The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1933-06-16
President Signs
Important Bills
CONTINUED from Page y

In addition, the measure pro-
vides for vast public works pro-
gram in which $3,300,0O0.000 in
federal funds will operate to start
new building construction, flood
control, highway, river and har-
Dor improvements and new chips
for the navy. W
The bond issue for public works
will be financed through $220,000,-
900 in new taxes to carry the an
nual interest charges.
The new taxes include a one
| tenth Of one per cent corporation
levy, q five per cent tax on corpo-
ration dividends, an increase OF
one-half cent on the gasoline tax.
other features Of the recovery
act:
1. Suspends antitrust law pro-
visions conflicting with the indus
try regulation program.
| 2. Provides for industrial codes
| to be approved by the president,
and designed to spread work and
production equitably.
3. Gives the president power to
force adoption OF the regulations
and force recalcitrant industrial
units into line through a licensing
provision.
4. Provides for publicity on in
come tax returns at the presidents
discretion.
s. Gives the public works adj
ministration power to loan funds
to states for construction projects
up to 80 per cent Of the actual
bank Bill Signed
- Ist
The Glass 1Steagail bank reform
bill with its unprecedented provi-
tsions for progressive federal guar
antee of bank deposits after jan
uary /, 1884, became law to-day
when President Roosevelt signed
!, the measure.
i The bills enactment brought to
! conclusion a long fight by Senator
Carter Glass, dem, Va, for a fed.
eral bank act carrying reforms
which he considered essential to
strengthen the American banking
system.
i The law provides for a fedora
Z deposit insurance corporation
which will administer an insur.
ance pool fund participated in b,
. federal reserve member banks and
otat0 uOH~IuGluUCI OaHhb VI DIP
, proved type. From next January
until July 1. deposits UP to $2,50t
would be guaranteed In these
insurance would be In effect on de.
, from $4,000 to $4,000 and so pei
cent on sums over $4,000.
; The insurance Npeol Is expected
70 hn ovxsrn a 20 eEA nm md n,
; the start with a potential expan.
sion Of $2.00O.000,000.
Among bank reforms in the new
act Is q provision enabling. tn,
federal reserve board to preven-
: expansion with its credit, and pro
hibiting bank officers from beint
Investment house directors. i
provides also for enforcement with
u In year OF security affiliates from
national banks and Of investment
and deposit business by privat,
banking firms in the same period
u Statewide branch banking Il
authorized where state laws per
. NIT.
Railroad Bill
Washington, June 16-(UP)--
The railroad-aid measure, designed
to pull the railroads out Of theil
financial plight by program o.
operation economies, was signed b!
President Roosevelt to-day.
The position of federal coordin
ator for the gigantic task is expect
ed to be filled by Joseph B. East
man. interstate commerce commits
sioner.
The new act provides for region
al boards to institute economies II
operation, Their findings and de
cisions will be subject to approve
by the federal coordinator.
As passed by Congress rail-em
ployment is frozen at approx
.. mately its present level. prevent
ing economies through dismissal o
employees.