Reading Room Document

The President's Authority to Regulate Extensions of Credit Under the Credit Control Act

Under the Credit Control Act, the President is authorized to regulate and control extensions of credit whenever he determines that such action is necessary for the purpose of preventing or controlling inflation generated by the extension of credit in an excessive volume. Proposed executive order announcing the President's determination, and proposed implementing regulations of the Board of Governors of the Federal Reserve System imposing controls on certain kinds of consumer credit, on money market funds, and on managed liabilities, are within the authority granted the President and the Board under the Credit Control Act. The OLC does not provide release dates for its opinions, so the release date listed is the date on which the opinion was authored. The original opinion is available at www.justice.gov/file/22266/download.

March 13, 1980