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Newspaper
Independent
Location
Long Beach, California, United States of America
Date
Jul 02, 1968
Page
7
Seal Beach hosts open house week with missile displays at Rossmoor and Seal Beach shopping centers. A July 4 exhibit at Anaheim Landing invites spectators to board the USS John Paul Jones.
The Department of Transportation plans first federal safety standards for used motor vehicles this fall covering braking steering suspension and other critical safety properties. About half of the 94 million vehicles in use are deficient in safety performance. Officials propose expanded inspections and potential free public transportation to reduce reliance on old dangerous cars.
Bank of America promotes Time Certificates backed by its $22 billion resources. Investors can open with $1000 for six months. The certificates renew automatically and offer a guaranteed 5 percent annual interest.
The Federal Reserve Board reports consumer debt reached a record 100.3 billion by May 31, driven by a 610 million May increase and strength in automobile and personal loans. Installment credit totaled 79.27 billion, with noninstallment debt at over 21 billion.
A Senate House Economic Committee proposal would set guidelines for the Federal Reserve. Congress would require the Fed to justify moves that expand or contract the money supply and keep it growing 2 to 6 percent annually. Senator William Proxmire criticizes past Fed actions as contributing to recessions and inflations. In Pittsburgh, United Steelworkers schedule a Chicago convention August 19 to 23 with 3,500 delegates from 1.2 million members to map policy for two years.
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