AMERICA'S TROUBLES

Evening Post, Volume CXV, Issue 15, 19 January 1933, Page 9

AMERICA'S TROUBLES

BANKING REFORM BILL

BLOCKED BY "FILIBUSTER'

WASHINGTON, 17th January. The Senate's rejection of President Hoover's veto on the Philippine Independence Bill to-day by a vote of 66 to 26 merely postpones the determined "filibuster" against tho Glass Banking Bill, a measure sponsored by the recognised Democratic leadership. 'To-morrow, the seventli day of the debate, will start with an attempt to defeat tho obstructionist tactics so far successfully employed by Senator Long, of Louisiana, to defeat tho Bill, which is specifically designed to prevent national banks from engaging in the .securities business. However, it contains a clause allowing branch banking —that is, an institution in one State may do business in other States—to which Senator Long objects. His "filibuster" becomes a national issue; as it is effectively delaying other imperative legislation and has already practically assured the necessity of an extra session after 4th March.

Under the existing Senate rules a Senator may talk indefinitely, which Mr. Long threatens to do unless his proposal to inflate the currency is agreed to.

To-day' President Hoover sent a message to Congress urging early balancing of the Budget, but the present temper of Congress makes this doubtful. In fact, it is considered unlikely that any important legislation such as Prohibition reform, farm relief, or tho new Tax Bill will be complete before Mr. Roosevelt is inaugurated.