Long title | An Act to create Federal Home Loan Banks, to provide for the supervision thereof, and for other purposes. |
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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 | |
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The Federal Home Loan Bank Act, Pub. L. 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.