AMENDING EXECUTIVE ORDER No. 10161 (footnote 1) WITH RESPECT TO REAL ESTATE CREDIT
By virtue of the authority vested in me by the Constitution and statutes, including the Defense Production Act of 1950, as amended, and as President of the United States, it is ordered that Executive Order No. 10161 of September 9, 1950, 15 F.R. 6105-6108, as amended, shall be, and it is hereby, further amended by adding the following at the end of part V thereof:
"SEC. 503, (a) Except as otherwise provided in section 503 (b) of this Executive order, the functions conferred upon the President by section 607 of the Defense Production Act of 1950, as amended, are hereby delegated to the Board of Governors of the Federal Reserve System. The Board shall perform the functions delegated by this subsection subject to the concurrence of the Housing and Home Finance Administrator and upon the basis of estimates made pursuant to section 503 (b) of this Executive order.
"(b) The Secretary of Labor shall, pursuant to section 607 of the Defense Production Act of 1950, as amended, make estimates of the number of permanent, non-farm, family dwelling units the construction of which has been started during each calendar month, and, on the basis of such estimates, make estimates of the annual rate of construction after making reasonable allowance for seasonal variation in the rate of construction. The Secretary shall transmit the said estimates to the Board of Governors of the Federal Reserve System.
"(c)The concurrence of the Housing and Home Finance Administrator specified in section 501 (b) of this Executive order shall not be necessary to the prescribing, changing, or suspending of the provisions of any regulation of the Board of Governors of the Federal Reserve System issued pursuant to section 501 hereof with respect to extension of credit during any 'period of residential credit control relaxation" announced pursuant to the said section 607, and the requirements of section 502 (b) hereof shall not be applicable during any such period."
HARRY S. TRUMAN
THE WHITE HOUSE,
July 10, 1952
1. CFR, 1950 Supp., p. 123.