Approved Code No. 47-Amendment No. 2
NATIONAL RECOVERY ADMINISTRATION
CODE OF FAIR COMPETITION
AS APPROVED ON NOVEMBER 28, 1934
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Approved Code No. 47-Amendment No. 2
AMENDMENT TO CODE OF FAIR COMPETITION
As Approved on November 28, 1934
APPROVING AMENDMENT OF CODE OF FAIR COMPETITION ron BANKERS
An application having been duly made pursuant to and in full
compliance with the provisions of Title I of the National Industrial
Recovery Act, approved June 16, 1933, for approval of an Amend-
ment to delete Article VIII from the Code of Fair Competition for
Bankers and opportunity to be heard having been afforded to all
interested parties and any objections filed having been duly consid-
ered and the annexed report on said Amendment containing findings
with respect thereto having been made and directed to the President;
NOW, THEREFORE, on hI-,bllf of the President of the United
States, the National Indust-i;al 1r,\ove y Board, pursuant to author-
ity vested in it !, Ex'-iltive Orders of the President including
Executive Order No. t.'.9, dated September 27, 1934, and otherwise,
does hereby in, orporatct-- b it-ference said annexed report and does
find that the Code, as consritut d after being amended, complies in
all respects with the pertinent provisions and will promote the policy
and purposes of said Title of said Act, and does hereby order that
said Amendment to delete Article VIII be and it is hereby approved
and that the previous approval of said Code is hereby modified to
include an approval of said Code in its entirety as amended.
NATIONAL INDUSTrTAL RECOVERY BOARD,
By L. C. IMARSIIALL, Executive Secretary.
L. H. PEEBLES,
Acting Division Administrator.
WASHINGTON, D. C.,
November 28, 1934.
REPORT TO THE PRESIDENT
The White Hou.e.
SIR: An application has been diily made pursuant to and in full
compliance with the provisions of the National Industrial Recovery
Act for an Amendment to the Code of Fair Competition for Bankers,
the purpose and effect of the Amendment being the deletion of
Article VIII of the Code covering Fair Trade Practice Provisions.
This Article deals with hours during which banks shall remain open,
interest, service charges, and trust service ethics. Every provision
in this Article states fundamentally sound principles of banking
practice, but we are satisfied that they also cover matters which can
be better handled by local determination and that it is not desirable
to attempt regulation through the provisions of the Code. In addi-
tion banks are now subject to regulation by the Federal Reserve
Board, the Federal Deposit Insurance Corporation and other
agencies. It, therefore, seems unnecessary that the National Recov-
ery Administration should undertake further regulation of trade
practices but should rather confine its function to regulation of the
wage and hour provisions of the Code.
The Deputy Administrator in his final report to us on said amend-
ment to said Code having found as herein set forth and on the
basis of all the proceedings in this matter:
We find that:
(a) The amendment to said Code and the Code as amended is well
designed to promote the policies and purposes of Title I of the Na-
tional Industrial Recovery Act including the removal of obstructions
to the free flow of interstate and foreign commerce which tend to
.diminish the amount thereof, and will provide for the general wel-
fare by promoting the organization of industry for the purpose of
cooperative action among trade groups, by inducing and maintaining
united action of labor and management under adequate governmental
sanction and supervision, by eliminating unfair competitive prac-
tices, by promoting the fullest possible utilization of the present pro-
ductive capacity of industries, by avoiding undue restriction of
production (except as may be temporarily required), by increasing
the consumption of industrial and agricultural products through in-
creasing purchasing power, by reducing and relieving unemploy-
ment, by improving standards of: labor, and by otherwise rehabilitat-
ing industry. .
(b) The Code as amended complies in all respects with the perti-
nent provisions of said Title of said Act, including without limita-
tion Subsection (a) of Section 3, Subsection (a) of Section 7, and
Subsection (b) of Section 10 thereof.
(c) The Code empowers the Code Committee to present the afore-
said amendment on behalf of the Banks subject to the Code.
(d) The amendment and the Code as amended are not designed to
and will not permit monopolies or monopolistic practices.
(e) The amendment and the Code as amended are not designed
to and will not eliminate or oppress small enterprises and will not
operate to discriminate against them.
(f) Those engaged in other steps of the economic process have
not been deprived of the right to be heard prior to approval of said
For these reasons, this amendment has been approved.
For the National Industrial Recovery Board:
L. C. MARSHALL,
NOVEMBER 28, 1934.
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