Congress was urged to act on an FSLIC funds plan.

Testifying before a House committee, Treasury Under Secretary George D. Gould and Chairman Edwin J. Gray of the Federal Home Loan Bank Board urged quick action on their year-old plan to raise at least $15 billion for the Federal Savings and Loan Insurance Corp. The money would come from the sale of bonds, industry premium fees and investment in long-term government securities. The U.S. League of Savings Institutions has proposed an alternate plan that would raise $5 billion over a shorter period at less cost to the industry. Gould dismissed that proposal, however, as a “pray as you go plan” that might not be able to sell the needed bonds or that might require a government bailout even if the bonds were sold.