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A BILL TO ESTABLISH THE FARMERS' HOME CORPORATION
JANUARY 27, 28, 29, FEBRUARY 2, 3, 4, 5, 9, 11, 18, 19, 1937 (ALSO TESTIMONY GIVEN IN SEVENTY-FOURTH CONGRESS
APRIL 16, 1935)
MARVIN JONES, Texas, Chairman
J, ROLAND KINZER, Pennsylvania JOHN R. MITCHELL, Tennessee
FRED C. GILCHRIST, Iowa JOHN W. FLANNAGAN, JR., Virginia CHARLES W. TOBEY, New Hampshire HARRY P. BEAM, Illinois
AUGUST H. ANDRESEN, Minnesota JAMES G. POKE, Ohio
CLARE E. HOFFMAN, Michigan RICHARD M. KLEBERG, Texas
BERT LORD, New York
GERALD J. BOILEAU, Wisconsin
SANTIAGO IGLESIAS, Puerto Rico E. M. OWEN, Georgia
ANTHONY J. DIMOND, Alaska
KATHERINE WHEELER, Clerk
Jackson, J. F., general agricultural agent, Central of Georgia Railway,
Marsh, Benjamin C., secretary, Peoples Lobby, Washington, D. C. 161
Wallace, Hon. Henry A., Secretary of Agriculture, Washington,
Wilson, Hon. M. L., Under Secretary of Agriculture, Washington,
WEDNESDAY, JANUARY 27, 1937
HOUSE OF REPRESENTATIVES,
Washington, D. C. The committee this day met at 10:30 a. m., Hon. Marvin Jones (chairman) presiding.
(The committee had under consideration H. R. 8, reading as follows:)
(H. R. 8, 75th Cong., 1st sess. ]
A BILL To establish the Farmers' Home Corporation, to encourage and promote the
ownership of farm homes and to make the possession of such homes more secure, to provide for the general welfare of the United States, to provide additional credit facilities for agricultural development, to create a fiscal agent for the United States, and for other purposes
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 Farmers' Home Act.
SEC. 2. (a) There is hereby established a corporation to be known as the Farmers' Home Corporation (hereinafter in this Act referred to as the Corporation), which is hereby declared to be an agency and instrumentality of the United States. The principal office of the Corporation shall be located in the District of Columbia. The management of the Corporation shall be vested in a board of directors consisting of three officers or employees of the United States, designated by the President of the United States, one of whom shall be from the Treasury Department, one from the Department of Agriculture, and one from the Farm Credit Administration. The President shall designate, from the agency of which each director is an officer or employee, an alternate for such director. Each alternate director shall possess all of the powers and perform all of the duties of the director for which he is acting in the event that such director is absent or unable to serve for any reason. The directors and alternate directors shall receive no additional compensation for their services as directors of the Corporation but may be allowed actual necessary traveling and subsistence expenses when engaged in business of the Corporation outside of the District of Columbia. The Corporation shall annually make a full report of its activities to the Speaker of the House of Representatives, who shall cause the same to be printed for the information of the Congress.
(b) The board of directors shall have power (1) to select from its members a chairman and a vice chairman; (2) to determine and prescribe the manner in which the obligations and expenses of the Corporation shall be incurred, allowed, and paid ; and (3) to adopt such bylaws, and to promulgate such rules and regulations, not inconsistent with the provisions of this Act, as may be necessary or convenient for the proper conduct of the affairs of the Corporation or to carry out the purposes of this Act.
(c) The capital of the Corporation shall be in the sum of $50,000,000, subscribed by the United States of America, payment for which shall be subject to call, in whole or in part, by the board of directors of the Corporation. The Corporation shall issue to the Secretary of the Treasury receipts for payments for such stock subscriptions and such receipts shall evidence the stock ownership of the United States. There is authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, a sum not in excess of $50,000,000 for the purpose of subscription to the capital of the Corporation.