Public Debt Ceiling: Hearings, Ninetieth Congress, First Session ... May 15 and 16, 1967, Volume 36, Parts 35-962Considers Administration proposal to increase the permanent public debt ceiling to finance Federal expenditures, especially the Vietnam Conflict. Focuses on jurisdictional relationships between the Federal Reserve System and the Treasury Dept in setting and implementing monetary policy. |
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Common terms and phrases
$45 billion 48 Stat Act of June Act of September added by Act Administration agencies amended by Act amount August 23 authority bank credit Board of Governors bonds borrowing budget BYRNES capital stock centum CHAIRMAN committee Comptroller CONABLE corporation credit programs Currency CURTIS debt ceiling debt limit deficit deposits directors district dollars economic estimate expenditures expenses Federal Housing Administration Federal Reserve Act Federal Reserve agent Federal reserve bank Federal Reserve notes Federal Reserve System financing fiscal funds gold certificates increase interest rates issued June 16 June 21 liability Liberty Bond loans maturity member bank monetary money market conditions months mortgage national banks obligations open market open market operations operations original Federal Reserve paid for once participation certificates PATMAN payments percent prescribed purchase regulations revenues revised this section SCHULTZE Secretary FOWLER securities surplus tion title 12 Treasury ULLMAN United Vietnam
Popular passages
Page 172 - An Act to provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.
Page 273 - If any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered.
Page 255 - ... chartered or incorporated under the laws of the United States or of any State thereof, and principally engaged in international or foreign banking, or banking in a dependency or insular possession of the United States...
Page 174 - ... shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such association to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares...
Page 229 - ... discretion of the Secretary for the purposes of this Act, and should the appropriations heretofore made be insufficient to meet the requirements of this Act in addition to circulating notes provided for by existing law, the Secretary is hereby authorized to use so much of any funds in the Treasury not otherwise appropriated for the purpose of furnishing the notes aforesaid : Provided, however, That nothing in this section contained shall be construed as exempting national banks or Federal reserve...
Page 251 - ... the foregoing limitations and restrictions shall not prevent the renewal or extension of loans heretofore made and shall not apply to real estate loans which are insured under the provisions of title II...
Page 212 - ... notes, drafts, or bills covering merely investments or issued or drawn for the purpose of carrying or trading in stocks, bonds or other investment securities, except bonds and notes of the Government of the United States.
Page 212 - ... notes, drafts, and bills of exchange of factors issued as such making advances exclusively to producers of staple agricultural products in their raw state shall be eligible for such discount; but such definition shall not include notes, drafts, or bills covering merely investments or issued or drawn for the purpose of carrying or trading in stocks, bonds, or other investment securities...
Page 265 - Dividends (Sec. 5199). —The directors of any association may semiannually declare a dividend of so much of the net profits of the association as they shall judge expedient; but each association shall, before the declaration of a dividend, carry one-tenth part of its net profits of the preceding half year to its surplus fund until the same shall amount to twenty per centum of its capital stock.
Page 214 - Any member bank may accept drafts or bills of exchange drawn upon it and growing out of transactions involving the importation or exportation of goods having not more than six months...