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REGISTER

EDERAL
VOLUME 6

TS., 1934
J N l TEO

NUMBER 157

,
Washington, Wednesday August 13, 1941
The President EXECUTIVE ORDER
R egulation op C onsumer C redit DECLARATION OF NECESSITY AND PURPOSE

WHEREAS a large volume of credit is being devoted to financing and refinanc ing purchases of consumers goods and services through extensions of credit that usually are made to individuals and to a large extent are on an instalment pay ment basis; and WHEREAS the conditions under which such credit is available have an impor tant influence upon the volume and tim
ing of demand, not only for the particu lar goods and services purchased on credit but also for goods and services in general;
and WHEREAS liberal terms for such credit tend to stimulate demand for con sumers durable goods the production of which requires materials, skills, and equipment needed for national defense;
and WHEREAS the extension of such credit in excessive volume tends to gen erate inflationary developments of in
creasing consequence as the limits of productive capacity are approached in more and more fields and to hinder the accumulation of savings available for financing the defense program; and WHEREAS the public interest requires control of the use of instalment credit for financing and refinancing purchases of consumers durable goods the produc tion of which absorbs resources needed for national defense, in order a to facilitate the transfer of productive re sources to defense industries, b to as sist in curbing unwarranted price ad vancesand profiteering which tend to result when the supply of such goods is curtailed without corresponding cur tailment of demand, c to assist in re straining general inflationary tenden cies, to support or supplement taxation imposed to restrain such tendencies, and to promote the accumulation of savings available for financing the defense pro gram, d to aid in creating a backlog of demand for consumers durable goods,
and e to restrain the development of a consumer debt structure that would repress effective demand for goods and services in the post-defense period; and WHEREAS in order to prevent evasion or avoidance of this order and such regu lations as may be prescribed to effectuate its purposes, means should also be avail able for regulating the use of other in stalment credit and other forms of credit usually extended to consumers or on consumers durable goods; and WHEREAS it is appropriate that such credit be controlled and regulated through an existing governmental agency which has primary responsibilities with respect to the determination and ad ministration of national credit policies:
NOW, THEREFORE, by virtue of the authority vested in me by section 5 b of the act of October 6,1917, as amended, and by virtue of all other authority vested in me, and In order, in the na tional emergency declared by me on May 27, 1941,1 to promote the national de fense and protect the national economy, it is hereby ordered as follows:
ADMINISTRATION

S ection 1. a The Board of Gover nors uf the Federal Reserve System hereinafter called the Board is hereby designated as the agency through which transfers of credit between and pay ments by or to banking institutions as defined herein pursuant to section 5 b of the aforesaid Act which constitute, or arise directly or indirectly out of, any extension of credit of a type set out in section 2 a of this order shall be in vestigated, regulated and prohibited.
b The Board shall, whenever it deems such action to be necessary or ap propriate, take any lawful steps herein authorized and such other lawful steps as are within its power to carry out the purposes of this order, and may, in ad ministering this order, utilize the services of the Federal Reserve Banks and any other agencies, Federal or State, which are available and appropriate.
c In order to facilitate the coordina tion of the Boards functions under this 6 F.R. 2617.

CONTENTS
THE PRESIDENT
Executive Order:
Page Regulation of consumer credit 4035
RULES, REGULATIONS, ORDERS
T itle 17C ommodity and S ecuri ties
E xchanges:

Securities and Exchange Com mission:
Securities Act of 1933:
Nondisclosure of contracts affecting national de fense________________ 4038
Registration by open-end management invest ment com panies_____ 4037
T itle 30M ineral R esources :
Bituminous Coal Division:
Minimum price schedules:
District No. 2 2 docu m ents__________ 4039,4041
District No. 3____________ 4053
District No. 6____________ 4044
District No. 8____________ 4045
T itle 31M oney and F inance :
T reasury :

Monetary Offices:
Foreign exchange transactions, etc.:
General License No. 9
am ended____________
General License No. 70
P o rtu g a l__________
T itle 32N ational D efense :
Office of Production Manage ment:
Silk, general preference order am ended______________
T itle 50 W ild life :
Fish and Wildlife Service:
Seney National Wildlife Ref uge, Mich., fishing regula tions___________________

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NOTICES
Department of the Interior:
Bituminous Coal Division:
c a iu L ig o ,
c t b ..

Brazil Block Fuels, Inc----Taggert Coal Sales Co____
Western Pennsylvania Coal Corp________________
C ontinued on n ex t page
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