Approved Code No. 47-Amendment No. 2 Registry No. 1707-02 

NATIONAL RECOVERY ADMINISTRATION 

AMENDMENT TO 

CODE OF FAIR COMPETITION 

FOR 

BANKERS 

AS APPROVED ON NOVEMBER 28, 1934 

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Approved Code No. 47-Amendment No. 2 

AMENDMENT TO CODE OF FAIR COMPETITION 

FOR 

BANKERS 

As Approved on November 28, 1934 

ORDER 

APPROVING AMENDMENT OF CooE OF FArn COMPETITION FOR B ANKERS 

An application having been duly made pursuant to and in full 

compliance with the provisions of Title I of the National Industrial 

Recovery Act, approved June 16, 1933, for approval of an Amendment to delete Article VIII from the Code of Fair Competition for 

Bankers and opportunity to be heard having been afforded to all 

interested parties and any objections filed having been duly considered and the annexed report on said Amendment containing findings 

with respect thereto having been maue and directed to the President: 

NO"'\V, THEREFORE, on b lrnlf of the Pre ident of the United 

States, the National Indu~t:::ial Re '0ve1.7 Board, pursuant to authority vested in it hy Exe~ntii;- e Orders of the President including 

Executive Order 3 o. Ge J!\ lated September 27, 1934, and otherwise, 

does hereby inLorporate by r fe rence said annexed r eport and does 

find that the Code, as constitut d after being amended, complies in 

all r espects with t he pertinent provisions and will promote the policy 

and purpo es of said Title of said Act, and does hereby order that 

said Amendment to delete Article VIII be and it is hereby approved 

and that the previous approval of said Code is hereby modified to 

include an a pproYal of said Code in its entirety as amenced. 

N ATIO:N AL I N DUS1T TAL RECOYERY B OARD, 

By L. C. IvIAnsn ALL, Execu·tive Secretary. 

Approval r ecommended: 

L. H. P EEBLES, 

Acting Division Administrator. 

w ASHINGTON ' D. c., 

November f8, 1934. 

100 175 °- 1325- 114-34 (1) 
REPORT TO TI-IE PRESIDENT 

The PRESIDENT, 

The lVhite House. 

Sm: An application has been duly made pursuant to and in full 

compliance with the pro-visions of the National Industrial Recovery 

Act for an Amendment to the Code of Fair Competition for Bankers, 

the purpose and effect of the ,Amendment bejng the deletion of 

Article VIII of the Code covering Fair Trade Practice Provisions. 

This Article deals with hours during which banks shall remain open, 

interest, service charges, and trust service ethics. Every provision 

in this Article states fundamentally sound principles of banking 

practice, but we are satisfied that they also co-ver matters which can 

be better handled by -local-determination and that it is not desirable 

to attempt regulation through the provisions of the Code. In addition banks are now subject to regulation by the Federal Reser-ve 

Board, the Federal Deposit Insurance Corporation and other ' 

agencies. It, therefore, see1ns unnecessary that the National Recov- · ery Administration should undertake further regulation of trade 

practices but should rather confine its function to regulation of the 

wage and hour provisions of the Code_: · 

· FINDINGS 

The Deputy Administrator in his final report to us on said amendment to said Code having found as herein set forth and on the 

basis of all the proceedings in this matter: 

,v-e find that: 

(a) The amendment to said Code and the Code as amended is well 

designed to promote the policies and purposes of Title I of the National Industrial Recovery Act including the removal of obstructions 

to the free flow of interstate and foreign commerce which tend to 

diminish the amount thereof, and will provide for the general welfare by promoting the organization of industry for the purpose of 

cooperative action among trade groups, by inducing and maintaining 

united action of labor and management under adequate governmental 

sanction and supervision, by eliminating unfair competitive prac- . 

tices, by promoting the fullest possible utilization of the present productive capacity of industries, by avoiding undue restriction o-f 

production ( except as may be temporarily required), by increasing 

the consumption of industrial and agricultural products through increasing purchasing power, by reducing and relieving unemployment, by improving standards of labor, and by otherwise rehabilitating industry. . _ (b) The Code as amended cQmplies in all respects with the pertinent provisions of said Title of said Act, including withou.t limita-

(2) 
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tion Subsection (a) of Section 3, Subsection (a) of Section 7, and 

Subsection (b) of Section 10 thereof. 

( c) The Code empowers the Code Committee to present the aforesaid amendment on behalf of the Banks subject to the Code. 

( d) The amendment and the Code as amended are not designed to 

and will not permit monopolies or monopolistic practices. 

( e) The amendment and the Code as amended are not designed 

to and will not eliminate or oppress small enterprises and will not 

operate to discriminate against them. 

(f) Those engaged in other steps of the economic process have 

not been deprived of the right to be heard prior to approval of said 

amendment. 

For these reasons, this amendment has been approved. 

For the National Industrial Recovery Board: 

L. C. MARSHALL, 

NOVEMBER 28, 1934. 

Ewecutive Secretary. 

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