Congressman Carnahan:

"The legislation does not designate the interest rate."

Mr. Gross:

"What will be the length of the loan to be made?"

Mr. Carnahan:

"The legislation does not designate the length of the loans. The rules for the loans, which will determine the interest rates, the length of time the loans will run, the size of the installment repayments, and other administrative details, will be taken care of by the Executive Department."

Congressman John L. Pilcher (Democrat, Georgia) made the point that the manager of the Development Loan Fund, appointed by the President, could lend money to:

"any foreign government or foreign government agency, to any corporation, any individual or any group of persons."

Congressman Carnahan:

"That is correct."