Veto of a Bill to Extend the Grace Period for Interlocking Bank Directorates.

To the Senate:

I return herewith, without my approval, Senate Bill 2150, "An Act to amend section 8 of the Act entitled 'An Act to supplement laws against unlawful restraints and monopolies, and for other purposes,' particularly with reference to interlocking bank directorates, known as the Clayton Act." If it was in the public interest in 1935 for the Congress to decide to terminate these relationships, it is in the public interest to terminate them now. Affected banks and affected directorates have had over four years to make adjustments. That would seem to be a liberal time.

If the Congress wishes to reverse itself and allow interlocking directorships in the future, it can, of course, do so. But I do not think that the Congress should nullify its policy, declared in 1935, by extending interlocking directorships for another four years on top of the four years' extension which has already been given.