A bill to amend the Credit Control Act.

Amends the Credit Control Act to define the term "credit sensitive sectors of the economy" for the purposes of such Act.

Requires the Board of Governors of the Federal Reserve System, in administering such Act, to take into account the effects of such regulation and control on the availability of credit to the credit sensitive sectors of the economy.

Directs the President, at specified times, to submit to Congress reports setting forth the following: (1) his reasons for authorizing the Board to regulate and control credit; (2) a description of the Board's action under that authority; (3) his analysis of the effectiveness of the Board's action in achieving the purposes of such Act; and (4) the effect of the Board's action on credit sensitive sectors of the economy and on productive investment in all sectors.

Requires the Board, whenver it prescribes a regulation under such Act, to transmit a written report containing specified information to specified Congressional committees. Requires each such committee to promptly hold hearings with respect to such regulation and to report to its respective House.