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UNITED STATES GOVERNMENT EXECUTIVE OFFICERS President Harry S. Truman (re-elected No. 1948, inaugurated Jan. 20, 1949 ) Secretary of Treasury John W. Snyder (appointed June 24, 196) Comptroller of Currency Secretary of State Secretary of Defense Secretary of Interior Secretary of Agriculture Secretary of Commerce Secretary of Labor Postmaster General Attorney General - Preston Delano (date of appointment Oct. 24. 1938) DeanG.Acheson Louis A. Johnson, George C. Marshall Oscar L. Chapman Charles F. Brannan Charles W. Sawyer Maurice J. Tobin Jesse L. Donaldson J. Howard McGrath 1950 I U. S. G 0V E RNM EN T January SENATE Banking and Currency Committee 81st Congress tT;ER(n . ~ IfPrgab~ffFans MAYBANK, Burnet R. TAYLOR, Glen H. FULBRIGHT, J. William ROBERTSON, A.Willis SPARKMAN, John J. FREAR jr., J. Allen DOUGLAS, Paul H. LONG, Ruassell B. - South Carolina Idaho TOBEY, Charles W. CAPEHART, Homer E. Arkansas FLANDERS, Ralph E, Virginia Alabama Delaware Illinois Louisiana CAIN, Harry P. BRICKER, John W* A. Lee Parsons, Chief Clerk New Hampshire Indiana Vermont Washington Ohio 1950 January U. S. GO VERNM E N T HOUSE Banking OF REPRESENTATIVES and Currency Committee 81st Congress Reipublicus SPENCE, Brent BROWN, Paul PATMAN, Wright MONRONEY, A.S. Mike HAYS, Brooks RAINS, Albert BUCHANAN, Frank MULTER, Abraham J. DEANE, Charles B, O'BRIEN, George D. WOODHOUSE, Chase Going MCKINNON, Clinton D. ADDONIZIO, Hugh J. DOLLINGER, Isidore MITCHELL, Hugh B. O'HARA, Barratt Kentucky Georgia Texas Aklahoma Arkansas Alabama Pennsylvania New York North Carolina Michigan Connecticut California New Jersey New York Washington Illinois William J. WOLCOTT, Jesse P. GAMBLE, Ralph A. SMITH, Frederick C. KUNKEL, John C, TALLE, Henry 0. McMILLEN, Rolla C. KILBURN, Clarence E. COLE, Albert M. HULL, Merlin SCOTT, Hardie NICHOLSON, Donald W, Hallahan, Clerk Michigan New York Ohio Pennsylvania Iowa Illinois New York Kansas Wisconsin Pennsylvania Massachusetts FEDERAL RESERVE SYSTEM BOARD Marriner S. Eccles ~1 OF GOVERNORS Thomas B. McCabe, Chairman M. S. Szymczak R. M. Evans James K. Vardaman,Jr. Oliver S. Pwell (assumed duties 9/1) Edward L. Norton (assumed duties 9/1) rfrest G. Draper (term expired 4/31) Elliott Thurston Assistant to the Board Winfield W. Riefler, Asst. to Chairman Chester Morrill, Special Asst. to Board Woodlief Thomas, Economic Adviser to Board Office of the Secretary S. R. Carpenter, Secretary Bray Hammond, Asst. Sec. (retired 2/1) Kenneth A. Kenyon Ast. Sec. Merritt Sherman,Asst. Sec. Legal Division George B. Vest, General Counsel Frederic Solomon, Asst. Gen. Counsel John C. Baumann, Asst. Gen. Counsel Office of the Solicitor Division of Examinations J. Leonard mownsend, Solicitor G. Howland Chase, Asst. Solicitor Division of Bank Operations Robert L. Leonard, Director J. E. Horbett, Asst. Dir. Digitized for Lowell FRASER Myrick, Asst. Dir. Edwin R. Millard, Director (res. Dec. 1) Edward A. Wayne, Acting Dir. (eff. Dec. 1) George S. Sloan, Asst. Dir. C. C. Hostrup, Asst. Dir. Fred A. Nelson Asst. Dir. (eff. Oct. 30) Division of Personnel Administration Fred A. elson, Director (up to October 30) Robert N.Hilkert, Acting Dir. (eff Oct. 30 Division of Administrative Services Liston P. Bethea, Director Gardner L. Boothe, II, Asst. Dir. *Division of International Finance Arthur W. Marget, Director Louis N. Debits, Asst. Director (turn over) +Office of Real Estate Credit Charles T. Fisher, Jr. Administrator Guy E. Noyes, Asst. Administrator Division of Research and Statistics Ralph A. Young Director Frank R. Garfield, Adviser on Economic Research (eff. March 1) Arthur W. Marget, Adviser on International Finance (eff. Mar. 1 to July 1) Guy E. Noyes, Asst. Director, (eff. Mar. 1 to Sept. 13) Kenneth B. Williams, Acting Director, * Effective July 1, this division was established. + Effective September 13, this division was established. 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) Frederic A. Potts (Clevelanid) District No. Sidney B. Congdon District No. 5 (Richmond ) Robert V. Fleming, Vice President District No. 6 (Atlanta) J. District No. 7 (Chicago) Edward E. District No. 8 (St. Loul .s) W. L. Hemingway District No. 9 (Minneapo lis) Joseph F. Ringland District No. 10 (Kansas City) David T. T. Brown Brown, President Beals District No. 11 (Dallas) J. E. Woods District No. 12 (San Framcisco) James K. Lochead Herbert V. Prochnow, Secretary )FEDERAL RESERVE SYSTEM FEDERAL OPEN MARKET COMMITTEE Thomas B. McCabe,Chairman Allan Sproul, Vice Chairman Chester C. Davis Ernest G.Draper Marriner S.Eccles Joseph A. Erickson C.S. Young R. M. Evans J. N. Peyton M. S.Szymczak James K. Vardaman, Chester Morrill, Secretary S. R. Carpenter, Assistant Secretary George B. Vest, General Counsel Woodlief ThoMas, Economist John K. Langum, Associate Economist Alfred C. Neal, Associate Economist J. Marvin Peterson, Associate Economist William H. Stead, Associate Economist John H. Williams, Associate Economist Robert G.Rouse, Manager of System Open Market Account Jr. Federal Reserve Bank of Boston (Dist. 1) OFFICERS Joseph A. Erickson President First Vice President William Willett Vice Presidents Alfred C. Neal Carl B. Pitman Roy F. Van Amringe Oscar A. Schlaikjer John J. Fogg Ellis G. Hult Earle 0. Latham Robert B. Harvey Chairman and Federal Reserve Agent Albert M. Creighton Deputy Chairman Harold D. Hodgkinson .- - -7 •C Federal Reserve Bank of Boston (Dist. 1) 1950 ~1 DIRECTORS Class A FORBES, Allan (Boston, Mass.) BRITTON, Russell H. (Rochester, N. H.) STAMM, Earle W. (New London, Conn.) Term Expires Dec. 31 1950 1951 1952 (re-elected) Class B ALLEN, Philip R. (E. Walpole, Mass.) BLACKALL, Frederick S., Jr. (Woonsocket, R. I.) PATRICK, Roy L. (Burlington, Vermont) 1950 1951 1952 (re-elected) Class C CREIGHTON, Albert M. (Boston, Mass.) Chairman & FR Agent STEVENS, Ames (Lowell, Mass.) HODGKINSON, Harold D. (Boston, Mass.) Deputy Chairman 1950 1951 1952(re-appointed) 1950 Federal Reserve Bank of New York (Dist. 2) OFFICERS Allan Sproul President First Vice President Leslie R. Rounds Vice Presidents Harold A. Bilby Herbert H. Kimball L. Werner Knoke Walter S. Logan Arthur Phelan Harold V. Roelse Robert G. Rouse William F. Treiber Valentine Willis Reginald B. Wiltse Chairman and Federal Reserve Agent Robert T. Stevens Deputy Chairman William I. Myers Federal Reserve Bank of New York (Dist. 2) 1950 DIRECTORS Class A Term Expires Dec. 31 WORDEN, Frederic E. (Auburn, N. Y.) PRESCOTT, Roger B. (Keeseville, N. Y.) TRAPHAGEN, John C. (New York, N. Y.) 1950 1951 1952 (elected) Class B FOLSOM, Marion B. (Rochester, N. Y.) CRANE, Jay E. (New York, N. Y.) BROWN, Lewis H. (New York, N. Y.) 1950 1951 1952 (re-elected) Class C STEVENS, Robert T. (New York, N. Y.) Chairman & FR Agent MYERS, William I. (Ithaca, N. Y.) Deputy Chairman PATTERSON, Robert P. Hon. (New York, N. Y.) 1950 1951 1952 (app. April 25) I Federal Reserve Bank of Philadelphia (Dist. 3) OFFICERS Alfred H. Williams President First Vice President W. J. Davis Vice Presidents Karl R. Bopp L. E. Donaldson Robert N. Hilkert William G. McCreedy Philip M. Poorman Ernest C. Hill Chairman and Federal Reserve Agent Warren F. Whittier Deputy Chairman C. Canby Balderston Federal Reserve Bank of Philadelphia (D: ist. 3) 1950 DIRECTORS Class A Term Expires Dec. 31 SWIFT, Archie D. (Philadelphia, Penn.) REILY, George V. (Harrisburg, Penn.) PATTERSON, J. Nyce (Watsontown, Penn.) 1950 1951 1952 (elected) Class B LIPPINCOTT, Walter H. (Wilmington, Delaware) FROST, Albert G. (Camden, New Jersey) MEINEL, William J. (Philadelphia, Penn.) 1950 1951 1952 (re-elected) Class C BALDERSTON, C. Canby (Philadelphia, Penn.) Deputy Chairman SHARPLES, Philip T. (Philadelphia, Penn.) WHITTIER, Warren F. (Chester Springs, Penn.) Chairman 1950 1951 (res. July 19) 1952 (re-appointed) Federal Reserve Bank of Cleveland (Dist. 4) OFFICERS President Ray M. Gidney 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. Stetzelberger Chairman and Federal Reserve Agent George C. Brainard Deputy Chairman A. Z. Baker Federal Reserve Bank of Cleveland (Dist. 4) 1950 DIRECTORS Class A ROHR, John T. (Toledo, Ohio) CONNER, Ben R. (Ada, Ohio) BAINER, John D. (Meadville, Pennsylvania) Term Expires Dec. 31 1950 1951 1952 (re-elected) Class B AUSTIN, C. L. (Pittsburgh, Penn.) BOWLBY, Joel M. (Cincinnati, Ohio) DOLL, Edward C. (Erie, Pennsylvania) 1950 1951 1952 (elected) Class C BAKER, A. Z. (Cleveland, Ohio) Deputy Chairman RUMMELL, Leo L. (Columbus, Ohio) BRAINARD, George C. (Cleveland, Ohio) Chairman & FR Agent 1950 1951 1952 (re-appointed) 1950 Federal Reserve Bank of Richmond (Dist. 5) OFFICERS President Hugh Leach First Vice President J. S. Walden, Jr. Vice Presidents W. R. Milford R. L. Cherry K. Brantley Watson Charles W. Williams N. L. Armistead Edward A. Wayne R. W. Mercer C. B. ,Strathy Chairman and Federal Reserve Agent Charles P. McCormick Deputy Chairman John B. Woodward, Jr. Federal Reserve Bank of Richmond (Dist. 5) DIRECTORS Term Expires Dec. 31 Class A SYDENSTRICKER, John A. (Marlinton, W. Va.) HARRISON, James D. JOHNSON, Warren S. 7 (Baltimore, Maryland) (Wilmington, N. C.) 1950 1951 1952 (re-elected) Class B PAGE, Cary L. (Wellford, South Carolina) REED, Charles C. (Richmond, Virginia) RUST, H. L., Jr. (Washington, D. C.) 1950 1951 (died Oct. 15) 1952 (re-elected) Class C McCORMICK, Charles P. (Baltimore, Md.) Chairman & FR Agent 1950 WYSOR, W. G. (Richmond, Virginia) 1951 WOODWARD, John B., Jr. (Newport News, Va.) Deputy Chairman 1952 (re-appointed) Federal Reserve Bank of Atlanta (Dist. 6) 1950 OFFICERS W. S. McLarin, President First Vice President Jr. L. M. Clark Vice Presidents V. K. J. E. Joel T. A. Bowman Denmark B. Fort, Jr. Lanford E. P. Paris S. P. Schuessler P. L. T. Beavers Chairman and Federal Reserve Agent Frank H. Neely Deputy Chairman Rufus C. Harris Federal Reserve Bank of Atlanta (Dist. 6) 1950 DIRECTORS Class A WHITE, George J. (Mount Dora, Florida) WILLIAMS, R. Clyde (Atlanta, Georgia) DRIVER, Leslie R. (Bristol, Tennessee) Term Expires Dec. 31 1950 1951 1952 (elected) Class B FREEMAN, Alfred Bird (New Orleans, La.) McCRARY, J. A. (Atlanta, Georgia) COMER, Donald (Birmingham, Alabama) 1950 1951 1952 (re-elected) Class C NEELY, Frank H. (Atlanta, Georgia) Chairman & FR Agent REINHOLD, Paul E. (Jacksonville, Florida) HARRIS, Rufus C. (New Orleans, La.) Deputy Chairman 1950 1951 1952 (re-appointed) 1950 Federal Reserve Bank of Chicago (Dist. 7) OFFICERS C. S. Young President E. C. Harris (eff. Feb. 1) First Vice President Vice Presidents Allan H. J. N. B. W. R. E. C. Harris (up to Feb. 1) J. K. Langum M. Black Chalfont Dawes Diercks A. L. Olson A. T. Sihler W. W. Turner Chairman and Federal Reserve Agent Franklin J. Lunding Deputy Chairman John S. Coleman Federal Reserve Bank of Chicago (Dist. 7) 1950 DIRECTORS Class A Term Expires Dec. 31 JOHNSON, Vivian W. (Cedar Falls, Iowa) CUMMINGS, Walter J. (Chicago, Illinois) FRENCH, Horace S. (Chicago, Illinois) 1950 1951 1952 (re-elected) Class B NOYES, Nicholas H. (Indianapolis, Ind.) HEATH, William C. (Milwaukee, Wisconsin) GREDE, William J. (Milwaukee, Wisconsin) 1950 1951 1952 (re-elected) Class C KLINE, Allan B. (Chicago, Illinois) LUNDING, F. J. (Barrington, Ill.) Chairman & FR Agent COLEMAN, John S. (Detroit, Michigan) Deputy Chairman 1950 1951 1952 (appointed) 1950 Federal Reserve Bank of St. Louis (Dist. 8) OFFICERS Chester C. Davis President First Vice President F. Guy Hitt Vice Presidents Paul E. Schroeder Wm. H. Stead C. M. Stewart C. A. Schacht 0. M. Attebery Wm. E. Peterson Chairman and Federal Reserve Agent Russell L. Dearmont Deputy Chairman Wm. H. Bryce Federal Reserve Bank of St. Louis (Dist. 8) 1950 DIRECTORS Class A SMITH, Tom K. (St. Louis, Mo,) CHAPPELL, Phil E. (Hopkinsville, Kentucky) ETHERTON, J. E. (Carbondale, Illinois) Term Expires Dec. 31 1950 1951 1952 (elected) Class B RUTHENBURG, Louis (Evansville, Indiana) ALEXANDER, M. Moss (St. Louis, Missouri) PLUNKETT, Ralph E. (Little Rock, Arkansas) 1950 1951 1952 (elected) Class C BRYCE, Wm. H. (Memphis, Tenn.) Deputy Chairman MOORE, Joseph H. (Charleston, Missouri) DEARMONT, Russell L. (St. Louis, Missouri) Chairman 1950 1951 (app. March 15) 1952 (re-appointed) Federal Reserve Bank of Minneapolis (Dist. 9) OFFICEB9 John N. Peyten Preaident First Vice President Oliver S. Powell (Up to Sbpt. 1) Albert W. Kills (eff. Sept. 15) Vice Presidents Harold C. Core Clarence W. Groth Otis R. Preston | ! Maurice H. Strothmn, Jr. Harold 0. McConnell Earl B. Larson Sigurd Ueland Chairman and Federal Reserve Agent Deputy Chairman Roger B. iSepard - W. D. Cochran Federal Reserve Bank of Minneapolis (Dist. 9) DINBCTORS Term Expires Dec, 31 Class A McKNIGHT, J. R. (Pierre, SJ.) SBURGES, C. W. (Edgeley, N .) *ATWOOD, H. E. (Minneapolis, Minnsota) *QUAY, Arthur H. (Minneapolis, Minnesota) 1950 1951 1952 (died Aug. 27) 1952 (off. Nov. 7) Class B McLEOD, Walter H. (Missoula, Mont.) LANGE, Ray C. (Chippewa Falls, Wis.) CLARK, Homer P. (St. Paul, Minnesota) 1950 1951 1952 (re-elected) Class C SHEPAED, Roger B. (St. Paul, Minnesota) Chrman & FR Agt 1950 MILLER, Paul E. (St. Paul, Minn.) COCHRAN, W. D. (Iron Mountain, Mich.) Deputy Chrman 1951 1952 (re-appointed) Federal Reserve Bank of Kansas City (Dist. 10) OFFICERS President - First Vice President - k. GLeedy . Henry 0. Koppang Vice Presidents D. W. Woolley Delos C. Johns John Phillips, Jr. L. H. Earhart R. L. Mathes G. H. Pipkin C. E. Sandy Chairman and Federal Reserve Agent Robert B. Caldwell Deputy Chairman Robert L. Mehornay Federal Reserve Bank of Kansas City (Dist. 10) DIRECTORS Term Dec. Class A BUNTEN, W. L. (Goodland, Kans.) DINES. T. A. (De er, Colo.) LIMBOCKER, M. A. (mporia, Kans.) xpires 31 1950 1951 1952 (re-elected) Class B HUTSON, L. C. (Chickaha, Okla.) HOSFORD, Willard D. (Omaha, Neb.) DODDS, E. M. (Kansa City, Mo.) 1950 1951 1952 (elected) Class C MBHORNi, Robert L. (Kansas City, Mo.) Dep. Chman HAGUE, Lyle L. (Cherokee, Okla.) CALDWELL, Robert B. (Kansas City, Mo.) 1950 1951 1952 (re-appointed) Federal Beserve Bank of Dallas (Dist. 11) M OFFICERS President - R. R. Gilbert First Vice President - W. D. Gentry Vice Presidents W. R. E. L. E. Eagle B. Coleman B. Austin G.Pondrom W. H. Holloway H. R. De Moss W. H. Irons Mac C. Smyth C. M. Rowland Chairman and Federal B serve Agent Deputy Chairman - J. R. Parten - R. B. Anderson 1950 Federal Reserve Bank of Dallas ( Dist. 11) DIRECTORS Term Expires Dec. 31 Class A PETERSON. W. L. (Denison, Texas) BUTLER, P. P. (Houston, Texas) McLAUGHLIN, J. Edd (Rails, Texas) 1950 1951 1952 (re-elected) Class B BEAL, W. F. (Jacksonville, Texas) MILAM, J. R. (Waco, Texas) MacGREGOR, George L. (Dallas, Texas) 1950 1951 1952 (re-elected) Class C FRIERSON, G. A. (Shreveport, La.) ANDEBSON, R. B. (Vernon, Texas) Deputy Chairman PARTEN, J. R. (Houston, Texas) Chrman & FR Agent 1950 1951 1952 (re-appointed) Federal Reserve Bank of San Francisco (Dist 12) OFFICERS President First Vice President - C. E. - H. N. Mangels arhart Vice Presidents Jo M. Leisner H. F. S. A. MacEachron E. R. Millard (eff. Dec. 1) W. L. Partner Ronald T. Syma SLade W. F. Volberg 0. P. Wheeler Chairman and Federal Reserve Agent Brayton Wilbur Deputy Chairman Harry R, Wellnan Federal Reserve Bank of San Francisco (Dist. 12) DIECTORS Class A STEWART, Chas. H. (Portland, Ore.) BIRD, Carroll F. (Willows, Ore.) CROCKER, William W. (San Francisco, Calif.) Term Expires Dec. 31 1950 1951 1952 (elected) Class B HOLDEN, St. George (San Francisco, Calif.) TAYLOR, Reese H. (Los Angeles, Calif.) JOHNSON, Walter S. (San Francisco, Clif.) 1950 1951 1952 (re-elected) Class C WALLACE, Wa.R.(Jr.)(San Francisco, Calif.) 1950 WELLIAN, Harry R. (Berkeley, Calif.) Deputy Chnaan 1951 WILBUR, Brayton (San Frarnisco, Calif.) Chrman & FR Agt1952 (re-appointed) HEARINGS 1950 Jan. 11,23,30 U.S.Congress. Senate. Banking and currency committee. Amendments to Federal Deposit Insurance Act: HEARINGS... 81st, 2nd sess. on S.80, S.2094, S.2300, S.2307 and S.2822... Jan. 11, 23, 30, 1950. Wash., Govt.ptg.off. Testimony: F.R.Bd.L. 1782 .A2 1950 1950 McCabe, T.B.(Chmn.Bd) prepared statement pp. 102-124 1950 July 24,25 HEARINGS D Banking and currency House. U.S.Congress. committee 635 Defense production act of 1950: HEARINGS... .A3 1950 81st, 2d seas. on H.R.9176, a bill to establish HEARINGf a system of priorities and allocations for materials and facilities... July 24-25, 1950. Wash., Govt.ptg.off., 1950 130 P. Testi-ony: Evans, R.M. (Bd.mbr) July 25 pp. 41-88 F.R.Bd.L. HEARINGS 1950 July 24-26 U.S.Congress. Senate. Banking and currency committee. Defense production act of-1950: HEARINGS... 81st, 2d sess. on S.3936, a bill to establish a system of priorities and allocations for materials and facilities... July 24-26, 1950 Wash., Govt.ptg.off., 1950. 329 p. _ 635 .A3 1950 HEARINGS - Supplement: HEARINGS...81st, 2d. sess on S.3936...August 7, 1950 21 p. Testi- Bd. of Govs, FRSystem - statement, pp. 54-59 mony: Eccles, M.S.(Bd.mbr) Statement, July 18 issued at Salt Lake City pp.293-294 F.R.Bd.L. 7 1950 U.S. Congress. Joint Committee on the economic report January 1950 Economic report of the President hearings, Joint committee cn the economic report, 81st .Congress,2d.sess. Wash.G.P.O.1950. HE RGS B 19?0 LEGISLATION May 10 [PUBLIC LAW 509-81sT CONGRESS] [CHAPTER 173-2D SESSION] 0 [S. 2590] , AN ACT To amend section 3526 of the Revised Statutes relating to eoinage of subsidiary silver coins. Be it enacted by the Senate and House of Representatives of the United Stats of America in Congress apsbbled, Tha$ section 3526 of the Revised Statutes, as amended IJ. S. C., .1946 edition, title 31, sec. 335), isereby further amended td(ead as follows: "SEC. 3526. In order to procure bullioh for the 9&er coinage authorized by this title, other tlan the silver dollar, the auperintend enits, with the approval of the Director of the Mint, as toprice, terms, and quantity, shall purchass such bullion waith the bullioaund. The coin of a gain arising from the cinage of such silver bullion i nominal value exceeding the cost thereofishall be credit to a special be charged fund denominated the silver-profit fund This fund sh Ioinage loss with the wastage incurred in such coinage, with the on silver coins; recoined pursuant to section 9 of the Act approved March 14y 900, chapter 41 (31 Stat. 48), as amended, (U. S. C., 1946 edition, title 31, sec. 320), and with the cost of distributing silver-oins. tbl'the credit-.of his fund shall be6lJitime The balmae remai to time'nrd at leatS twioe a year, covered into the Treasurnottthe United States." ,i, ".: . Approved May 10, 1950. :-; , 'd LEGISLATION 10 [PUBLIC LAW 5 08-81ST CONGREmss [CHAPTER 17 2 -2D SESSION] [S. 1069] AN ACT To amend section 3552 of the Revised Statutes relating to the covering into the Treaury of all moneys #rising from,cba~bft nd ideductions. Be i.e nxd by the Senae and House,'f Representatives of the Uni ted ta of America inCongres8w~eembled That section 3552 of thd. evid Statutes (U. S. C., *tle 31, sec. 369) is amended to read as foll :ys: "SEC. 3552. The money ariaing from all charges and deductions on and from Wd and silver bullion and from all other sources, except the money QWive coins a~nd Mel^ani iWp0 and.salo£metdri " : 1 y and pursuant eaothis titk proof shall from time cOiei ihto the Trebasnir lanbift aa' of such deductions, or pro t on silver or minor coinagb,shala be pended in ,salariestr,yJ(ps.r,The mone ji f inedoIs .444 i froMiAhe mamfaturia4sale )pr-,-bWp n Sn Awcu dsale of dals d a es o assagyffices, gft herfin otherwise provided for, shall be paid from appropriations made hyaw on estimates furnished by the Secretary of the Treasury." Approved May 10, 1950. 1950 June 30 LEGISATION (j~p LAW 589-81STySQL9jU, [vPFUBLI (CHAPTER 425-2D, Sbso~sm, IF f [S. 3527] IANIACT, dtfonl4 (b?. ot t To amende& d*)NdaiIRe~rim Act, as atiended. epresentatiVes of Be it enacte United State8 of, AAWWAon of the Federal Re* , As *,sc 355), is amendeA, in ljeu thereof "Luy and inerting in lieu , ,t ing out "Ju tj3j,'I f Apprdied June 30, 105 1$6'pmiti 1, 950'-,ap4 jkj4. 1952" 5 Jaj: 3Q 4fh "Mbi0#tb"A**A AA-, %/z Je TO, the 14 (b) title tin j4950", 1950 August 17 Reductions in capital or surplus of converting or merging banks. LEGISLATION Section 12B of the Federal Reserve Act was amended to provide that when an insured bank converts into, or consolidates or merges with, an insured State bank, the prior written consent of the appropriate Federal supervisory banking agency must be obtained if the capital stock or surplus of the result ing bank will be less than that of the converting bank or less than the aggre gate capital stock or surplus, respectively, of the consolidating or merging (Pub. Law 706, 81st Cong.) banks. Source: Federal Reserve Board Legal Memo, June 26, 1951 - Federal Statutory Changes 1900-1951 Governing the Issuance of Money and Restricted or Defining Bank Credit. August 18 -" LEGISLATION [PUBtIC LA; 'iI 511 T CONGRESS] [CHAPTER 754-2D SESSIONI ; o [H. R. 8597] « , AN ACT To permit iional banks to give security in the form required by State law for deposits of funds by local public agencies and officers. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the last para graph of section 5153 of the Revised Statutes, as added by the Act of June 25, 1930 (46 Stat. 809; U. S. C., title 12, sec. 90), is amended to read as follows: "Any national banking association may, upon the deposit with it of any funds by any State or political subdivision thereof or any agency or other governmental instrumentality of one or more States or political subdivisions thereof, including any officer, employee, or -itopr the safekeeping agent thereof in his official capacity, give sec I and *teite~xent and prompt payment of the funds sa depM of the same kind as is adthorized by th ] of the State in which such association is located in the dase o l ebnking institutions in the State." Approved Augusatj8,.1950. 1950 September 8 DEFENSE PRODUACION ACT OF 1950 Guarantees of Defense Production Loans. LEGIS This Act provided authority for guarantees of defense production loans by the Military Departments and certain other procurement agencies of the Government desig nated by the President. Pursuant thereto, the President by Executive Order 10161 of September 9, 1950, authorized the Federal Reserve Banks to act as fiscal agents on behalf of the guaranteeing agencies under the supfvision of the Board of Governors of the Federal Reserve System, and delegated to the Board authority to prescribe regulations, fix rates and fees, and prescribe forms and procedures to be followed in connection with such guarantees.* (Pub. Law 774, 81st Cong., sec. 301) Voluntary credit restraint. This Act authorized the President to encourage financial institutions to enter into voluntary agreements and programs to restrain credit, which will further the objectives of the Act. No action under such an agreement or program shall be con strued to be within the prohibitions of the antitrust laws. By Executive Order 10161 of September 9, 1950, the President delegated to the Board of Governors his authority with respect to financing under this section of the Act. (Pub. Law 774, 81st Cong., sec. 708) Source: Federal Reserve Board Legal Memo, June 26, 1951 - Federal Statutory Changes 1900-1951 Governing the Issuance of Money and Restricted or Defining Bank Credit. 1950 September 8 DEFENSE PRODUCTION ACT OF 1950 Consumer credit control. LEGISLATION This Act authorized the Board of Governors to exercise, until June 30, 1951, consumer credit controls in accordance with and to carry out the provisions of Executive Order 8843 of August 9, 1941. (Pub. Law 774, 81st Cong., sec. 601) Real estate credit control. This Act authorized the President to prescribe regulations with respect to the kinds of real estate construction credit which may be extended in order to prevent or reduce excessive or untimely use of or fluctuations in such credit. In carrying out this provision, the President was authorized to utilize the Federal Reserve System and, pursuant thereto, by Executive Order No. 10161 of September 9, 1950, designated the Board of Governors as the administrative agency. (Pub. Law 774, 81st Cong., sec. 602) Source: Federal Reserve Board Legal Memo, June 26, 1951 - Federal Statutory Changes 1900-1951 Governing the Issuance of Money and Restricted or Defining Bank Credit. 1950 September 21 Federal Deposit Insurance Corporation Act LEGISLATION By this Act the law pertaining to the insurance of bank deposits, which was originally section 12B of the Federal Reserve Act, was withdrawn and made the Federal Deposit Insurance Act. This Act modified the insurance program in two principal ways: it increased the deposit insurance coverage to $10,000 and it reduced the net cost of deposit insurance to the is It also simplified the manner in which the assessment liability addition to these major features, the Act provided for a number of nical changes in deposit insurance law. (Pub. Law 797, 81st Cong.) Source: from $5,000 insured banks. computed. In minor and tech Federal Reserve Board Legal Memo, June 26, 1951 - Federal Statutory Changes 1900-1951 Governing the Issuance of Money and Restricted or Defining Bank Credit. 1950 FEDERA L RESERVE SYSTEM August 1950 (See also 19h9 - Nov.1949-June 1950) POLICY ACTION Apparent Intent - Restrictive Open Market Operations - Buying rate on bankers' acceptances raised. Discount Rate - Raised from 11/2 to 13/4 percent at all Banks. Moral Suasion - Request by bank supervisory agencies for voluntary coop eration of lenders in restraining credit. - Output and employment close to peacetime record levels; accelerated expansion of credit; prices rising; prospec tive increases in Government expenditures for military purposes. System announced it was prepared to use all means at its command to restrain further bank credit ex pansion consistent with policy of maintaining orderly conditions in Government securities market. Selective Regulations Surrounding Circumstances Source: Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 228. FEDERAL RESERVE SYSTEM 1950 August 1950 to December 1950 Apparent Intent - *Restricti* I i **For other p -**Bought $8 billion of maturing Government securities (August) $1 billion of restricted bonds (September December), and $1.4 billion of short-term securities (December). *Sold $7 billion of short-term Government securities (August). Open Market Operations Discount Rate Moral Suasion Selective Regulations Surrounding Circumstances Source: - **Purchases to aid Treasury refundings and prevent decline in long-term bonds below par. *Sales of short-term securities at lower prices (higher yields) to offset effect of purchases. NOTE-The above-mentioned sales did not completely offset purchases so that the actual net effect of oper ations for this period was expansionary. Joint Committee on the Economic Report Policy and the Management of the Public Debt (Patman Report) 1952, and Page 229. Monetary http://fraser.stlouisfed.org/ Page Federal Reserve Bank of St. Louis 228 1950 FEDERAL RESERVE SYSTEM POLICY ACTION September 1950 to October 1950 Apparent Intent - Restrictive Open Market Operations Discount Rate - ........ &.......... Moral Suasion Selective Regulations - Surrounding Circumstances - On installment credit for list of consumer durable goods down payments 10-331/3 percent; maximum maturity 15 months, except home improvements 30 months; maximum maturity of 15 months on installment loans. On real estate credit down payments 10-50 percent of value of residential property; maximum maturity 20 years with certain exceptions. Unprecedented rate of expansion of consumer installment and real estate credit. Regulations are parts of fiscal, monetary, and credit measures to restrain inflationary pressures and facilitate diversion of critical material and manpower to production of defense needs, under author ity of Defense Production Act of 1950. For reasons of administrative and regulative efficiency consumer credit regulation confined to installment credit and scope set to affect 75 percent of such business. Digitized forSource: FRASER Joint Committee on the Economic Report http://fraser.stlouisfed.org/Monetary Policy and the Management of the Public Debt (Patman Report) 1952, P.229 Federal Reserve Bank of St. Louis FEDERAL RESERVE SYSTEM 1950 November 1950 Apparent Intent - Restrictive Open Market Operations - Moral Suasion - Banks again requested to restrain unnecessary credit expansion. - Unprecedented expansion in bank loans from midyear to mid November. Continued expansion in credit put upward pres sure on prices, impairing purchasing power of dollar and adding to cost of defense program. .a .. .. ...*.eaa' Reserve Requirements Selective Regulations Surrounding Circumstances Source: Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 230. i LITIGATION CA-7.101. Suit to Enjoin "Branching" of Banks Which Were Subject of Pending Anti-trust Proceeding.--While the Board was holding hearings on its complaint under section 7 of the Clayton Act (referred to in the preceding paragraph), Bank of America entered into arrangements for acquiring the assets of certain of the banks listed in the proceeding. Bank of America had obtained permits from the Comptroller to establish branches at the locations of-these banks. The Board brought suit in the Court of Appeals to enjoin the transfer of the assets of the banks until the Board's proceeding could be concluded. The Board argued that the transfer would defeat the jurisdiction of the Board and of the court, because it would make it impossible for the Board to order Transamerica to divest itself of the stock of the banks, and would make it impossible for the court to review any order of the Board. The court decided that the position of the Board was correct, and granted the in junction. The Supreme Court denied the certiorari. The transfer of assets was made after the injunction was issued, and the re spondents were held in contempt, 184 F. 2d 319. Mr. Justice Burton of the Supreme Court, on June 17, 1950, denied an application for a stay. Subsequently, on August 18, 1950, the assets having been retransferred, the court entered an order purging respondents of contempt. Board of Governors v. Transamerica Corporation and Bank of America, 184 F. 2d 311; cert. den. 340 U. S. 883 (1950).
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