Lending operations: The normal peacetime loan and investment program of the Corporation embraces the making of direct business loans and participations with banks and other lending institutions in such loans, including loans to foster and develop small business enterprises and loans to railroads, air lines and other common carriers, public agencies, financial institutions, castastrophe loans, provision for a secondary market for FHA-insured and VA-guaranteed mortgage loans through its subsidiary, the Federal National Mortgage Association. From 1932 through March 31, 1949, the Corporation authorized loans aggregating approximately $21,000,000,000. The Corporation had outstanding as of March 31, 1949, loans (excluding the purchase of FHA-insured and VA-guaranteed mortgage loans) of $787,784,961. As of the same date the Corporation had in portfolio, or committed itself to purchase, FHA-insured and VA-guaranteed mortgage loans of $696,954,986. Production and sales of synthetic rubber: Synthetic rubber is produced under the Rubber Act of 1948 and Executive Order 9942, through the operation and maintenance of 34 plants, representing a capital investment of over $500,000,000. Practically all the synthetic rubber consumed in the United States is produced in these plants, with current annual production and sales exceeding 400,000 long tons at a cost of approximately $200,000,000. Production, purchases and sales of tin: This program includes the operation and management of the Texas City tin smelter under Public Law 125, as amended by Public Law 824, both of the Eightieth Congress. This smelter is a unique facility and produces a large proportion of the Nation's current annual industrial requirements of tin metal. Production is dependent upon the acquisition of the requisite tin-bearing materials from highly competitive sources in the foreign market. For the current fiscal year acquisition of materials in the form of ores, concentrates and metal will aggregate approximately $200,000,000. Both operations, production, and sales, are subject to close supervision by the RFC Directors. Liquidation of war activities: This includes the disposal of plants and properties, of which 83, valued at approximately $99,000,000, are under leases expiring over the next 30 years; sales of $8,000,000 of properties under expired leases; liquidation of miscellaneous claims and accounts aggregating approximately $82,000,000, such claims and accounts arising out of the wartime operations of RFC's former subsidiaries, plus approximately $27,000,000 of liabilities arising from the same source. There are also approximately $28,000,000 of contingent assets and liabilities, many of which are presently the subject of litigation. Except as otherwise provided by law, the Directors of the Corporation determine the necessity for, and the character and amount of, its obligations and expenditures under the RFC Act, and the manner in which they are incurred, allowed, paid, and accounted for, without regard to the provisions of any other laws governing the expenditure of public funds, and such determinations are final and conclusive upon all other officers of the Government. Since 1932, the Directors have authorized the expenditure (including wartime activities) of approximately $42,500,000,000, and under existing law for new business since June 30, 1947, are authorized to have outstanding at any one time in normal lending operations $2,050,000,000. Size of organization: Number of employees, 4,575 (as of March 31, 1949). Estimated annual expenditures for fiscal year 1949, $1,000,000,000 (approximately). Position title: Member, Board of Directors, Reconstruction Finance Corporation. Section of bill: 5 (a). Present salary: $12,500. Date salary established: June 30, 1947, by Public Law 132 of the Eightieth Congress. Proposed salary: $15,000. Incumbents: Walter L. Dunham, Michigan; Harvey J. Gunderson, South Dakota; Henry A. Mulligan, New York; William E. Willett, Maryland. Responsibilities: The direction and management of RFC is vested in a Board of Directors consisting of five persons appointed by the President by and with the advice and consent of the Senate. The Directors are charged jointly with the sole responsibility, in an executive operating capacity, for carrying out the duties and activities of the Corporation described below: Lending operations: The normal peacetime loan and investment program of the Corporation embraces the making of direct business loans and participations with banks and other lending institutions in such loans, including loans to foster and develop small business enterprises and loans to railroads, air lines, and other common carriers, public agencies, financial institutions, catastrophe loans, provision for a secondary market for FHA-insured and VA-guaranteed mortgage loans through its subsidiary, the Federal National Mortgage Association. From 1932 through March 31, 1949, the Corporation authorized loans aggregating approximately $21,000,000,000. The Corporation had outstanding as of March 31, 1949, loans (excluding the purchase of FHA-insured and VA-guaranteed mortgage loans) of $787,784,961. As of the same date the Corporation had in portfolio, or committed itself to purchase, FHA-insured and ́VA-guaranteed mortgage loans of $696,954,986. Production and sales of synthetic rubber: Synthetic rubber is produced under the Rubber Act of 1948 and Executive Order 9942, through the operation and maintenance of 34 plants, representing a capital investment of over $500,000,000. Practically all the synthetic rubber consumed in the United States is produced in these plants, with current annual production and sales exceeding 400,000 long tons at a cost of approximately $200,000,000. Production, purchases, and sales of tin: This program includes the operation and management of the Texas City tin smelter under Public Law 125, as amended by Public Law 824, both of the Eightieth Congress. This smelter is a unique facility and produces a large proportion of the Nation's current annual industrial requirements of tin metal. Production is dependent upon the acquisition of the requisite tin-bearing materials from highly competitive sources in the foreign market. For the current fiscal year acquisition of materials in the form of ores, concentrates, and metal will aggregate approximately $200,000,000. Both operations, production, and sales are subject to close supervision by the RFC Directors. Liquidation of war activities: This includes the disposal of plants and properties, of which 83, valued at approximately $99,000,000, are under leases expiring over the next 30 years; sales of $8,000,000 of properties under expired leases; liquidation of miscellaneous claims and accounts aggregating approximately $82,000,000, such claims and accounts arising out of the wartime operations of RFC's former subsidiaries, plus approximately $27,000,000 of liabilities arising from the same source. There are also approximately $28,000,000 of contingent assets and liabilities, many of which are presently the subject of litigation. Except as otherwise provided by law, the Directors of the Corporation determine the necessity for, and the character and amount of, its obligations and expenditures under the RFC Act, and the manner in which they are incurred, allowed, paid, and accounted for, without regard to the provisions of any other laws governing the expenditure of public funds, and such determinations are final and conclusive upon all other officers of the Government. Since 1932, the Directors have authorized the expenditure (including wartime activities) of approximately $42,500,000,000, and under existing law for new business since June 30, 1947, are authorized to have outstanding at any one time in normal lending operations $2,050,000,000. Size of organization: Number of employees: 4,575 (as of March 31, 1949). Estimated annual expenditures for fiscal year 1949, $1,000,000,000 (approximately). Position title: Member, Securities and Exchange Commission. Section of bill: 4. Present salary: $10,000. Date salary established: June 6, 1934, by Public Law 291 of Seventy-third Congress. Proposed salary: $16,000. Incumbents: Edmond M. Hanrahan, New York; Richard B. McEntire, Kansas; Robert K. McConnaughey, Ohio; Harry A. McDonald, Michigan; Paul R. Rowen, Massachusetts. Responsibilities: The Commission administers seven statutes which provide for a variety of work in connection with corporate financing; the regulation of stock exchanges; the supervision of trading in securities both on stock exchanges and in the over-the-counter markets; the reorganization of gas and electric public utility holding company systems to simplify their security structures, to distribute voting power equitably, and to integrate their properties geographically; the qualification of trust indentures underlying the issues of the debt; the regulation of certain activities of investment advisers and the supervision of internal financial affairs of investment companies; and the rendition of advice to Federal courts in corporate reorganization proceedings arising under chapter X of the Bankruptcy Act. The Commissioners participate in the quasi-judicial adjudication of individual rights and duties and affairs of companies and their security holders, often involv ing large sums of money. Whether calling for direct regulatory action or determination of the adequacy of disclosure the problems may involve law, accounting, financial analysis, domestic and foreign economics, or engineering. Each Commissioner bears primary responsibility for full understanding, sound judgment, and fair administration in deciding matters as a body. The conduct of the Commission vitally affects individual and economic welfare and is exposed to public scrutiny in courts and through extensive news coverage. Some of the effects of the Commission's administration upon the particular fields it regulates and upon the national economy, as well as the multitude of individual actions involved, may be envisioned by these summary figures: Securities Act of 1933, issues of securities for public sale: As originally filed.. As effective. Trust Indenture Act, securities covered by indenture: As originally filed.. As effective.. Approximate assets of registered investment companies Assets of public utility holding company systems under the Com- Total market value of stock sales on national stock exchanges Assets... Indebtedness.. Size of organ zation: Number of employees, 1,150. 1 year, fiscal 1948 $6, 149, 704, 287 5, 675, 723, 016 2, 554, 029, 380 2, 445, 903, 580 3, 825, 000, 000 14, 574, 000, 000 13, 932, 441, 000 1, 744, 674, 000 1, 130, 548, 000 Estimated annual expenditures for fiscal year 1949, $5,826,140. Position title: Director, Selective Service. Section of bill: 5 (a). Present salary: $12,500. Date salary established: June 24, 1948, by Public Law 759 of Eightieth Congress. Proposed salary: $15,000. Incumbent: Maj. Gen. Lewis B. Hershey. State: Indiana. Responsibilities: The Director of Selective Service is the head of the Selective Service System and is responsible directly to the President for the organization and administration of the Selective Service System, established by title I of the Selective Service Act of 1948, which consists of a national headquarters; 54 State headquarters in the States, Territories, possessions, and District of Columbia; 54 appeal boards, and 3,659 local boards. The Director of Selective Service is responsible for the carrying out of the functions of the Selective Service System under title I of the Selective Service Act of 1948, which include the registration, examination, classification, delivery for induction, and maintenance of records of the male persons ages 18 to 26 who are required to register under the provisions of that title; the preservation and servicing of the 50,000,000 individual records of persons who registered under the Selective Training and Service Act of 1940, as amended, and the preservation of the knowledge and methods of Selective Service. Size of organization: Number of employees, 5,943 compensated; 36,697, uncompensated. Position title: Secretary of State. Section of bill: 1. Present salary: $15,000. Date salary established: March 4, 1925, by Public Law 624 of Sixth-eighth Congress. Proposed salary: $25,000. Incumbent: Dean Acheson. State: Maryland. Responsibilities: The Secretary of State, who is the highest ranking Cabinet member, serves as principal adviser to the President in the determination and execution of United States foreign policy, and has general direction over all the functions of the Department and the Foreign Service. He has custody of the Seal of the United States, conducts correspondence with the States of the Union on the ratification of proposed amendments to the Constitution and on the ascertainment of Presidential electors, and publishes laws enacted by Congress. Size of organization: Number of employees, 21,672 positions. Estimated annual expenditures for fiscal year 1949, $317,512,941. Section of bill: 2 (a). Position title: Under Secretary of State. Present salary: $12,000. 597 of Eightieth Congress. Proposed salary: $20,000. Incumbent: James E. Webb. State: North Carolina (District of Columbia). Responsibilities: The Under Secretary of State serves as the principal adviser and assistant to the Secretary in the formulation, determination, and execution of United States foreign policy. The Under Secretary is the second ranking officer in the Department and in the absence of the Secretary serves as Acting Secretary of State. Date salary established: June 3, 1948, by Public Law Position title: Assistant Secretary of State, Assistant Secretary for Economic Date salary established: July 3, 1948, by Public Law 900 of Eightieth Congress. Proposed salary: $15,000. Incumbent: Willard L. Thorp. State: Connecticut. Responsibilities: The Assistant Secretary for Economic Affairs advises and assists the Secretary in the development and implementation of foreign economic policy with respect to international trade, finance, transportation, communications, and economic and social development and security. In these respects, the Assistant Secretary is responsible for the effective performance of the following functions: 1. Initiating, formulating, and coordinating foreign economic policy and action, and the implementing of such policy and action determinations. 2. Providing an economic policy information service for editing and publishing periodic and special economic reports and summaries of activities and policy positions of the economic offices of the Department, for the use and guidance of the Department, the Foreign Service, and other interested Government arencies. 3. Forecasting and bringing to the attention of high-level interdepartmental committees for consideration and policy recommendations problems arising in the Federal agencies that involve United States foreign economic and social relations. 4. Providing departmental representation on foreign economic and social affairs in international conferences and in connection with the negotiation and implementation of international treaties and agreements. The Assistant Secretary participates at the highest level with the Secretary and Under Secretary in the formulation of the United States foreign policy and in the administration of the Department and the Foreign Service. Position title: Assistant Secretary of State, Assistant Secretary for Congressional Relations. Section of bill: 5 (a). Present salary: $10,330. Date salary established: July 3, 1948, by Public Law 900 of Eightieth Congress. Proposed salary: $15,000. Incumbent: Ernest A. Gross. State: New York. Responsibilities: The Assistant Secretary for Congressional Relations collaborates closely with the Secretary, Under Secretary, and Assistant Secretaries on major policy and program considerations. He advises and assists the Secretary and Under Secretary in determining current and long-range foreign policy. The Assistant Secretary is responsible for the maintenance of liaison with the Congress and the Bureau of the Budget in connection with the development and implementation of United States foreign policy. His authority includes directing consultation with Members of the Congress concerning foreign policy developments, legislative proposals and related matters, including testimony before congressional committees; correspondence with Members of the Congress and with Government officials and private individuals concerning congressional matters; development of the Department's legislative program and the presentation of legislative proposals, and treaties and other international agreements to the Congress; and maintenance of liaison with the Bureau of the Budget in connection with legislative reports to Congress, proposals for legislation and related matters. Position title: Assistant Secretary of State, Assistant Secretary for Public Affairs. Section of bill: 5 (a). Present salary: $10,330. Date salary established: July 3, 1948, by Public Law 900 of Eightieth Congress. Proposed salary: $15,000. Incumbent: George V. Allen. State: North Carolina. Responsibilities: The Assistant Secretary for Public Affairs serves as the principal adviser to the Secretary of State with regard to the development and implementation of (1) international information and educational exchange programs as authorized by Public Law 402; and (2) domestic information programs designed to inform the American public concerning foreign relations. The area of responsibility of the Assistant Secretary for Public Affairs includes the following: United States participation in UNESCO, including the furnishing of secretariat services to the National Commission; liaison with the United States Advisory Commission on Information and the United States Advisory Commission on Educational Exchange and the furnishing of secretariat services to these Commissions; the preparation and distribution of material regarding the American way of life to foreign audiences through the media of radio, motion pictures, press, photographs, film strips, and publications, including the broadcast operations of the Voice of America, the issuance of daily State Department Wireless Bulletin, and the publication of the Russian-language magazine Amerika; the cooperation with other nations in the interchange of knowledges and skills, the rendering of technical services, and the interchange of developments in education, the arts, and sciences, including the furnishing of a secretariat for the Interdepartmental Committee on Scientific and Cultural Cooperation, the maintenance of overseas libraries and institutes, the administration of exchange of persons and programs under the Fulbright Act and other laws; the direction of domestic public information programs designed to furnish the American people with information on United States foreign policy, and to provide the Department with accurate knowledge and understanding of public opinion with regard to foreign policy issues; the direction of a program of historical research studies in the field of American foreign policy and American displomatic relations; and the direction of the Department's publications program, which includes the publication of the annual volumes entitled "Foreign Relations of the United States," the State Department Bulletin, and other periodicals. He directs the relations of the Department of State with other Federal agencies on all above matters. He is responsible for stimulating and facilitating the activities of public and private agencies in carrying out the above responsibilities. Position title: Assistant Secretary of State, Assistant Secretary for Administration. Section of bill: 5 (a). Date salary established: July 3, 1948, by Public Law Present salary: $10,330. 900 of Eightieth Congress. Proposed salary: $15,000. Incumbent: John E. Peurifoy. State: Virginia. Responsibilities: The Assistant Secretary for Administration advises and assists the Secretary in the development and formulation of over-all_organizational, administrative, and budgetary policies for the Department, the Foreign Service, and such special programs as may be vested in the Department of State or the Secretary by statute, Executive order, or otherwise; for executing and implementing policies so developed; and for providing the necessary facilities to implement policies approved by the Secretary. In these respects, the Assistant Secretary is responsible for the effective performance of the following functions: 1. Supervision and control over the organization of the Department, the Foreign Service, and special programs, and their component offices, divisions, and other units. 2. Exercise of the authority vested in the Secretary of State or the Department of State, by statute, Executive order, or otherwise, to allocate funds made available to the Secretary or the Department. 3. Preparation of annual budget estimates; and supervision over the use of and accounting for appropriated funds, in accordance with congressional limitations, administrative objectives, and policies of the President and the Secretary. 90486 49 |