Work Done

The House:

P: Passed (383-to-4) a bill to create a Home Owners' Loan Corp. for refinancing mortgages of $10,000 or less on homes valued at $15,000 or less; sent it to the Senate. The Treasury would subscribe $200,000,000 to the capital of the corporation which, in turn, would issue up to $2,000,000,000 in bonds. The U. S. would guarantee the 4% interest on these bonds which would be exchanged for 5% home mortgages. Defeated (133-to-77) was a proposal for direct cash loans to home-owners to ease their mortgage troubles. P: Adopted (209-10-150) a resolution in- structing the Judiciary Committee to investigate impeachment charges by Virginia's Smith against Federal Judge Lowell of Massachusetts (see p. 14). P: Adopted a resolution whereby the New York State Power Authority would get hydro-electric rights along the international rapids as a result of the St. Lawrence Seaway development; sent it to the Senate. For these rights the State Authority would contribute about $89,000,000 toward the $272,000,000 total U. S. cost of the project with Canada.

The Senate:

P: Passed (64-to-20) the farm relief & mortgage bill with the currency inflation amendment; sent it to conference (see col. 2).

P: Debated a bill by Nebraska's Norris to create a Tennessee Valley Authority to operate Muscle Shoals. P: Passed a bill by Ohio's Bulkley to allow national banks to lend more than 10% of their resources to one borrower, as a means of paying off depositors in closed banks.

P: Received from the Banking & Currency Committee a bill for Federal control of new security issues offered for interstate sale.

P: Consented to the ratification of a treaty with Mexico providing for the straightening and control of the Rio Grande near El Paso. Each country will spend about $3,000,000 on levees.

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