Senate Committee approves SEC head's proposal. Washington, , March 30. A proposal by William O. Douglas, right, Chairman of the Securities and Exchange Commission, to exempt transfers of securities and properties by holding companies liquidating under the 'death sentence' clause of the Public Utility Holding Company Act from the capital gains tax, was approved today by the Senate Finance Committee. Douglas is pictured with Sen. Tom Connally as he arrived at the Capitol to appear before the committee

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