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76TH CONGRESS 3D SESSION H. RES. 440 IN THE HOUSE OF REPRESENTATIVES MARCH 25, 1940 Mr. CRAWFORD submitted the following resolution: which was referred to the Committee on Rules RESOLUTION Whereas there are certain laws administered by the Securities and Exchange Commission which, in themselves, or the administration, thereof, or both, may be responsible for an effect on our national economy, investors, the welfare of the Nation and its millions of jobholders; and Whereas it is in the public interest that the Congress should ascertain and determine what effect, if any, said laws, the administration thereof, or both, have upon our national economy, investors, the welfare of the Nation and its millions of jobholders: Therefore be it 1 Resolved, That a committee of seven members of the 2 House of Representatives, not more than four to be members 3 of the same party, be, and hereby is, appointed by the 4 Speaker of the House to take testimony, investigate, study 2 1 all questions in relation to the foregoing, and report to 2 the House as follows: 3 1. What effect, if any, the various Acts of Congress 4 now being administered by the Securities and Exchange 5 Commission, the administration thereof, or both have upon 6 our national economy; and 7 2. Whether or not Congress should, by legislation, 8 further define and clarify the terms in said Acts, the methods 9 and manner of administration thereof, or both. 10 The said committee shall recommend to the Congress 11 such changes as they may deem desirable in said Acts, in 12 the method and manner of administration thereof, or both, 13 and shall recommend such legislation as they deem ad14 visable. 15 Immediately after being named by the Speaker, the 16 members designated to serve on this committee will meet 17 to select their chairman and organize to carry out the pur18 poses of this resolution, 19 The committee, or any subcommittee thereof, shall have 20 the power to hold hearings and to sit and act anywhere 21 within or without the District of Columbia whether the 22 House is in session or has adjourned, or is in recess; to ac23 quire by subpena[subpoena]or otherwise the attendance of witnesses 24 and the production of files, books, papers, documents, 25 and records; to have free access to all files, books, papers, 3 1 documents, and records or any and all Government depart2 ments and independent agencies when, in the opinion of the 3 committee, such files, books, papers, documents, and records 4 are essential for the purposes of this resolution; to administer 5 oaths; to take testimony; to have printing and binding done; 6 and to make such expenditures as it deems advisable within 7 the amount appropriated therefor. Subpenas[subpoenas]shall be issued 8 under the signature of the chairman of the committee and 9 shall be served by any person designated by him. The pro10 visions of sections 102 to 104, inclusive, of the Revised 11 Statutes shall apply in the case of any failure of any witness 12 to comply with any subpena[subpoena]to testify when summoned 13 under authority of this resolution. 76TH CONGRESS 3D SESSION H. RES. 440 RESOLUTION To investigate the administration and adequacy of the Securities Exchange Act and related Acts. By Mr. CRAWFORD MARCH 25, 1940 Referred to the Committee on Rules
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