Financial support

“ One of those principles is what the President and the Secretary spoke about today, which was how do the American people feel confident in a financial system where they become -- through extraordinary assistance -- a lender to a bank in order to stay healthy in this financial system. ”

“ With the third method a permanent increase is secured in the capital funds available for use in the business. Financial policy, governed by the needs of the business and its markets, will always dictate the method to be used for extinguishing or contracting a debt. ”

“ In the sphere of financial policy, it was the Treasury’s own responsibility to plan the appropriate precautions—a programme of taxation without any misjudged mercy in it, and a programme of borrowing to bring in the genuine savings of the people. ”

“ The Department of the Treasury is also acting to restore confidence in a key element of America's financial system by offering Government insurance for money market mutual funds. For every dollar you have invested in an insured fund, you'll be able to take a dollar out. ”

“ Social Security Financing Acts shall lay down the general conditions for the financial equilibrium thereof, and taking into account forecasted revenue, shall determine expenditure targets in the conditions and with the reservations provided for by an Institutional Act. ”

“ Provide guidance and funds as necessary to credit unions that will contribute to stabilization of the nation's economy by helping to establish and maintain a sound economic base for continuing operations, combating inflation, maintaining confidence in public and private financial institutions, and promoting thrift.”. ”

“ We are -- the plan evaluates the health and the condition of individual financial institutions, again, to understand what's needed, to understand their health, and to ultimately, again, restore that confidence. And primarily, first and foremost, there's a dramatic expansion that provides -- that will provide lending for the entities that we know need it most. We all hear horror stories about people with good credit that are looking for a student loan, or for an auto loan, or for a housing or commercial real estate loan that can't get access to that capital. ”

“ And further, as opportunity offers, to effect such an organization of our financial relations as will enable us, as far as practicable, to hold all the money that comes into our hands, as a sacred trust, to be used only in the payment of taxes, and of debts in all cases where the creditor cannot be induced to take some other form of payment. ”

“ In order to expand the economic foundations of labour, organizations of associated labour may collect financial resources from citizens and ensure them in addition to the repayment of these resources, compensation for investment in the form of interest or other benefits determined by statute. ”

“ The report names two reasons for recommending contributions to the fund by employers: first, “the employee should not in our judgment be re [Pg 119] quired to reduce his earnings further by the payment of contributions into reserves”; second, “the employer’s financial liability under the plan would operate as a continuous incentive to prevent unemployment as far as practicable.” ”

“ Running through the different national systems there are some common elements the result not of inheritance merely but still more of necessity, or at the lowest of similarity in environment. Over and above the details of financial development there is a thread of connexion which requires treatment under Finance taken as a whole. As the great aim of this side of public activity is to secure funds for the maintenance of the state’s life and working, the administration which operates for this end is the true nucleus of all national finance. ”

“ As a complement to these initiatives, efforts to provide financial assistance in regulatory proceedings to citizen groups, small businesses, and others whose participation is limited by their economic circumstances must continue to be pursued. ”

“ In all these cases the ideal thing is to arrange for repayment in small instalments. Failing this we try to think out a plan such that after the original expenditure the sufferer will be able to go on independently.
(d) Aid in illness. A fourth example of temporary interference in the form of financial aid, is a gift or loan of money to tide a person over an illness, to make his convalescence complete or to rest him when he is dangerously tired. Usually such aid can be rendered through services or institutions (nurses, hospitals, convalescent homes) which do not involve giving money outright. ”

“ It has also frequently happened that corporations have been aided to a very large extent by public funds, by the voting of aid bonds, by the donation of large tracts of land, by payment for certain service at such rates as would largely relieve the company from loss in operation, by the remission of taxes, or by the direct donation of funds. ”

“ Whenever the financial institutions have found themselves in need of effective pecuniary assistance, the Bank of France has regarded it a duty to help them, and in normal times, by assisting them with its resources, it facilitates liberal credits. ”

“ So this financial reform refocuses the financial sector on what’s really important: getting capital to entrepreneurs who want to grow their businesses, and financing to millions of families who want to buy a house or send their kids to college. ”

“ President's Advisory Council on Financial Capability
By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows:
Section 1. Policy.
To help keep America competitive and assist the American people in understanding and addressing financial matters, and thereby contribute to financial stability, it is the policy of the Federal Government to promote and enhance financial capability among the American people. ”

“ The change has been effected, and persons who land here with nothing but their hands, their bone and sinew, if they are indebted to the Fund or to persons for bringing them, they can soon pay these debts; and not only that, but they can soon establish themselves comfortably, and be prepared to help others. ”

“ In the present financial condition of the country I am persuaded that the welfare of legitimate business and industry of every description will be best promoted by abstaining from all attempts to make radical changes in the existing financial legislation. ”

“ My Administration will work with committed organizations in all sectors to improve financial education and share best practices so that all Americans ‐‐ no matter their income, education, or background ‐‐ have the capability to make sound financial decisions. Together, we will empower Americans to take advantage of the many opportunities they have to attain more financially secure and prosperous futures for themselves and their families. ”

“ The application of an accumulated fund by the Government to the payment of its running expenses is a duty. An individual living beyond his income and embarrassing himself with debt or drawing upon his accumulated fund of principal is either unfortunate or improvident. ”

“ Financial capability is the capacity, based on knowledge, skills, and access, to manage financial resources effectively. In order to develop this capacity, individuals must have appropriate access to and understanding of financial products, services, and concepts. Financial capability empowers individuals to make informed choices, avoid pitfalls, know where to go for help, and take other actions to improve their present and long-term financial well-being.
Sec. 2. Establishment of the Council. ”

“ There have been, I believe, over 2,200 applicants for relief to the fund which has been raised for the benefit of the sufferers of so-called Philanthropic Finance, and among the number it appears there are nearly 1,400 single women and widows. ”

“ In financial legislation every measure in the direction of greater fidelity in the discharge of pecuniary obligations has been found by experience to diminish the rates of interest which debtors are required to pay and to increase the facility with which money can be obtained for every legitimate purpose. Our own recent financial history shows how surely money becomes abundant whenever confidence in the exact performance of moneyed obligations is established. ”

“ Their community being too poor to afford them adequate relief, they have resorted to the expedient of lending them small sums of money at interest, to trade upon, which is required to be repaid monthly or weekly, as the case may be, otherwise they forfeit all claim to this aid. ”

“ The budget should, among other things, show budgeted revenues, expenses, profits
or loss, capital expenditure, cash flows, borrowings, grants, transfers, contingent liabilities
including guarantees, and balance sheet. Any amendments to the budget shall also be
submitted to the Minister for Finance for review and approval. The Minister of Finance shall
respect the operational independence of public corporations. ”

“ PUBLIC ASSISTANCE. A marked feature in the social-economic history of the 20th century, and one which became even more marked in its second decade, has been the growth in public expenditure in relief of private wants. “Public Assistance” is of two kinds, direct and indirect. Direct public assistance is the receipt of any benefit in money or in kind at the expense of the rates or taxes which is wholly or partly unpaid for by the recipient. Direct public assistance includes objects like old-age pensions, unemployed benefit, children's meals and medical assistance. ”

“ Because when credit is available again, that young family can finally buy a new home. And then some company will hire workers to build it. And then those workers will have money to spend, and if they can get a loan too, maybe they’ll finally buy that car, or open their own business. ”

“ I have, therefore, determined to employ, as I can do very profitably, the able-bodied persons in the party, issuing proper food for the support of all, and charging against their services the expense of care and sustenance of the non-laborers, keeping a strict and accurate account as well of the services as of the expenditure, having the worth of the services, and the cost of the expenditure, determined by a Board of Survey, to be hereafter detailed. ”

“ In proportion as the advantages of saving are reduced the inducements to save will be diminished, and then the available lending fund of the community will be lessened, so that fewer persons in need of temporary accommodation will be able to receive it. From another point of view, may it not be urged that if a man obtains the assistance of a loan he should be as willing to pay for it as he would be to pay for any other distinct advantage? ”

“ If any payments are required to be made from said fund to meet debt service requirements on guaranteed revenue obligations by virtue of an insufficiency of revenues, the Director, Fiscal Division, Department of Administrative Services, or such other officer as may be designated by law, shall pay from said common reserve fund the amount necessary to cure such deficiency. ”

“ The following plan, I think, complies with all the requirements of the problem. By the proposed method every policy, at all stages of its existence, contributes its exact share to the expense fund, whatever its plan of payment may be.
Let us, as an illustration, examine the case of a ten year endowment policy, taken out at age 30, and consider it under three aspects, first, as paid for in advance by a single payment, second, as paid by five annual payments, and third, as paid for annually throughout the term. ”

“ The Wish of every discerning honest Man must be as obvious, viz that as many of the Bills may sink in the Loan Offices as the People can possibly spare, and as soon as possible. I think therefore you have judgd right of their Views. It would be an Act of Charity and a great Service to the publick if those who can afford to put their Money to Interest would ease their poorer fellow Citizens who are possessd of those Bills, by exchanging them for other Bills without a Discount. ”

“ The fact that the debt is growing less, and, as well, the incentive to avoid small fines in case of failure to make payment, contribute to the value of the security. A loan on an ordinary basis, secured from a savings bank, insurance or trust company for a long period, is not thought of in this way. ”

“ Much more suitable, therefore, for the purposes of fiscal administration are bonds which are not limited as to term of payment, but which can be redeemed at their face value at the will of the Government. ”

“ So we proposed steps to get them that help: Eliminating capital gains taxes on investments. Establishing a fund for small lenders to help small businesses. Enhancing successful SBA programs that help them access the capital they need. ”

“ Being able to buy food where it is grown, cuts down expenses to a very small amount comparatively. When I told them this, one of them acknowledged that he could see that they would have less expense, but that they would still have need of money. ‘You bind us to take all we earn in scrip or shares for our labor?’ one of them asked of me. ‘Certainly,’ I said, ‘that is the protection of the society.’ But I told them they could buy money with their scrip. ”

“ The plan is based on the sensible principle of helping men to help themselves. As the help is in the shape of a loan, to be repaid, it will pauperize no one. It will go to families of small means, and it will provide an incentive to people to save enough to take advantage of the assistance offered. ”

“ States is the payment of a cash bonus at the end of a fixed period, as a year. A second plan, which is the rule in France, is a deferred participation by means of a savings bank deposit, provident fund, or annuity, for the purpose of providing for old age and disability. ”

“ If they wish also to become house-owners the company advances, at the lowest possible rate of interest, the necessary funds for the purchase, and workmen in good standing with the company find no difficulty in getting gratuitous advances of money repayable in small fixed amounts, upon showing good reasons for the advance. And in all the establishments of the company, except at Montluçon, where there is a special fund to give assistance in cases of accident or disease, the workmen and their families are entitled to medical advice and medicines at the expense of the company. ”