Word: equalized
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Dates: during 1980-1980
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...effort to ease the pain, the Federal Reserve in June 1978 allowed banks to begin offering any depositor willing to part with a minimum of $10,000 for six months an opportunity to earn a rate of return more or less equal to the money market funds. The new superrate was keyed to the interest that the U.S. Treasury must pay for its weekly sales of six-month bills to finance federal debt. This has helped slow the outflow of deposits, but in the process has forced up the cost of depositor funds to higher levels than ever...
Though the immediate cause of alarm was the Federal Reserve action two weeks ago that forced credit-card issuers to place a sum equal to 15% of new loan money into a noninterest bearing account, the lenders have been suffering pinched profits or even losses for months. Banks in most states are caught in a squeeze between high interest rates and local usury laws. In New York, for example, the maximum interest on credit-card purchases is 18% on an annual basis for the first $500 and 12% on everything above that. But banks are now paying as much...
...credit cards, check credit from banks, department-store charge accounts and the like. The Federal Reserve will tell banks and other lenders that, if they expand their lines of credit beyond the totals outstanding last week, they will incur a penalty: they will have to deposit a sum equal to 15% of the additional amount into a special reserve drawing no interest. How to stay within this requirement is entirely up to the lenders. They can refuse to extend additional credit to consumers, cancel the unused portion of existing credit lines, or go ahead and offer more credit...
...would have helped protect the tanks. Cosentino maintained that Ford then did not try hard enough to warn Pinto owners about the danger. He produced eyewitnesses who testified that the girls' Pinto had been moving at 15 to 35 m.p.h. when struck, meaning that the impact speed was equal to no more than 35 m.p.h. At that speed, Cosentino maintained, a fuel tank should not rupture...
Grove City is fully coed, too, with equal facilities for women. So when the Department of Health, Education and Welfare sent along Form 639A (Assurance of Compliance with Title IX) to be filled out, Grove City's President Charles MacKenzie ignored it. Since the Government was not funding the college, and since Grove City has no sexual discrimination, MacKenzie reasoned, the form did not apply. HEW did not agree. Its weapon, in cases of noncompliance, is to cut off Government funds...