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Show Enterprise Review , June 9, 1976 Page 2b Credit System Forces Unfair Subsidies, Says Gam Asserting that much of the debate in the area of credit granting has been clouded" because of a basic misunderstanding of the credit granting process, U.S. Senator Jake Garn labeled as "very unfair" a Senate Banking Committee report on Fair Lending EnThe Report is forcement. critical of the four highly Federal financial regulatory agencies and charges them with failing to adequately enforce credit granting rules. "Although 1 abhor the denial of economic opportunity on account of background factors which have no bearing on an individual's ability and willingness to per- lower rates to those who are To more likely to repay. eliminate this type of discrimination and require the granting of credit to all on an equal basis, as the report suggests, would be to force customers who repay their debts to subsidize those who do not," credit form," Gam said, is discriminatory by granting nature. The process involves distinguishing accurately between good and bad credit those who will repay and those who will not-pr- ior to granting credit. If credit grantors distinguish accurately between those who will repay and those who will not and base their credit granting on such characteristics, they will eliminate bad debt losses and lower the cost of granting credit. Gam said by adhearing to an accurate classification system the credit grantor can give risks-betw- een he added. When Congress outlawed discrimination on the basis of race, creed, color, sex and national origin, it made illegal the use of those factors as variable in determining credit worthiness. Gam believes the role of the regulatory agencies should be to see that those factors are not used as variables in determining credit On the other worthiness. hand, he said, for the system to work, creditors must be permitted to use other proven variables which have established records in predicting the likelihood that an indebtedness will be repaid. The Committee Reports recommendations for extensive record keeping and affirmative action program is the first step toward a quota system under which creditors would be required to make a certain number of preferential loans to favored groups without analyzing the likelihood of Application of repayment. these affirmative variables to determine the probability that The Committee Reports recommendations for extensive record keeping and affirmative action programs is the first step toward a quota continued on page 3b Readers Write About Oil by D. Van de Graajf those imports w'ould not seriously jeopardize our national economy or defense. Having confused the issue with sema-ticI would add that there is some s, past, this column responded to questions readers asked situation. Although concerning it was not my original intent to use a Q" and A" format, I do appreciate the opportunity to respond to items of general Several weeks the-energ- y concern. Q. How much oil do we use in the United States? A. We are currently using approximately 17 million barrels of oil per day, or about 714 million gallons. This averages around 3.1 gallons of oil for every man, woman and child in the U. S. In addition, we use over 60 billion cubic feet of natural gas each day; this works out to around 300 cubic feet for each individual. Q. Is it true that Russia is now the largest oil producing country? A. Yes. 1975 figures show that the Soviet Union is the top oil producer. They are Our Integrated Accounting System makes data processing work... at last. currently producing about 16 per cent of the total world production. The United States and Saudi Arabia are fighting it out for second place honors at around 15 per cent of the total world production. Q. Is it realistic to believe we can become energy independent? A. In the first place, the term Energy Self Sufficient" has replaced Energy in the most of vocabularies Independent" oilmen. The difference is politicians and that energy independence suggests that we would not be accepting any imports of energy from other sources, self sufficiency means that while we may accept imports from other countries, a termination of breakAn Integrated Accounting System-t- he through that business and industry have been waiting for. All your business information can now be put into one package. All this information is available at the touch of a keyboard. A typewriter-lik- e terminal connected to our is all the equipment center complete computer in required your facility. Operated by your personnel (they can learn the basic procedure in less than a day), greater accuracy of data entry is assured, with minimum handling of the source document. Inventory control, general ledger, financial reporting, accounts payable, payroll, invoicing, work in process.. .all in one program. See the difference it makes. See BMA BMA $450,000,000.00. Council Wants Flower Carts DATA PROCESSING, INC, Portable flower carts or kiosks may soon add summer GRAYSTONE PLAZA, SUITE 21 486-003- question whether its desirable to become totally self sufficient. What we should do however, is become a lot less dependent on foreign countries for much of the oil that we need. Right now we are importing over 40 per cent of all our petroleum supplies. This is obviously too great a dependency on foreign sources. We can reduce that heavy dependency if we step up development of our own oil and natural gas resources and if we move forward in developing alternate and synthetic fuels. In direct answer to the question - Yes, we can reach a high level of self sufficiency providing we dedicate ourselves toward that goal. Q. How many service stations are there in the United States? A. As near as we can tell, there are about 200,000 service stations across the country. We figure that to be 10 per cent fewer than just two or three years ago. Q. What does it cost to build a new refinery? A. The cost could vary depending on such factors as, sulfur content of the oil to be processed; the product mixthe refinery is to produce and the extent of environmental restrictions imposed upon the refiner and, of course, the size of the refinery. A simple rule of thumb, however, is that is would cost about $3,000.00 for each barrel of refinery throughput. In other words, a typical new 150,000 barrel per day refinery would cost in the neighborhood of color to dowmtown Salt Lake 3 JOIN US FOR ALL THE FUN AND EXCITEMENT FOR WHICH NEVADA IS FAMOUS! According to the city As- sistant Planning Director A. Dean Barney, the Downtown Council (a group of business- people located downtown) has recommended the planning department consider allowing flower carts along Main Street and recommending the city act to make them legal. State Line Betel and Oasino 1926 1976 Celebrating Our 50th Anniversary Year Barney said. WENDOVER, NEVADA . .. & Barney said the Council has recommended only one cart per block be allowed, that vendors sell only flowers, and that they be required to obtain permission from property before operating. Barney must consider the recommendation first before passing it onto the city com- mission for consideration. It is possible, indeed probable, we will see flowers on Main Street this summer, In other business Barney said . .i t the Council appointed him to a committee to find someone to assist in getting an overall plan for sidewalks in the downtown area." He said so many different designers have worked on downtown projects that the Council feels it is necessary to begin coordinating the ent designs into one overall plan. differ-commissi- on MERCHANTS MART Gloria-Denne- of Denner r & Associates has announced furthuring plans for a merch-owneants mart in the block between West Tmeple and 2nd West and 3rd and 4th South, rs She said enough wholesale merchandise repre-thsentatives have committed themselves to space in the mart to begin working drawings. at |