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OCR Page 1 of 44EXECUTIVE BUREAU
OFFICE OF THE PRESIDENT
OF THE BUDGET
R My
WASHINGTON, 25, D.C.
JUN 221945
dear Mr. Latta:
On June 15, 1945, you advised this office that S. 502, "To permit the
continuation of certain subsidy payments and certain purchase and sale
operations by corporations created pursuant to section 5d (3) of the
Reconstruction Finance Corporation Act, as amended, and for other purposes, "
had been received at the White House, and requested reports and recommenda-
tions as to the approval of the bill.
This measure becomes necessary by reason of a provision contained
in the Emergency Price Control Act, as amended by the Stabilization
Extension Act of last year, which stipulates that, after June 30, 1945,
neither the Price Administrator nor the Reconstruction Finance Corporation
nor any other Government corporation shall make any subsidy payments, or
buy any commodities for the purpose of selling them at a loss and thereby
subsidizing directly or indirectly the sale of commodities, unless the
money required for such subsidies, or sale at a loss, has been appropriated
by Congress for such purpose.
Section 1 of the bill provides (a) that payments or purchases may be
made after June 30, 1945, in such amounts as may be necessary to fulfill
obligations incurred prior to July 1, 1945, with respect to 1945 and prior
fiscal year activities, and (b) that payments and purchases may be made
with respect to operations for the fiscal year ending June 30, 1946, which
involve subsidies and anticipated losses as follows:
(1) With respect to materials or commodities, other than rubber and
rubber products, produced outside the United States, in an amount not to
exceed $80,000,000;
(2) With respect to rubber and rubber products produced outside the
United States, in an amount not to exceed $60,000,000;
(3) With respect to materials or commodities produced within the
United States, as follows:
(A) Meat in an amount not to exceed $595,000,000;
(B) Butter in an amount not to exceed $100,000,000;
to
services AND of
(c)
Flour in an amount not to exceed $190,000,000;
(D)
Petroleum and petroleum products in an amount not
to exceed $290,000,000;
(E)
Copper, lead, and zinc, in the form of premium
payments, in an amount not to exceed $88,000,000; and
(F) Other materials or commodities in an amount not to
exceed $100,000,000.
TRUMAN
NARA
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