Summary: H.R.3289 — 94th Congress (1975-1976)All Information (Except Text)

There is one summary for H.R.3289. Bill summaries are authored by CRS.

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Introduced in House (02/19/1975)

Provides that, to the maximum extend practicable, all persons who extend credit or arrange for its extension shall endeavor to channel available funds into national priority uses, including: (1) essential and productive capital investment; (2) low and middle-income housing; (3) small business and agriculture; and (4) State and local governments.

States the determination of Congress that national goals are adversely affected by extensions of credit for: (1) speculative purposes; (2) excessive inventory accumulation; (3) investing in land without well-defined plans for its useful development; and (4) loans outside the United States at the expense of the loan needs of domestic customers.

Directs the Board of Governors of the Federal Reserve System to take action to ensure that all creditors are informed of the provisions of this Act and to require reports of creditor to determine whether available funds are being channeled into national priority uses.