesting some action in connection with this program. I am hopeful that the Appropriations Committee will take some action in connection with this authorization that we continued last year.

Senator Maybank introduced a bill which would designate the Small Business Administration as administrator of the $25 million authorization that we passed last year. The President, I understand, never designated the agency to handle this program and I also understand that there was no appropriation made for it. It seems to me that in one form or another, we ought to provide some means whereby local communities, especially defense-impact areas, could have some means of getting funds to meet their urgent community facility problems.

If there is no objection, I think I shall have this printed in the record at this point.

(The document referred to follows:)

Projects eligible for consideration under Public Law 139, 82d Cong., as amended

Ohio 33-CF-8: Greene County, Ohio (Wright- Water and sewer. view Heights).

The CHAIRMAN. Is there anything further to go into the record, now, from the Government's standpoint? Does anyone in the audience have anything to say? We are about to close up the Govern ment's witnesses on this matter. I suspect they will be back, though, before we get through. This is a vast, complicated subject we are dealing with. It is very far-reaching too.

We will meet again at 10 o'clock, Monday.

I think we shall try to finish up the hearings within the next 2 weeks. We do not mean that we are going to shut anybody off. If we can't do it in 2 weeks, we will take 3.

Senator Frear just arrived.

I asked your six questions.

Senator FREAR. That is fine, sir.

The CHAIRMAN. We got very intelligent answers.

Senator FREAR. I am sure you did.

The CHAIRMAN. Do you have anything else?

Senator FREAR. I have nothing further, Mr. Chairman.

The CHAIRMAN. We are just about to close with the Government witnesses here, and will start in Monday with the non-Government witnesses.

If there isn't some good reason why we shouldn't stand in recess, we will do so until 10 o'clock on Monday morning.

(Whereupon at 11:45 a. m., the committee recessed to reconvene at 10 a. m., Monday, March 15, 1954.)

HOUSING ACT OF 1954

MONDAY, MARCH 15, 1954

UNITED STATES SENATE,

COMMITTEE ON BANKING AND CURRENCY,

Washington, D. C. The committee met, pursuant to recess, in room 301, Senate Office Building, at 10:10 a. m., Senator Homer E. Capehart (chairman) presiding.

Present: Senators Capehart, Payne, Maybank, and Frear.

The CHAIRMAN. The committee will come to order.

Our first witness is Mr. Mason, of the United States Chamber of Commerce. Mr. Mason.

STATEMENT OF NORMAN P. MASON, UNITED STATES CHAMBER OF COMMERCE

Mr. MASON. Good morning, Senator.

The CHAIRMAN. You have a prepared statement?

Mr. MASON. I have, sir.

The CHAIRMAN. Do you want to read it, or just put it in the record and talk about it? Whatever your pleasure is.

Mr. MASON. Well, with the size of the committee, I would be very happy to

The CHAIRMAN. Being the author of the bill, I am pretty much for it anyway.

Mr. MASON. Yes, sir.

The CHAIRMAN. Unless you have some things you don't like about it. If you have, we will talk about it. Whatever your pleasure is. You proceed in any way you care to.

Mr. MASON. The chamber is very much in favor of this legislation. There are some things that we think could be omitted from the legislation without hurting it.

One of these is this provision which permits the President to set the rates.

The CHAIRMAN. You are going to talk extemporaneously?

Mr. MASON. Yes, sir.

The CHAIRMAN. Without objection, Mr. Mason's prepared statement will be printed in the record at this point, and whatever you say will likewise be printed.

(Mr. Mason's prepared statement follows:)

STATEMENT OF NORMAN P. MASON, CHAMBER OF COMMERCE OF THE UNITED STATES

My name is Norman P. Mason. My home is in Chelmsford, Mass., where I am engaged in the building material business. I am chairman of the construction and civil development department committee of the United States Chamber of Commerce and I am testifying on behalf of the chamber in respect to the Housing Act of 1954, S. 2938.