Executive Order 12225—Credit Control Revocation

By the authority vested in me as President of the United States of America by Sections 205 and 206 of the Credit Control Act (12 U.S.C. 1904, 1905), and for the purpose of phasing-out in an orderly fashion the credit controls authorized by Executive Order No. 12201, it is hereby ordered as follows:

1-101. Section 1-101 of Executive Order No. 12201 is amended effective July 28, 1980, to read as follows:

"The Board of Governors of the Federal Reserve System is authorized to exercise authority under the Credit Control Act (12 U.S.C. 1901 et seq.) to establish uniform requirements for changes in terms in open-end credit accounts for consumer credit; provided however, such authorization is revoked as of October 31, 1980.".

1-102. The authorizations granted by Section 1-102 of Executive Order No. 12201 is revoked as of August 11, 1980.

1-103. The authorization granted by Sections 1-103 and 1-104 of Executive Order No. 12201 are revoked as of July 28, 1980.

1-104. Section 1-105 of Executive Order No. 12201 shall be amended, effective July 28, 1980, to read as follows:

"For purposes of this Order 'consumer credit' and 'open-end credit' shall have such meaning as may be reasonably prescribed by the regulations of the Board of Governors of the Federal Reserve System.".

1-105. Section 1-106 of Executive Order No. 12201 is revoked.

JIMMY CARTER

The White House,

July 3, 1980.

[Filed with the Office of the Federal Register, 11:42 a.m., July 3, 1980]