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BOARD OF GOVERNORS • F THE FEDERAL RESERVE SYSTEM ffice Correspondence S I Fram Date Mrh 25,1945 a c Mr, Dreibelbis Subject: Mr, Ransom 12B and 19 of the Federal Reserve Act» H.R« 1699 - To amend section^ At the beginning of the hearing in the House Banking and Currency Committee this morning on the above bill* Chaiiman Steagall pointed out that in H.R. 1699 the proposed amendment to section 12B is to continue "during the continuance of the present war and for six months after cessation of hostilities«f> and the proposed amendment to section 19 provides> "That during the continuance of the preserrb war and for six months after its termination»11 et eetera, (Underscoring supplied) He did not comment on the fact that in S# 700 the language is identical and reads as follows: "That until six months after the cessation of hostilities in the present war as determined by proclamation of the President et cetera. Mr, Crowley had not gone on the stand* and I pointed this out to him but he did not have an opportunity to comment on it, Of course it can be easily corrected, but I thought you should have it in mind at the time the Chairman testifies on H.R. 1699, cc: Chairman Eccles