Three statements concerning the act are worth recording: William Cole, Chairman of the House of Representatives Committee on Interstate and Foreign Commerce declared: "The bill as drafted has the unqualified support and endorsement of practically the entire investment company industry and of the Securities and Exchange Commission, the body by whom the provisions of the bill are to be administered. No opposition to the bill was expressed by any witness who appeared before the subcommittee of this committee which held hearings on the bill. Every witness representing the industry who appeared unqualifiedly endorsed the bill. "The bill is a highly salutary indication that Government and business can come together in a cooperative spirit to do a constructive job." On completion of his testimony, the late Judge Robert E. Healy stated for the Securities and Exchange Commission: "I would like to add deliberately a further word of optimism as to the possible future of the investment trusts.

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