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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.
