Evening star., 1941-02-09
Bankers Watch
Doughton and
Glass Bills
Two Proposals Top
List Of Important
Legislative Moves
By EDWARD c. STONE.

UuCeu Ill illlS StSSlOIl VI SoilSi Co
are the Glass anti-bank holdins
company bill, S. 80, and the
Doughton public debt bill, H. r
1858, which would increase the
Federal debt limit to IS billion
dollars.
In the Glass bill the Controller
of the Currency, in the case Of ma
tional banks and District of Colum-
bia banks, and the Federal Deposit
Insurance Corp, in the case OF
insured state banks, are given con-
troll over the declaration and pay
ment of dividends.
Other startling legislative pro-
posals before Congress include bills
calling for Government ownership
of the Federal Reserve Banks. All
these bills are now before COM
mittees. While some Of the proposed
legislation is favored by bankers,
other measures will meet bitter op-
position in financial quarters. Bills
recently introduced by Senators
lnclude the following:
Bills Bearing on Banking.
Taft, Ohio: Repeats laws relating
10 the alteration of the weight of
the dollar; the issuance of s3000.-
100000 of "greenbacks': the pur-
chase of foreign silver and the is
suance of silver certificates. Re-
ferred to Committee on Banking
and Currency.
McKellar. Tenn: Provides for
Government loans to tenant
farmers and sharecroppers for
acquisition of farms and farm
homes and to farmers for crop
production and harvesting. Re-
ferred to Committee on Agriculture
and Forestry.
Lee, Okla: Provides insurance of
loans to tenant farmers by Secre-
tary of Agriculture. Referred to
Committee on Agriculture and
Forestry.
Davis, Pennsylvania. Gives pro-
lection to F. H. A. mortgagors who
are required to render military or
naval service during any national
emergency. Referred to Committee
on Banking and Currency.
Wagner, New York. Protects Fed
eral Reserve banks and F. D.I. C. in
sured banks again liability on ac-
count of payment, transfer or deliv-
cry of property received from or for
the account of foreign state or of a
central bank of any such foreign
state. Referred to Committee on
Banking and Currency.
Bills introduced in House.
Many more bills affecting banking
have been introduced in the House
than in the Senate. According to
a survey completed yesterday, some
of these are:
Burdick, North Dakota. Prohibits
nGtional banks. Federal Reserve
banks and member banks of the Fed
eral Reserve System from issuing
money or having control over any
money and credits of the United
States and requiring that any credit
obtained by such banks from the
United States be on the same terms
and conditions as credits extended
by the Government to other inSti-
tutions and individuals Referred
to Committee on Banking and Cur
renCy.
Sheridan, Wyoming. Provides for
a committee to conduct an investi-
cation of the business of small loan
companies and other organizations
and individuals which make small
personal finance loans. Referred to
Committee on Rules.
Patman, Texas. Provides for
Government ownership of the Fed
eral Reserve banks; increase in re-
serve requirements of member
banks without limit; membership of
F. D. l. c. insured banks in Federal
Reserve System with right to with
draw at will: ineligibility of bankers
to be members of Federal Reserve
Board; abolition of Federal Advisory
Council and other changes in Struc-
ture of Federal Reserve System.
Hill, Washington. Requires 100 per
cent reserves against demand depos-
Its of all commercial banks, places
all banks under jurisdiction of the
Board of Governors of the Federal
Reserve System; makes bankers in
eligible for membership on board !;
gives board complete control over
currency and credit and requires
hoorrj +o efoL /.
provides for Government ownership
OF the Federal Reserve banks and
limits the supervision of the board
to protection of demand deposits in
commercial banks. Referred to Com
mlttee on Banking and Currency
Other Measures In House.
Ford, California, Amends section
13b of the Federal Reserve Act to
permit Federal Reserve banks to
make industrial loans without linn
itation as to maturity and without
the restriction that the purpose of
such loans shall be to provide work
ing capital for the business enter
prise borrowing the funds. Referred
to Committee on Banking and Cur
rency.
Patman. Texas. Prohibits estab-
lishment of new branches or branch
Offices by national banks, State F. D
I. c. insured banks and Federal saw
ings and loan associations, building
and loan associations and similar
institutions insured by the Fedora.
Savings and Loan Insurance Corp
Referred to Committee on Banking
and Currency.
Patman, Texas. Makes shares ano
accounts of insured savings anc
loan, building and loan associations
and similar institutions eligible in
vestments for Federal credit unions
Referred to Committee on Banking
and Currency.
Case, South Dakota. Provides fol
the coinage of gold. Referred to Com
mittee on Coinage, Weights anc
Measures.
Curtis, Nebraska Removes llmlta'
ton on the amount of F. H. A. in.
sured real estate loans which may bt
made by a national bank. Referred
to Committee on Banking and Cur
rency.