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BDARD DF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM

Office Correspondence
Xo

Chairman Eccles

Frpm

J« Burke Knapp

Date A m a, 1 4
p
97
Subject:

Hearings on Export Credit
Insurance Bill

I appeared this morning before a subcommittee of the Senate
Banking and Currency Committee, which is considering the »Pepper Bill11
for export credit insurance. I followed Mr, Martin, who testified
for over an hour, mostly on the subject of Export-Import Bank operations other than those contemplated in the bill* My contribution was
limited to reading your letter plus about ten minutes of discussion.
I shall send you the transcript of the hearings as soon as it is available.
Only Senators Capehart and Maybank were present during my
testimony. Senators Buck, Fulbright, and Pepper had been present during part of fir. Martin's testimony but had left before it ended. Although Senators Gapehart and Maybank seemed personally to be rather
impressed with the merits of the bill, I got the impression that, in
view of the negative attitude taken by the Administration, they had
somewhat lost interest and are unlikely to report the bill favorably.