Time's coverage of the Truman Committee's work,
cover dated March 8, 1943
January 15, 1942: The Truman Committee, called to investigate fraud in the U.S. Department of War, issues a report to Congress at large.
The bipartisan committee, officially named the Senate Special Committee to Investigate the National Defense Program, was formed in March 1941, to find and correct problems in U.S. war production with waste, inefficiency, and war profiteering. Chaired by Harry S Truman, just beginning his 2nd term as a Senator from Missouri, it proved tobe one of the most successful investigative efforts ever mounted by the U.S. government.
An initial budget of $15,000 was expanded over three years to $360,000, to save an estimated $10–15 billion in military spending and thousands of lives of U.S. servicemen. It got Truman his 1st appearance on the cover of Time magazine. It also raised Truman's profile to the point where the Democratic Party could accept him as a compromise candidate for Vice President under President Franklin Roosevelt at the 1944 Democratic Convention.
Truman stepped down from the Chairmanship of the Committee once he received that nomination. He was succeeded by James Mead of New York. After the 1946 elections, in which Mead unsuccessfully challenged the re-election bid of Governor Thomas E. Dewey, the Republicans took control, and Owen Brewster of Maine was Chairman. He famously investigated the business dealings of Howard Hughes.
In 1948, the committee was made permanent, as the Permanent Subcommittee on Investigations. Unfortunately, in 1953, this Subcommittee would be hijacked by Joseph McCarthy, Republican of Wisconsin -- ultimately leading to his downfall.
The Department of War became the Department of Defense in 1947, by which point Truman was President. Truman appointed Mead to the Chairmanship of the Federal Trade Commission.
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January 15, 1942 was a Thursday. This was also the day that President Franklin D. Roosevelt wrote what became known as "The Green Light Letter," allowing professional baseball to continue during World War II. I have a separate entry for that event.
Baseball, of course, was out of season. So was football. And the NBA hadn't been founded yet. There were 2 games played in the NHL. The Brooklyn Americans, soon to fold, lost to the Chicago Black Hawks, 7-4 at Madison Square Garden. And the Toronto Maple Leafs beat the Montreal Canadiens, 3-2 in overtime at Maple Leaf Gardens.

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