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July 31, 1940. TO - General Watson IBM - Miss Egbert As Mr. ITccles v?as leaving to catch, a train, he asked that I send you the attached letter for transmittal to the President. Attachment. AND COUFIDiM!;*! July 31, 1940, My dear Mr. President: As you were unable to give as an appointment at this time, I am. writing this brief note to bring to your attention a couple of matters until such time as you say have an opportunity to see me to discuss them, as well as several other matters which can wait. There is a bill pending, H.R.8638, sponsored by Mr. Steagall, covering some important amendments to the Federal Deposit Insurance Corporation law. I understand Mr. Crowley is the principal sponsor of this bill. Among other provisions, it authorizes the construction of a building at a cost not exceeding $5,000,000 to house the Federal Depoait Insurance Corporation. The Federal Reserve Board feels that such a building would be inadvisable for the reason that the Board ovma the land adjacent to its present building and is developing plans for the building of an annex which will provide 140,000 square feet of office space; whereas, its present building provides only 90,000 square feet. With the surplus space which the Board -will have in its present building when the Defense Commission moves out, it would be able to house not only the Federal Deposit Insurance Corporation but all those connected with the Comptroller of the Currency's organization, thus bringing together in one place all the Federal banking supervisory agencies. The Federal Reserve Board already has authority to erect such a building and its cost could be provided by assessing the Federal Reserve Banks, thus avoiding any Congressional appropriations. In case you are requested to do so, I hope you will defer giving any encour&geiaent or approval to this or any other provision of the proposed bill until I can have an opportunity to see you. I understand Mr, Crowley contemplates resigning from his chairmanship of the Federal Deposit Insurance Corporation in the near future. I hope that if that is the case, you will also be able to defer filling that vacancy until I may be given an appointment to see you. Respectfully yours, The Honorable The President of the United States, The White House. MoE:VE:b
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