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• .IT honorable Duncan U. Hetcher, Chairman, Conwittee on banking and Currency, United States Senate, Washington, D. 0, My dear Senator >letcher: In view of the question which was raised during the debates in the iJouee of Representatives as to the constitutionality of the statea»nt of objectives contained in section 204(b) of the proposed Banking Act of 19S5 (K. R. 7617), as passed by the Louse of Representatives, I am inclosing for your information a memorandum on the subject which distinguishes the Supreme Court's reoent decision in the N# B« A. case as well as its decision in the Hot Oil case and demonstrates that the statement of objectives is clearly constitutional. Cordially yours. Um S. Lccles, Governor• "Enclosure. TKW:cba e
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