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 6
... liquidated and its affairs wound up under regulations prescribed by the said Board . " ( 17 ) The Corporation shall annually prepare a full report of its operations , and this report shall be included by the Board of Governors of the ...
... liquidated and its affairs wound up under regulations prescribed by the said Board . " ( 17 ) The Corporation shall annually prepare a full report of its operations , and this report shall be included by the Board of Governors of the ...
Page 14
... making such loans by repealing the present provision of the law and authorizing them to liquidate the loans which they now hold and the commitments which are outstanding to banks , 14 BUSINESS LOANS BY FEDERAL RESERVE BANKS.
... making such loans by repealing the present provision of the law and authorizing them to liquidate the loans which they now hold and the commitments which are outstanding to banks , 14 BUSINESS LOANS BY FEDERAL RESERVE BANKS.
Page 25
... liquidated . So long as the section is in effect in its present restricted form the Federal Reserve banks suffer from the erroneous implication that they are not willing to extend this type of credit , whereas the greatly liberalized ...
... liquidated . So long as the section is in effect in its present restricted form the Federal Reserve banks suffer from the erroneous implication that they are not willing to extend this type of credit , whereas the greatly liberalized ...
Page 27
... liquidated the Federal Reserve banks have withdrawn their funds and are treating the remaining loans and commitments outstanding as being financed entirely with funds received from the Treasury . Aggregate outstanding loans and commit ...
... liquidated the Federal Reserve banks have withdrawn their funds and are treating the remaining loans and commitments outstanding as being financed entirely with funds received from the Treasury . Aggregate outstanding loans and commit ...
Page 28
... liquidated on the same basis , the earnings , expenses , and losses being apportioned on such basis . The balance of Treasury funds after liquidation and apportionment of earnings , etc. should be returned and covered into the Treasury ...
... liquidated on the same basis , the earnings , expenses , and losses being apportioned on such basis . The balance of Treasury funds after liquidation and apportionment of earnings , etc. should be returned and covered into the Treasury ...
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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.