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Because there was no competent, well-organized union in the steel industry, Hugh Johnson, myself, and some others had decided that a public hearing must be held on the steel code in NRA, and that the labor movement must be recognized in the steel industry. Some attention must be paid to its interest and it must publicly be shown that the interests of working people were being considered in these codes.

The steel code was formulated by a committee, selected by Hugh Johnson, representing the steel industry and some of the experts in it who knew production schedules, trade practices, the general economic state of the industry. They also had the advice and assistance of some of the government economists and statisticians. It was a pretty good code. Alex Sachs had a very great deal to do with that code. As a fiscal economist he was extremely helpful. I never could have done what I did with regard to that code except with Alex Sachs' assistance in the matter, and understanding of it. He helped me also.

We got it finally worked out into a pretty good code,