Statement About Legislation To Provide Emergency Loan Guarantees for Major Business Enterprises

I FULLY SUPPORT the legislation now before both Houses of Congress to provide emergency loan guarantees for major business enterprises confronted with temporary financial stringencies.

The Administration originally sought legislation only to help the Lockheed Aircraft Corporation. That support is still needed very badly. But I have instructed Secretary of the Treasury Connally, in behalf of the Administration, to accept the broader legislation. It would be most useful in providing a systematic procedure for helping any major business enterprise with temporary financial problems whose failure would adversely affect the economy of the Nation or a region thereof.

I urge Congress to enact this legislation with all deliberate speed, and, in any event, before the August recess.