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(COPT) Copy in Files Section T AND OF March 11, 1955 Honorable Thomas Pe . Member Banking and Currency Committee, Hou«e Offioe Building., Wash!orton, -istrlet of Columbia* Dear Mr. Ford, ThanV you for MM p a r t i c u l a r l y rrompt reply t o my l e t t e r of waroh 5th suggesting an amendment t o t h e %nkinp -ict of 1338. The naendraent vrhlsh I wouli sU£F*r*t would eo*e a f t e r Line 8, Page 6 1 , at a f i n a l sjaimdaent to the **irrt paragraph of ?eotion Twenty-Four of the Federal Kegenre Act, and would read as follows Provided further, that in the oats© of loan* secured by real «nstate not exceeding seventy-five per oewt of the actual value of the real egtat© offered for ourity i . joh loans ar« required to be completely amortised within periods not exceeding twenty years by means of s u b s t a n t i a l l y equal monthly, quarterly, semi-annual or annual payments on p r i n c i p a l , with Interest added or the prinolpal and i n t e r e s t combined, th© r e e t r i c t l o n s of t h i s eotlon \m t o the percentafe of t o t a l real M t a t e loans with r e l a t i o n t o time and earing*: deposits s h a l l not apply. I hope you w i l l discuss t h i s suggestion with the Marriner ' • Eocles, Governor of the Federal Reserve Board, with whoai I an oosnunl^atlnr by this s a i l * Hie speech ofl February 12, 19S6, at Columbus, i'hio, before the annual Mid-winter ^©eting of the M o flankors <»sociatlon, whioh was Inserted l a the "on^ressioiml neoord of February 14th at the r*queet o f the / o n . r«unoan TT. Fletcher, contains much natter relevant t o t h i s s u b j e c t . Very t r u l y yours, J. l« Maodonnell, (sipped) rr-F id e n t .
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