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May 29, 1940
Items for discussion, but not yet


The federal loan agency supervises the administration and
i s responsible for the coordination of the functions and a c t i v i t i e s
of the following agencies:
Reconstruction Finance Corporation,
Electric Home and Farm Authority,
Reconstruction Finance Corporation Mortgage Company,
Disaster Loan Corporation,
Federal National Mortgage Association,
Federal Hone Loan Bank Board,
Home ^mers t Loan Corporation,
Federal Savings and Loan Insurance Corporation,
Federal Housing Administration,
Export-Import Bank of Washington*
Vested i n the aforesaid agencies are the broadest powers
to make a l l types of direct loans to a l l types of borrowers as well as
to purchase preferred stock and other similar obligations of banks and
financial institutions* Included in these i s the authority of the Reconstruction Finance Corporation to make loans to railroads. In addit i o n , i t i s proposed that the Reconstruction Finance Corporation be
vested with further powers incident to the financing of a rearmament

1* The Secretary of the Treasury has the responsibility
of preparing plans for taxation, collecting taxes which have been
levied and customs due the Government• He also must arrange and
carry out the Governments financing* Incident to these duties
he has charge of: The Bureau of Internal Revenue , the Bureau of
Customs, the Office of the Commissioner of Accounts and Deposits,
The Public Debt Service, The Office of the Treasurer of the United
2* He controls the coinage and printing of money in connection with which he administers the; Bureau of Printing and
Engraving, Bureau of the Mint.
3» He has charge of the procurement of Federal supplies
through the Procurement Division*
4* He has responsibility for the execution of important
monetary policies in connection with which he operates the stabilization fund and conducts other operations under the Gold Reserve and
Silver Purchase Acts* In the present emergency he also has responsibilities in connection with the licensing of foreign exchange
transactions under the Executive Order issued pursuant to the Trading with the Enemy Act*
5* In the field of banking the Bureau of the Comptroller
of the Currency charters national banks and supervises the national
banking system and all member banks of the Federal Reserve System
are licensed to operate by the Secretary of the Treasury tinder the
Executive Order issued pursuant to the Emergency Banking Act*
6. Other responsibilities arise in connection with the;
Federal Alcohol Administration, Coast Guard, Bureau of Narcotics,
Secret Service*




Investigation of possible expansion of airplane engine plants*
(December 6, 1939)


Coordination of domestic and foreign airplane procurement.
(January 22, 1940)


Acting as liaison agent between the president and an interdepartmental committee composed of the purchasing
officers of the Treasury, Army and Navy formed to deal
with foreign purchases of war supplies* (January 23, 1940)


To take oharge of development of the machine-tool industry
in connection with the new airplane program (May 23, 1940)