A joint resolution resolving that current economic policies must be reconsidered to bring and keep interest rates down, that the President and the administration and the Board of Governors of the Federal Reserve System shall discourage speculative lending, the Board of Governors of the Federal Reserve System shall reconsider its tentative decisions to reduce the targets for growth in money supply for 1982, and that the President shall comply with section 10 of the Federal Reserve Act.

Summary

Resolves that the economic policies currently in place must now be reconsidered in order to lower interest rates rapidly enough to effect an early, complete recovery from the recession and to prevent a resurgence of high interest rates in future years. Directs the President and the Board of Governors of the Federal Reserve System to undertake immediately: (1) an aggressive campaign designed to encourage banks to cease providing loans or lines of credit for unproductive takeovers and speculative purposes; (2) efforts to ensure access to the least expensive possible credit; and (3) studies to explore and report to the Congress on innovative techniques for managing the money supply and credit resources in times of tight credit. Directs the Board of Governors of the Federal Reserve System to reconsider its tentative decision to reduce the targets for monetary growth for 1982. Directs the President to nominate individuals for vacancies on the Board of Governors so that this Nation's agricultural and commercial interests, including housing and small businesses, will no longer be underrepresented on the Board.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 3 December 1981

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.