A bill to reduce interest rates, control inflation, ensure the availability of credit for productive purposes, and promote economic recovery by extending the Credit Control Act.

Amends the Credit Control Act to repeal the provision of such Act which would terminate credit control authority on June 30, 1982.

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, including corporate takeovers.

Authorizes the Board to require any commercial bank which plans to assist in the financing of any part of a corporate acquisition or merger involving more than $100,000,000 in financing to notify the Board of such proposed financing before extending a line of credit.

Permits the Board to disapprove any proposed financing if it is determined that the corporate acquisition or merger involved cannot reasonably be expected to produce specified benefits to the public which outweigh possible adverse effects.