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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
May 17, 1973
Page
13
The Federal Reserve Board ordered member banks to raise reserves on large certificates of deposit and removed a ceiling on rates for CDs over 100000. The move aims to curb business borrowing as banks with 10 million or more in CDs face higher reserve requirements and less lending.
AFL CIO leaders called on Congress to reject the administration’s trade plan and approve a tougher measure to curb imports. LW exbel, head of the Steelworkers Union, said swift action is needed to slow a flood of imports that threaten jobs and industries, criticizing the proposal for lacking enforcement and closing tax loopholes.
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