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Form No.

f\CC*

131

f~^

1

Orhce Correspondence
To

Governor Eceles

From

0R
AD

FEDERAL RESERVE

Subject:

Date _ isaass3 _i S u
J^Aslag subsidy.

J . JI. Daiger
Ii^fccordance with your suggestion Tuesday evening, I have gone
over the proposed Emergency Relief Appropriation Act of 1955 with yotir
idea of a housing subsidy in mind. Section 1 ly its general terms, and
Section 5(b) by specifically authorizing the President H to maJce grants,11
might both be construed to permit the subsidizing of private construction.
The question is one that the legal department of the Treasury might best
be able to answer.