CONTINUANCE OF COMMODITY CREDIT CORPORATION HEARINGS BEFORE THE COMMITTEE ON BANKING AND CURRENCY HOUSE OF REPRESENTATIVES SEVENTY-EIGHTH CONGRESS LISA A BILL TO CONTINUE COMMODITY CREDIT CORPORATION 87623 REVISED MAY 18, 19, 20, 21, 24, 25, 26, 27, 28, 1943 Printed for the use of the Committee on Banking and Currency UNITED STATES WASHINGTON: 1943 CONTENTS Brandt, John, president of the National Cooperative Milk Producers Association and president of Land O'Lakes Creameries, Inc., Min- O'Neal, Edward A., president, American Farm Bureau Federation-- 275-305 Goss, Albert S., master, the National Grange___ Handschin, Robert, legislative secretary of the National Farmers CONTINUANCE OF COMMODITY CREDIT CORPORATION TUESDAY, MAY 18, 1943 HOUSE OF REPRESENTATIVES, COMMITTEE ON BANKING AND CURRENCY, Washington, D. C'. The committee met at 10:30 a. m., Hon. Henry B. Steagall, chairman, presiding. The CHAIRMAN. Let the committee come to order. The committee has before it for consideration H. R. 2725. (The bill under consideration is as follows:) [H. R. 2725, 78th Cong., 1st sess.] A BILL To continue Commodity Credit Corporation as an agency of the United States, increase its borrowing power, revise the basis of the annual appraisal of its assets, and to provide for an audit by the General Accounting Office of the financial transactions of the Corporation, and for other purposes Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 1 of the Act approved March 8, 1938 (52 Stat. 107), as amended, is hereby amended by deleting from the first sentence thereof the term "31st of March" where that term first appears therein and substituting in lieu thereof the term "30th of June," and by deleting froin the second sentence thereof "on the basis of the cost, including not more than one year of carrying charges, of such assets to the Corporation, or the average market prices of such assets for a period of twelve months ending with March 31 of each year, whichever is less", and inserting in lieu thereof, "on the basis of the cost, or insofar as practicable, the average market price of such assets during the last month of the fiscal year covered by the appraisal, whichever is the lower". Only one appraisal of the assets and liabilities of the Corporation shall be made during the calendar year 1943 which shall be on the basis established by this amendment. SEC. 2. Section 4 of the Act approved March 8, 1938 (52 Stat. 108), as amended, is hereby amended by deleting the term "$2,650,000,000" and inserting in lieu thereof the term "$3,650,000,000 ;”. SEC. 3. Section 7 of the Act approved January 31, 1935 (49 Stat. 4), as amended, is hereby amended by changing the designation thereof to section 7 (a) and by deleting from the first sentence thereof the term "June 30, 1943", and inserting in lieu thereof "June 30, 1947, or the end of the second year following the first day of January immediately following the date upon which the President by proclamation or the Congress by concurrent resolution declares that hostilities in the present war have terminated, whichever is the later"; and is further hereby amended by striking out the period at the end of the section and inserting in lieu thereof a comma and the following: "without regard to provisions of any other existing law relating to public funds: Provided, however, That the Corporation shall at all times maintain complete and accurate books of account and shall determine the procedures to be followed in the transaction of the corporate business. "(b) The financial transactions of the Corporation beginning with the period from July 1, 1943, shall be audited by the General Accounting Office (in accordance with the principles applicable to commercial corporate transactions) and under such rules and regulations as may be prescribed by the Comptroller General of the United States: Provided, That the Corporation shall continue 1 |