Page:United States Statutes at Large Volume 62 Part 1.djvu/1321

 62 STAT.] 80TH CONG., 2D SESS.-CHS. 835, 836-AUG. 13, 16, 1948 VETERANS' ADMINISTRATION AUTTOMOBILEs FOR DISABLED VETERANS For an additional amount for "Automobiles and other conveyances for disabled veterans," $5,000,000. SEC. 2. The appropriations and funds herein made available shall be subject to Section 402 of the Second Deficiency Appropriation Act, 1948. SEC. 3. This Act may be cited as the "Supplemental Appropriation Act, 1949." Approved August 13, 1948. [CHAPTER 836] JOINT RESOLUTION To aid in protecting the Nation's economy against inflationary pressures. Resolved by the Senate and House of Representatives of the United States of America in Congress assenbled, That in order to protect the Nation's monetary, banking, and credit structure, and interstate and foreign commerce, against increased inflationary pressures, the Board of Governors of the Federal Reserve System are authorized, notwith- standing the Act of August 8, 1947 (Public Law 386, Eightieth Con- gress), 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 install- ment credit. All the present provisions of sections 21 and 27 of the Securities Exchange Act of 1934, as amended (relating to investigations, injunc- tions, jurisdictions, and other matters), shall be as fully applicable with respect to the exercise by the Board of Governors of consumer installment credit controls as they are now applicable with respect to the exercise by the Securities and Exchange Commission of its func- tions under that Act, and the Board shall have the same powers in the exercise of such consumer installment credit controls as the Commis- sion now has under the said sections. SEC. 2. Section 19 of the Federal Reserve Act, as amended, is amended by inserting after the sixth paragraph thereof the following new paragraph: "Notwithstanding any other provision of law, the Board of Gov- ernors of the Federal Reserve System, in order to prevent injurious credit expansion, may by regulation change the requirements as to reserves to be maintained pursuant to this section against demand or time deposits or both (1) by member banks in central reserve cities, or (2) by member banks in reserve cities, or (3) by member banks not in reserve or central reserve cities, or (4) by all member banks; but no such change shall have the effect of requiring any such member bank to maintain a reserve balance against its time deposits in an amount equal to more than 7Y2 per centum thereof, or a reserve balance against its demand deposits in an amount equal to more than 30 per centum thereof if such bank is in a central reserve city, 24 per centum thereof if in a reserve city, or 18 per centum thereof if not in a reserve or central reserve city. No change in reserve requirements made under authority of this paragraph shall continue in effect after June 30, 1949." Approved August 16, 1948. August 16, 1948 [8. J. Res. 1571 [Public Law 905] Consumer install- ment credit controls. 61 Stat. 921. 12U. S.C., Supp.I, § 248 note. 5U.S.C.app. 5 note. 48 Stat. 899, 902. 15 U. 8. C. §§78u, 78aa. 38 Stat. 270; 48 8tat. 54. 12 U.S. C.. 462- 462b. Federal Reserve re- quirements. 1291 Ante, p. 1035 . Ante, p. 1050. Short title.

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