CONTROL OVER CREDIT
UNPRECEDENTED AUTHORITY. AMERICAN BANKING ACT. ''United Preas -oncclation—By Electric Telegraph . Copyright). WASHINGTON, Aug. 24. Powerful centralised control over banking ami credit, vesting unprecedented authority over the ebb and flow of credit in a reconstituted Federal Reserve Board and an open market committee, was made law when President Roosevelt signed the Banking Act, 193-5. Under the Act t}ie banks may lend on collateral security not now regarded as eligible, but which they consider acceptable security. Real estate loans are liberalised.
The existing law guaranteeing bank deposits up to £IOOO is made permanent.
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Bibliographic details
Hawera Star, Volume LIV, 26 August 1935, Page 5
Word Count
94CONTROL OVER CREDIT Hawera Star, Volume LIV, 26 August 1935, Page 5
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