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Form No. 1"!

,J^

Office Correspond I 1 C C
C

FEDERAL RESERVE
BOARD

Subject:

Mr* Wyatt, General Counsel

_

Constitutionality of stfctsment
of objectives in Banking Act
of 193S

Ri/I
In accordance with your recent request, I am handing you
herewith a proposed letter to Mr* Steagall transmitting a memorandum
on the constitutionality of the statement of objectives contained in
the Banking Act of 1935, which distinguishes the Supreme Court*s
recent decision in the N. R* A» case as well as its decision in the
Hot Oil case*
Inasmuch as this question probably will be raised in the
Senate and may be raised during the consideration of the bill by
the Senate Committee on Banking and Currency, it would also seem
advisable to send a copy of this memorandum to Senator Fletcher,
and a letter for that purpose is attached hereto*

Respectfully,

Walter Wyatt,
General Counsel*

Attachments*




/
i

Governor EGO lea
From_

Date_ «June 8J 1935.