An Act to create Federal Home Loan Banks, to provide for the supervision thereof, and for other purposes.
Nicknames
Federal Home Loan Bank Act of 1932
Enacted by
the 72nd United States Congress
Effective
July 22, 1932
Citations
Public law
72-304
Statutes at Large
47 Stat. 725
Codification
Titles amended
12 U.S.C.: Banks and Banking
U.S.C. sections created
12 U.S.C. ch. 11 § 1421 et seq.
Legislative history
Introduced in the House as H.R. 12280 by Michael Reilly (D–WI) on May 25, 1932
Committee consideration by House Banking and Currency, Senate Banking and Currency
Passed the House on June 15, 1932 (Passed)
Passed the Senate on July 12, 1932 (Passed)
Reported by the joint conference committee on July 13, 1932; agreed to by the House on July 16, 1932 (Agreed) and by the Senate on July 16, 1932 (Agreed)
Signed into law by President Herbert Hoover on July 22, 1932
The Federal Home Loan Bank Act, Pub. L.Tooltip Public Law (United States) 72–304, 47 Stat. 725, enacted July 22, 1932, is a United States federal law passed under President Herbert Hoover in order to lower the cost of home ownership.[1] It established the Federal Home Loan Bank Board to charter and supervise federal savings and loan institutions. It also created the Federal Home Loan Banks which lend to building and loan associations, cooperative banks, homestead associations, insurance companies, savings banks, community development financial institutions, and insured depository institutions in order to finance home mortgages.
^Peters, Gerhard; Woolley, John T. "Herbert Hoover: "Statement About Signing the Federal Home Loan Bank Act.," July 22, 1932". The American Presidency Project. University of California - Santa Barbara.
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