Executive Order 12201—Credit Control

By the authority vested in me as President of the United States of America by Section 205 of the Credit Control Act (12 U.S.C. 1904), and having determined that the regulation and control of credit is necessary and appropriate for the purpose of preventing and controlling inflation generated by the extension of credit in an excessive volume, it is hereby ordered as follows:

1-101. The Board of Governors of the Federal Reserve System is authorized to exercise all the authority under the Credit Control Act (12 U.S.C. 1901 et seq.) to regulate and control consumer credit.

1-102. The Board of Governors of the Federal Reserve System is authorized to exercise all the authority under the Credit Control Act to regulate and control credit extended by those financial intermediaries which are not subject, as of the date hereof, to either the amendments of law effected by Public Law 89-597, as amended, or Section 19 of the Federal Reserve Act, as amended (12 U.S.C. 461), and which are primarily engaged in the extension of short-term credit.

1-103. The Board of Governors of the Federal Reserve System is authorized to exercise all the authority under the Credit Control Act to regulate and control credit extended to commercial banks that are not members of the Federal Reserve System in the form of managed liabilities.

1—104. The Board of Governors of the Federal Reserve System is authorized to exercise the authority under Section 206 (4) of the Credit Control Act (12 U.S.C. 1905(4)) to prescribe appropriate requirements as to the keeping of records with respect to all forms of credit.

1—105. For the purposes of this Order "consumer credit," "financial intermediaries, .... short-term credit," commercial banks," and "managed liabilities" shall have such meaning as may be reasonably prescribed by the regulations of the Board of Governors of the Federal Reserve System.

1-106. The authorizations granted by this Order shall remain in effect for an indefinite period of time and until revoked by the President.

JIMMY CARTER

The White House,

March 14, 1980.

[Filed with the Office of the Federal Register, 4:49 p.m., March 14, 1980]