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R&S 216

Board Views on Proposed Legislation

Farm Credit Administration
May 23, 1940, H,R,9843, In a letter the Board agreed in prin­
ciple to permitting Reserve Banks to make advances to Federal
Land Banks for periods not in oxcoss of one year on promissory
notes of such banks, collaterallod by notes, etc,, given by
borrowers, provided such advances wore made in accordance with
the general oredit policy pursued by the System from time to
Governor Davis (informally 5/16/40) opposed provisions of bill
(S,3509) that w 6uld give Government a monopoly over farm
mortgage credit.

Home Loan Bank System
June 13, 1940, In a letter Board opposed S.4095 nTo amend the
Federal Hone Loan Act, HOLC Act of 1933, title IV of National
Housing Act, and for other purposes,"
The bill would permit the operations of the Home Loan Bank
Systom to bo expanded far beyond the scope of its original
purposes and would so enlarge the field of their permissible
operations and tho sources from which they attraot funds that
it may be considered as having tho effect of establishing a
separate and complete banking system.
Similar views also expressed in letters dated
June 4, 1940 on S, 2098
June 7, 1939 on H.R# 5535
Maroh 17, 1939 on a draft of a bill
June 7, 1937
Opposed section of bill (H,R,3420) whioh would permit
(I) Reserve Banks to buy and sell open-raarket obligations
of Federal Home Loan Banks and (2) would permit HOLC to
acquire obligations of Federal Hone Loan Banks,

Silver Legislation
Statement of Chairman Bccles, March 23, 1939, opposing issuance of
additional U« S, ourroncy
silver certificates or U, S, notes.