Federal Home Loan Bank Act
This article does not receive scheduled updates. If you would like to help our coverage grow, consider donating to Ballotpedia. Contact our team to suggest an update.
 | |
| Financial regulation in the United States | |
| Dodd-Frank Act | |
| Federal Reserve | |
| Financial regulation by state | |
 | |
| Key terms | |
| Commercial bank • Credit union • Depository institution • Financial system • Investment banking • Securities | |
| Hover over the above terms for definitions. | |
The Federal Home Loan Bank Act was a federal law passed in 1932. According to its text, the act was intended to lower the cost of home ownership by creating a network of government-sponsored banks and boards to provide mortgage credit. The bill was signed into law by President Herbert Hoover (R) on July 22, 1932.[1]
Legislative history
The Federal Home Loan Bank Act was introduced in the United States House of Representatives on May 25, 1932. The act cleared the House on June 15, 1932. The United States Senate approved the bill on July 12, 1932, with amendments. The bill then moved to a joint conference committee, which presented its version of the bill on July 13, 1932. The House and the Senate approved this version on July 16, 1932. President Herbert Hoover (R) signed the bill into law on July 22, 1932.[2]
Provisions
The Federal Home Loan Bank Act established the Federal Home Loan Bank Board, a board to oversee Federal Home Loan Banks, which were also created by the Federal Home Loan Bank Act. According to the U.S. Department of Housing and Urban Development (HUD), these government-sponsored banks were intended to provide member financial institutions with financial services to assist in housing financing and community lending. According to the Federal Housing Finance Agency, 11 Federal Home Loan Banks provided cash advances to more than 7,300 member organizations, such as banks and credit unions, as of March 2017.[1][3]
See also
External links
Footnotes
