Statement by the President Following House Committee Action on the Housing Bill.

I APPLAUD the action of the House Committee on Banking and Currency today in reporting out the most far-reaching and comprehensive housing bill in the Nation's history.

This measure is a triumph for all the American people.

I hope this measure will be scheduled for full House debate at the earliest possible date.

For with the enactment of the legislation I recommended in February, this Nation can begin a massive program to build 6 million housing units for low and middle income families. This bill alone authorizes the expenditure of more than $5 billion. It authorizes a rate of housing production more than 10 times greater than any other housing bill in our history.