A bill to reduce interest rates, control inflation, and ensure the availability of credit for productive purposes, and promote economic recovery by extending the Credit Control Act, and for other purposes.
Low Interest Rate Act of 1982 - Amends the Credit Control Act to repeal the provision of such Act which would terminate credit control authority on June 30, 1982. Makes such authority permanent.
Permits the President to authorize the Board of Governors of the Federal Reserve System to regulate and control any or all extensions of credit whenever necessary or appropriate to reduce high levels of unemployment in any sector of the economy, or to prevent or control inflation or recession.
Permits the Board, after receiving such presidential authorization, to prescribe limitations with respect to credit for nonproductive purposes.
Amends the Credit Control Act to change the title of such Act to the Capitol Availability Act.
Introduced in Senate
Read twice and referred to the Committee on Banking.
Committee on Banking requested executive comment from Federal Reserve System; Federal Home Loan Bank Board; Comptroller of the Currency; Treasury Department.
Committee on Banking received executive comment from Federal Home Loan Bank Board. Generally unfavorable.
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