Show i INDUSTRY LOAN PLAN APPROVED i Roosevelt Proposed Financing by Federal FederalS Federal'S S i Sj Tf j j Reserve Banks WASHINGTON April 20 JP- JP President Roosevelt today approved the proposed legislation authorizing I Ithe the federal reserve banks to make direct loans to industry Senator Glass D. D Va and Governor Gov Gov- Black of the federal reserve board went over their bill bilt with the thc president and upon leaving the White House said they had the go go- ahead signal to push it through con can gr gress Industrial nd isol committees are areto to In b d in each of the fedr fed fed- era r I reserve districts to advise Lse on the loans which would be limited to lo five years e rs The bill stipulates ln In exceptional circumstances hen it appears to the satisfaction of the fed federal ral reserve re r e bank that an e. e established es- es industrIal or commercial business I located in its district is unable un un- able to obtain requisite financial l assistance as as- on R a reasonable basis from the usual sources the federal reserve bank may make loans to or purchase I obligations of such business or may maym m make ke commitments with respect thereto on a reasonable and sound b basis s 5 for the purpose of providIng it it with working capItal but no shall be acquired or commitment commit commit- ment made hereunder with a maturIty matur matur- fly Ity exceeding five years I |