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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Apr 17, 1973
Page
3
Washington reports the administration proposes a two tier rate to slow rising loan costs for small businesses consumers and home buyers. The plan would keep large business rates, set a small business rate above today’s levels, and require banks to report loan breakdowns while moderating profit margins.
Congress joint committee on budget approved a plan to set annual spending limits for Congress. It would require spending ceilings, an automatic tax charge if deficits occur, and establish two House and one Senate budget committees to propose program costs and funding.
The report urges levels no higher than those in effect on the date of issue unless cost increases justify a rise. If rates rise they should be smaller and less frequent than changes for large firms. Banks need not notify in advance, but the committee will stay alert.
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