These interviews and other data gathered during this study provide the first nationwide examination of the effect of the NSP and served as the basis for a number of Federal Reserve System reports currently in progress.
On August 17, the Federal Reserve Board took further action by cutting the discount rate – the rate at which it lends directly to banks – by 50 basis points, or half a percentage point. The Fed also adjusted its usual practices to facilitate the provision of financing for as long as thirty days, renewable at the request of the borrower.