Statement of-Continued Thomas, Herbert L., cochairman of Steering Committee for the Thye, Edward J., a United States Senator from the State of Minnesota. Letters, statements, reports, etc., submitted for the record by: Adair, John A., president, Exchange National Bank, Atchison, Kans.: Letter to Senator Clark, with enclosures. Page 152 63 268 231 Chamber of Commerce of the United States; Clarence R. Miles, man- 532 Coffin, Frank M., a Representative in Congress from the State of 197 Federal Trade Commission: Report on S. 1789. Floete, Franklin G., Administrator, General Services Administration: Harling, Philip F.; Theater Owners of America, Inc.: Statement... Kaplan, Dr. A. D. H., senior staff member, Brookings Institution: McCabe, Thomas B., president, Scott Paper Co., Chester, Pa.: Letter to Senator Clark, and statement to committee in 1950 Multer, Abraham J., a Representative in Congress from the State of Letters, statements. reports, etc., submitted for the record by-Con. Small Business Administration-Continued Business loans approved to local development corporations Business loans approved in States where State development corporations are active or about to become active.. Loan Policy Board statement, and amendments Comparison of bank yield under 5 and 6 percent interest rates__ Questions, and replies, submitted to Mr. Barnes. Smith, S. Abbot, Chelsea, Mass.: Letter to Senator Clark, and state- 530 Status of funds available for loans and discounts for industrial purposes under section 13b of the Federal Reserve Act.. Questions, and replies, submitted to Mr. Smith.. 487 Venner, Fred, president, Southwest Manufacturing Co., Little Rock, 165 CREDIT NEEDS OF SMALL BUSINESS MONDAY, JUNE 3, 1957 UNITED STATES SENATE, COMMITTEE ON BANKING AND CURRENCY, Washington, D.C. The subcommittee met, pursuant to call, at 10:05 a. m., Senator Joseph S. Clark, chairman of the subcommittee, presiding. Present: Senators Clark, Sparkman, and Capehart. Senator CLARK. The committee will come to order. The Small Business Subcommittee of the Committee on Banking and Currency begins hearings this morning on bills which have been referred to the subcommittee to date. Most of these bills propose amendments to the Small Business Act of 1953. Bills in this category are as follows: S. 55, by Senator Allott; S. 244 and S. 246, by Senator Payne and others; S. 300 and S. 545, by Senator Thye; S. 720, by Senator Sparkman and others; S. 1762, by Senator Sparkman; S. 1789, by Senator Thye and others; S. 1992, which I introduced by request; and S. 2184 and S. 2185, by Senator Humphrey. In addition, the subcommittee will hear testimony on S. 719, by Senator Sparkman and others, and S. 2160, also by Senator Sparkman and other Senators. These last two bills would authorize the formation of national investment companies designed to supply long-term credit and equity capital to small business. Also any other bills that may be received while the hearings continue may be inserted. S. 2286 by Senator Fulbright. The text of these bills and reports on the bills made by Federal agencies will be inserted in the record at this point. (The bills and reports referred to follow :) [S. 55, 85th Cong., 1st sess.] A BILL To repeal section 221 and amend certain other sections of the Small Business Act of 1953 as amended Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, (a) That section 221 of the Small Business Act of 1953, as amended, is hereby repealed. (b) That sections 222, 223, 224, and 225 of such Act are redesignated as sections 221, 222, 223, and 224 respectively. 1 [S. 244, 85th Cong., 1st sess.] A BILL To authorize loans by the Small Business Administration to alleviate unemployment in areas of substantial labor surplus Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (b) (1) of section 207 of the Small Business Act of 1953 is amended to read as follows: "(1) to make such loans (either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred basis) as the Administration may determine to be necessary or appropriate (A) because of floods or other catastrophes, including necessary or appropriate loans to any small-business concern located in an area where a drought is occurring, if the Administration determines that the smallbusiness concern has suffered a substantial economic injury as a result of such drought and the President has determined under the Act entitled 'An Act to authorize Federal assistance to States and local governments in major disasters, and for other purposes', approved September 30, 1950, as amended (42 U. S. C., secs. 1855-1855g), that such drought is a major disaster, or the Secretary of Agriculture has found under the Act entitled 'An Act to abolish the Regional Agricultural Credit Corporation of Washington, District of Columbia, and transfer its functions to the Secretary of Agriculture, to authorize the Secretary of Agriculture, to authorize the Secretary of AS.U.C., Agriculture to make disaster loans, and for other purposes', approved April 6, 1949, as amended (12 U. S. C., secs. 1148-1-1148a-3), that such drought constitutes a production or economic disaster in such area, and (B) to any business concern located in an area determined by the Secretary of Labor to be an area of substantial labor surplus, if the Administration determines that the granting of such financial assistance will tend to alleviate unemployment in such area: Provided, That no loan under clause (A) of this paragraph, including renewals and extensions thereof, may be made for a period or periods exceeding twenty years, and no loan under clause (B) of this paragraph, including renewals or extensions thereof, may be made for a period or periods exceeding ten years, except that any such loan made for the purpose of constructing industrial facilities may have a maturity of ten years plus such additional period as is estimated may be required to complete such construction: And provided further, That the interest rate on the Administration's share of loans made under this paragraph shall not exceed 3 per centum per annum ;". SEC. 2. Section 204 (b) of the Small Business Act of 1953 is amended (1) by striking out "$375,000,000" and inserting in lieu thereof "$__ -", and (2) by striking out "$125,000,000" and inserting in lieu thereof "$. [S. 246, 85th Cong., 1st sess.] A BILL To give the Small Business Administration permanent status Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 221 of the Small Business Act of 1953 is hereby repealed. SEC. 2. Sections 222, 223, 224, and 225 of the Small Business Act of 1953 are redesignated as sections 221, 222, 223, and 224, respectively. [S. 300, 85th Cong., 1st sess.] A BILL To give the Small Business Administration permanent status Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section 221 of the Small Business Act of 1953 (67 Stat. 240), as amended, is hereby repealed. (b) Sections 222, 223, 224, and 225 of such Act are redesignated as sections 221, 222, 223, and 224, respectively. |