Statement on the Investigation of Bankruptcy Law and Practice by the Department of Justice.
THE PRESIDENT said:
"I have authorized the Attorney General to undertake an exhaustive investigation into the whole question of bankruptcy law and practice. It will be a most extensive and vigorous investigation. The work will be under the direction of the Solicitor General and he will be assisted by the Department of Commerce.
"The losses through bankruptcy in the past 5 years exceed $3 billion and are now averaging $750 million per annum. The purpose of the investigation is, of course, to propose to Congress some essential reforms in the bankruptcy law and practice."
Note: The findings and recommendations of the investigation were published as"Report of the Attorney General on Bankruptcy Law and Practice" (S. Doc. 65, 72d Cong., 1st sess.).
Herbert Hoover, Statement on the Investigation of Bankruptcy Law and Practice by the Department of Justice. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/211137