Lower Interest Rate Act

Summary

Lower Interest Rate Act - Makes it the duty of the Federal Reserve Board and the Federal Open Market Committee to direct efforts toward maintaining an increase in the money supply (demand deposits and currency outside banks) of not less than six percent at an annual rate. Directs the Board to allocate credit toward national priority uses as determined by the Board, including essential and productive capital investment and low-income housing, and away from inflationary uses, including loans for speculative purposes and loans of foreigners. Provides that Congress may disapprove of the Board's additions to, or subtractions from, categories listed in this Act. Authorizes the Board to require specified banks to maintain a supplemental reserve in addition to the requirements on deposits authorized under the Federal Reserve Act. Empowers the Board to require such banks to report on progress toward achieving credit allocation performance goals.

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1 official file

• Introduced in House

  summary · EN · 14 January 1975

  Open at official source

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