Section, act Dec. 23, 1913, ch. 6, 13b, as added June 19, 1934, ch. 653, 1, 48 Stat. 1105; amended Aug. 23, 1935, ch. 614, title III, 323, 49 Stat. 714, authorized Federal Reserve Banks to make loans to industrial and commercial businesses and to discount or purchase industrial obligations from financial institutions, and created an industrial advisory committee.