Salt Lake Telegram | 1932-06-14 | Page 3 | Home Loan Bank Bill Approved

HOME LOAN BANK I BILL APPROVED WASHINGTON June 14 The VP-The F The senate banking committee today approved approved approved ap ap- ap- ap proved the sponsored administration house bill biU for the creation of a system system tem tern of more loan discount banks I The committee approved the Wat Wat- son-Luce son bill biU in the form in which it is now before the house providing for the creation of a system of 8 to 12 home loan banks to loosen up credit for home building A substitute offered by Senator Couzens R R. Mich to set up a home loan discount division of the Reconstruction Reconstruction Reconstruction Recon Recon- Finance corporation with a capital of was defeated on a tie vote 8 to 8 I The home loan system would be capitalized with a maximum of 1 from the government together er cr with the sale of securities and subscription subscription sub sub- i of stock by building and md loan associations I The committee amended the tho bill to tt Include Porto Rico and the Virgin islands Members of or the committee Indicated I ed they would ask for car early consideration consideration consideration consid consid- of the b bill ll in the house The vote came after Secretary Lamont Lament had approved the measure