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1952 UNITED GOVERNMENT STATES EXECUTIVE OFFICERS President - Dwight D. Eisenhower,(elected Nov. 1952, inaugurated Jan. 20, 1953) Secretary of Treasury - John W. Snyder (appointed June 24, 1946) Comptroller of Currency - Preston Delano (date of appointment Oct. 24, 1938) Secretary of State Secretary of Defense Secretary of Interior Secretary of Agriculture Secretary of Commerce Secretary of Labor Postmaster General Attorney General Ray M. Gidney Dean G. Acheson Robert A. Lovett Oscar L. Chapman Charles F. Brannan Charles Sawyer Maurice J. Tobin Jesse M. Donaldson J. P. McGranery U. S. GOVERNMENT January SENATE Banking and Currency Committee TAz-x( Rft~MMTk0aI=0 MAYBANK, Burnet R. FULBRIGHT, J. We ROBERTSON, A. Willis SPARKMAN, John J. FREAR Jr., J.Allen DOUGLAS, Paul H. BENTON, William MOODY, Blair 82nd Congress , -aemSouth Carolina Arkansas Virginia Alabama Delaware Illinois Connecticut Michigan A. CAPEHART, Homer E. BRICKER, John W. IVES, Irving M. SCHOEPPEL, Andrew F. DIRKSEN, Everett M. Lee Parsons, Chief Clerk Indiana Ohio New York Kansas Illinois ri~---~-~----~--~---L---~-------~ 1952 January ----- U. S. HOUSE I .* GOV E RNMENT OF REPRESENTATIVES Banking and Currency Committee 82nd Congress Berpblieins SPENCE, Brent BROWN, Paul PATMAN, Wright RAINS,Albert MULTER, Abraham DEANE, Charles B. O'BRIEN, George D. McKINNON, Clinton D. ADDONIZO, Hugh J. DOLLINGER, Isidore BOLLING, Richard BUBTON, Clarence G. BARRETT, William A. HAYS, Wayne L. Kentucky Georgia Texas Alabama New York North Carolina Michigan C lifornia Nw Jersey New York Missouri Virginia WOLCOTT, Jesse P. GAMBLE, Ralph A, TALLE, Henry 0, KILBURN, Clarence E. COLE, Albert M. HULL, Merlin SCOTT, Hardie NICHOLSON, Donald W. McDONOUGH, GordonL. WIDNALL, William B, BUFFETT, Howard H. BETTS, Jackson E. Pennsylvania Ohio William J. Hallahan, Clerk Michigan New York Iowa New York Kansas Wisconsin Pennsylvania Massachusetts California New Jersey Nebraska Ohio 1952 FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS Wn. Me C. Martin, Jr., Chairman M. S. S2ymczak R. M. Evans Oliver S. Powell (June 30) James K. Vardaman, Jr. Albert L. Mills, Jr. (eff. Feb. 18) Edward L. Norton (resign Feb. 1) J. L. Robertson (eff.Feb. 18) Elliott Thurston, Asst. to the Board Clarke L. Fauver (eff. Jan. L, Asst. to Bd. Office of the Secretary S. R. Carpenter, Secretary Merritt Sherman, Asst. Secretary G. R. Murff, Asst. Sec. (res. May 31) Kenneth A. Kegron, Asst. Sec. Legal Division George B. Vest, General Counsel Frederic Solomon, Asst. Gen. Counsel Howard H. Hackley, Asst. Gen Counsel Office of the Solicitor J. Leonard Townsend, Solicitor (res. 8/31) G.Howland Chase, Asst. Solicitor Division of Bank Operations Robert F. Leonard, Director J. E. Horbett, Asst. Dir. http://fraser.stlouisfed.org/ Lowell yrick, Asst. Dir. Federal Reserve Bank of St. Louis Winfield V. Riefler, Asst. to Chrman Woodlief Thomas, Economic Adviser to the Board Division of Research and Statistics Raplh A. Young, Director Frank R. Garfield, Adviser on Economic Research Kenneth B. Williams, Asst. Dir. Susan S. Burr, Asst. Dir. Guy E. Ncres, Asst. Dir. (eff. July 9) C. Richard Youngdahl, Asst. Dir. (eff. July 9) Division of International Fincance Arthur V. Merget, Director Lewis N. Dembitz, Asst. Director Division of Personnel Administration Dwight L. Allen, Director H. Franklin Spech r, Jr., Asst. Dir. Division of Examinations George S. Sloan, Director C. C. Hostrup, Asst. Director Fred A. Nelson, Asst. Director Arthur H. Lang, Chief Federal Reserve Examiner Robert C. Masters, Asst. Director Glenn M. Goodman, Asst. Dir (eff. 9/23) Henry Benner, Asst. Dir. (eff. September 23) Division of Administrative Services Liston P. Bethea, Director Joseph E. Kelleher, Asst. Director Edwin J. Johnson, Asst. Director Division of Selective Credit Regulation (distcontinued eff. October) Gy E. Nmyes, Director Gardner L. Boothe II, Asst. Director (to October) Henry Benner, Asst. Director (up to September 23) Eliot J. Swan, Acting Asst. Director (fromJan. 8 to June 30) Office of Defense Loans(Established effective, October,) Gardner L. Boothe,II, Administrator FEDERA RESRV SYTE 1952 FEDERAL RESERVE SYSTEM FEDERAL ADVISORY COUNCIL District No. 1 (Boston) Walter S. Bucklin District No. 2 (New York) N. Baxter Jackson District No. 3 (Philadelphia) Geoffrey S. Smith District No. 4 (Cleveland) George Gund District No. 5 (Richmond) Robert V. Fleming, Vice President District No. 6 (Atlanta) Paul M. Davis District No. 7 (Chicago) Edward E. Brown, President District No. 8 (St. Louis) V. J. District No. 9 (Minneapolis) Joseph F. Ringland District No. 10 (Kansas City) David T. Beals District No. 11 (Dallas) District No. 12 (San Francisco) http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L Alexander Deitt T. Ray James K. Lochead Herbert V. Prochnow, Secretary P52 FEDERAL RESERVE SYSTEM FEDERAL OPEN MARKET COMMITTEE Wm. McC. Martin, Jr. Chairman Allan Sproul, Vice Chairman R. M. Evans Ray M.Gidney R.R. Gilbert H. G. Leedy Oliver S. Powell M. S.Szymczak James K. Vardaman, Alfred H.Williams S. R.Carpenter, Secretary Mettitt Sherman, Assistant Secretary George B. Vest, General Counsel Woodlief Thomas, Economist Karl R.Bopp Associate Economist Watrous H. Irons,Associate Economist Donald S. Thompson, Associate Economist Clarence W.Tow, Associate Economist John H.Williams,Associate Economist Robert G.Rouse, Manager of System Open Market Account Jr. - -- I I Federal Reserve Bank of Boston (Dist. 1) OFFICERS President Joseph A. Erickson First Vice President Alfred C. Neal Vice Presidents John J. Fogg Bobert B. Harvey Earle 0. Lathaa Carl B. Pitman Roy F. Van Auringe Oscar A. Schlaikjer Chairman and Federal Reserve Agent - Harold D. Hodgkinson Deputy Chainran - Ames Stevens C 1952 Federal Reserve Bank of Boston (Dist. 1) DIFECTORS Term Expires Dec. 31 Class A STAMM, Earle W. (New London, Conn.) BRACE, Lloyd D. (Boston, Mass.) 1952 1953 19954 (died Feb. 25) 195 (elected May 28) * BRITTON, Russell H. (Rochester, N.H.) * CHANDLER, Harold I. (Keene, N.H.) Class B PATRICK, Roy L. (Burlington, Vt.) HOOD, Harvey P. (Boston, Mass.) BLACKALL, Frederick S. (Jr.) (Woonsocket, R.I.) 1952 1953 195i (re-elected) Class C HODGKINSON, Harold D. (Boston, Mass.) Chairman and FR Agtl952 COMPTON, Karl T. (Cambridge, Mass.) 1953 STEVENS, Aes (Lowell, Mass.) Deputy Chairman 1954 (re-appointed) 1952 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L Federal Reserve Bank of New York (Dist. 2) OFFICEAS President - First Vice President Allan Sproul L. R. Rounds (retired Feb. 29) William F. Treiber (eff. March 1) Vice Presidents Harold A. Bilby Herbert H. Kimball L. Werner Knoke Arthur Phelan John H. Wurts Walter S. Logan Harold V. Roelse Robert G. Rouse Valentine Willis Reginald B. Wiltse Will F. Treiber (up to Mar. 1) Chairman and Federal Reserve Agent - Robert T.Stevens Deputy Chairman - William I. Myers Federal Reserve Bank of NEW YORK (Dist. 2) 1952 DIRECTORS 1 Term Began Dec. 31 Term Ended 1/1/50 1952 1/1/51 1953 1/1/52 1954 (, -elected) FRANCIS, Clarence (New York) 5/4/51 1952 FOLSOM, Marion B. (Rochester ) 1/1/51 1953 CRANE, Jay E. (New York) 1/1/52 1954 (r selected) 4/21/50 1952 (Died 1/22/52) 1/1/51 1953 (Chairman) 1/1/52 1954 (reappointed) eputy Chairman) 4/24/52 1952 CLASS A TRAPHAGER, John. C. (New York .) CLEVELAND, Burr P. (Cortland , N. Y.) ARMSTRONG, F. Palmer (Keypor .t) CLASS B CLASS C *PATTERSON, STEVENS, MYERS, Robert P. Hon. Robert T. William I. http://fraser.stlouisfed.org/ *YOUNG, Philip (New Federal Reserve Bank of St. Louis (Neow York) (New York) (Ithaca) York) app. April 30) Federal Reserve Bank of Philadelphia (Dist. 3) OFFICERS President First Vice President - Alfred H. Williams - W. J. Davis Vice Presidents K. R. E. J. R. N. C. V. Bopp Hilkert Hill Vergari Wa. G. McCreedy P. M. Poorman R. G. Wilgus Chairman and Federal Reserve Agent - Deputy Chairman S C. Canby Balderston Warren F. Whittier I 1952 Federal Reserve Bank of Philadelphia (Dist. 3) DIRECTORS Class A PATTERSON. J. Nyce (Watsontown, Pa.) SWIFT, Archie D. (Philadelphia, Pa.) CRESSE, Wadsworth (Woodbury, N.J.) Term Expires Dec. 31 1952 1953 1954 (elected) Class B QAKES, Charles E. (Allentown, Pa.) NEWTON, Warren C. (Bridgeville, Del.) KAUL, Andrew III (St. Marys, Pa.) 1952 1953 1954 (re-elected) Class C WHITTIER, Warren F. (Chester Springs, Pa.) Chrman & FRAgtl952 BALDERSTON, C. Canby (Philadelphia, Pa.) Dep. Chrman 1953 MEINEL, William J. (Philadelphia, Pa.) 195 (re-appointed) Federal Reserve Bank of Cleveland (Dist, 4) OFFICERS President - First Vice President Ray M. Gidney - W. H. Fletcher Vice Presidents Roger R. Clouse Alfred H. Laning Martin Morrison Chairman and Federal Reserve Agent Deputy Chairman Paul C. Stetselberger Donald S. Thompson Wilbur T. Blair - Oeorge C. Brainard -John C.Virdea 952 Federal 1952 esere Bank of Cleveland (st. 4) Federal Reserve Bank of Cleveland (Dist. 4) DIRECTORS Class A Term Expires Dec. 31 BAINER, John D. (Meadville, Pa.) MURRAY, Lawrence N. (Pittsburgh, Pa.) 1952 1953 HOBSTETTER, Edison (Pomeroy, Ohio) 1954(re-elected) Class B DOLL, Edward C. (Etie, Pa.) STILWELL, Charles J.(Cleveland, Ohio) BOWLBY, Joel M. (Cincinnati, Ohio) 1952 1953 1954 (re-elected) Class C BRAINARD, George C. (Cleveland,Ohio) Chrman & FR Agent VIRDEN, John C. (Cleveland Ohio) Deputy Chrman RUMMELL, Leo L. (Columbus, Ohio) 1952 1953 1954 (re-appointed) I 1952 Federal Reserve Bank of Richmond (Dist.5) OFFICERS President First Vice President - Hugh Leach - J. S.Valden,Jr. Vice Presidents K. Brantley Watson Charles W. Williams N.L.Armistead Edward A.Wayne R. W. Mercer C. B. Strathy Chairman and Federal Reserve Agent Deputy Chairman - Charles P.McCormick John B. Woodward, Jr. 1952 Federal Reserve Bank of Richmond (Dist. 5) DIRECTORS Class A Term Expires Dec. 31 JOHNSON, Warren S. (Wilmington, N. C.) SYDENSTRICKER, John A. (Marlinton, W.Va.) HARRISON,James D. (Baltimore, Md.) 1952 1953 1954 (re-elected) Class B RUST, H.L. (Jr.) (Washington, D.C.) PAGE, Cary L. (Wellford, S.C.) HYDE, Edwin (Richmond, Va.) 1952 1953 1954 (re-elected) Class C WOODARD, John B. (Jr.) (Newport News, Va.) Dep. Chrman McCORMICK, Charles P. (Baltimore, Md.)Chrman & FR Agetn WYSOR, V. G. (Richmond, Va.) 1952 1953 1954 (re-appointed) Federal Reserve Bank of Atlanta (Dist. 6) OFFICERS Malcolm Bryan President First Vice President - Lewis M. Clark Vice Presidents V. J. E. L. K. E. C. B. Bowman Denmark Rainey Raisty S. P. Schuessler Harold T. Patterson Earle L. Rauber Chairman and Federal Reserve Agent - Frank H. Neely Deputy Chairman - Rufus C. Harris ___91 1952 ____1__ Federal Reserve Bank of Atlanta (Dist. 6) DIRECTORS Class A DRIVER, Leslie R. (Bristol, Tenn.) ADAMS, Roladd L. (York, Ala.) BOWMAN, V. C. (Montgomery, Ala.) Term Expires Dec. 31 1952 1953 1954 (re-elected) Class B COMER, Donald (Birmingham, Ala.) FREEMAN, A. B. (New Orleans, La.) McCRARY, J.A. (Atlanta, Ga.) 1952 1953 1954 (re-elected) Class C HARRIS, Rufus C. (New Orleans, La.) Deputy Chairman NEELT, Frank H. (Atlanta, Ga.) Chrman & FR Agent REINHOLD, Paul E. (Jacksonville, Fla.) 1952 1953 1954 (re-appointed) 1952 Federal Reserve Bank of Chicago (Dist. 7) OFFICERS President - First Vice President - Clifford S. Young Ernest C. Harris Vice Presiden Wilford R. Diercks Walter A. Hopkins Louis G. Meyer George W. Mitchell Neil B. Dawes L. H. Jones Allan M. Black Arthur L. Olson Alfred T.Sihler Chainnan and Federal Reserte Agent - Franklin J.Lunding Deput - John S. Coleman Chairman I 1952 I - - - Federal Reserve Bank of Chicago (Dist. 7) DIRECTORS Class A Term Expires Dec. 31 FRENCH, Horace S. (Chicago, Ill.) JOHNSON, Vivian V. (Cedar Falls, Iowa) CUMMINGS, Walter J.(Chicago, Ill.) 1952 1953 1954 (elected) Class B GREDE, William J.(Milwaukee, Vis.) SINCLAIR, William R. (Indianapolis,IAd.) HAWKINSON. Walter E. (Milwaukee, Wis.) 1952 1953 1954 Class C COLEMAN, John S. (Detroit,Mich.) Deputy Chrman KLINE, Allan B. (Chicago, Ill.) LUNDING, Franklin J. (Chicago, Ill.)Chrman &Agt. 1952 1953 1954 (re-appointed) ---7 ----- ill-- _ ___ .___ Federal Reserve Bank of St. Louis (Dist. 8) OFFICERS President - First Vice President Delos C. Johns - 0. M. Attebery Vice Presidents Frederick L. Deming Wk. E. Peterson Dale M. Lewis Howard H. Weigel Joseph C. Votawa Chairman and Federal Reserve Agent - Russell L. Dearmont Deputy Chairman - Wn. H. Bryce 1952 Federal Reserve Bank of St. Louis (Dist. 8) DIRECTORS Class A ETHERTON, J. E. (Carbondale, Ill.) McDONNELL. William A. (St. Louis, Mo.) CHAPPELL, Ehil E. (Hopkinsville, Ky.) Term Expires Dec. 31 1952 1953 1954 (re-elected) Class B PLUNKETT, Ralph E. (Little Rock, Ark.) RUTHENBURG, Louis (Evansille, Ind.) ALEXANDER, M. Moss (St. Louis, Mo.) 1952 1953 1954 (re-elected) Class C DEARMONT, Russell L. (St. Louis, Mo.) Chrman & FR Agt.1952 BRYCE, Wm. H. (Memphis, Tenn.) Deputy Chairman 1953 MOORE, Joseph H. (Charleston, Mo.) ' 1954 (appointed) 1952 Federal Reserve Bank of Minneapolis (Dist. 9) OFFICERS John N. Peyton (retired June,30) Oliver S. Powell (succeeded Peyton) President First Vice President Albert V. Mills Vice Presidents E. B. Larson Otis R. Preston H. G. McConnell Chairman and Federal Reserve Agent Deputy Chairman Harold C. Core Sigurd Ueland Maurice H. Strothman,Jr. - Roger B. Shepard - Paul E. Miller LI I 1952 Federal Reserve Bank of Minneapolis (Dist. 9) Term Expires e. 31 ..- Class A ZELLE, Edgar F. (Minneapolis, Minn.) THOMSON, H. N. (Presho, S. Dak.) BURGES, C. V. (Edgeley,N.Dak,) 1952 1953 1954 (re-elected) Class B CLARK, Homer P. (St. Paul, Minn.) DENECKE, W. A. (Bozeman, Mont.) LANGE, Ray C. (Chippewa Falls, Vis.) 1952 1953 1954 (re-elected) Class C FLODIN, F. A. (Iron Mountain, Mich.) SHEPARD, Roger B. (St. Paul, Minn.) Chrman & FR Agt. MILLER, Paul E. (St. Paul, Minn.) 1952 1953 1954 (re-appointed) 1952 Federal Reserve Bank of Kansas City (Dist. 10) OFFICERS H. G. Leedy President Henry 0. Koppang First Vice President - Vice Presidents D. V. Vooley M. V. E. Park Clarence V. Tow P. A. Dabus Chairman and FederalL Reserve Agent Robert Caldwell Deputy Chairman Cecil Puckett ~i~ 1952 Federal Reserve Bank of Kansas City (Dist. 10) DIRECTORS Class A KENNEDY, W. S. (Junction City,Kan.) BUNTEN, W. L. (Goodland, Kan.) DINES. T. A. (Denver, Colo.) S Term Expires Dec. 31 1952 1953 1954 (re-elected) Class B DODDS, E. M. (Kansas City, Mo.) HUTSON. L. C. (Chickasha, Okla.) MILLER, Max A. (Omaha, Nebraska) 1952 1953 1954 (elected eff. March 11) Class C CALDWELL, Robert B. (Kansas City, Mo.)Chrman & Agt. 1952 1953 PUCKETT, Cecil (Denwr, Colo.) Deputy Chrman. Okla.) .j (Cherokee, 1954 (re-appointed) HAGUE, Iyle II -- - - ------- III Federal Reserve Bank of Dallas (Dist. 11) OFFICERS - President First Vice President R. R. Gilbert .-D. Gentry Vice Presidents R. B. E. B. L. G. Harry Coleman Austin Pondrom A. Shuford V. H. Irons Mac C. Smyth J. L. Cook Chairman and Federal Reserve Agent Deputy Chairman J. R. Parten - R. B. Anderson - _I _ _ __ __~ _____~; 1952 Federal Reserve Bank.of Dallas (Dist. 11) DIRECTORS McLAUGHLIN, J. Edd (Ralls, Texas) PETERSON. V. L. (Denison, Texas) BUTLER, P. P. (Houston, Texas) Term Expires Dec. 31 1952 1953 1954 (elected) Class B MacGREGOR,George L. (Dallas, Texas) BEALL, V. F. (Jacksonville, Texas) IMMERMAN, George H. (Waco, Texas) IRULEY, D. A. (Dallas Texas) 1952 1953 1954 (re-elected, died Aug. 1954 (eff. Nov. 18) Class C PARTEN, J. R. (Houston, Texas) Chrman & FR Agent IRIERSON, G. A. (Shreveport, La.) *BOGLE, 1953 (eff. Oct. 2) Hal, Dexter, N.M.) ANDERSON, R. B. (Vernon, 1952 1953 (resigned) Texas) Deputy Chrman 1954 (re-appointed) 29) 1952 Federal: Reserve Bank of San Francisco (Dist. 12) OFFICERS President First Vice President - C. E. Earhart - H. N. Mangels Vice Presidents E. R. Millard H. F. Slade Ronald T. Symms 0. P. Wheeler Chairman and Federal Reserve Agent - Brayton Wilbur Depuly Chairman - William R. Wallace, Jr. 1952 Federal Reserve Bank of San Francisco (Dist. 12), DIRECTORS Class A Term Expires Dec. 31 CROCKER, William V. (San Francisco, Cal.) STEWART, Chas. H. (Portland, Ore.) BYRD, Carroll F. (Willows, Calif. 1952 1953 1954 (re-elected) Class B JOHNSON, Walter S. (San Francisco, Calif.) ROACH, Alden G. (San Francisco, Calif.) TAYLOR, ReeseH. (Los Angeles, Calif.) 1952 1953 1954 (elected) Class C WILBUR, Brayton (Sen Francisco, Calif.)Chrman WALLACE, William R. (Jr.) (San Francisco, Calif.) WELLMAN, Harry R. (Berkeley, Calif.) 1952 1953 1954 (re-appointed) HEARINGS 1952 Feb. 1 U.S.Congress. Senate. Ppnking and Currency coUm. Nominations of Abbot L. Mills, Jr. and James L. Robertson to be members of the Board of Governors of the Federal Reserve System: TARINGS ... 82nd, 2d sess. Feb. 1, 1952. Wash., ^ovt.ptg.off., 1952. 19 p. FG 2562 .A2 1952 19; Testi- Martin,W.M. pTn.2-3, Mills,A.L., pp.3-5 mony: Robertson,J.L., pp.5-19. Note: Senate confirmed nominations without objections, February 6, 1952. F.R.Bd.L. P. HEARINGS 1952 Mar. 10-31 HG Joint committee on the Economic U.S.Congress. 106.5 (Patman subcommitte4 Report. .A27 Monetary policy and the management of the public 1952 debt: HEARINGS before the subcoml on General 83d, 2d s -- hearings Credit Control and Debt Management. sess. pursuant to Sec. 5(A) of Public Law 304 (79 March 10-31, 1952, Wash.Govt.ptg.off. 1952 Cong.). 993 p. Martin, W.M.(ChmnBd) March 11 Bryan, Malcolm(FBBAtlanta) 3/19 Powell, O.S. (Bd.mbr) March 19 Sproul, Allan(FRB NY) March 20 Snyder, J.W.(SecTreas)March 10 March 26 Goldenweiser, E.A. Delano, Preston(ComptCurr) 3/27 F.R.Bd.L. Testimony: pp.73-141, 909 pp.407-441, 432 pp.4 6 3-504 pp.505-552, 983 pp. 7-72 pp. 761-797 pp. 856-865 a 1952 March 10 LIISLATION [PUBIC LAW 276-82D CONGRESS] 2 D SESSIOlI] [CHAPTER 97S. 1411 AN ACT requir To authorize the Postmaster General to issue duplicate checks without are lost while of the Post Office Department ing bond when such checks States holder. or owner of fault without lost or in the custody of the United Be it enacted by the Senate and House of R resentatives of the proviso United States of America in Congress assembld, That the States (31 in section 3646 (e) of the Revised Statues of the.Utnite4 That when U. S. C. 528 (e)) is amended to read as follows: "Providd~ destruction or theft, loss, suhi the Postmaster General is satisfied that while any check occurred without fault of the owner or hoider orDepartment or in Ofce Post the of control was in the custody or of an indemnity bond, the mails, tl Postmaster General may, in lieu or warrant upon such check substitute a of authorize the.issuance payee or owner of the by made affidavit as he may prescribe, to be an original check." Approved March 10, 1952. 1952 July - December, 1952 Action: Limited net purchases of U. S. Government securities in open market to 1.8 billion dollars. Intent with respect to effect on credit and money: Explanation: Source: POLICY ACTION FEDERAL RESERVE SYSTEM Restrictive To meet seasonal and other reserve drains only in part, requiring banks to borrow some of the reserves needed so as to restrain bank credit and deposit expansion at a time when credit demand was very large and the economy was fully employed. Purchases in August and September were made primarily at times of Treasury refunding operations and were offset in pert by subsequent sales. Replies of Chairman of FRS Board of Governors to Questions of Subcommittee on Economic Stabilization of the Joint Committee on the Economic Report in connection with Subcommittee Hearings on December 7, 1954. 1952 September, 1952 Action: FEDERAL RESERVE SYSTEM Suspension of regulation of real estate credit. Intent with respect to effect on credit and money: Explanation: Source: POLICY ACTION None To conform with the terms of the Defense Production Act, as amended, requiring suspension of regulation if housing starts in each of three consecutive months fell short of an annual rate of 1,200,000 units, seasonally adjusted. Replies of Chairman of FRS Board of Governors to Questions of Subcommittee on Economic Stabilization of the Joint Committee on the Economic Report in connection with Subcommittee Hearings on December 7, 1954.
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