A bill to promote economic stabilization by maximizing the availability of credit for national priority uses and by diverting funds from speculative and nonproductive uses.

Summary

Provides that, to the maximum extend practicable, all persons who extend credit or arrange for its extension shall endeavor to channel available funds into national priority uses, including: (1) essential and productive capital investment; (2) low and middle-income housing; (3) small business and agriculture; and (4) State and local governments. States the determination of Congress that national goals are adversely affected by extensions of credit for: (1) speculative purposes; (2) excessive inventory accumulation; (3) investing in land without well-defined plans for its useful development; and (4) loans outside the United States at the expense of the loan needs of domestic customers. Directs the Board of Governors of the Federal Reserve System to take action to ensure that all creditors are informed of the provisions of this Act and to require reports of creditor to determine whether available funds are being channeled into national priority uses.

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Documents

1 official file

• Introduced in House

  summary · EN · 19 February 1975

  Open at official source

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