…we object to the bill on the ground that there is no limitation of interest to be charged to home owners by agencies that enjoy the benefit of the act at the expense of all taxpayers, including the victimized home owners.
…we are convinced that first and most fundamental, the bill sets up machinery which leads straight for Federal regimentation of American home-buying, home building, home finance, and home repair.
New York State’s past independent pioneering activities in social legislation, while commendable in many respects…have already produced discriminatory differentials between the cost of doing business in New York and such costs in neighboring States [sic]. We can see no justification for deliberately increasing those differentials at this time by continuance of such pioneering.
…we are going on the theory that it will create jobs. It will not. We shall create jobs only by giving confidence to people who are in a position to hire other people.
We feel that it is not in the public interest to require any and all information respecting the business of any bank be made a public record, and ask that the banks be required to submit information to the Federal Reserve Board only that such information be given confidential status, subject to the discretion of the Federal Reserve Board.
It will hasten mechanization of all processes and thus permanently reduce employment. It will force employers to keep wage rates at the lowest possible minimum and thus reduce the amount of the tax.
The imposition on industry at this time of the tax burden contemplated by this measure would render business recovery absolutely hopeless.
Unemployment insurance, which in many instances places a premium on indolence, would unquestionably defeat this proposed plan of the Administration to place workers in the areas of lower living costs and keep them gainfully employed.
[The bill] tends to retard the increase of pay rolls, because of the absorption of this amount of money for taxation purposes; it retards the increase of employment also. It is a permanent tax, with no limit, regardless of economic conditions in general or of the individual company. In other words, it may be the last straw, as I said before, that puts this company over the line into bankruptcy.
This bill will cause further migration from the farm areas to the industrial areas and will invite the transfer of workers from the class of those not gainfully employed in order to share in the unemployment benefits…Unemployment insurance, which in many instances places a premium on indolence, would unquestionably defeat this proposed plan of the administration to place workers in the areas of lower living costs and keep them gainfully employed.
