Word: rediscounted
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Dates: during 1930-1939
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...district and borrow money only on the bonds or other direct obligations of the U. S. Government, on businessmen's promissory notes covering actual commercial transactions and, a minor point, on credits advanced to agricultural agencies. No other kind of security is eligible for the Reserve's rediscount privilege.? Not one nickel will the Reserve lend on the best industrial bonds, on prime stocks or on A-1 real estate mortgages. In its effort to keep liquid to meet depositors' demands, a bank which has exhausted all its assets eligible for Reserve borrowing must dump its other securities...
Tomorrow. To make these other security assets legal collateral for loans from the Federal Reserve is one major aim of the Glass-Steagall bill. By widening rediscount eligibility, its sponsors hope that banks on the brink of failure can fly into the arms of the Federal Reserve instead of into the arms of Federal receivers. The bill provides that five or more independent banks may take their assets, whatever they may be, to their district Reserve bank and ask for a joint cash loan on them. Whether they get it or not will be up to a three-quarter majority...
...many high-grade bonds from present bank portfolios. 2) National banks of $1,000,000 capital or more could have State-wide branches where State laws permitted such branch banking. 3) National bank shares must have $100 par, to eliminate cheap shares and weak holders. 4) The Federal Reserve rediscount base should be broadened by allowing loans on paper now ineligible where ten or more banks in one district combine to endorse it. 5) The Secretary of the Treasury should be removed from the Federal Reserve Board. 6) The Federal Reserve's open market policy should be determined by domestic...
...however, the public does not respond to this sale, the Treasury is authorized to sell straight government bonds and turn the proceeds over to R. F. C. in return for its unmarketed securities. One issue still in dispute between the House & Sen ate: Shall the Federal Reserve rediscount the collateral accepted by R. F. C. for its loans? The Senate, led by Virginia's Glass, said NO on the ground that such collateral will of necessity be inferior and would therefore weaken the Federal Reserve's strength...
...capital of all twelve limited to $150,000,000. Building & loan associations, savings and deposit banks, farm loan banks and the like would subscribe to H. L. D. B. capital stock. What they failed to contribute the U. S. Treasury would make up. Each H. L. D. B. would rediscount prime first mortgages of $15,000 or less on urban or rural homes. The subscribing members of each H. L. D. B. would turn in real estate paper and get back from the H. L. D. B. 50% of each short-term mortgage, 60% of each long-term one. Such...