S 3510 · 110th Congress · Finance and Financial Sector
A bill to prohibit the Board of Governors of the Federal Reserve System from making funds available at a discount rate to private individuals, partnerships, and corporations.
Bill Progress
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Introduced2
Committee3
Senate Vote4
House5
EnactedLatest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8954)(2008-09-17)
Plain Language Summary
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Amends the Federal Reserve Act to repeal the authority of the Board of Governors of the Federal Reserve System, in unusual and exigent circumstances, to discount federal reserve bank-indorsed or -secured notes, drafts, and bills of exchange for private individuals, partnerships, or corporations unable to secure adequate credit accommodations from other banking institutions.…
Summarized by Claude AI · Non-partisan · For informational purposes only