UF00083773_00014.pdf

UF00083773_00014.txt

UF00083773_00014_pdf.txt

STATEMENT OF HONORABLE FARRIS BRYANT
DIRECTOR, OFFICE OF EMERGENCY PLANNING

BEFORE THE
SUBCOMMITTEE ON CONSUMER AFFAIRS
COMMITTEE ON BANKING AND CURRENCY

HOUSE OF REPRESENTATIVES

Thursday, August 17, 1967

Madam Chairman and members of the Subcommittee on Consumer Affairs:
I am pleased to have this opportunity to discuss with you
H. R. 11601.

The Office of Emergency Planning is involved in the develop-

ment of preparedness plans and programs which are intended for use
in the event of an extraordinary national emergency situation.
Included in such plans is legislation specifically covering con-
sumer credit controls. If such controls become necessarv, we

would submit draft legislation to the Congress.

We have taken this approach in our planning for two reasons:
(1) if consumer credit controls become necessary, a program
administered by the President should have the support of the
Congress, and (2) if consumer credit controls become necessary,
legislative support for such a program would have the best chance
of enactment at that time.

There appears to be general legislative authoritv for con-
sumer credit controls in Section 5(b) of the Trading with the

Enemy Act (50 U.S.C. App. 5(b) and 12 U.S.C. 95a). I have

2.

discussed that law in some detail in my report to the Chairman
of the House Committee on Banking and Currency. By citing this
authority I do not mean to imply that we would plan to rely
upon it without further Congressional action. In a most extra-
ordinary emergency situation, however, it could be used.
Accordingly, we do not feel that more standby authority, such
as section 208, is needed at this time. If, however, the
Congress decides to enact such additional authority at this
time, we strongly recommend that no restriction, such as the
restriction contained in the last sentence of section 208 with
respect to real estate credit, be included in such legislation.
The other provisions of H. R. 11601 which would require
full disclosure of credit charges would be in accord with the
President's program. Those provisions, however, are not within
the responsibility of the Office of Emergency Planning, and I
defer to the departments and agencies having a direct interest

in the subject matter.




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STATEMENT OF HONORABLE FARRTS BRYANT DIRECTOR, O??ICE OF EMERGENCY PLANTING BEFORE TIIE SUBCOMMITTEE ON CONSUMER ATFAIRS COMMITTEE ON BANKING AND CI]RRENCY HOUSE OF REPRESENTATIVES Thursday, August 17, 1967 ian and members of the Subcommittee ort C

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