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NOMINATION OF JOHN E. HORNE 's)°

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BEFORE THE

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UNITED STATES SENA.T c;\°.tiN(;

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EIGHTY-SEVENTH CONGRES

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FIRST SESSION 

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THE NOMINATION OF JOHN E. HORNE TO BE ADMINIS

OF THE SMALL BUSINESS ADMINISTRATION

JANUARY 31, 1961

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Printed for the use of the Committee on Banking and Currency

U.S. GOVERNMENT PRINTING OFFICE

65028 WASHINGTON : 1961
COMMITTEE ON BANKING AND CURRENCY

A. WILLIS ROBERTSON, Virginia, Chairman

JOHN SPARKMAN, Alabama

PAUL H. DOUGLAS, Illinois

JOSEPH S. CLARK, Pennsylvania

WILLIAM PROXMIRE, Wisconsin

HARRISON A. WILLIAMS, JR., New Jersey

EDMUND S. MUSKIE, Maine

EDWARD V. LONG, Missouri

MAURINE B. NEUBERGER, Oregon

WM. A. BLAKLEY, Texas

HOMER E. CAPEHART, Indiana

WALLACE F. BENNETT, Utah

PRESCOTT BUSH, Connecticut

J. GLENN BEALL, Maryland

JACOB K. JAVITS, New York

J. H. YINGLING, Chief of Staff

MATTHEW HALE, Chief Counsel
NOMINATION OF JOHN E. HORNE

TUESDAY, JANUARY 31, 1961

U.S. SENATE,

COMMITTEE ON BANKING AND CURRENCY,

Washington, D.C.

The committee met, pursuant to call of the chairman, in room

5302, New Senate Office Building, at 10:37 a.m., Senator A. Willis

Robertson (chairman) presiding.

Present: Senators Robertson, Proxmire, Neuberger, and Javits.

The CHAIRMAN. The committee will please come to order.

Before we take testimony on the nominee for Administrator of the

Small Business Administration, the Chair wants to read a letter that

has been received from the Secretary of the Treasury. It will be

recalled that our distinguished colleague from Wisconsin introduced

a resolution authorizing the Banking and Currency Committee to

conduct hearings on the subject of the balance of international

payments.

I sent that letter to the Secretary of the Treasury, asking his

advise about what we should do. And on January 30, he sent me

this letter:

TREASURY DEPARTMENT,

January 30, 1961.

DEAR MR. CHAIRMAN: I have given careful thought to the suggestion of

Senator Proxmire, referred to in your letter of January 26, that public hearings

be held by the Banking and Currency Committee on our balance of international

payments.

I would be seriously concerned over the holding of public hearings on this

subject at the present time because of the sensitive nature of the problem internationally. As you know, the President plans to send a message to the Congress

on the balance-of-payments situation in the next week or two. After the publication of that message, I believe we should discuss the best methods of consultation

with the appropriate committees of the Congress on this problem.

Sincerely,

DOUGLAS DILLON.

Senator PRO XMIRE. Mr. Chairman.

The CHAIRMAN. The Senator from Wisconsin.

Senator PRO XMIRE. I -Want to thank the chairman for his prompt

and very gracious handling of this matter.

I want to say that while, of course, I appreciate the position expressed by the Secretary of the Treasury, I still feel very strongly

that there is a great deal of information on this subject which the

Congress should have, and should have as quickly as is feasible. I

recognize the very proper caution which the Secretary of the Treasury

has expressed in this particular instance. But I feel that we have not

only a right, but I think we have a very, very real responsibility to

inform ourselves on what could be done and the possible consequence's

of what might be done.

1
2 NOMINATION OF JOHN E. HORNE

I thank the chairman.

The CHAIRMAN. There are a number of things the President recommended yesterday that could be done, and no doubt they will be

mentioned in the special message Mr. Dillon said the President would

send in a week or two. We cannot, of course, borrow gold from the

International Monetary Fund. It has no authority to lend gold to

anyone, and it does not have as much as $5 billion of gold.

Here is what the President said: "All of this is cause for concern."

Of course, it is. "But it is not cause for panic." And I put the same

language in a speech I made in the Senate on the 23d, if you remember

it.

President Kennedy went on to say that while it was cause for concern, we did not have to panic over it. "For our monetary and

financial position remains exceedingly strong." There is some difference of opinion on that, but that is what he said. The President said

further that: "Including our drawing rights in the International

Monetary Fund and the gold reserve held as backing for our currency

and Federal Reserve deposits, we have some $22 billion in total gold

stocks and other international monetary reserves * * *" available.

That is where I lost the trail because when he talked about $22

billion, I thought he meant gold. But when I read it, I find it is gold

and other monetary reserves. I checked with the International

Monetary Fund, and I found that they have $2.5 billion of gold

immediately available in its vaults. That is all they have, and I

said, "Well, how much of that could we borrow?"

They said, "None. We have no authority to lend gold to anybody.

But in recent months, we have sold your Government $800 million

of gold under repurchase agreements in return for Government

interest securities.'

Yesterday, I put in the Congressional Record excerpts from the task

force report by Sproul, McCracken and Blough in which it was said

that our supply of free gold, by which they mean gold in excess of the

25 percent requirement to back Federal Reserve currency and deposits,

was $6.2 billion at the end of last year.

There was a list in this week's issue of U.S. News & World Report,

which is a very fine publication—I read it with interest every week—

which names the principal countries that held gold and dollars.

Incidentally, Germany had about $6 billion in gold and dollars. That

is more than any other free world country. And think of it, just a

few years ago Germany was to be turned into a goat pasture, according to the plans of a former Secretary of the Treasury.

Foreigners now have about $19.5 billion for which they could

'demand gold. And the task force report says that our free gold

reserve—which is what we have above the $11.6 billion Federal

Reserve currency and deposit backing—comes to $6.2 billion, against

foreign potential demands of about $19.5 billion.

So it is bound to be a matter of concern. I can well understand

why the Secretary of the Treasury does not want us to start proposing

what we are going to do, and what other nations ought to do, until the

President has reviewed this matter and indicates some things for the

Congress to do. Then, we can get together and see what to do next.

Senator PROXMIRE. If the chairman would desist for just one minute, I think what the chairman has said speaks so eloquently for the

necessity of the kind of resolution I have introduced. The fact is
NOMINATION OF JOHN E. HORNE 3

that we do have different views than the President, and that is perfectly proper and desirable. I think it is most necessary that the

Congress conduct its own separate, responsible investigation, whether

it be done in open public session or not.

I prefer an open public session. But, at any rate, we must inform

ourselves and prepare what, on the basis of our own judgment, we

think we should do, of course taking into consideration the recommendations of the President. But we have a responsibility for legislative action. This responsibility cannot be discharged unless we have

a great deal of information that we do not have now, and which could

be elicited at hearings.

The CHAIRMAN. As soon as the President has addressed the Congress on this subject, the Chair will try to arrange an executive

session of this committee at which he will ask the Secretary of the

Treasury, and anyone he wishes to bring with him, to appear before

us and explain what he thinks we should do.

Senator PROXMIRE. Thank you, Mr. Chairman.

The CHAIRMAN. Gentlemen of the committee, we have before us

for confirmation today an old friend, a former Government employee,

a former employee of this committee.

Before coming to the committee room, the chairman received a call

from his distinguished colleague, the senior Senator from Alabama,

Mr. Hill. Mr. Hill said that he regretted that he had another committee meeting and could not be present. He asked that I please

inform the committee that he gave his wholehearted endorsement to

Mr. Home whom he has known for many years and whom he considered to be eminently well qualified for the position to which he has

been nominated by the President. He has also sent us a letter.

The Chair also has learned since arriving here that the junior

Senator from Alabama, Senator Sparkman, had another engagementy

and he could not be present. He sent a letter dated January 30, in

which he endorses Mr. Horne who, as all of us know, has been his

administrative assistant for many years.

Without objection, these letters will be placed in the record, and

also Mr. Home's biographical sketch.

(The material referred to follows:)

U.S. SENATE,

Washington, D.C., January 31, 1961,

Senator A. WILLIS ROBERTSON,

Chairman Committee on Banking and Currency,

U.S. Senate, Washington, D.C.

MY DEAR MR. CHAIRMAN: It gives me great pleasure to write you confirming

my telephone conversation with you this morning regarding John E. Horne. I am

sorry that the last-minute scheduling of another committee meeting prevents me

from personally appearing to speak in Mr. Home's behalf and to urge you and

your committee to approve Mr. John E. Home's nomination as Administrator of

the Small Business Administration. Mr. Home is eminently qualified for the

position of Administrator of the Small Business Administration, and I am happy

to endorse and highly recommend his appointment to that position. I hope you

and your committee will approve the nomination as quickly as possible.

Sincerely,

LISTER HILL.
4 NOMINATION OF JOHN E. HORNE,

U.S. SENATE,

January 30, 1961.

Hon. A. WILLIS ROBERTSON,

Chairman, Committee on Banking and Currency,

U.S. Senate, Washington, D.C.

DEAR WILLIS: I have just learned of your plan to have a meeting of the committee tomorrow to consider the nomination of John E. Horne to be Administrator of the Small Business Administration.

I regret that, because of a longstanding engagement, I shall not be able to

attend the meeting to introduce Mr. Horne and to move his approval by the

committee

As you know, John Horne has been my administrative assistant since 1947,

except for a period from September 1951 to the early part of 1953, when he was

Deputy Administrator of the Small Defense Plants Administration.

Through his work in the Senate, John is well known to most, if not all, members

of the Banking and Currency Committee. However, for the record, I should

like to say that I recommend him for confirmation most highly. Ile has served

as my administrative assistant with great energy, intelligence, and devotion.

In addition to his experience with the Small Defense Plants Administration, which

I have mentioned previously, he has worked on small business problems in my

office and with both your committee and the Senate Select Committee on Small

Business. He has also had practical business experience. He is thoroughly

, sympathetic to the needs of small businesses throughout the country and is well

aware of their importance to the national economy.

I take great pleasure in recommending him to the committee and in urging

favorable action on his nomination.

Sincerely,

JOHN SPARKMAN.

BIOGRAPHICAL SKETCH OF JOHN E. HORNE

A.B. and M.A. degrees from the University of Alabama. Majors in history and

political science, minors in English, education, and Spanish. Honor graduate,

at both undergraduate and graduate levels. Elected to Phi Beta Kappa; Phi

Delta Kappa; Omicron Delta Kappa; and Pi Kappa Alpha, the latter a social

fraternity. Elected editor of the college yearbook. Fellowship reader during

senior year as an undergraduate; fellowship teacher in history during studies

toward M.A.

Listed in 1935 in first edition of "Who's Who in American Colleges and Universities."

From 1935 to 1943, employed by McMillan Publishing Co. and Row, Peterson

& Co., textbook publishers. Required contact with schoolteachers and other

school officials, county and State boards of education; and State officials.

In 1943, commissioned in Navy as lieutenant, junior grade. Released from

duty early in 1946 as lieutenant, senior grade. Still active in Naval Reserve,

holding today a commission as commander.

In 1946-47, returned to Row, Peterson & Co.

In 1947, joined Senator John Sparkman (Democrat, of Alabama) as his administrative assistant.

In 1951 (September), took leave of absence to become Deputy Administrator of

the Small Defense Plants Administration, predecessor to the Small Business Administration, an agency established through legislation offered by Senator Sparkman. Served in getting agency staff assembled and agency underway to carryout functions with which agency was charged. Upon resignation of the Administrator of SDPA, was appointed by President Truman as Administrator and

served in that capacity until the change of national administration in the early

part of 1953.

In 1953, resumed job as administrative assistant to Senator Sparkman.

In 1954, while on leave of absence, served as staff director of the Democratic

senatorial campaign committee.

In 1956, served as executive director of the Volunteers for Stevenson-Kefauver.

In 1960, as staff member in charge of 12 States, worked with Byron "Whizzer"

White, chairman of Citizens for Kennedy-Johnson.
NOMINATION OF JOHN E. HORNE 5

Married to the former Ruth Kleinman of Birmingham Ala. Two daughters,

one a junior at Oberlin College, one in attendance at Hammond High School,

Alexandria, Va. Member of Episcopalian Church; National Education Association; National Press Club; Post Mortem Club; American Legion; Veterans of

Foreign Wars; board of directors, National Capital Democratic Club.

Listed in "Who's Who in America."

The CHAIRMAN. The committee now asks Mr. Home to come

forward.

Mr. Home, we have received your biographical sketch, and it says

that you were an A.B. and an M.A. from the University of Alabama.

Much has been said in recent days about PM Beta Kappas coming

into the Government. Are you a Phi Beta Kappa?

STATEMENT OF JOHN E. HORNE

Mr. HORNE. I had that honor at the University of Alabama,

Senator. I do not brag too much about it sometimes for fear of

embarrassing the Phi Beta Kappa Society.

•The CHAIRMAN. I am sure if you got Phi Beta Kappa at the

University of Alabama, you earned it, because we sent a Virginian,

Dr. George Denny, down there to head that school. He turned out

not only some fine men—Phi Beta Kappas like you and John Sparkman—but he won at the Rose Bowl, too, with his football team.

Mr. HORNE. Senator, I was there with Dr. Denny. I would say

he was one of the greatest men this country has ever produced,

certainly one of the greatest presidents the university has ever had.

The CHAIRMAN. I am glad to hear that tribute to the man who

lived in Lexington and went from Washington and Lee University to

the University of Alabama.

Mr. HORNE. Yes, sir.

The CHAIRMAN. I also am pleased to note that you are a member

of Pi Kappa Alpha.

Mr. HORNE. Yes, sir.

The CHAIRMAN. The chairman will not hold that against you

because he is a member of the same fraternity.

Mr. HORNE. I am very honored, sir.

The CHAIRMAN. Incidentally, that was started at the University

of Virginia.

Mr. HORNE. That is right.

The CHAIRMAN. Right after the War Between the States, a number

of Confederate veterans got together, and we have been sticking

pretty close together ever since.

Mr. HORNE. Thank you, Senator, very much.

The CHAIRMAN. The Senator from Wisconsin.

Senator PROXMIRE. Mr. Home, I am very pleased with this appointment. I think that on the basis of your very sustained and lengthy

experience on the Hill, particularly as the administrative assistant to

Senator Sparkman for a long, long time. He has been a moving and

driving force in the Congress for legislation, for small business, and

the Small Business Administration. Your appointment is mighty

welcome from my standpoint.

Mr. HORNE. Thank you very much, Senator.

Senator PROXMIRE. I would like to ask you some questions that I

asked as chairman of the Subcommittee of Small Business of the

Banking and Currency Committee the last time a nominee appeared

before the committee.
NOMINATION OF JOHN E. HORNE

Do you have any holdings, any investments, which might in any

way constitute a conflict of interest, in your judgment?

Mr. HORNE. No, I have not, Senator. I do hold a few stocks. If

there should be any possible conflict, I would be glad to divest myself

of them. And I would be glad to discuss with counsel any time any

matter which might come before SBA concerning these companies in

which I hold a few scattered stocks.

Senator PROXMIRE. You have no major association of any kind

with any large business concern?

Mr. HORNE. No, sir.

Senator PROXMIRE. Or any other business concern?

Mr. HORNE. NO, sir.

Senator PROXMIRE. I understand that, of course, you are not in a

position where you can express policy judgments. But I would like

to ask two or three questions for the record, so that we can have your

views on the record.

As you may know, many of us on the committee are deeply concerned with the failure of the small business investment company-

, program, to get moving. When Mr. Barnes, who was your predecessor, appeared before the committee at the outset of this program, he

indicated that he thought there would be hundreds and perhaps as

many as a thousand or more companies in a few years and that they

' would constitute a very important element in the economic life of

small business, providing it with capital.

To date, as I understand it, only 175 SBIC licenses have been

granted, and there have been 386 proposals. The capital in the

companies is only about $160 million. I am wondering how you feel

about this program. Do you feel that there is much more that the

SBA can do to push it ahead. I am not asking, of course, for any

policy commitments on precisely what you would do.

Mr. HORNE. Senator, I agree with you that the program has great

potential. I believe that it will be pushed forward more vigorously.

I might add that since the hearing to which you referred and since

some changes were made legislatively, I am advised that interest has

increased greatly in the program and that it is now moving more

rapidly than it was prior to then. But, certainly, I agree with you.

As I say, it is a great potential source of finance for small business

firms, and it would be my intention to try to make it as successful as

Congress hopes it should be.

Senator PRO XMIRE. It seems to me there were two big problems

that confronted small business generally. One was a shortage of

capital, which has been reaffirmed by literally scores of studies over

and over again, which this legislation was designed to meet and

apparently has not met so far.

Would you say you are optimistic about the possibility of this

particular program expanding and meeting this need?

Mr. HORNE. Yes, sir.

Senator PROXMIRE. The second problem was with regard to the

• management of small business. The fact is that in literally thousands

and thousands of cases, there are people who are dedicated, tremendously hard workers, and who make a substantial investment in terms

of their means, who fail because they do not have enough management skill.
NOMINATION OF JOHN E. HORNE

All the Government has been able to do so far is to make available publications which, of course, are not very widely read because many businessmen just are not readers. Do you have any views at all on what could be done in general to solve this very serious economic problem in terms of human misery, in terms of a squandering of

resources in our economy?

Mr. HORNE. Without being in a position, Senator, to spell out the details, I agree with you that this is an area that needs to be expanded.

I have been advised unofficially that the committee, and certainly

yourself, has shown a great deal of interest in this and now has some- thing under consideration, and that you are making a study of what might be done in this area now. Of course, most of the studies show that most business failures are caused by lack of proper or intelligent

management. And, certainly, there is a great area here that has

not been more than just touched on the surface.

And if the Congress sees fit to give this administration additional authority, I am in complete sympathy with it and will do everything

I can to make it a success. There is a great need there.

Senator PRO XMIRE. It seems, offhand, we have spent an enormous

amount of money in agricultural areas. Some of it has been well

spent. The county agents have greatly increased the productivity

of our farms and made it a marvel of the world, by visiting the farms, working with the farmers, providing know-how in the rapidly advanc- ing farm technology.

This suggests that we might at least consider this kind of approach,

although I think we should do so with great caution because it does raise problems.

There is just one other field in which I would like to ask one question.

That is with regard to Government procurement. As you know, and

I am sure you know it very well, there has been a very sad diminution

in the proportion of Government procurement contracts which small

business, which constitutes by far the great majority of firms and

employs most of the people in our country, has received.

Do you feel that the SBA can play an increasingly significant role

in solving this particular problem of seeing that the more than $20 billion of Government purchasing is made available to small business—at least made available to them on a competitive basis?

Mr. HORNE. Certainly, I hope that it can do so, Senator, and I am

also concerned that the share going to small firms, as you say, has

declined. That may be explainable, partially, by the nature of the

difference now in Government purchasing from what it was some

time ago.

But that is not a satisfactory explanation so far as I am personally

concerned. I think that we must do a more aggressive part if that is

at all possible, and I should hope, also, that we will have the cooperation and help of the Department of Defense officials. Their attitude

and their cooperation mean a great deal as to whether or not this

program will succeed. We must have their cooperation if what you

are talking about is to succeed.

Senator PRO XMIRE. You intend to do your best to press for as

much consideration as possible for small business?

Mr. HORNE. Yes, sir; I certainly do.

Senator PRO XMIRE. Thank you, Mr. Chairman.

The CHAIRMAN. Are there any other further questions?
8" NOMINATION OF JOHN E. HORNE

The Senator from New York.

Senator JAVITS. Mr. Chairman, ,I know Mr. Horne and, of course,

we all know his boss, Senator Sparkman, and I think the world of

him. It is a fine appointment that President Kennedy has sent to us.

Mr. HORNE. Thank you, Senator.

Senator JAVITS. I hope very much the committee will confirm it.

I would like to ask you just one question if I may. It is the

governmental policy of the United States that Government contractors

shall not discriminate in jobs or job opportunities because of race,

creed, color, or national origin. That requires the cooperation of the

head of every agency, certainly an agency like your own.

Do you feel in your own conscience fully able to carry out that

Government policy?

Mr. HORNE. Senator, it would be my intention, if I am approved

by the committee and confirmed, to act in keeping with the overall

policy set by the administration, by the President, and by the

Government.

Senator JAVITS. And your conscience, you feel, would dictate that

course, that is my query.

Mr. HORNE. That is right, sir.

• Senator JAVITS. I think, Mr. Chairman, while I am here—and I

have to go down to another committee—may I just make one brief

statement about the 

The CHAIRMAN. Will you release Mr. Home?

Senator JAVITS. Yes, sir.

The CHAIRMAN. You may stand aside.

Senator PROXMIRE. Senator Neuberger had a question.

The CHAIRMAN. I beg your pardon.

Senator NEUBERGER. I will allow the Senator from New York to

finish.

Senator JAVITS. Just one word. I noticed what the Chair did

about the Dillon letter

'

and I would like to join my colleague, Senator

Proxmire, in saying that course is quite agreeable to me.

The CHAIRMAN. Thank you very much.

The Senator from Oregon.

_Senator NEUBERGER. I would just like to say, Mr. Home, that I

am delighted at your appointment because I have a feeling that I am

going to call on your and your Department frequently.

I had some misgivings when I was assigned to this committee

because I visualized that every small dairy farmer and timber operator

and grocery store in my State would expect me to do something about

some financial plight. I discovered that my idea of what a small

business is, is very different from the limitations definitively established

by the administration.

So I would like to at some other time go into that with you. My

particular interest is the small timber operators. I know you have

had some experience in that field and I will need some explanation

about set-asides and that sort of thing.

Do you have any statement at this time about the needs of these

small timber operators, or what we can do for them?

Mr. HORNE. Senator, let me say, first, that I share your concern

and that certainly I shall look forward to your calling on SBA for

any help or any cooperation or for any information that we can give.
1

NOMINATION OF JOHN E. HORNE 9

I have to say in all honesty, I have not studied carefully enough the fate of the small timber operators to have any clear-cut reply to make to your question. I will be glad to get into it and, of course, will do whatever I can.

I do feel that SBA, as it has the means and ability to do so, will need to increase its concern and its efforts on behalf of more than just the small manufacturers. It has already been to some extent, but

we have not gone as far in that direction as I think we should go. Certainly, the retailers, the timber operators, the small independent people other than those of the manufacturing business, are among those that we are, under the legislation under which we operate, authorized to help.

And it would be my intention to give whatever assistance we can.

I should be very glad to have from you at any time any information that you think would be helpful to us in working out just what we might be able to do, and in having any suggestions from you at any time. I do want to cooperate with you and be as helpful as possible.

Senator NEUBERGER. You know from working for a Senator the kind of mail we get, asking for assistance for our constituents. And this is one of the fields that I feel I will be .called upon to contact a

great deal. I look forward to working with you.

Mr. HORNE. Thank you very much.

Senator NEUBERG'ER. Thank you very much.

Senator PROXMIRE. Mr. Chairman, if I could just add one more thing, I was very impressed by the testimony of Dr. Walter Heller who appeared before the committee when he referred to studies made recently at MIT and a number of other universities which indicated that the real problem of growth in our country is not so much a matter

of machining our factories, although that is important, but that most

of it is a matter of more efficient management and more efficient organization.

I think this is probably far truer in small business than it is in big business. This is another reason why I would ask that you do what

you can to investigate the possibility of bringing more efficient business practices and a greater understanding of business operation to small business than we have now.

As you know, the number of bankruptcies is now at a record level,

and failures are extremely high—higher than they have been since the depression of the thirties. It would seem to me that this would be a

very great contribution for the SBA to bring to our economy.

Mr. HORNE. I certainly agree with you, Senator, very much.

The CHAIRMAN. If there are no further questions, we thank you,

Mr. Horne.

Before we go into executive session, the Chair announces with genuine regret that this is the last day that our chief of staff, Mr. Yingling, will be a member of our staff. Tomorrow, he moves over

to the staff of the Foreign Relations Committee.

As the members will recall, at our last meeting, the committee

approved the resolution offered by the distinguished Senator from

Pennsylvania, Mr. Clark, that we spread on our records a resolution

commending Mr.Yingling's services, and the Chair wishes to present

to the committee a draft of that resolution.
10 NOMINATION OF JOHN E. HORNE

• The committee will have the privilege of amending it if it sees fit,

but we would like it to be brought to the attention of the public. It

reads as follows:

Whereas John Hanson Yingling has served the Committee on Banking and

Currency as chief clerk and chief of staff from March 1, 1955, until the present

time; and

Whereas he has served the committee faithfully and well under the chairmanships of Senator J. W. Fulbright and Senator A. Willis Robertson; and

Whereas he has carried out his duties during this period in a fashion exemplifying the highest traditions of the Senate; and

Whereas the Committee on Banking and Currency has been benefited and

enriched greatly by his conscientious work and wise counsel; and

Whereas he has at all times served the best interests of the committee, the

Senate, and the United States; and

Whereas he has resigned to undertake other important duties; and

Whereas his service will be sorely missed by the Committee on Banking and

Currency and its members and staff: Now, therefore, be it

Resolved, That the Committee on Banking and Currency express its deep

gratitude to and sincere respect for John Hanson Yingling for his many years of

unfailing service and for his devotion to the committee; and be it further

Resolved, That the Committee on Banking and Currency express its best

-wishes for John Hanson Yingling's future success and happiness.

Senator PROXMIRE. Mr. Chairman, I move the adoption of the

resolution.

The CHAIRMAN. You have heard the motion that we adopt the

resolution.

Senator NEUBERGER. Second.

The CHAIRMAN. It is moved and seconded that we adopt.

All in favor signify by saying "Aye."

(Chorus of "Ayes.")

The CHAIRMAN. It is SO ordered.

If the committee approves, we will ask the staff to see if we can get

this on parchment and then each member of the committee could

personally sign it. And Mr. Yingling can frame it and pass it on to

his children and grandchildren.

We will now go into executive session.

(Whereupon, at 11:07 a.m., the committee went into executive

session.)

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