On the record
First, the federal government is about to spend one billion dollars as an immediate loan on the frozen or non-liquid assets of all banks closed since January 1, 1933, giving a liberal appraisal to those assets.
Source
gutenberg.orgFDR: “First, the federal government is about to spend one billion dollars as an immediate loan on the frozen or non-liquid…”
Editor's note · Context
Roosevelt announces a significant government loan to support banks and their depositors during the financial crisis.
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