BANKING CREDIT
CENTRALISED CONTROL AMERICAN LEGISLATION {United Press Association) (By Electric Telegraph—Copyright) WASHINGTON, August 24. (Received August 25, at 9 p.m.) Powerful centralised control over banking credit, vesting i unprecedented authority over the ebb and .■ flow of credit in the reconstituted Federal Reserve Board and the Open Market Committee, was made law when President Roosevelt signed the Banking Act of 1935. Under the Bill the banks may lend on collateral, which is not now regarded as eligible, but which they consider acceptable security. Real estate loans will be liberalised. The existing law guaranteeing bank deposits up to 5000 dollars is made permanent.
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Bibliographic details
Otago Daily Times, Issue 22659, 26 August 1935, Page 10
Word Count
102BANKING CREDIT Otago Daily Times, Issue 22659, 26 August 1935, Page 10
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