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The committee met at 10 a. m., Hon. John J. McSwain (chairman) presiding. (The committee had under consideration H. R. 3, which is as follows:)
[H. R. 3, 74th Cong., 1st sess.]
A BILL To prevent profiteering in time of war and to equalize the burdens of war and thus to promote the national defense
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That whenever Congress shall declare war or the existence of an emergency due to the imminence of war, then, from and after a date prior to such declaration which date the President is hereby authorized and directed to determine and announce, it shall be unlawful for any person to buy, sell, or otherwise contract for any article or thing at a higher rate, rent, price, commission, or reward than was in effect at the date so determined.
SEO. 2. Whenever in the sole discretion of the President he shall determine that any maximum price, rent, rate, commission, or reward should be adjusted either upward or downward he is hereby authorized to make and proclaim such adjustment, and such adjustment shall have the full force and effect under this statute of such price, wage, rent, rate, commission, or reward before such adjustment.
SEC. 3. During the period of any war or emergency declared by Congress hereunder the President is authorized to determine, and by proclamation announce, what classes of public service, or of dealers or manufacturers of any article or commodity, shall be required to operate under licenses, to fix the conditions of such licenses, and to grant licenses under such conditions. After such determination by the President it shall be unlawful for any public service, dealer, or manufacturer in such determined classes to engage in business without such license.
SEC. 4. During the period of any war or emergency declared by Congress hereunder the President is authorized to determine the order or priority in which any manufacturer, dealer, or public service in the United States shall fill customer's or other orders and after such determination it shall be unlawful for any such manufacturer, dealer, or public service to fill such orders in any other order of priority.
SEC. 5. That during the period of any war or emergency declared by Congress hereunder the President is empowered to set up such agencies, boards, or commissions, or to designate such persons, to exercise such portion of his powers as he may deem necessary and proper to accomplish the purpose of this Act.
SEC. 6. That any person violating any of the provisions of this Act, or violating any publicly proclaimed orders, rules, or regulations made by the President for executing the powers contained in this Act, is hereby declared to be guilty of a misdemeanor and shall be liable to indictment and trial therefor, and upon conviction thereof shall be sentenced to pay a fine, or to serve in prison, or