Congressman Pilcher:
"In other words, it would be possible for an individual to borrow $1 million or $5 million to set up some business in some foreign country, if the manager so agreed; is that correct?"
Congressman Carnahan:
"If they met the criteria set up for loans."
Congressman Pilcher:
"The manager ... has the authority to collect or compromise any obligation in this fund. In other words, he can make a loan this month and if he so desires he can turn around and compromise it or cancel it next month which is a straight out grant in the disguise of a soft-loan program."
Congressman Porter Hardy, Jr. (Democrat, Virginia) said:
"The manager of the Fund has almost unlimited authority to do anything he pleases."
Congressman Barratt O'Hara (Democrat, Illinois), trying to quiet fears that this bill was granting unlimited, uncontrollable power to some appointed manager, said that the blank-check grant of authority was not really being made to the fund manager at all. The power was being given to the President of the United States, and the manager would merely "perform such functions with respect to this title as the President may direct."
Congressman Gross said: