Business Loans by Federal Reserve Banks: Hearings Before a Subcommittee of the Committee on Banking and Currency, United States Senate, Seventy-sixth Congress, Third Session, on S. 2998, a Bill to Establish a Permanent Industrial Loan Corporation to Assist Financing Institutions in Making Credit Available to Commercial and Industrial Enterprises; and S. 3839, a Bill to Amend Section 13b of the Federal Reserve Act, as Amended. June 12 and 14, 1940 ... |
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Page 10
... lending field and pro- vide for investments . That is , it would provide that the proposed institutions may purchase preferred stock , which is an entire departure from the credit - extending feature . Senator MEAD . Well , of course ...
... lending field and pro- vide for investments . That is , it would provide that the proposed institutions may purchase preferred stock , which is an entire departure from the credit - extending feature . Senator MEAD . Well , of course ...
Page 15
... lending ; whether the Reconstruction Finance Corporation should not do the lending in its entirety . It seems to me there is this to be said in this connection : The direct lending was initiated in the first instance by Governor Black ...
... lending ; whether the Reconstruction Finance Corporation should not do the lending in its entirety . It seems to me there is this to be said in this connection : The direct lending was initiated in the first instance by Governor Black ...
Page 16
... lending that the banks themselves would make without the Reserve System . There is the further feature that the Federal Reserve banks each have to put up one - half of the amount that is loaned . I do not believe that that was ever ...
... lending that the banks themselves would make without the Reserve System . There is the further feature that the Federal Reserve banks each have to put up one - half of the amount that is loaned . I do not believe that that was ever ...
Page 17
... lending - spending bill was under consideration . I do not think there is any element of contro- versy between these two respective agencies . On the contrary , they should analyze for us and give us any expert opinion on a pending ...
... lending - spending bill was under consideration . I do not think there is any element of contro- versy between these two respective agencies . On the contrary , they should analyze for us and give us any expert opinion on a pending ...
Page 18
... lending - i . e . , 31⁄2 years after the passage of the act , the accumulative figures show that the Federal Reserve banks had made loans and participations of one hundred and eleven - million - odd dollars , as against approximately ...
... lending - i . e . , 31⁄2 years after the passage of the act , the accumulative figures show that the Federal Reserve banks had made loans and participations of one hundred and eleven - million - odd dollars , as against approximately ...
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Common terms and phrases
Act becomes effective agencies aggregate amounts paid amend section 13b amount of loans authorizes the Federal banker basis bill Board of Governors business enterprise business loans capital and surplus CLARK of Idaho Congress contracts Corporation Act becomes debentures Deposit Insurance Corporation discounts dollar earnings ECCLES Federal Deposit Insurance Federal Reserve Act Federal Reserve banks Federal Reserve Board Federal Reserve System field figures financing institution Government heretofore industrial business Industrial Loan Corporation investments JONES lending liquidated little business Loan Corporation Act loans and commitments losses member banks ment number of loans obligations participation payments period preferred stock proposed amendment prorated provisions purchase purpose question reasonable Reconstruction Finance Corporation regulations repayment Secretary Senator ADAMS Senator CLARK Senator DANAHER Senator HUGHES Senator MEAD Senator TOWNSEND Senator WAGNER chairman SHERIDAN DOWNEY small business subcommittee subsection tion total amount Treasury Department Treasury funds United WIGGINS
Popular passages
Page 3 - The corporation, including its franchise, its capital, reserves and surplus, and its income shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency or possession thereof, or by any State, county, municipality or local taxing authority ; except that any real property of the corporation shall be subject to State, Territorial, county, municipal or local taxation to the same extent, according to its value, as other real property is taxed.
Page 4 - ... no attachment, injunction, or execution, shall be issued against such association or its property before final judgment in any suit, action, or proceeding, in any State, county, or municipal court.
Page 3 - (p) All notes, debentures, bonds, or other such obligations issued by the Corporation shall be exempt, both as to principal and interest, from all taxation (except estate and inheritance taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority.
Page 5 - The Corporation shall be entitled to the free use of the United States mails in the same manner as the executive departments of the Government.
Page 4 - The board of directors of the Corporation shall determine and prescribe the manner in which its obligations shall be incurred and its expenses allowed and paid.
Page 3 - ... transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under that Act, as amended, are extended to include any purchases of such notes and obligations.
Page 3 - Act, as amended, are extended to include any purchases of such notes and obligations. The Secretary of the Treasury may at any time sell any of the notes or other obligations acquired by him under this section. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obligations shall be treated as public debt transactions of the United States.
Page 5 - When designated for that purpose by the Secretary of the Treasury, the Corporation shall be a depositary of public...
Page 3 - ... in the Treasury not otherwise appropriated, and thereupon to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such bonds.
Page 8 - Should a Federal reserve bank be dissolved or go into liquidation, any surplus remaining, after the payment of all debts, dividend requirements as hereinbefore provided, and the par value of the stock, shall be paid to and become the property of the United States and shall be similarly applied.