[Deschler's Precedents, Volume 4]
[Chapter 17. Committees]
[D. Jurisdiction of Committees]
[§ 33. Committee on Banking and Currency]
[From the U.S. Government Printing Office, www.gpo.gov]
[Page 2834-2845]
CHAPTER 17
Committees
C. COMMITTEE PROCEDURE
Sec. 33. Committee on Banking and Currency
Although originally created in 1865,(3) the Committee on
Banking and Currency largely derives its current jurisdiction from the
1947 revisions prompted by the Legislative Reorganization Act of 1946.
At that time, the committee was granted most of the jurisdiction of the
former Committee on Coinage, Weights, and Measures. In
1971,(4) it was additionally given jurisdiction over the
``impact on the economy of tax-exempt foundations and charitable
trusts.''
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3. 4 Hinds' Precedents Sec. 4082.
4. 117 Cong. Rec. 12081, 92d Cong. 1st Sess., Apr. 27, 1971 [H. Res.
320].
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The jurisdiction of the Committee on Banking and Currency
[[Page 2835]]
pursuant to the 1973 rules (5) read as follows:
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5. Rule XI clause 4, House Rules and Manual Sec. 683 (1973). See Rule
X clause l(d), in the 1979 House Rules and Manual.
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(a) Banking and currency generally.
(b) Control of price of commodities, rents, or services.
(c) Deposit insurance.
(d) Federal Reserve System.
(e) Financial aid to commerce and industry, other than matters
relating to such aid which are specifically assigned to other
committees under this rule.
(f) Gold and silver, including the coinage thereof.
(g) Impact on the economy of tax-exempt foundations and
charitable trusts.
(h) Issuance of notes and redemption thereof.
(i) Public and private housing.
(j) Valuation and revaluation of the dollar.
Within the jurisdictional realm of the committee, though not
expressly stated in the rules (6) are matters such as: (1)
strengthening of public credit; (2) taxation of notes; (3) propositions
to maintain the parity of U.S. money; (4) national banks and current
deposits of public money; (5) incorporation of an international bank;
(6) the Freedmen's Bank; (7) the Farm Loan Act; (8) home loan bills;
(9) stabilization of the dollar; (10) the War Finance Corporation; and
(11) Federal Reserve Bank buildings.
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6. Rule X clause 1(d), House Rules and Manual Sec. 673 (1979).
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The committee also has had legislative jurisdiction over small
business matters. In 1971, when tax-exempt foundations and charitable
trusts were added to its jurisdiction, the committee obtained all of
the files and papers of the Subcommittee on Foundations of the Select
Committee on Small Business. While the Select Committee on Small
Business was made a permanent committee of the House in
1971,(7) that select committee was not granted legislative
jurisdiction.
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7. H. Res. 5, 117 Cong. Rec. 143, 92d Cong. 1st Sess., Jan. 22. 1971.
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Effective Jan. 3, 1975, however, the standing Committee on Small
Business was created and the Committee on Banking and Currency lost
jurisdiction over that subject.(8)
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8. H. Res. 988, 120 Cong. Rec. 34447-70, 93d Cong. 2d Sess., Oct. 8,
1974.
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The Committee on Banking and Currency also has had jurisdiction
over the Commodity Credit Corporation, since it reported the
legislation establishing it as an agency and instrumentality of the
United States in 1948, with the passage of the Commodity Credit
Corporation Charter Act.(9) This
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9. 60 Stat. 1070; 15 USC Sec. 714.
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[[Page 2836]]
act granted the Corporation the power to (1) support prices of
agricultural commodities; (2) procure commodities for sale to
government agencies, foreign governments, relief agencies, etc.; and
(3) remove and dispose of surplus agricultural commodities.
Having reported the legislation which established the Corporation,
the Committee on Banking and Currency had, until the Committee Reform
Amendments of 1974, reported legislative proposals dealing with
amendments to the Charter Act. For example, bills raising the
limitation on the dollar amount which the Corporation can borrow had
traditionally been handled by the committee, as had measures which,
while not specifically amending the charter, do relate to the capital
structure of the Corporation and indirectly with its borrowing
authority.
Effective Jan. 3, 1975, jurisdiction over the Commodity Credit
Corporation was transferred to the Committee on
Agriculture.(10)
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10. H. Res. 988, 120 Cong. Rec. 34447-70, 93d Cong. 2d Sess., Oct. 8,
1974.
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Additional indicia of the jurisdictional realm of the Committee on
Banking and Currency may be gleaned from the following
lists,(11) the first consisting of new legislation or
amendments to legislation enacted between the 90th and 93d Congresses,
the second consisting of executive departments over which the committee
has, in the past, exercised some legislative responsibility.
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11. These lists were compiled by Dennis J. Taylor, ``Monographs on the
Committees of the House of Representatives'' (93d Cong. 2d
Sess., Dec. 13, 1974), committee print, pp. 35, 36.
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Legislative Enactments
(1) Bank Holding Company Act.
(2) Defense Production Act.
(3) Economic Stabilization Act.
(4) Emergency Home Finance Act.
(6) Export Control Act.
(7) Export and Import Bank Act.
(8) Federal Reserve Act.
(9) FHA and Rural Housing Program Insurance Authority.
(10) Housing and Urban Development Act.
(11) Interest Rates and Insurance on Mortgages.
(12) International Financial Institutions.
(13) Separate Federal Credit Union Agency and Insurance of
Accounts.
(14) Small Business Act.
(15) Small Business Investment Act.
(16) State Taxation of National Banks.
(17) Urban Mass Transportation Assistance.
Executive Departments
(1) Commerce Department.
(2) Comptroller of the Currency.
(3) Cost of Living Council.
(4) Export-Import Bank.
[[Page 2837]]
(5) Federal Deposit Insurance Corporation.
(6) Federal Home Loan Bank Board.
(7) Federal Home Loan Mortgage Corporation.
(8) Federal National Mortgage Association.
(9) Federal Reserve System.
(10) Federal Savings and Loan Insurance Corporation.
(11) Housing and Urban Development, Department of.
(12) National Credit Union Administration.
(13) Office of Emergency Planning.
(14) Small Business Administration.
(15) Transportation Department.
(16) Treasury Department.
As the precedents reveal, the legislative jurisdiction of the
committee and its predecessors has also extended to such matters as
enabling the Commodity Credit Corporation to aid farmers in marketing;
(12) relieving purchasers of goods converted by warehousemen
from claims of the Commodity Credit Corporation; (13)
promoting balanced urban development through coordination of urban
development grants; (14) and acquiring land in the District
of Columbia as a building site for the International Monetary
Fund.(15) The committee has also reported sense of the
Congress resolutions pertaining to the advisability of cash bonuses for
veterans,(16) and the need for the continued existence of a
particular tin smelter.(17)
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12. Sec. 33.1, infra.
13. Sec. 33.2, infra.
14. Sec. 33.3, infra.
15. Sec. 33.8, infra.
16. Sec. 33.9, infra.
17. Sec. 33.10, infra.
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Handling the broad spectrum of legislative responsibilities of the
Committee on Banking and Currency, in 1973, were eight subcommittees.
Alphabetically, they are categorized, as follows:
1. Subcommittee on Bank Supervision and Insurance;
2. Subcommittee on Consumer Affairs;
3. Subcommittee on Domestic Finance;
4. Subcommittee on Housing;
5. Subcommittee on International Finance;
6. Subcommittee on International Trade;
7. Subcommittee on Small Business; and
8. Subcommittee on Urban Mass Transit.
Effective Jan. 3, 1975, the Committee Reform Amendments of 1974
redesignated the committee as the Committee on Banking, Currency and
Housing; added specific jurisdiction to the committee over federal
monetary policy, money and credit, urban development, economic
stabilization, defense production and renegotiation, international
finance, and
[[Page 2838]]
international financial and monetary organizations; and transferred
from the committee jurisdiction over the Commodity Credit Corporation
(to the Committee on Agriculture), over export controls (to the
Committee on Foreign Affairs), over international economic policy (to
the Committee on Foreign Affairs), over construction of nursing home
facilities (to the Committee on Interstate and Foreign Commerce), and
over urban mass transportation (to the Committee on Public Works and
Transportation).(18)
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18. H. Res. 988, 120 Cong. Rec. 34447-70, 93d Cong. 2d Sess., Oct. 8,
1974.
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Parliamentarian's Note: In the 95th Congress, the committee was
redesignated as the Committee on Banking, Finance and Urban
Affairs. -------------------
Commodity Credit Corporation
Sec. 33.1 The Committee on Banking and Currency and not the Committee
on Agriculture formerly had jurisdiction of a bill to enable the
Commodity Credit Corporation to better serve farmers in marketing
and to provide credit and facilities for carrying surpluses from
season to season.
On Feb. 26, 1936,(19) Mr. T. Alan Goldsborough, of
Maryland, requested unanimous consent that the Committee on Agriculture
be discharged from further consideration of H.R. 11104, and that it be
rereferred to the Committee on Banking and Currency. In so doing, he
noted that ``I have consulted with the chairman of the Committee on
Agriculture this morning, and that is satisfactory to him.''
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19. 80 Cong. Rec. 2848, 74th Cong. 2d Sess.
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Immediately thereafter, the House granted unanimous
consent.(20)
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20. For additional information, see the Parliamentarian's Note to
Sec. 33.2, infra.
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Sec. 33.2 The Committee on Banking and Currency and not the Committee
on Agriculture formerly had jurisdiction of bills to amend the
Commodity Credit Corporation Charter Act in order to relieve
innocent purchasers of fungible goods converted by warehousemen
from claims of the Commodity Credit Corporation.
On May 3, 1955,(21) Harold D. Cooley, of North Carolina,
Chairman of the Committee on Agri
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21. 101 Cong. Rec. 5501, 84th Cong. 1st Sess.
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[[Page 2839]]
culture, obtained unanimous consent to have his committee discharged
from further consideration of five identical bills (H.R. 2137, H.R.
2872, H.R. 2007, H.R. 694, and H.R. 646), and to have them referred to
the Committee on Banking and Currency.
Parliamentarian's Note: The Commodity Credit Corporation was
established as an agency and instrumentality of the United States in
1948, with the passage of the Commodity Credit Corporation Charter Act
[62 Stat. 1070; 15 USC Sec. 714 (S. 1322, 80th Cong.; H.R. 6263,
reported from the Committee on Banking and Currency, Apr. 22, 1948)].
This enabling act provided that the Corporation has the power to (1)
support prices of agricultural commodities; (2) procure commodities for
sale to government agencies, foreign governments, relief agencies,
etc.; and (3) remove and dispose of surplus agricultural commodities.
By legislation enacted in 1949, the Commodity Credit Corporation
Charter Act was amended to make the Secretary of Agriculture the
Chairman of the Board, and the Secretary was in effect given general
supervision and direction of the Corporation [63 Stat. 154; 15 USC
Sec. 714 (S. 900, 81st Cong.; H.R. 2682, reported from the Committee on
Banking and Currency, Apr. 9, 1949)].
From the establishment of the Corporation, the Committee on Banking
and Currency, until the Committee Reform Amendments of 1974,
consistently reported legislative proposals dealing with amendments to
the Charter Act. For example, bills raising the limitation on the
dollar amount which the Corporation could borrow had been handled by
the Committee on Banking and Currency, as had measures which, while not
specifically amending the charter, did relate to the capital structure
of the Corporation and indirectly with its borrowing authority.
Coordination of Urban Development Grants
Sec. 33.3 Under the rules in effect in the 91st Congress, the Committee
on Banking and Currency, and not the Committee on Government
Operations, had jurisdiction of a bill designed to promote
``balanced urban development and growth'' by providing coordination
in different categories of urban development grants and amending
various laws within the jurisdiction of the Committees on Banking
and
[[Page 2840]]
Currency, Public Works, Interstate and Foreign Commerce, and
others.
On Mar. 18, 1970,(22) Wright Patman, of Texas, Chairman
of the Committee on Banking and Currency, sought unanimous consent to
have H.R. 13217 rereferred from the Committee on Government Operations
to the Committee on Banking and Currency.
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22. 116 Cong. Rec. 7887, 91st Cong. 2d Sess.
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Immediately after Mr. Patman voiced his request, the following
exchange took place:
Mr. Gerald R. Ford [of Michigan]: Mr. Speaker, reserving the
right to object, I would like to ask the distinguished chairman of
the Committee on Banking and Currency if a representative, the
chairman, or some other member, from the Committee on Government
Operations is in accord with the request.
Mr. Patman: I have a letter from the gentleman from Illinois
(Mr. Dawson), the chairman, that he is in agreement with it. The
gentleman from California (Mr. Holifield [of the Committee on
Government Operations]) is present, as is also the gentleman from
North Carolina (Mr. Fountain) who is chairman of the
Intergovernmental Relations Committee. He is in agreement with it,
and also the author of the bill.
Mr. [Chet] Holifield: Mr. Speaker, will the gentleman yield?
Mr. Gerald R. Ford: I yield to the gentleman from California.
Mr. Holifield: I would like to affirm what the chairman has
said. We feel that this re-referral is proper. We feel that it is a
substantive matter which ought to be considered by the Committee on
Banking and Currency.
Mr. Gerald R. Ford: Will the chairman of the Committee on
Banking and Currency read the title of the bill again, please.
Mr. Patman: Yes. The title of the bill is ``to provide for the
balanced urban development and growth of the United States.''
Mr. Gerald R. Ford: Mr. Speaker, I withdraw my reservation of
objection.
The Speaker [John W. McCormack of Massachusetts]: Is there
objection to the request of the gentleman from Texas?
There was no objection.
Parliamentarian's Note: The bill was originally referred to the
Committee on Government Operations since it was similar to other
measures providing for consolidation of grant-in-aid programs. Since
the bill had as its specific purpose the consolidation of grants for
urban development, the Committee on Government Operations had no
objection to its rereferral to the Committee on Banking and Currency.
The Committee Reform Amendments of 1974 specifically conferred
jurisdiction over urban development upon the committee.
Farm Housing; Lanham War Housing Act
Sec. 33.4 The Committee on Banking and Currency and not
[[Page 2841]]
the Committee on Agriculture formerly had jurisdiction of a bill to
provide assistance to farmers in securing farm housing and other
farm buildings.
On Feb. 17, 1949,(23) Brent Spence, of Kentucky,
Chairman of the Committee on Banking and Currency, stated that H.R.
1376 was referred to the Committee on Agriculture by inadvertence.
After noting that he had conferred with the Chairman of the Committee
on Agriculture, Mr. Spence requested unanimous consent that that
committee be discharged from further consideration of the measure, and
that the bill be referred to the Committee on Banking and Currency.
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23. 95 Cong. Rec. 1367, 81st Cong. 1st Sess.
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Immediately thereafter, the House granted unanimous consent.
Sec. 33.5 The Committee on Banking and Currency and not the Committee
on Public Works has jurisdiction of a bill to permit a first
preference for former owners of certain dwellings being sold under
the Lanham War Housing Act [act of Oct. 14, 1940].
On July 10, 1953,(24) George A. Dondero, of Michigan,
Chairman of the Committee on Public Works, obtained unanimous consent
to have his committee discharged from further consideration of H.R.
6130 (1) and to have it rereferred to the Committee on
Banking and Currency.(2)
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24. 99 Cong. Rec. 8533, 8534, 83d Cong. 1st Sess.
1. 54 Stat. 862, 42 USC Sec. Sec. 1521 et seq.
2. H.R. 6130 was reported by the Committee on Banking and Currency on
July 27, 1953 (H. Rept. No. 973).
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Impact on Economy of Tax Exempt Foundation and Charitable Trusts
Sec. 33.6 The House adopted a privileged resolution, reported from the
Committee on Rules, amending the rules to vest jurisdiction over
the impact on the economy of tax-exempt foundations and charitable
trusts in the Committee on Banking and Currency. Oversight of this
matter had formerly been exercised by the Select Committee on Small
Business.
On Apr. 27, 1971,(3) by direction of the Committee on
Rules, Mr. Richard Bolling, of Missouri, a member of that committee,
called
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3. 117 Cong. Rec. 12080, 92d Cong. 1st Sess.
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[[Page 2842]]
up a privileged resolution (H. Res. 320), and asked for its immediate
consideration. The Clerk proceeded to read the resolution, as follows:
Resolved, That clause 4, rule XI, of the rules of the House
(4) is hereby amended by--
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4. This clause (clause 4) prescribed the jurisdiction of the Committee
on Banking and Currency at the time [Rule XI clause 4, House
Rules and Manual Sec. 683 (1971)], as follows: ``(a) banking
and currency generally; (b) control of price of commodities,
rents, or services; (c) deposit insurance; (d) Federal Reserve
System; (e) financial aid to commerce and industry, other than
matters relating to such aid which are specifically assigned to
other committees under this rule; (f) gold and silver,
including the coinage thereof; (g) issuance of notes and
redemption thereof; (h) public and private housing; and (i)
valuation and revaluation of the dollar.''
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(1) renumbering paragraphs (g), (h), and (i) as paragraphs (h),
(i), and (j), and
(2) inserting a new paragraph (g) as follows
``(g) Impact on the economy of tax-exempt foundations and
charitable trusts.``
Sec. 2. All files, records, documents, and papers in possession
of the Subcommittee on Foundations of the Select Committee on Small
Business are hereby preserved intact and transferred to the
Committee on Banking and Currency.
In the course of the brief discussion which ensued, Wright Patman,
of Texas, Chairman of the Committee on Banking and Currency and
Chairman of the Select Committee on Small Business' Subcommittee on
Foundations, stated:
There is no objection that I know of to this resolution from
any of the committee chairmen involved or any other members. The
resolution is cosponsored by myself, Mr. Evins, Mr. Widnall, and
Mr. Conte, the chairmen and ranking minority members of the two
committees involved.
Moreover, he pointed out that:
. . . With the recent changes in the law in this area, we now
feel it is appropriate that a broader look be taken at the impact
of foundations and other tax-exempt organizations on the national
economy. We believe the Committee on Banking and Currency is an
appropriate committee for such a study.
Shortly thereafter, the resolution was agreed to.(5)
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5. 117 Cong. Rec. 12081, 92d Cong. 1st Sess.
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International Financial Organizations
Sec. 33.7 Under the rules in effect in the 86th Congress, the Committee
on Banking and Currency, and not the Committee on Foreign Affairs,
[[Page 2843]]
had jurisdiction over proposed legislation to provide for the
participation of the United States in the International Development
Association, an international financial organization to operate
under the provisions of the Bretton Woods Agreement Act and to be
financed partly from special notes issued by the Secretary of the
Treasury under the Second Liberty Bond Act.
On Feb. 18, 1960,(6) Speaker Sam Rayburn, of Texas, laid
before the House a message (H. Doc. No. 345), from President Dwight D.
Eisenhower, submitting to the House the articles of agreement for the
establishment of the International Development Association and
recommending legislation authorizing U.S. membership in the
association. The message was referred to the Committee on Foreign
Affairs.
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6. 106 Cong. Rec. 2952, 86th Cong. 2d Sess.
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On Mar. 9, 1960,(7) however, Thomas E. Morgan, of
Pennsylvania, Chairman of the Committee on Foreign Affairs, obtained
unanimous consent to have the President's message rereferred to the
Committee on Banking and Currency. The same day,(8)
moreover, the proposed legislation (H.R. 11001), was similarly
referred.(9)
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7. 106 Cong. Rec. 5046, 86th Cong. 2d Sess.
8. Id. at p. 5072.
9. H.R. 11001 was reported by the Committee on Banking and Currency on
June 8, 1960 (H. Rept. No. 1766).
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Parliamentarian's Note: Pursuant to the Committee Reform Amendments
of 1974, jurisdiction over international financial and monetary
organizations was specifically conferred upon the committee.
Sec. 33.8 Under the rules in effect in the 87th Congress, the Committee
on Banking and Currency, and not the Committee on Public Works, had
jurisdiction of a proposal to authorize the Administrator of
General Services to acquire land in the District of Columbia for
transfer to the International Monetary Fund as a site for a new
office building for the fund.
On May 1, 1962,(10) Speaker John W. McCormack, of
Massachusetts, recognized Majority Leader Carl Albert, of Oklahoma, who
proceeded to initiate the following exchange:
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10. 108 Cong. Rec. 7428, 87th Cong. 2d Sess.
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Mr. Speaker, after consultation between the Speaker and the
gentleman
[[Page 2844]]
from Maryland [Mr. Fallon],(11) I ask unanimous consent
that Executive Communication No. 1994, which was referred to the
Committee on Public Works, be referred to the Committee on Banking
and Currency.
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11. The Chairman of the Committee on Public Works, Charles A. Buckley
(N.Y.) was presumably unavailable for the consultation referred
to by Mr. Albert. Mr. George H. Fallon (Md.) was the next
ranking member of the majority party on the committee.
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The Speaker: IS there objection to the request of the gentleman
from Oklahoma?
There was no objection.
Parliamentarian's Note: Executive Communication No. 1994 authorized
the Administrator of General Services to acquire the land, subject to
reimbursement by the fund.
Cash Bonuses for Veterans
Sec. 33.9 In the 82d Congress, the Committee on Banking and Currency
and not the Committee on Veterans' Affairs had jurisdiction of a
concurrent resolution expressing the sense of the Congress that the
payment of cash bonuses to veterans is noninflationary, is an
appropriate recognition of their services and sacrifices, and that
federal agencies should encourage the purchase of state bonds
issued to provide for the payment of such bonuses.
On Oct. 2, 1951,(12) John E. Rankin, of Mississippi
Chairman of the Committee on Veterans' Affairs, obtained unanimous
consent to have his committee discharged from further consideration of
House Concurrent Resolution 150 and to have it rereferred to the
Committee on Banking and Currency.
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12. 97 Cong. Rec. 12494, 82d Cong. 1st Sess.
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Tin Smelting and Production
Sec. 33.10 The Committee on Banking and Currency and not the Committee
on Armed Services has jurisdiction of a concurrent resolution to
express the sense of the Congress on continuing the operation of a
tin smelter at Texas City, Texas, and to investigate the need of a
permanent domestic tin-smelting industry and the adequacy of our
strategic stockpile of tin.
On June 7, 1954,(13) Dewey Short, of Missouri, Chairman
of the Committee on Armed Services, obtained unanimous consent
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13. 100 Cong. Rec. 7766, 83d Cong. 2d Sess.
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[[Page 2845]]
to have his committee discharged from further consideration of House
Concurrent Resolution 237 and to have it rereferred to the Committee on
Banking and Currency.