The Credit Control Act of 1983: Hearing Before the Subcommittee on Economic Stabilization of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-eighth Congress, First Session, on H.R. 1742 ... June 16, 1983 |
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Page 2
... deficits . According to the ad- ministration's own projections , deficits will represent 6 percent of GNP , and personal savings will be at 7 percent of GNP . If these projections are accurate , it is possible we could face an extremely ...
... deficits . According to the ad- ministration's own projections , deficits will represent 6 percent of GNP , and personal savings will be at 7 percent of GNP . If these projections are accurate , it is possible we could face an extremely ...
Page 6
... deficit under control , the expection of future in- flation mandates high interest rates . In addition , Federal credit requirements directly keep interest rates high . It is estimated that the Federal budget deficit this year will ...
... deficit under control , the expection of future in- flation mandates high interest rates . In addition , Federal credit requirements directly keep interest rates high . It is estimated that the Federal budget deficit this year will ...
Page 11
... deficit that our country is facing , never mind the almost unbelievable figure of $ 180 billion that was loaned for foreign coun- tries now on the verge of defaulting , will force interest rates to new highs unless the Congress of the ...
... deficit that our country is facing , never mind the almost unbelievable figure of $ 180 billion that was loaned for foreign coun- tries now on the verge of defaulting , will force interest rates to new highs unless the Congress of the ...
Page 23
... deficit that our country is facing , never mind the almost unbelievable figure of $ 180 billion dollars that was loaned for foreign countries now on the verge of defaulting , will force interest rates to new highs unless the Congress of ...
... deficit that our country is facing , never mind the almost unbelievable figure of $ 180 billion dollars that was loaned for foreign countries now on the verge of defaulting , will force interest rates to new highs unless the Congress of ...
Page 39
... deficit in 1982 , and the deficit is expected to be greater in 1983 , as we continue to import more than we export . It was $ 3.6 billion per month in the first three months and $ 4.6 billion in April , representing annual rates of $ 43 ...
... deficit in 1982 , and the deficit is expected to be greater in 1983 , as we continue to import more than we export . It was $ 3.6 billion per month in the first three months and $ 4.6 billion in April , representing annual rates of $ 43 ...
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Common terms and phrases
AFL-CIO American American Bankers Association auto Bankers bill billion borrowers capital Chairman LAFALCE Chief Economist Committee CONGRESS THE LIBRARY consumer credit control inflation corporate acquisitions corporate takeovers Council for Low countries credit allocation Credit Control Act credit control authority credit for productive credit markets Crocker National Bank DAYTON HUDSON CORP decline deficits dollar economic activity economic growth economic recovery ECONOMIC STABILIZATION effect expenditures experience with credit Federal Reserve Board financial markets fungible Haak high interest rates impact increased industry investment Japan lending levels LIBRARY OF CONGRESS Low Interest Rates LUNDINE mergers and acquisitions MINISH monetary policy money market funds money supply months mortgage OAKAR prime rate problems quarter of 1980 recession reduce interest rates SAVIN Schechter second quarter sector small business standby authority standby credit control statement Subcommittee Thank THOMSON tight-money tion tool Turner U.S. banks U.S. dollar unemployment United VENTO window guidance
Popular passages
Page 81 - PROTECTIONISM before the SUBCOMMITTEE ON ECONOMIC STABILIZATION of the HOUSE COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS for the CHAMBER OF COMMERCE OF THE UNITED STATES Frank L.
Page 76 - Economist the First National Bank of Chicago One First National Plaza Chicago, IL 60670 312-732-5117 Thomas D.
Page 95 - ... be provided under this Act to any group which maintains within its ranks any individual who has been found to engage in gross violations of internationally recognized human rights (as defined in section 502B(dXD of the Foreign Assistance Act of 1961). USE OF THE AFRICAN EMERGENCY RESERVE SEC. 210. Whenever the President determines that such action is necessary or appropriate to meet food shortages in southern Africa, the President is authorized to utilize the existing, authorized, and funded...
Page 59 - Texas, and a member of the Economic Advisory Committee of the American Bankers Association. Our Association's membership includes more than 90% of the nation's full service banks.
Page 81 - Whenever the President determines that such action (imposition of credit controls) is necessary or appropriate for the purpose of preventing or controlling inflation generated by the extension of credit in an excessive volume, the President may authorize the Board (Federal Reserve) to regulate and control any or all extensions of credit.
Page 64 - Company and a member of the Economic Advisory Committee of the American Bankers Association. The membership of our Association includes more than 13,100 full service banks — over 90 percent of the nation's total.
Page 67 - Moreover, when credit is redirected to other channels in response to controls, less efficient intermediaries may assume a larger role. Commercial banks for example, are efficient intermediaries in gathering funds and making the credit judgments involved in lending those funds to borrowers. Credit controls that result in a significantly greater volume of lending outside the banking system, through the comnercial paper market for example, could entail a deterioration of credit standards and quality.
Page 68 - Because of the difficulty of reaching various segments of the money and capital markets, credit controls would likely be concentrated on bank credit. Not only would that result in credit moving into other channels, as we have argued previously, but in our opinion, bank credit is not an appropriate target of monetary policy. The monetary base and certain measures of the money supply are more appropriate targets, because they relate to total economic activity in a more logical and statistically reliable...
Page 35 - In addition to credit policy, the authorities often used window guidance to attempt to curtail bank loans directly. Although window guidance was sometimes heralded as a major policy instrument, it was actually only a supplementary tool. The Bank of Japan itself has said: 'Window guidance is a supplemental tool to general monetary policy tools such as discount rate changes, rather than an independent weapon of monetary control.
Page 7 - ... for 1 year from now which would force Congress to take a look at it, perhaps curtail some of those controls, if not take them off? What is your feeling on that? Mr. VOLCKER. My personal feeling about that act is that it is, indeed, a very sweeping piece of legislation with rather broad criteria for its use, to put it kindly. It is not really appropriate to have that sweeping grant of power, in this case to the President and the Federal Reserve combined. You have a protection in a sense that both...