73d CONGRESS . SESS . I. CHS. 89, 90. JUNE 16, 1933 .
195 corporation (other than a mutual savings bank) or a member of a partnership organized for any purpose whatsoever which shall make loans secured by stock or bond collateral to any individual, associa- tion, partnership, or corporation other than its own subsidiaries ." SEC . 34 . The right to alter, amend, or repeal this Act is hereby Amen dment . expressly reserved . If any provision of this Act, or the application Reparability of pro- thereof to any person or circumstances, is held invalid, the remainder •1510 ' of the Act, and the application of such provision to other persons or circumstances, shall not be affected thereby . Approved, June 16, 1933, 11 :45 a .m . [CHAPTER 90 .1 AN ACT
June 16, 1933 . To encourage nat ional industrial recovery, to foster fair competition, and to [H.R .5755 .1 provide for th e construction of ce rtain useful public works, and for other [Public, No . 57.] purposes. Be it enacted by the Senate and House of Representatives of the Recovery 11 Ae tndustrial United States o f America in Congress assembled, TITLE I-INDUSTRIAL RECOVERY DECLARATION OF POLICY TITLE I-IND US- TRIAL RECOVERY. Appropriation for . Post, p. 275. SECTION 1 . A national emergency pr oductive of w idespread unem - Declaration of policy . ployment and disorganization of industry, which burdens interstate and foreign commerce, affects the public welfare, and undermines the standards of living of the American people, is hereby declared to exist . It is hereby declared to be the policy of Congress to remove obstructions to the free flow of interstate and foreign commerce which tend to diminish the amount thereof; and to provide for the general welfare by promoting the organization of industry for the purpose of cooperative action among trade groups, to induce and mainta in uni ted ac tion of lab or and manag ement under adequ ate governmental sanctions and supervision, to eliminate unfair competi- tive practices, to promote the fullest possible utilization of the present productive capacity of industries, to avoid undue restriction of production (except as may be temporarily required), to increase the consumption of industrial and agricultural products by increas- ing p urchas ing po wer, to red uce an d reli eve unemployment, to improve standards of labor, and otherwise to rehabilitate industry and to conserve natural resources . A DMIN ISTR ATIV E AG ENCI ES
Administrative agen- cies . SEC . 2. a To effectuate the
of this title, the President is P res id ent uthorized ()
policy
,
to establish hereby authorized to establish such agencies, to accept and utilize such voluntary and uncompensated services, to appoint, without Appointments . regard to the provisions of the civil service laws, such officers and employees, and to utilize such Federal officers and employees, and, Cooperation of Fed- with the consent of the State, such State and local officers and em- eral and State officers, ployees, as he may find necessary, to prescribe their authorities, etc . duties, responsibilities, and tenure, and, without regard to the Classi- fication Act of 1923, as amended, to f ix the compens ation of any officers and employees so appointed . (b) The Pres ident may del egate any of his functions and powers tio n s.lega tion o f func - under this title to such officers, agents, and employees as he may Industrial plannin g and research agency . designate or appoint, and may establish an industrial planning and Est abl ish men t au- research agency to aid in carrying out his functions under this title . thorized .
