To Provide for the Regulation of Consumer Credit for a Temporary Period: Hearings Before the Committee on Banking and Currency, United States Senate, Eightieth Congress, First Session on S.J. Res. 157, a Joint Resolution to Provide for the Regulation of Consumer Credit for a Temporary Period, November 24, December 2, 3, 4, and 8, 1947U.S. Government Printing Office, 1947 - 243 páginas |
Palavras e frases frequentes
15 months American Bankers Association amount automobiles bank credit bank loans bank reserves billion dollars Board of Governors borrowing cash CHAIRMAN charge accounts chart committee CONGRESS THE LIBRARY consumer credit controls CRAVENS credit expansion credit outstanding debt demand deposits durable ECCLES economy effect EVANS fact Federal Advisory Council Federal Reserve banks Federal Reserve Board Federal Reserve System financing FLEMING going Government securities inflation installment credit installment sale credit interest rates LIBRARY OF CONGRESS McCoy ment money supply NATHAN national income payment percent period postwar present prewar proposal question regulation regulation W reserve requirements savings sell Senator BRICKER Senator BUCK Senator CAIN Senator CAPEHART Senator FLANDERS Senator FULBRIGHT Senator ROBERTSON Senator TAYLOR situation special reserve SPROUL statement sumer taxes thing tion Treasury vacuum cleaners volume wages
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Página 228 - It must not be overlooked that price fluctuations proceed from a variety of causes, most of which lie outside the range of influence of the credit system. No credit system could undertake to perform the function of regulating credit by reference to prices without failing in the endeavor.
Página 73 - ... for consideration, as the best alternative we have been able to devise, that all commercial banks be required as a temporary measure to hold some percentage of their demand and time deposits, in addition to present reserves, in a special reserve in the form of Treasury bills, certificates and notes, or cash, cash items, interbank balances, or balances with Federal Reserve banks. Such a requirement would be far less onerous for the banking system than any other effective method that has been suggested...
Página 1 - UNITED STATES SENATE, COMMITTEE ON BANKING AND CURRENCY, Washington, DC The committee met, pursuant to call, at 10 : 30 am, in room 301, Senate Office Building, Senator Charles W.
Página 49 - ... structure, and interstate and foreign commerce, against increased inflationary pressures, the Board of Governors of the Federal Reserve System are authorized, notwithstanding the Act of August 8, 1947 (Public Law 386, Eightieth Congress), to exercise, up to and including June 30, 1949, consumer-credit controls in accordance with and to carry out the purposes of Executive Order Numbered 8843 (August 9, 1941) insofar as it relates to installment credit.
Página 73 - We recommend for consideration, as the best alternative we have been able to devise, that all commercial banks be required as a temporary measure to hold some percentage of their demand and time deposits, in addition to present reserves, in a special reserve in the form of Treasury bills, certificates and notes, or cash, cash items, interbank balances, or balances with Federal Reserve banks.
Página 74 - At the maximum requirement proposed, it would be lowered from 6 to 1 to nearly 2% to 1. 3. It would bring about an increase in interest rates on private debt and would increase earnings of the banks from this source where rates on loans are comparatively low. It would accomplish this purpose, moreover, without increasing the interest cost on the public debt or permitting unstable prices in the Government securities market.
Página 70 - ... causes of current inflationary pressures. Now, I want to read a little more in detail than is in my statement, so I am going to refer to the statement I made before the Taft committee in outlining what I suggested as a program. If I were to outline a program to meet the situation with which we are faced, I would list the following steps to deal with the causes, rather than with the effects, of inflationary pressures. They are listed in what I consider their order of importance. 1. Increased productivity,...
Página 3 - ... on too easy terms, particularly for highpriced goods many of which are not only highpriced but of inferior quality. The decline that would be bound to follow would be felt not only in the durable goods industries but throughout the economy. Continued restraints as proposed in the legislation would help to prevent a repetition of such an unsound sequence of events. The Board feels that this type of regulation, which is of a selective character, serves a useful purpose which cannot be reached by...
Página 2 - ... reasonable restraints on consumer instalment credit would serve a useful public purpose, because they would tend to induce sellers to reach more customers by reducing prices instead of by resorting to a competitive relaxation of instalment credit terms while still maintaining high prices. Under prevailing conditions of maximum peacetime employment and national income, it would be economically unsound to encourage people to go deeper and deeper into debt on increasingly easy terms.
Página 77 - But we submit that, on the record, there is no evidence of bank credit expansion beyond that which could be expected under all the circumstances. There is every evidence that loans are today doing a wholesome and constructive work in their intended place in the economy. The Council has studied the increase in consumer credit in relation to the termination of regulation W. While consumer credit has increased substantially, much of this reflects the availability of automobiles and household appliances....