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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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
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Page 4 - 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 - Treasury shall pay to the holder the amount thereof which is hereby authorized to be appropriated, out of any money 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 obligations.
Page 4 - (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 6 - 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 3 - ... to be redeemable at the option of the corporation before maturity in such manner as may be stipulated in such obligations, and...
Page 5 - 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 4 - ... 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 4 - 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 2 - Be it enacted by the Senate and House of Representatives oj the United States of America in Congress assembled, That this Act may be cited as the "Agricultural Trade Development and Assistance Act of 1954".
Page 5 - ... 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.