Show CONGRESS GETS BANKING Bill WASHINGTON Feb 5 UP UP UP-Rec- Rec Recommendations for Important changes in n the thc nations nation's banking structure were v contained today in the administrations administration's administrations administration's tion's lions 1935 bankin banking bill before con con- g X was introduced in the house by Henry D. D Ala and in the senate by Duncan U. U Fletcher D. D Fla chairmen of the house and senate senate senate sen sen- ate banking bankin and currency commIttees committees commit commIt- tees respectively The measure would amend and strengthen laws governing the federal federal fed fed- eral cral reserve system and the Federal Deposit Insurance corporation It will wm go to the house and senate banking and currency committees for consid consid- e ration indicated today his committee com corn miU now at work on the Home HomeOwners HomeOwners HomeOwners Owners Loan corporation bill could not hope to start consideration oJ of the banking bill until next week at atthe atthe atthe the earliest Recommendations Important recommendations ons as to the F F. I. I D. D C. C were 1 1 Merger of existing temporary funds lunds into a permanent insurance plan to become effective upon enactment enactment enactment enact enact- ment of ot the bill 2 Continue the maximum Insurance insurance insurance ance protection for each depositor in any bank at Trust funds also are arc insured up to 3 Substitution of a maximum limit limi of ot assessment of 12 1 of 1 per cen cent of total deposits for the present obligatory obligatory oblige atory stock subscription of 1 per cen cent of total deposits 4 Authorization of nonmembers o othe of the federal reserve system to withdraw withdraw withdraw with with- draw from insurance after alter notice to their depositors 5 5 Extension to July I 1 I. I 1936 of or the corporations corporation's right to buy assets o of closed member banks Reserve Changes Changes affecting the federal reserve re re- rc- rc serve system included 6 Consolidation of the offices o or of governor and chairman of the board of federal reserve banks 2 2 Limitation of the term of office of reserve board executives to six ix years 3 Strengthen the requirements o of applicants for federal reserve board executive positions Changes recommended in collateral requirements included 1 Any sound asset of a member bank shall be eligible for diScount at Olt a reserve bank subject to regulations regula- regula promulgated by the thc board 2 Amend existing law to permit obligations the principal and interest inter est of which are guaranteed by the United States shall be eligible for purchase by federal reserve banks bank without regard to maturity 3 Repeal of or collateral requirements for federal reserve notes 4 Abolish office of federal reserve resene agent |