Salt Lake Telegram | 1932-04-25 | Page 2 | Rediscounting Bill Passed by Senate

I BilL BilLI PASSED PASSE BY SENATE I WASHINGTON April 25 1 fP JP The senate today passed and sent to the house louse a n bill to facilitate tate rediscounting rediscount rediscount- ing of intermediate credit bank debentures de do through the federal reserve system Senator R. R Ore explained ex cx- that the measure would give the he intermediate credit banks s additional additional addi addi- facilities for acquiring funds from the federal reserve and enable them to get money at an interest rate from 1 to 1 2 1 per cent lower than at present This saving he said probably would be transferred back bock to the individual borrower and permit him to get loans at a lower rate The bill was sponsored by Chairman Chairman Chair Chair- man Norbeck R. R S. S D. D of the senate sen son ate banking committee I