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JUN 1 1947 Honorable Tom C. Clark, Attorney General of the United States, Washington, D. C. Dear Mr, Attorney Generals This refers to your ae&orandum relating to the termination of war time statutes which you taranss&tted to Be on June 5, 1947, together with a copy of a Joint Resolution introduced an that date hy Senator Wiley for the purpose of terminating war tiae legislation with certain stated exceptions. This Joint Resolution (S.J.Res. 123) would have the effect of bringing to an end all of the statutes listed in Senate Document Mo* 42, which you sent to me recently, with the exception of those statutes specifically eared by the terms of the Joint Resolution, The only statute listed in Senate Document Ho. 42 in which the Board has a direct interest is that nuaibered 461 (also included as Ho* 233), soaeti*aes known as the Trading With the Eneny Act. That statute is the basis for the President's Executive Order No. 8843, under which the Board of Governors of the Federal Reserve System is authorized to regulate consumer credit during the emergency that was declared by the President on Hay 27, 1941* That statute is aaong those specifically exempted from the Jo'nt Resolution, and we assume that it is intended that executive orders issued under this statute are likewise not affected by the Resolution. This is not entirely clear, however, and we suggest that consideration be given to clarifying this point in the Resolution; end the Board's Counsel will be glar to discuss the technical aspects of this matter with your Mr. Lazowska. Sincerely yours, (Signed) ML S. Eccies M. S. Eccies, Chair&an* THIS COPT FOR CHAIRMAN ECCLES Honorable Tom C. Cleric, Attorn©/ General of the tJnited States, Washington, D. C. Demr Mr. Attorney General* This i s in response to your a*sor«.ndua received by ae on June ^ 5 , 1947, vith respect to the Joint Resolution, S. J* ?•*. 123, wbich was appro-rcxi by the Senate on June 24, 1947, for the purpose of repealing or otherwise teredfip-ting operations under certain v«r and ^ajergeacy statutory provisions. A study of the »t»tijtory provisions referred to in t h i s Joint Resolution iaUcates thnt i t does not repeal or otherwise affect stay statutory provision vhich is of direct concern to the Board of Governors of the Federal Reserve System. Accordingly, you are advised that the Resolution in i t s present fora appears satisfactory nad we do not have suggestions to offer. Sincerely yours, (Signed) M. S. tc K. S. Kccles, Chairman. HHH:jc 6-25-47 MR. ECCLES
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