Word: rfc
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...surprising that no one has suggested that the State Department be abolished, as in the case of the RFC. Its functions could be better administered by the Army or the Boy Scouts...
Last week the Senate passed by default (41 votes against; eight short of the necessary constitutional majority) President Truman's plan to reorganize the Reconstruction Finance Corp. Under the plan, now effective, the RFC will have a single administrator to be appointed by the President, and a special five-man investigating board to review all loans over $100,000. Probable one-man boss: NSRB Chairman Stuart Symington, one of the few. Truman favorites still personally popular in Congress...
...started things at a secret session of the Senate subcommittee investigating the Reconstruction Finance Corp. (TIME, March 5). The President, he told the Senators, had telephoned him last month to warn that the White House "had the goods on a great many" Congressmen who had taken fees for influencing RFC loans. This sounded like either the makings of a first-rate scandal or a brazen attempt to head off the congressional investigation, and Tobey hounded the White House for proof. Three weeks later, he said, the President called back to admit he had no such proof...
...Short: "The President thinks that the recording of telephone conversations is outrageous." Next day-the day that he was also busy firing MacArthur-Harry Truman was right back on Tobey's wire. He, like some Capitol Hill reporters, had heard that Tobey was talking impeachment over the RFC affair. No, said Tobey, he had intended "nothing of the sort." Replied Truman: "I've gotten that information from a source in whom I have the most complete confidence . . . Now let me tell you this, Senator. If you want to have me impeached you just go right ahead...
Their teacher was Joseph E. Casey, a handsome and suave Washington lawyer and former Democratic Congressman from Massachusetts, who appeared before a Senate Banking subcommittee looking into the tangled affairs of the RFC. Casey's testimony did not concern the RFC and at times he was a reluctant witness. But pieced together with facts which the subcommittee already knew, his story was further proof that in Washington, an alert man could hear opportunity knock when the average citizen could...