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UNITED STATES GOVERNMENT EXECUTIVE President - Harry S OFFICERS Tuman (re-elected Nov. 1948, inaugurated Jan. 20, 1949) Secretary of Treasury Comptroller of Currncy Secretary of State Secretary of Defense Secretary of Interior Secretary of Agriculture Secretary of Commerce Secretary of Labor Postmaster General Attorney General John W. Snyder (appointed June 24, - 1946) Preston Delano (date of appointment Oct. 24, 1938) Dean G. Acheson Robert A. Lovett Oscar L. Chapman Charles F. Brannan Charles Sawyer Maurice J. Tobin Jesse M. Donaldson J. Howard McGrath U. S. i G OV E RNMENT SENATE Banking and Currency Committee 82nd Congress MAYBANK, Burnet R. FULBRIGHT, J.William ROBERTSON, A. Willis SPARKMAN, John J. FREAR Jr., J.Allen DOUGLAS, Paul H. LONG, Russell B. South Carolina Arkansas Virginia Alabama Delaware Illinois Louisiana CAPEHART, Homer E. BRICKER, John W. IVES, Irving M. SCHOEPPEL, Andrew F. DIRKSEN, Everett M. BENNETT, Wallace F. A. Lee Parsons, Chief Clerk Indiana Ohio New York Kansas Illinois Utah 1951 March U. S. GOVERNMENT HOUSE OF REPRESENTATIVES Banking and Currency Committee 82nd Congress SPENCE, Brent BROWN, Paul PATMAN, Wright RAINS, Albert BUCHANAN, Frank MULTER, Abraham J. DEANE, Charles B. O'BRIEN, George D. McKINNON, Clinton D. ADDONIZIO, Hugh J. DOLLINGER, Isidore BOLLING, Richard BURTON, Clarence G. FUGATE, Tom B. KLUCZNSKI, John C. Kentucky Georgia Texas Alabama Pennsylvania New York North Carolina Michigan California New Jersey New York Missouri Virtiida WOLCOTT, Jesse P. GAMBLE, Ralph A. TALLE, Henry 0. KILBURN, Clarence E. COLE,Albert M. HULL, Merlin SCOTT, Hardie NICHOLSON, Donald W. McDONOUGH, Gordon L. WIDNALL, William B. BUFFETT, Howard H. BETTS, Jackson E. Virginia Illinois William J. Hallahan, Cb~rk Michigan New York Iowa New York Kansas Wisconsin Pennsylvania Massachusetts California New Jersey Nebraska Ohio P 10 1 If,. FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS Thomas B. McCabe, Chairman (res. March 31) William McChesney Martin, Jr, Chrman, (effective April 2) Marriner S. Eccles (res. July 14) Oliver S. Powell R. M. Evans James K. Vardaman, Jr. Edward L. Norton Elliott Thurston, Asst. to the Board Winfied W. Riefler, Asat. to the Chrman. Woodlief Thomas, Econmie Adviser to the Board of t Office Of.. Secretary . Cpenf te Secre tay Merritt Sherman, est. Sec. Kenneth A. Kenyon, Asst. Sec 0. R. Mrff, Asst. Sec. (eff. Feb. 21) Legal Division Office of the Solicitor J. Leonard Townsend, Solicitor G . Howland Chase, Asst. Solieitor Division of Bank Operations Robert F seonard Director George B. Vest, General Counsel J E. Horbett, Asst. Director Frederic Solcan, Asst. Gen Counsel Lowell Myrick, Asst. Direetor John C. Baumann, Asst. Oen. Counsel (res. Jan. 31) Division of Personnel Administration Howard H. Hackley, Asst. Counsel (up to Feb. l) Bobert N. H Ikert, Acting Dir. Howard H. Hackley, Asst. Gen. Counsel (eff. Feb. 1) Dwight L. Allen, Asst. Dir. (efv) Division of Research and Statistics H. Franklin Sprecher, Jr. Asst. Ralph A. Young, Director Dir. (eff. July Frank R. Garfield, Adviser on Economic Research Dwight L. Allen Director 2) Kenneth B. Williams, Asst. Director, (eff. I/1) (eff. June 1) Susan S. Burr, Asst. Dir. (eff. /11l) Division of Examinations Edward A. Wayne Acting Director (to June 1) George S. Sloan, Director, (Eff. June 1) George S. Sloan, Asst. Director (to June 1) C. C. Hostrup, Asst. Director Fred A Nelson, Asst. Director Arthur H. Lange, Chief Federal Reserve Exanner (eff. Feb. 21) Robert C. Masters, Asst. Dir. (eff. Dec. 20) Division of Administrative Services Liston P. Bethea, Director Joseph E. Kelleher, Asst. Director (Eff. Jan. 9) Edwdn J. Johnson, Asst. Dir. (eff. June 7) Division of Selective Credit Rgpulation Arthur Phelan, Acting Director (to March) Guy E. Noyes, Director (eff March 1) Guy E. Noyes, Asat. Director (to March 1) Gardner L.Boothe II, Asst. Dir. Henry Benner, Asst. Dir. (eff. Feb. 18) E. A. Heath Acting Asat. Dir. (eff. Mar. 9) Clarke L. Fauver, Asst. Director (eff. July 20) - FEDERAL RESERVE SYSTEM FEDERAL ADVISORY COUNCIL District No. 1 (Boston) District No. 2 (New York ) N. Baxter Jackson District No. 3 (Philadel phia) Frederic A. Potts District No. 4 (Clevelan id) Sidney B. Congdon District No. 5 (Richmond ) Robert V. Fleming, Vice President District No. 6 (Atlanta) Paul M. Davis District No. 7 (Chicago) Edward E. Brown, District No. 8 (St. Loui s) W. L. Hemingway District No. 9 (Minneapo lis) Joseph F. Ringland District No. 10 S(Kansas City) Walter S. Bucklin David T. Beals District No. 11 S(Dallas) DeWitt T. District No. 12 (San Francisco) James K. Lochead President Ray Herbert V. Prochnow, Secretary -I 51 FEDERAL RESERVE SYSTEM FEDERAL OPEN MARKET COMMITTEE Wm. McC.Martin, Jr., Chairman Allan Sproul, Vice Chairman Marriner S.Eccles R. M. Evans Ray M. Gidney R.R.Gilbert James K.Vardaman, H. G. Leedy Oliver S. Powell Edward L. Norton M. S.Szymczak Jr. Alfred H.Williams S. R. Carpenter, Secretary Metritt 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 Federal Reserve Bank of Boston (Dist. 1) OPPFmCRS Prsident First Vice President - Joseph A. Erickson - Alfred C. Neal Vice Presidents John J. Fogg Robert B, Harvey Ellis G. Hult Roy F. Van Amringe Chairman and Federal Reserve Agent Deputy Chairman Earle 0. Latham Carl B. Pitman Oscar A. Schlaikjer - Harold D. Hodgkinson Ames Stevens j Federal Reserve Bank of Boston (Dist i.) DIRECTORS Term Epires Dec. Class A 31 1951 1952 1953 (re-elected) BRITTON, Russell H. (Rochester, N.H.) STAfM, Earle W. (New London, Conn.) BACE, Lloyd D. (Boston, Mass. ) Class B BLACKALL, Frederick S. (Jr.) Woonsocket, PATRICK, Roy L. (Barlington, Vt.) HOOD, Harvey P. (Boston, Mass.) R.I.) 1951 1952 1953 (elected) Class C STEVENS, Ames (Loell, Mass.) Deputy Chairan HODGKINSON, Harold D. (Boston, Mass.)Chrman & FR Agt. COMPTON, Karl T. (Cambridge, Mass.) 1951 1952 1953 (app. eff. Feb. 2) Federal Reserve Bank of New York (Dist. 2) OFFPIGO - Allan-Sproul S First Vice President Leslie R. Bounds Vice Presidents Harold A. Bilby Herbert H. Kimball L. Werener Knoke William F. Treiber Reginald B. Wiltse Chairman and Federal Reserve Agent Deputy Chairman Arthur Phelan Harold V. Boelse Robert G. Rouse Valentine Willis Walter S. Logan - Robert T. Stevens William I. Myers i Federal Reserve Bankiof NEW YORK 1951 (Dist. 2) DIRECTORS Term Began Dec. 31 Term Ended (Keeseville) 1/1/49 1951 (New York) 1/1/50 1952 1/1/51 1953 1/1/49 1951 1/1/50 1952 (Died 2/26/51) 5/4/51 1952 (ef. M, 4) 1/1/51 1953 (reelected) 1/1/49 1951 (Deputy Chairman) 4/21/50 1952 1/1/51 1953 (reappointed)(Chairman) CLASS A Roger B. PRESCOTT, TRAPHAGEN, John C. CLEVELAND, Burr P. (Cortland, N. Y.) CLASS B CRANE, Jay E. (New York) MBROWN, Lewis H. *FRANCIS, (New York) Clarence (New York) FOLSOM, Marion B. (Rochester) CLASS C MYERS, William I. (Ithaca) PATTERSON, Robert P. Hon. http://fraser.stlouisfed.org/ STEVENS, Robert T. Federal Reserve Bank of St. Louis (New York) (New York) Federal Reserve Bank of Philadelphia (Dist. 3) OFFICERS President - Alfred H. Williams First Vice President - W. J. Davis Vi,ce Presidents K. R. Bopp R. N. Hilkert E. C. Hill mW.0. McCreedy P. M. Poorman J. V. Vergari Richard G. Wilgus Chairman and Federal Reserve Agent Deputy Chairman Warren F. Whittier - C. Canby Balderston 7 Federal Reserve Bank of Philadelphi4 (Dist. 3) DIRECTORS Class A REILY, George W. (Harrisburg, Term Expires Dec. 31 Pa.) PATTERSON, J. Nyce (Watsontown, Pa.) SWIFT, Archie D. (Philadelphia, Pa.) 1951 1952 1953 (re-elected) Class B FROST, Albert 0. (Camden, N.J.) MEINEL, William J. (Philadelphia Pa.) QAKES, Charles E. (Allentown Pa. NEWTON, Warren C. (Bridgeville, Delaware) 1951 1952 (up to Aug. 7) 1952 (eff. Nov. 15) 1953 (elected) Class C MEINEL, William J. (Philadelphia, Pa.) WHITTIER, Warren F. (Chester Springs, Pa.) Chrman &Agt. BALDERSTON, 6. Canby (Philadelphia, Pa.) Deputy Chrman 1951 (eff. Aug. 7) 1952 1953 (re-appointed) Federal Reserve Bank of Cleveland (Dist. 4) OFFICERS Ray M. Gidney President First Vice President - William H. Fletcher Vice Presidents Roger R. Clouse W. D. Fulton John W. Kossin Donald S. Thompson Alfred H. Laning Martin Morrison Paul C. Stetselberger Wilbur T. Blair Chairman and Federal Reserve Agent - George C. Brainard Deputy Chairman - John C. Virden Federal Reserve Bank of Cleveland (Dist. 4) DIRECTORS Tem Expires Dec. 31 Class A CONNER, Ben R. (Ada, Ohio) BAINER John Do (Meadville, Pa.) MURRAY, Laurence I. (Pittsburgh, Pa.) 1951 1952 1953 (elected) Class B BOWLBI, Joel M. (Cincinnati, Ohio) DOLL. Edward C. (iePa.) STILWELL, Charles J. (Cleveland, Ohio) 1951 1952 1953 Class C RUMIELL, Leo L. (Columbus, Ohio) BRAINARD, George C. (Cleveland,Ohio) Chrman & FR Agt. VIRDEN, John C. (Cleveland, Ohio) Deputy Chairman 1951 1952 1953 (re-appointed) 1951 Federal Reserve Bank of Richmond (Dist. 5) OFFICERS President Hugh Leach 4W * , First Vice President J. S. Walden, Jr. Vice Presidents Edward A. Wayne R. W. Meroer C. B. Strathy Charles W. Williams R. L. Cherry K. Brantley Watson N. L. Armistead D. F. Hagner Chairman and Federal Beserve Agent Deputy Chairmn - Charles P. McCormick - John B. Woodwar4Jr. r- Federal Reserve Bank of Richmond (Dist. 5) DIRECTORS Class A Tarn Expires Dec. 31 HARRISON, Jame D. (Baltimore, Md.) JOHNSON, Warren S. (Wilmington, N.C.) SYDENSTRICKER, John A. (Marlinton, W.Va.) 1951 1952 1953 (re-elected) Class B HYDE, Edwin (Richmond, Va.) RUST, H. L. (Jr.)(Washington, D.C.) PAGE, Cary L. (Wellford, S.C.) 1951 1952 1953 (re-elected) Class C WISOR, W. G. (Richmond Va.) WOODWARD, John B. (Jr.) Deputy Chairman McCORMICK, Charles P. (Baltimore, Md.) Chrman & FR Agt. 1951 1952 1953 (re-appointed) d I :~-~ : I II' ~?)srr~aP:-;pg~.F~,iTr~e~~ ;~:,~p~p -- : ::I RX'JI~ET-:T~ -m -- Federal Reerve Bank of Atlanta (Dist 6) OFFICERS W. S. McLarin, Jr. (retired Mar. 1) Malcolm Bryan (off. April 1) President First Vice President - Lewis M. Clark Vice Presidents S. P. Schuessler E. P. Paris R. E. Moody, Jr. V. K. Bowman J. E. Denmark P. L. T. Beavers Chairman and Federal Reserve Agent - Frank H. Neely Deputy Chairman - Rufts C.Harris Federal Reserve Bank of Atlanta (Dist. 6) DIRECTORS Class A WILLIAMS, R. C. (Atlanta, Ga.) DRIVER, Leslie R. (Bristol, Tenn.) ADAMS, Roland L. (York, Ala.) Term Expires Dec. 31 1951 1952 1953 (elected) Class B McCRARk, J. A. (Atlanta, Ga.) COMER, Donald (Birmingham, Ala.) FREEMAN, A. B. (New Orleans, La.) 1951 1952 1953 (re-elected) Class C REINHOLD, Paul E. (Jacksonville, Fla.) HARRIS, Rufus C. (New Orleans La.)Deputy Chairman NEELY, Frank H. (Atlanta, Ga. 5 Chrman & FR Agent 1951 1952 1953 (re-appointed) Federal Reserve Bank of Chicago (Dist. 7) OFFICERS President Clifford S. Young First Vice President Ernest C. Harris Vice Presidents L. H. Jones George W. Mitchell Arthur L. Olson Alfred T. Sihler William W. Turner Allan M. Black Harlan J. Chalfont Neil B. Dawes Wilford R. Diercks Walter A. Hopkins Chairman and Federal Reserve Agent - Franklin J. Deputy Chairman - John S. lunding Coleman Federal Reserve Bank of Chicago (Dist. 7) DIRECTORS Term Expires Dec. Class A CUMMINGS. Walter J. (Chicago, Ill.) FRENCH, Horace S. (Chicago, Ill.) JOHNSON, Vivian W. (Cedar Falls, Iowa) 31 1951 1952 1953 (re-elected) Class B HEATH, William C. (Milwaukee, Wis.) GREDE, William J. (Milwaukee, Wis.) NOYES, Nicholas H. (Indianapolis, Ind.) 1951 1952 1953 (re-elected) Class C LUNDING, COLEMAN, Chairman & FR Agent 1951 Franklin J. (Chicago, Ill.) 1952 John S. (Detroit, Mich.) Deputy Chairman KLINE, Allan B. (Chicago, Ill.) 1953 (re-appointed) Federal Reserve Bank of St. Louis (Dist. 8) OFFICERS President First Vice President Chester C. Davis (res. eff. Feb. 1) Delos C. Johns (eff. Feb. 1) F. Guy Hitt (res. eff. Jan. 3) 0. M. Attebery (eff. after Jan. 3) Vice Presidents Wm. E. Peterson Frederick L. Deming Dale M. Lewis C. A. Schacht Paul E. Schroeder Howard H. Weigel Joseph C. Wotawa C. M. Stewart Delos C. Johns (up to Feb. 1) Chairman and Federal Reserve Agent - Russell L. Dearmont Deputy Chairman - Wi. H. Bryce Federal Reserve Bank of St. Louis (Dist. 8) DIRBCTORS Class A Term Expires Dec. 31 CHAPPELL. Phil E. (Hopkinsville, Ky.) ETHERTON, J. E. (Carbondale, Ill.) McDONNELL, Wm. A. (St. Louis, Mo.) 1951 1952 1953 (re-elected) Class B ALEXANDER, M. Moss (St. Louis, Mo.) PLUNKETT, Ralph E. (Little Rock, Ark.) BUTEENBURG, Louis (Evansville, Ind.) 1951 1952 1953 (re-elected) Class C MOORE, Joseph H. (Charleston, Mo. ) DEARMONT, Russell L. (St. Louis, Mo.)Chrman & FR Agt. BRYCE, Wn. H. (Memphis, Tenn.) Deputy Chrman 1951 1952 1953 (re-appointed) 1951 Federal Reserve Bank of Minneapolis (Dist, 9) OFFIERS President - First Vice President Join N. Peyton S Albert W. Mills Vice Presidents Harold C.Core Clarence W. Groth Otis R. Preston Sigurd Ueland Maurice H. Strothman, Jr. Harold G. McConnell Earl B. Larson Chairmn and Federal Reserve Agent Deputy Chairman - Roger B. Shepard - W.D. Cochran (died Dec. h) Paul E. Mlller (eff. Dec. 28) Federal Reserve Bank of Minneapolis (Dist, 9) DIBECTORS Term Expires Dec. 31 Class A BUBOES, C.W. (Edgeley, NDj.) *QUAY, A. H. (Minneapolis, Minn.) *ZELLE, Edgar F. (Minneapolis Minn.) THOMSON, H. N. (Presho, S.D.5 1951 1952, (died Sept. 26) 1952 (eff. after Sept. 26) 1953 (elected) Class B LANGE, Bay C. (Chippewa Falls, Wis.) CLARK. Homer P. (St. Pal Minn.) DENECKE, W. A. (Boseman, Mont.) 1951 1952 1953 (elected) Class C MILLER, Paul E. (Minneapolis, Minn.)*Dep. Chairman COCHRAN, W. D. ((Iron Mountain, Mich.) Dep. Chrman SHEPARD, Roger B. (St. Paul, Minn.) Chairman & FR Agt. SFLODIN, F. A. (Iron It., Michigan) 1951 1952 (died o 13195a6fre-appointed) Dsto s0ed Cochran) C f.Dec* 29 *Mr. Miller succeeded Mr. Cochran as Deputy Chairman off. Dec. 28i ) _~ Federal Reserve Bank of Kansas City (Dist. 10) OFFICERS Preeideb First Vice President H* Gi Leedy - Henry 0. Koppang Vice Presidents D. W. Woolley John Phillips, Jr. C. E. Sandy L. H. Earhart G. H. Pipkin R. L. Mathes Chairman and Federal beserve Agent - Robert B. Caldell Federal Reserve Bank of Kansas City (Dist.10) DIRECTORS Class A DINS. T. A. (Dever, Colo.) *LIMBOCKER, N. A. (Eqporia, Kan.) * KENNEDYs, W S. (Junction City, Kansas) BUNTEN, W. L. (Goodland, Kan.) Term Expires Dec. 31 1951 1952 (died) 1952 (off. Oct. 2) 1953 (re-elected) Class B HOSFORD, Willard D. (Omaha, Neb.) DODDS. Xs M. (Kansas City, Mo.) HUTSON. L. C. (Chickasha, Okla.) 1951 (died Dec. 25) 1952 1953 (re-elected) Class C HAGUE, Lyle L. (Cherokee, Okla.) 1951 CALDWELL, Robert B. (Kansas City, Mo.) Chrman & FR Agt. 1952 MYEHORNI, Robert L. (Kansas City, Mo.) Deputy Chairman 1953 (re-appointed) (died Nov. 19) Federal Resere Bank of Dallas (Dit. 11) OFFIlgiM rst Vice President FLratVic President R. - . Gilbert W. D. Gentry Vice Presidents R. E. L C. J. B. B. G. M. L. Coleman Austin Pondroa Rowland Cook Chairan and Federal Reserve Agent Deputy Chairman W. H. Irons Mac C. SIpth W. H. Holloway W. E. EagLe - J. R. Parten - R. B. Anderson 1951 Federal Reserve Bank of Dallas (Dist. 11) DIRECTORS Class A BUTLER, P. P. (Houston, Texsa) dcLAUGHLIN, J. Edd (Ralls. Texas) PETERSON, W. Lo (Denison, Texas) Term Expires Deot 31 1951 1952 1953 (re-elected) Class B MILAM, J. R. (Waco, Texas) * ZEIEIAN, George H. (Waco, Texas) MacGREOOR, George L. (Dallas Texas) BEALL, W. F. (Jacksonville, Texas) 1951 (died Fb. 12) 1951 (eff. April 2h) 1952 1953 (re-elected) Class C ANDEBSON, R. B. (Vernon, Texas) Deputy Chairman PARTEN, J. R. (Houston, Texas) Chairman & FR Agent IFIERSON, G A. (Shreveport, La.) http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L 1951 1952 1953 (re-appointed) Federal Reserve Bank Of San Francisco (Dist. 12) OFFICERS F ViePresident First Vice Pesident - C. E. Earhari - H.N. Mangels Vice Presidents J. M. Leiaer S. A. Mac Eachron W. L. Partner H. F. Slade E. R. Millard Bonald T. Syas W. F. Wolberg 0. P. Wheeler Chairman and Federal Reserve Agent - Brayton Wilbur Deputy Chairman - Harry R. Wellnan I Federal Reserve Bank of San Franciso (Dist. 12) DIOECTORS Class A Term Expires Bec. 31 BIRD, Carroll F. (Willows, Calif.) CHOCKER, William W. (San Francisco, Calif.) STEART, Chas. H. (Pertland, Ore.) 1951 1952 1953 (re-elected) Class B TAYLOR, Reese H. (Los Angeles, Calif.) JOHNSON, Walter S. (San Francisco, Calif.) ROACH, Alden 0. (San Francisco, Calif.) 1951 1952 1953 (elecetd) Class C WELLMAN, Harry R. (Berkeley, Calif.) Deputy Chraan WILBUR, Brayton (San Francisco, Calif.) Chraan & Agent 1951 WALLACE, William R. (San Francisco, Calif.) 1953 (re-appointed) 1952 1951 HEARINGS , Mar 19 U.S.Congress. Senate. Banking and Currency comm. Nomination of William McChesney Martin,Jr., to be a member of the Federal Reserve Board: HEARING ... g2nd, Ist sees. March 19, 1951 Wash., Govt.ptg.off., 191. HG 25 2 .A2 1951 26 p. Martin,W.McC. F.R.Bd.L. Mar. 19 pp. 1-26 a HEARINGS 1951-52 Mar. 21 TG U.S.Congress. House. Banking and Currency comm. 2560 Federal Reserve Act - Amend section 14 (1): .A22 HEARINGS on T.R. 6909 (M2nd, 2nd sess. ) 1951-52 Wash., Govt.ptg.off., March 21, 1952. 1952. 1 V. In: U.S.Cong.House. Banking and Currency committee. "Miscellaneous Hearings." Testimony: Solomon,F.(F.R.Bd.lezal) Misc.Hearings,pp93-95 F.R.Bd.L. a August 9 LzGIMAUM - [PIVATEI LAW 190-4&DC [4CUAuft8O'"-4'r.S~sON] To ma 12 e r st ber bank 4i applipab1ja the Board 6X Governors Re8olved bry the Senate and'HouV e In-a im AAo -11oj-d-i-gAffl fthe Fe '. i~~_hce a eer~e se t o eawnbro eaxebro d6lpiesenttdtive8 of the United State8 of Arnervica in Congress asem 6ted, That- thea provision of sec tion 10 'off thelfdcqral Reserve Act, which ptovid~g-that members of the Boa&1 shallb e i~eligible-for two yk't fter-tU timne they are in office to tiold any Offie ,;fi6ition, or employment in any mnen&Wr bank, shal~fidt apply- to M., S. S±,inczitk, 'w'h4 has servedr, a5 ~br of the B3oard continu~usly since June 14, 1933, & p than eightdh years. *W 1 Appr~va a~iit9 1951 LEOISLATION October 3 [PUBLIC LAW 158-82D CONGRESS] [CHAPTER 445-1sT-SESSION] S. 2006 To increase the lending ll~5r 4 o to extend the period witin whic t Bank of Washington and he bank may make loans. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Export Import Bank Act of 1945, as amended (59 Stat. 526, 666; 61 Stat. 130), is hereby amended in the following particulars: (a ) By deleting from section 6 the words "two and one-half" and nd substituting i, lieu thereof the words "thime and one-hallF; half" (b) By dlekting from section 7 the words "three an and and substituting in lieu thereof the words "four and on (. By deleting from section 8 the date "June 30, 1953" 'idsub sti~Rhg in lieu thereof the date "June 30, 1958". Approved October 3, 1951. r------------* FEDERAL RESERVE SYSTEM 1951 SJanuary 1951 ---- * ^*sa^ " Apparent Intent - Resti Open Market Operations ~ Moral Suasion ~ ~~ Reserve Requirements ~ ~~ ~ ~ Selective Regulations - Margin requirements raised from 50 to 75 percent of market value. Surrounding Circumstances - Continued upward trend of stock prices, volume of trading, and stock market credit. Source: Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 230. FEI)ERAL RESERVE SYSTEM 1951 January 1951 to February 1951 POLICY ACTION Apoarent Intent - *Restrictive **For other ourposes - Open Market Onerptions **Bought $800 million of long-term Treasury bonds. **Bougbt a net of $300 million of short-term Government securities. Moral Suasion - *aised by 2 percent on demand deposits; 1 percent on time deposits; maximum limits except at central reserve city banks. Reserve Requirements Selective Regulations Surrounding Circumstances Source: Joint Conmittee http://fraser.stlouisfed.org/ Monetary Policy Federal Reserve Bank of St. Louis - *To maintain prices of long-term Government securities. **To facilitate adjustment to reserve recuirement increase. *Continued exoarsion of bank credit. Action taken to absorb about $2 billion of funds, largely from seasonal return of currency and System purchases of bonds, and generally to reduce the ability of banks to expand credit At central re that would add to inflationary pressures. serve city banks requirements were raised to a level con siderably above those that prevailed during most of the war oeriod. on the Economic Peport and the Management of the Public Debt (Patmnn Report)1952, P.230 FEDERAL RESERVE SYSTEM FEDERAL RESERVTE SYSTEM- 19S1 " January 1951 to February 1951 Apparent Intent - Restrictive Open Market Operations - *.......00.0000 Moral Suasion Reserve Requirements Selective Regulations - Real estate credit control extended to cover multifamily and certain nonresidential properties. Surrounding Circumstances - To add further restraints on inflation by limiting the credit available for the financing of nonresidential con struction and to bring about a decrease in building to provide materials and labor for the defense program. Source: Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 230. FEDERAL RESERVE SYSTEM 1951 February 1951 to May 1951 . POLICY ACTION Apparent Intent - Restrictive Open Market Operations Moral Suasion Reserve Requirements - - All financing institutions requested to participate in program of voluntary credit restraint. ................. Selective Regulations Surrounding Circumstances Source: - Program formulated by representatives of banks, investment insurance companies, in consultation with bankers, and life Federal Reserve representatives, for organized effort by all types of financing institutions to restrain unnecessary credit expansion in accordance with the Defense Production Act of 1950. Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 231. FEDERAL RESERVE SYSTEM 1951 March 1951 to mid-April 1951 Apparent Intent - *Restrictive **For other purpose Open Market Operations Moral Suasion - - *Lowered buying prices on Government securities. **Bought $1.1 billion of Treasury bonds and $100 million bills. ................ Reserve Requirements Selective Regulations Surrounding Circumstances Joint Committee Source: http://fraser.stlouisfed.org/ Monetary Policy Federal Reserve Bank of St. Louis - *Action taken, under Treasury-Federal Reserve accord, to terminate support of Government securities market at fixed prices, with a view to promoting a self-sustaining market and discouraging sales of Government securities to Federal Reserve System to obtain funds with which to extend credit to private borrowers. **Interim purchases taken to maintain orderly market conditions in transition to self-sustaining market and to facilitate exchange of long-term marketable bonds into nonmarketable bonds with longer term and higher interest coupon. on the Economic Report and the Management of the Public Debt (Patman Rennrt)1952,P.231 FEDEI AL RESERVE SYSTEM 1951 1951 mid-ADril 1951 to November POLICY ACT lO Apparent Intent - *Restrictive **For other ourooses **Bought $300 million of long-term bonds through June, Open Market Operations and $1.5 billion of short-term securities during refunding periods. *Sold or redeemed $1.7 billion of short-term Government securities at other times. Selective Regulations Surrounding Circumstances Source: - **Purchased restricted bonds to aid in readjustment of bond market; purchased short-term securities to aid in Trea sury refundings. *Sales to absorb reserves created by above purchases. Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 232. FEI)EPAL RESERVE SYSTEM 1951 April 1951 OL Apparent Intent - Restrictive Open Market Operations - Ceased purchases of Government securities except primarily to maintain orderly market conditions. - To minimize monetization of public debt without jeopard izing necessary Government financing; to enable the Federal Reserve System to regain greater control over its exten sions of Federal Reserve credit through security operations, and thereby more effectively to restrain inflationary expansion of credit. Selective Regulations Surrounding Circumstances Source: Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 232. FEDERAL RESERVE SYSTEM 1951 July 1951 POLICY ACTION Apparent Intent - For other purposes Open Market Operations Selective Regulations - On installment credit for list of consumer durable goods and for installment loans increased maximum maturity to 18 months (home improvements, 36 months); down payment on appliances reduced to 15 percent cash or cash and trade-in. Surrounding Circumstances - Action taken to bring Regulation W into conformity with the provisions of the Defense Production Act Amendments of 1951. Source: Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 232. 1951 September 1951 FEDERAL RESERVE SYSTEM POLICY ACTION ! Apparent Intent - For other purposes Open Market Operations Selective Regulations - Increased maximum maturity to 25 years for houses up to $12,000; raised maximum value per family unit for specified down payment requirements; suspended credit restrictions for programmed housing in critical defense housing areas. Surrounding Circumstances - Action taken to bring Regulation X into conformity with the provisions of the Defense Housing and Community Facilities and Services Act of 1951. LITIGATION 191 Reserve Bank's Right to Remove Case to United States District Court25(b).104. The plaintiff commenced suit against the Chase National Bank in the Supreme Court of the State of New York, alleging that Chase had improperly paid a check drawn on it by plaintiff.: Chase impleaded the Federal Reserve Bank of New York, which had presented the check and received payment therefor; the Reserve Bank in turn impleaded the bank from which it had received the check for collection, and to which it had paid the proceeds. Pursuant to section 632 of Title 12 U.S.C. (section 15 of the Banking Act of 1933), the Reserve Bank removed the suit to the U. S. District Court for the Southern District of New York approximately six months after it had been brought into the suit as a party. The plaintiff then moved the District Court to remand the suit to the state court, asserting (1) that section 632 authorized only the removal of suits arising out of trans actions in international or foreign banking, and hence did not authorize the removal of this suit, which arose out of domestic banking; and (2) if the section did authorize the removal of this suit, the removal had not been effected within the period prescribed by the general statute governing removals (U.S.C., Title 28, s 1446 (b)), which requires the filing of pleading. the petition for removal within 20 days of the receipt of the initial In denying the motion to remand, the court held that section 632 applied to any civil suit to which a Federal Reserve Bank was a party, and that the provision of that section, thereof", rather than the that such a suit might be removed "at any time before the trial provisions of the general statute, governed a determination as to the tiielessness of Gilbert v. The Chase National Bank. et al., U.S.D.C. filing the petition for removal. for the S.D. of N. Y., reported. Civ. No. 70-130, Memorandum Opinion #19,659 (1951), not-officially
@FedFRASER