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might not include everything which should be exempted under some future set of circumstances.
Our bill provides that in event of a grave emergency affecting EITHER the national economy OR security, the President can ration materials which are essential and scarce.
We would give the President authority to impose rent controls or continue them in critical defense areas but \ve considerably narrowed the definition of such areas. Municipalities, as in the past, would haye the power to vote to eliminate these rent controls. Over my protest the Committee yielded to the request of the President to continue rent controls in non-defense areas where they now exist for a period of five months (there are no such areas in Virginia). These areas also have the power to vote for earlier decontrol.
The bill would continue to provide financing for small defense plants and would give the Federal Reserve Board power similar to that which it has under the present law to impose consumer credit controls and housing construction credit controls.
In summary, our bill is designed to give assurance that if there is a future emergency so serious that direct and indirect economic controls are clearly needed, all groups in our population will be treated with equal
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