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X ^ ' L _ |M\J2^VV^O . 6\ M 3,i5rlGo to 4A 10 $% T Ojitu Ajuon^JU.~ rs fe ft UJ2 Ac c bection (U.3.C. Title of the Federal Reserve Ax*t as amended , ^ec# ) ie hereby amended by the addition thereto of the following paragraph; Exclusive of investment in bonds or other interest bearing obligations of the United States Government (and loans wholly and adequately secured by such bonds), no member bank shall sake loans or investments in an amount in excess of ten times its unimpaired capital and surplus; and the Federal Reserve Board is hereby empowered to and may from time to tiiae and at any time, by regulation prescribe the number of times, less than ten of their unimpaired capital and surplus with which .Member Banks in any one or more Federal Reserve Districts shall be allowed to make such loans or investments other than those above excluded; provided, however, that the Federal Heserve Board shall never by such regulation reduce such ratio below that of five times the unimpaired capital and surplus. The term "bonds or other interest bearing obligations of the United states Government" as hereinabove used shall refer to such bonds or obligations as the Comptroller of the Currency may from time to time by regulation prescribe; and the tern "loane" as hereinabove used shall not refer to deposits by Member Banka in any Federal Reserve Bank or in any other Member Banks approved by the Comptroller of the Currency. Bl : Capital k Surplus $3,000,000 Depoait3 ^50,000,000 Allowable loans and investments, other than those above excluded would vary, depending on Fed. Reserve Regulations Between ^15,000,000 and $30,000,000 !• 2. This would provide market for Government Bond© even when thera is a demand for money. fould allow for expansion or contraction of credit by Federal Reserve Board,
