Credit Allocation Act

Credit Allocation Act - Directs the President to allocate credit away from inflationary uses and towards national priority uses. Lists national priorty uses including: (1) essential and productive capital investment; (2) normal operations of established business customers in order to overcome lack of adequate working capital; and (3) low- and middle-income housing.

Directs the President to transmit a report to the Congress to include a detailed listing of categories which he has determined constitute inflationary uses of credit and a listing of categories, in addition to those listed above, which he has determined constitute national priority uses.

Allows the President to add to or subtract from the listed categories by notifying both Houses of Congress. Provides that either House of Congress may adopt a resolution disapproving such action within a sixty-day period of continuous session of Congress commencing on the date of notifications.

Allows the President in administering this Act to delegate his powers to the Federal Reserve Board or to any other appropriate Federal agency.

Provides that the Federal Reserve Board may assist in credit allocation through the composition and maturities of the securities bought and sold by, or contained in the portfolio of, the Federal Market Committee.

Empowers the Federal Reserve Board to require from any bank, the deposits or accounts of which are insured by the Federal Deposit Insurance Corporation, a supplemental reserve consisting of percentages, determined by the Board, of such bank's total loans and investments falling into other than the national priority category.

Authorizes the Federal Reserve Board to allow a credit against such supplemental reserve of percentages, determined by the Board, of such bank's total loans and investments falling into the noninflationary category.