A bill to reduce interest rates, control inflation, ensure the availability of credit for productive purposes, and promote economic recovery by extending the Credit Control Act.

Summary

Amends the Credit Control Act to repeal the provision of such Act which would terminate credit control authority on June 30, 1982. Permits the President to authorize the Board of Governors of the Federal Reserve System to regulate and control any or all extensions of credit whenever necessary or appropriate to reduce high levels of unemployment in any sector of the economy or to prevent or control inflation or recession. Permits the Board, after receiving such Presidential authorization, to prescribe limitations with respect to credit for nonproductive purposes, including corporate takeovers. Authorizes the Board to require any commercial bank which plans to assist in the financing of any part of a corporate acquisition or merger involving more than $100,000,000 in financing to notify the Board of such proposed financing before extending a line of credit. Permits the Board to disapprove any proposed financing if it is determined that the corporate acquisition or merger involved cannot reasonably be expected to produce specified benefits to the public which outweigh possible adverse effects.

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

Timeline

1. 1 March 1983

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

2. 1 March 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 1 March 1983

   Introduced

   Introduced in House

   Source: IntroReferral

4. 15 March 1983

   Referred

   Referred to Subcommittee on Domestic Monetary Policy.

   Source: Committee

5. 16 June 1983

   Committee

   Subcommittee Hearings Held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 1 March 1983

  Open at official source

Sponsors

• Rep. St Germain, Fernand J. [D-RI-1] · D · Sponsor
• Rep. Annunzio, Frank [D-IL-11] · D · Sponsor
• Rep. Frank, Barney [D-MA-4] · D · Sponsor
• Rep. Bedell, Berkley W. [D-IA-6] · D · Cosponsor
• Rep. Schneider, Claudine [R-RI-2] · R · Cosponsor
• · hsba00 · Standing

Related records

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