INDUSTRY: Recovery Act

Out from under the final scrimmage on Capitol Hill last week squeezed a final version of the National Industrial Recovery Act, ready for the President's signature. A compromise between House and Senate, this titanic measure contained the following features:

Control. The 7,000 industries of the U. S. are brought under Government control by investing them with a public interest. Control takes the form of executive approval of voluntary trade codes reducing working hours, fixing wages, rationing production, regulating competition.

License. To bring balky industries into line the President can clamp a licensing...

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