CURRENT FEDERAL AGENCIES                       449

   This agency supervises and controls those agencies created to im-
 prove home-financing conditions; namely, The Federal Home Loan
 Bank System, Home Owners' Loan Corporation, Federal Savings and
 Loan System, and Federal Savings and Loan Insurance Corporation.
 It has the power to make such regulations as shall be necessary to
 carry out the purposes of the Home Owners' Loan Act and the Fed-
 eral Home Loan Bank Act, designed to provide emergency relief with
 respect to home-mortgage indebtedness, to refinance home mortgages,
 and otherwise to assist home owners to amortize ýtheir debts.



 FHLBS-Federal Home Loan Bank System
       John H. Fahey, Chairman
       7500 New'Post Office Building
       12th Street and Pennsylvania Avenue, NW
       Washington, D. C.

       A. R. Gardner, President
       7 South Dearborn Street
       Chicago, Illinois
  This agency consists of twelve regional Federal home loan banks
under the supervision of the Federal Home Loan Bank Board, and
serves as a credit reserve for the various Federal home-financing in-
stitutions. Through the making of advances on the security of ap-
proved home-mortgage collateral, these banks provide the other home
loan institutions an assured source of long-term credit.



FICB-Federal Intermediate Credit Bank
       George M. Brennan, Commissioner
       Room 712, 1300 E Street, NW
       Washington, D. C.

       F. H. Klawon, President
       346 Jackson Street
       St. Paul, Minnesota
  This institution provides agricultural credit for periods that are
"intermediate" between -maturities usually available through short-
term commercial bank loans and those of long-term farm-mortgage
loans. It is not authorized to make loans directly to farmers and
stockmen, but extends credit to financing institutions which make
loans for agricultural purposes.
  The bank also makes direct loans to farmers' co-operative market-
ing ,and purchasing associations, secured by staple agricuiltural com-
modities, livestock, or such other collateral as may be approved by the
Governor of the Farm Credit Administration.
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