
Monetary Policy
Monetary policies are “actions undertaken by a central bank…to influence the availability and cost of money and credit to help promote national economic goals.” In the United States, the Federal Reserve sets monetary policy through two groups, the Board of Governors of the Federal Reserve System and the Federal Open Market Committee (FOMC). The Board of Governors handles discount rate and reserve requirements, while the FOMC handles open market operations. The responsibility to set monetary policy was given to the Federal Reserve by the Federal Reserve Act of 1913.
This collection features many congressional hearings documents related to monetary policy. For more information regarding this topic, the FOMC and the role of the Federal Reserve, please see the Board of Governors of the Federal Reserve System’s website.
- Monetary Policy - Bibliographies (71 items)
Activities and Policies of District Banks and their Implications for Monetary Policy: Hearing before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs, House of Representatives, Ninety-seventh Congress, Second Session, September 23, 1982.
OCLC:
9287508
Citation:
United States. Congress. House. Committee on Banking, Finance, and Urban Affairs, ([year]), Activities and Policies of District Banks and their Implications for Monetary Policy: Hearing before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs, House of Representatives, Ninety-seventh Congress, Second Session, September 23, 1982., [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=203
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Alternative Approach to the Monetary Mechanism
Description:
Third part (chapters VI, VII and VIII) of a three part staff analysis of the Federal Reserve System's policy action pertaining to the System's determination of the volume of money and credit, "An Analysis of Federal Reserve Monetary Policy Making."
This part contains discussion of an alternative conception, the "modified base doctrine," as well as general recommendations and specific proposals for policy making. Additionally, an appendix appears at the end , relating to all three parts. Prepared by Karl Brunner and Allan H. Meltzer.
SUDOC:
Y 4.B 22/1:M 74/17
OCLC:
21641890, 2995983
Citation:
Brunner, Karl, Meltzer, Allan H. and United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance, ([year]), Alternative Approach to the Monetary Mechanism, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=397
Authors:
- Brunner, Karl
- Meltzer, Allan H.
- United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance
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Amendment to Abolish Office of the Comptroller of the Currency, Etc.: Hearing before the Committee on Banking and Currency of the House of Representatives. Wednesday, June 1, 1921. Statement of Hon. W.P.G. Harding, Governor Federal Reserve Board
OCLC:
8964891
Citation:
United States. Congress. House. Committee on Banking and Currency, ([year]), Amendment to Abolish Office of the Comptroller of the Currency, Etc.: Hearing before the Committee on Banking and Currency of the House of Representatives. Wednesday, June 1, 1921. Statement of Hon. W.P.G. Harding, Governor Federal Reserve Board, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=715
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Compendium on Monetary Policy Guidelines and Federal Reserve Structure, Pursuant to H.R. 11
Description:
This staff report for the Subcommittee on Domestic Finance of the Committee on Banking and Currency included replies received from the Federal Reserve, the Treasury, the Council of Economic Advisers and 71 academic, bank and research monetary economists, along with a summary of the responses and an analysis of the reply of the Federal Reserve, in response to a questionnaire sent out on July 9, 1968. Respondents were asked to express their opinions on questions pertaining to H.R. 11, a bill "To make the Federal Reserve System responsive to the best interests of the people of the United States and to improve the coordination of monetary, fiscal, and economic policy." Specifically, the bill provided for
(a) Retiring Federal Reserve bank stock
(b) Coordinating Federal Reserve bank policies and programs with those of the President of the United States in keeping with the provisions of the Employment Act of 1946;
(c) Reducing the number and term of office of members of the Federal Reserve Board;
(d) Making the term of Chairman of the Board coterminous with that of the President of the United States;
(e) An audit for each fiscal year of the Federal Reserve Board and the Federal Reserve banks and their branches by the Comptroller General of the United States;
(f) Funds to operate the Federal Reserve System to be appropriated by the Congress of the United States.
SUDOC:
Y 4.B 22/1:M 74/19
OCLC:
8580
Citation:
United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance, ([year]), Compendium on Monetary Policy Guidelines and Federal Reserve Structure, Pursuant to H.R. 11, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=393
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Federal Reserve's Attachment to the Free Reserve Concept: A Staff Analysis
Description:
Second part of a three part staff analysis of the Federal Reserve System's policy action pertaining to the System's determination of the volume of money and credit, "An Analysis of Federal Reserve Monetary Policy Making."
This analysis deals with the role of the "free reserves" concept in Federal Reserve policy making, and raises questions about the validity of assigning such an important role to this concept, as the Federal Reserve has done. Prepared by Karl Brunner and Allan H. Meltzer.
SUDOC:
Y 4.B 22/1:F 31/35
OCLC:
21726091, 8229956
Citation:
United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance, Meltzer, Allan H. and Brunner, Karl, ([year]), Federal Reserve's Attachment to the Free Reserve Concept: A Staff Analysis, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=396
Authors:
- United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance
- Meltzer, Allan H.
- Brunner, Karl
Topics:
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Framework of Monetary Policy: A Staff Analysis of the Federal Open Market Committee in its Conduct of Monetary Policy
Description:
Report for the use of the Subcommittee on Domestic Finance of the Committee on Banking and Currency, House of Representatives, 89th Congress, 2d Session, discussing the framework used by the Federal Open Market Committee in its conduct of monetary policy in the 1952-60 period, based primarily on an analysis of the minutes of the meetings of the FOMC.
OCLC:
341
Citation:
United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance, ([year]), Framework of Monetary Policy: A Staff Analysis of the Federal Open Market Committee in its Conduct of Monetary Policy, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=392
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Gold Reserve Act of 1934: Hearings before the Committee on Coinage, Weights, and Measures, House of Representatives, Seventy-Third Congress, Second Session, on H.R. 6976
Description:
This series of hearings were held January 15-19, 1934 before the House Committee on Coinage, Weights, and Measures. Expert testimony was provided by Dr. O.M.W. Sprague, Frank A. Vanderlip, and Paul Warburg among others.
SUDOC:
Y 4. C 66:G 56
OCLC:
7300651
Citation:
United States. Congress. House, ([year]), Gold Reserve Act of 1934: Hearings before the Committee on Coinage, Weights, and Measures, House of Representatives, Seventy-Third Congress, Second Session, on H.R. 6976, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=204
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Half century of Federal Reserve policymaking
Imprint:
Imprint: Philadelphia, PA: Federal Reserve Bank, 1965.
Date:
1965, Federal Reserve Bank
Citation:
Anderson, Clay, 1965, Half century of Federal Reserve policymaking, from Meltzer, A History of the Federal Reserve Volume 1, 1913-1951, accessed Jun 20, 2013 from FRASER, http://fraser.stlouisfed.org/meltzer/record.php?id=4066
Authors:
Intermediate Targets and Indicators for Monetary Policy: A Critical Survey
Description:
Studies undertaken by the Federal Reserve Bank of New York reviewing a broad array of financial variables proposed for use in formulating and implementing monetary policy.
OCLC:
23037417
Citation:
Federal Reserve Bank of New York, ([year]), Intermediate Targets and Indicators for Monetary Policy: A Critical Survey, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=146
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Monetary Control Act of 1980
Description:
A pamphlet on the Monetary Control Act of 1980.
OCLC:
795597222
Citation:
Board of Governors of the Federal Reserve System (U.S.), ([year]), Monetary Control Act of 1980, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=825
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Monetary Policy Oversight - House of Representatives Hearings
Description:
Under the Full Employment and Balanced Growth Act of 1978 (also referred to as the Humphrey-Hawkins Act), the Federal Reserve must submit a report on the economy to Congress by February 20 and July 20 of each year. Following submission of the report, the chairman of the Federal Reserve Board is typically called to testify before the House committee, or subcommittee, charged with monetary policy oversight.
Citation:
United States. Congress. House. Committee on Banking and Currency, United States. Congress. House. Committee on Banking, Finance, and Urban Affairs and United States. Congress. House. Committee on Financial Services, ([year]), Monetary Policy Oversight - House of Representatives Hearings, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=672
Authors:
- United States. Congress. House. Committee on Banking and Currency
- United States. Congress. House. Committee on Banking, Finance, and Urban Affairs
- United States. Congress. House. Committee on Financial Services
Topics:
- Monetary Policy Oversight Hearings (Humphrey - Hawkins)
- Humphrey-Hawkins (Monetary Policy Oversight) Hearings
- Federal Open Market Committee
- Monetary Policy
Related Publications:
Monetary Policy Oversight - Senate Hearings
Description:
Under the Full Employment and Balanced Growth Act of 1978 (also referred to as the Humphrey-Hawkins Act), the Federal Reserve must submit a report on the economy to Congress by February 20 and July 20 of each year. Following submission of the report, the chairman of the Federal Reserve Board is typically called to testify before the Senate committee charged with monetary policy oversight.
Citation:
United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs, ([year]), Monetary Policy Oversight - Senate Hearings, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=671
Authors:
Topics:
- Monetary Policy Oversight Hearings (Humphrey - Hawkins)
- Humphrey-Hawkins (Monetary Policy Oversight) Hearings
- Federal Open Market Committee
- Monetary Policy
Related Publications:
Monetary Policy and the Management of the Public Debt: Hearings before the Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report, Congress of the United States, Eighty-Second Congress, Second Session, Pursuant to Section 5 (A) of Public Law 304 (79th Congress)
Description:
The Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report was created in the spring of 1951, for the purpose of conducting a general inquiry into monetary policy and debt management. These hearings were held on March 10, 11, 12, 13, 14, 17, 18, 19, 20, 21, 24, 25, 26, 27, 28, and 31, 1952.
SUDOC:
Y 4.EC 7:M 74/4
OCLC:
635238
Citation:
United States. Congress. Joint Committee on the Economic Report. Subcommittee on General Credit Control and Debt Management, ([year]), Monetary Policy and the Management of the Public Debt: Hearings before the Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report, Congress of the United States, Eighty-Second Congress, Second Session, Pursuant to Section 5 (A) of Public Law 304 (79th Congress), [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=244
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Related Publications:
- Monetary Policy and the Management of the Public Debt: Report of the Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report, Congress of the United States
- Monetary Policy and the Management of the Public Debt: Their Role in Achieving Price Stability and High Level Employment: Replies to Questions and Other Material for the Use of the Subcommittee on General Credit Control and Debt Management
- Questions on General Credit Control and Debt Management
- Supplementary Material to Joint Answers Prepared under the Direction of a Special Committee of Federal Reserve Bank Presidents
Monetary Policy and the Management of the Public Debt: Report of the Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report, Congress of the United States
Description:
The Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report was created in the spring of 1951, for the purpose of conducting a general inquiry into monetary policy and debt management. This report gives findings and recommendations of the Subcommittee.
SUDOC:
Y 4.EC 7:M 74/3
OCLC:
635246
Citation:
United States. Congress. Joint Committee on the Economic Report. Subcommittee on General Credit Control and Debt Management, ([year]), Monetary Policy and the Management of the Public Debt: Report of the Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report, Congress of the United States, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=414
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Related Publications:
- Monetary Policy and the Management of the Public Debt: Hearings before the Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report, Congress of the United States, Eighty-Second Congress, Second Session, Pursuant to Section 5 (A) of Public Law 304 (79th Congress)
- Monetary Policy and the Management of the Public Debt: Their Role in Achieving Price Stability and High Level Employment: Replies to Questions and Other Material for the Use of the Subcommittee on General Credit Control and Debt Management
- Questions on General Credit Control and Debt Management
- Supplementary Material to Joint Answers Prepared under the Direction of a Special Committee of Federal Reserve Bank Presidents
Monetary Policy and the Management of the Public Debt: Their Role in Achieving Price Stability and High Level Employment: Replies to Questions and Other Material for the Use of the Subcommittee on General Credit Control and Debt Management
Description:
The Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report was created in the spring of 1951, for the purpose of conducting a general inquiry into monetary policy and debt management. The subcommittee prepared questionnaires, addressed to the primary officers of the Federal Government concerned with monetary policy and debt management, as well as to numerous persons in the private economy.
Part 1 contains replies by the Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, and the Chairman of the Federal Open Market Committee (in collaboration with the Vice Chairman). Part 2 contains replies by Federal Reserve Bank Presidents, the Council of Economic Advisers, the Comptroller of the Currency, the Chairman of the Federal Deposit Insurance Corporation, the Administrator of the Reconstruction Finance Corporation, state bank supervisors, economists, bankers, life insurance company executives, and United States government security dealers, along with a statement by a Conference of University Economists sponsored by the National Planning Association. An index to both volumes is found at the end of Part 2.
SUDOC:
Y 4.EC 7:M 74/3
OCLC:
718003
Citation:
United States. Congress. Joint Committee on the Economic Report. Subcommittee on General Credit Control and Debt Management, ([year]), Monetary Policy and the Management of the Public Debt: Their Role in Achieving Price Stability and High Level Employment: Replies to Questions and Other Material for the Use of the Subcommittee on General Credit Control and Debt Management, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=413
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Related Publications:
- Monetary Policy and the Management of the Public Debt: Hearings before the Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report, Congress of the United States, Eighty-Second Congress, Second Session, Pursuant to Section 5 (A) of Public Law 304 (79th Congress)
- Monetary Policy and the Management of the Public Debt: Report of the Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report, Congress of the United States
- Questions on General Credit Control and Debt Management
- Supplementary Material to Joint Answers Prepared under the Direction of a Special Committee of Federal Reserve Bank Presidents
Monetary Policy: 1955-56. Hearings before the Subcommittee on Economic Stabilization of the Joint Economic Committee, Congress of the United States, Eighty-fourth Congress, second session, pursuant to sec. 5 (a) of Public law 304, 79th Congress. December 10 and 11, 1956.
SUDOC:
Y 4.Ec 7:M 74/9
OCLC:
664891
Citation:
United States. Congress. Joint Economic Committee. Subcommittee on Economic Stabilization, ([year]), Monetary Policy: 1955-56. Hearings before the Subcommittee on Economic Stabilization of the Joint Economic Committee, Congress of the United States, Eighty-fourth Congress, second session, pursuant to sec. 5 (a) of Public law 304, 79th Congress. December 10 and 11, 1956., [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=388
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Monetary, Credit, and Fiscal Policies: A collection of statements submitted to the subcommittee on monetary, credit, and fiscal policies by government officials, bankers, economists, and others
Description:
These statements, collected in response to a report to Congress by the Joint Committee on the Economic Report suggesting a study of monetary, credit, and fiscal policies, were published before the subsequent hearings in order to allow for advance study by committee members and witnesses, and to point out issues that require further study and discussion.
The subsequent hearings are available at http://fraser.stlouisfed.org/meltzer/record.php?id=4031 and the report of the subcommittee is available at http://fraser.stlouisfed.org/meltzer/record.php?id=4301.
SUDOC:
Y 4.EC 7:M 74/2
OCLC:
4225063
Citation:
United States. Congress. Joint Committee on the Economic Report. Subcommittee on Monetary, Credit, and Fiscal Policies, ([year]), Monetary, Credit, and Fiscal Policies: A collection of statements submitted to the subcommittee on monetary, credit, and fiscal policies by government officials, bankers, economists, and others, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=399
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National Monetary and Banking Policy : Questionnaire Relative to S. Res. 125
Description:
A questionnaire relative to S. Res. 125 (approved August 4, 1939) sent to the Treasury Department, Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Reserve Banks, Department of Commerce, Federal Deposit Insurance Corporation, Reconstruction Finance Corporation, State Bank Supervisors, and American Bankers Association and Association of Reserve City Bankers. Printed for the Senate Committee on Banking and Currency, 76th Congress, 3rd session, as part of a study on possible national monetary and banking policy by which the monetary and banking authorities of the Federal Government shall be guided and governed, and recommendations on the character of governmental machinery best calculated to carry out such policy.
OCLC:
9191126
Citation:
United States. Congress. Senate. Committee on Banking and Currency, ([year]), National Monetary and Banking Policy : Questionnaire Relative to S. Res. 125, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=286
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Operating Procedures and the Conduct of Monetary Policy: Conference Proceedings
Description:
Conference Proceedings for Operating Procedures and the Conduct of Monetary Policy hosted by the Federal Reserve Bank of St. Louis on June 18-19, 1992. Originally published in two volumes as part of the Finance and Economics Discussion Series of the Board of Governors of the Federal Reserve System.
OCLC:
29332539
Citation:
Board of Governors of the Federal Reserve System (U.S.), ([year]), Operating Procedures and the Conduct of Monetary Policy: Conference Proceedings, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=679
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Topics:
Questions on General Credit Control and Debt Management
Description:
The Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report was created in the spring of 1951, for the purpose of conducting a general inquiry into monetary policy and debt management. The subcommittee prepared these questionnaires, addressed to the primary officers of the Federal Government concerned with monetary policy and debt management, as well as to numerous persons in the private economy. Results are published in the two-volume document: Their Role in Achieving Price Stability and High-Level Employment.
SUDOC:
Y 4.EC 7:C 86/3
OCLC:
6248782
Citation:
United States. Congress. Joint Committee on the Economic Report. Subcommittee on General Credit Control and Debt Management, ([year]), Questions on General Credit Control and Debt Management, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=412
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Topics:
Related Publications:
- Monetary Policy and the Management of the Public Debt: Hearings before the Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report, Congress of the United States, Eighty-Second Congress, Second Session, Pursuant to Section 5 (A) of Public Law 304 (79th Congress)
- Monetary Policy and the Management of the Public Debt: Report of the Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report, Congress of the United States
- Monetary Policy and the Management of the Public Debt: Their Role in Achieving Price Stability and High Level Employment: Replies to Questions and Other Material for the Use of the Subcommittee on General Credit Control and Debt Management
Report to the Congress of the Commission on the Role of Gold in the Domestic and International Monetary Systems
Description:
This report was submitted pursuant to Public Law 96-389, to conduct a study to assess and make recommendations with regard to the policy of the U.S. Government concerning the role of gold in the domestic and international monetary systems. Volume 1 addresses monetary standards and includes a gold market statistical compendium. Volume 2 contains five annexes to the report including supplementary and dissenting views and summaries of statements submitted to the commission.
SUDOC:
Y 3.G 57:1/982/v.1-2
OCLC:
8352013
Citation:
United States Gold Commission, ([year]), Report to the Congress of the Commission on the Role of Gold in the Domestic and International Monetary Systems, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=339
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Some General Features of the Federal Reserve's Approach to Policy: A Staff Analysis
Description:
First part (chapters I and II) of a three part staff analysis of the Federal Reserve System's policy action pertaining to the System's determination of the volume of money and credit, "An Analysis of Federal Reserve Monetary Policy Making."
This first part describes the Federal Reserve's conception of monetary processes as being not fully developed. Prepared by Karl Brunner and Allan H. Meltzer.
OCLC:
8233713
Citation:
United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance, Brunner, Karl and Meltzer, Allan H., ([year]), Some General Features of the Federal Reserve's Approach to Policy: A Staff Analysis, [issue title/date], accessed Jun 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=395
Authors:
- United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance
- Brunner, Karl
- Meltzer, Allan H.
Topics:
Related Publications:
Statements and Speeches of Ben S. Bernanke: April 27, 2011 - Press Conference with Chairman of the FOMC, Ben S. Bernanke
Publication:
Statements and Speeches of Ben S. Bernanke
Description:
Link to video http://bcove.me/6vrqk5ui
Citation:
Bernanke, Ben and Board of Governors of the Federal Reserve System (U.S.), ([year]), Statements and Speeches of Ben S. Bernanke: April 27, 2011, accessed Jun 20, 2013 from FRASER, http://fraser.stlouisfed.org/docs/historical/bernanke/bernanke_20110427_FOMCpresconf.pdf
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Statements and Speeches of Darryl R. Francis: August 30, 1968 - Fractional reserves, monetary policy tools, and the role of money
Publication:
Statements and Speeches of Darryl R. Francis
Description:
A fifteen minute presentation delivered in Madison, Wisconsin on how monetary policy works
Citation:
Federal Reserve Bank of St. Louis and Francis, Darryl R., ([year]), Statements and Speeches of Darryl R. Francis: August 30, 1968, accessed Jun 20, 2013 from FRASER, http://fraser.stlouisfed.org/docs/historical/frbsl_history/presidents/francis/Francis_19680830.pdf
Authors:
Statements and Speeches of Darryl R. Francis: December 12, 1969 - A challenge to monetary policy
Publication:
Statements and Speeches of Darryl R. Francis
Citation:
Federal Reserve Bank of St. Louis and Francis, Darryl R., ([year]), Statements and Speeches of Darryl R. Francis: December 12, 1969, accessed Jun 20, 2013 from FRASER, http://fraser.stlouisfed.org/docs/historical/frbsl_history/presidents/francis/Francis_19691212.pdf
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