CREDIT EXPANSION
ROOSEVELT SCHEME AID FOR SMALL BUSINESSES. TWELVE REGIONAL BANKS. (United Press Association —By Electric Telegraph.—Copyright.) (Received 0 a.m.) WASHINGTON, March IP, The new credit expansion measure apparently has been designed to completely supersede the Reconstruction Finance Corporation’s plan. President Roosevelt has sent a draft of the Bill to a committee of Congress. The measure proposes to create 12 regional “credit banks,” corresponding'with the Federal Reserve Districts, to be under the control of the reserve banks. The purpose of the banks would be to extend credit to small and medium sized industrial business concerns unable to obtain it from ordinary banking channels. If is estimated that 700,000,000 dollars’ working capital will be required. The President Is of opinion that such credit relief may keep in employment about 340,000 workers and may furnish new employment for about 378,000 more. !
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https://paperspast.natlib.govt.nz/newspapers/NA19340321.2.51
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Northern Advocate, 21 March 1934, Page 5
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139CREDIT EXPANSION Northern Advocate, 21 March 1934, Page 5
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