HEARINGS BEFORE A SUBCOMMITTEE OF THE COMMITTEE ON BANKING AND CURRENCY FIRST SESSION ON S. 1771 and H. R. 6021 BILLS TO PROVIDE ADDITIONAL HOME-MORTGAGE RELIEF, MARCH 20 TO 29, 1935 Printed for the use of the Committee on Banking and Currency Page 71 41 25, 227 arbour, Hon. W. Warren, United States Senator from the State of odfish, Morton, executive vice president, United States Building and tlett, Fred W., member of the Federal Home Loan Bank Board_. elano, Preston, General Manager Home Owners' Loan Corporation_ dt, Charles W., president of the Real Estate Owners Association, New erguson, A. H., Assistant General Counsel, Federal Housing Adminis- iedlander, I., president United States Building and Loan League___ arding, E. J., managing director of the Associated General Contractors 9, 22 ayden, Hon. Carl, United States Senator from the State of Arizona__ 167, 174 ettinger, A. J., Jr., secretary Durable Goods Industries Committee_ bagland, Dr. H. E., member of Home Loan Bank Board____ 156, 182, 212, 245 yman, Isaac, representing the Bronx Tax-Payers' Association and offett, James A., Federal Housing Administrator---- Connor, Hon. John J., a Representative in Congress from the Sixteenth enn, C. T., vice president, Indiana Limestone Corporation__. eynolds, Hon. Robert R., United States Senator from the State of ussell, Horace, General Counsel, Federal Home Loan Bank Board.... nder, Charles F., adviser to the Ways and Means Committee of the Council of Real Estate Associations, New York___ nith, R. Graham, representing Connecticut General Life Insurance Co. how, W. A., representing Associated General Contractors of America__ hwellenbach, Hon. Lewis B., United States Senator from the State ebb, T. D., Vice Chairman Federal Home Loan Bank Board__-- inn, Robert H., representing National Limestone Industry Associated, cAdoo, Hon., William Gibbs, United States Senator from the State HOME OWNERS' LOAN AND NATIONAL HOUSING ACT WEDNESDAY, MARCH 20, 1935 UNITED STATES SENATE, BANKING AND CURRENCY, The subcommittee met, at 10:30 a. m., pursuant to call, in Room of the Senate Office Building, Senator Robert J. Bulkley preing. Present: Senators Bulkley (chairman of the subcommittee), Mcoo, Townsend, and Steiwer. Present also: Senator Reynolds, of North Carolina. The hears this morning are in connection with S. 1771 and H. R. 6021, ich we will have printed in the record. H. R. 6021, as introduced, identical in lauguage with S. 1771, and as it comes to us now it tains the amendments agreed upon in the House of Representa es. The bills referred to are here printed in full as follows:) [S. 1771, 74th Cong., 1st sess.] ILL To provide additional home-mortgage relief, to amend the Federal Home Loan nk Act, the Home Owners' Loan Act of 1933, and the National Housing Act, and r other purposes e it enacted by the Senate and House of Representatives of the United es of America in Congress assembled, That the Federal Home Loan Bank as amended be further amended by striking out the word "three" from fifth line of subsection (6) of section 2 thereof, and inserting in lieu eof the word "four". cc. 2. Section 6, subsection (k), of the Federal Home Loan Bank Act as nded is amended to read as follows: k) All stock of any Federal Home Loan Bank shall share in dividend ributions without preference." cc. 3. Section 7, subsections (a), (b), and (c) of the Federal Home Loan k Act as amended is amended to read as follows: SEC. 7. (a) The management of each Federal Home Loan Bank shall be ed after 1935 in a board of nine directors, all of whom shall be citizens of United States and bona fide residents of the district in which such bank is ed. b) Three of such directors shall be appointed by the Board. The terms he two such directors heretofore provided by law shall expire at the end 36 and 1937, respectively, and the third such director shall be appointed at end of the year 1935 for a term of three years, and their successors shall ppointed by the Board for terms of three years. c) Upon the expiration of the term of the directors elected under the isions of subsection (d) of this section, whose terms expire at the end of no successors to such directors shall be elected. After the year 1935, six ach directors, two of whom shall be known as class A directors, two of n shall be known as class B directors, and two of whom shall be known |