Use of Funds for Site Acquisition and Construction of an Office Building

In October 1959 the Federal Deposit Insurance Corproation (FDIC) purchased land in the District of Columbia costing about $1.5 million. It now plans to construct an office building on the site estimated to cost about $8.4 million. General Services Administration acquired the land as agent for FDIC and in that capacity has awarded a contract for architectural and engineering services in connection witht he proposed new building. Recently, certain Congressmen questioned whether FDIC had the authority to purchase the land, and whether it is authorized to construct the building.