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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