APR - 5 1937 HEARINGS BEFORE A SUBCOMMITTEE OF THE COMMITTEE ON AGRICULTURE AND FORESTRY UNITED STATES SENATE SEVENTY-FIFTH CONGRESS FIRST SESSION ON S. 1397 A BILL TO CREATE A FEDERAL CROP INSURANCE FEBRUARY 25, 26, 27, MARCH 1, 8, AND 9, 1937 Printed for the use of the Committee on Agriculture and Forestry FEDERAL CROP INSURANCE THURSDAY, FEBRUARY 25, 1937 UNITED STATES SENATE, AGRICULTURE AND FORESTRY, Washington, D. C. The subcommittee met, pursuant to call, at 10 a. m., in the committee room, 324 Senate Office Building, Senator James P. Pope presiding. Present: Senator Pope (chairman), Senator McGill, Senator Schwellenbach, and Senator Frazier. The subcommittee had under consideration S. 1397, a bill to create a Federal Crop Insurance Corporation, and for other purposes, as follows: [S. 1397, 75th Cong., 1st sess.] A BILL To create a Federal Crop Insurance Corporation, and for other purposes Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That it is the purpose of this Act to promote the national welfare by alleviating the economic distress caused by wheat-crop failures due to drought and other causes, maintaining the purchasing power of farmers, and providing for stable supplies of wheat for domestic consumption and the orderly flow thereof in interstate commerce. SEC. 2. To carry out the purposes of this Act, there is hereby created a body corporate with the name "Federal Crop Insurance Corporation" (herein called the Corporation). The principal office of the Corporation shall be located in the District of Columbia, but there may be established agencies or branch offices elsewhere in the United States under rules and regulations prescribed by the Board of Directors. This Act may be cited as the Federal Crop Insurance Act. SEC. 3. (a) The Corporation shall have a capital stock of $100,000,000 subscribed by the United States of America, payment for which shall be subject to call in whole or in part by the Board of Directors of the Corporation. (b) There is hereby authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, the sum of $100,000,000 for the purpose of subscribing to said stock. (c) Receipts for payments by the United States of America for or on account of such stock shall be issued by the Corporation to the Secretary of the Treasury and shall be evidence of the stock ownership by the United States of America. SEC. 4. (a) The management of the Corporation shall be vested in a Board of Directors (hereinafter called the Board) subject to the general supervision of the Secretary of Agriculture. The Board shall consist of three persons employed in the Department of Agriculture who shall be appointed by and hold office at the pleasure of the Secretary of Agriculture. (b) Vacancies in the Board so long as there shall be two members in office shall not impair the powers of the Board to execute the functions of the Corporation, and two of the members in office shall constitute a quorum for the transaction of the business of the Board. (c) The Directors of the Corporation appointed as hereinbefore provided shall receive no additional compensation for their services as such directors, but may be allowed actual necessary traveling and subsistence expenses when engaged in business of the Corporation outside of the District of Columbia. 1 |