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UNITED
STATES
EXECUTIVE
President
GOVERMENT
OFFICERS
Harry S. Truman (re-elected Nov . 1948, inaugurated
Jan. 20, 1949)
Secretary of Treasury
-
John W. Snyder (appointed June 24, 1946)
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.
-
George C. Marshall,
Dean Acheson
James V. Forrestal,
Louis A. Johnson
Julius A. Krug,
Oscar L. Chapman
Charles F. Brannan
Charles W. Sawyer
- Maurice J. Tobin
, Jesse L. Donaldson
- Tom C, Clark, J. Howard McGrath
2 4,
1938)
U. S.
G 0 V E RNMENT
February
SENATE
Banking and Currency Committee
81st Congress
n7V66tO
MAYBANK,
UAJtvi I
n
am
Burnett R.
South Carolina
WAGNER, Robert F.
New York
TAYLOR, Glen H.
FULBRIGHT, J. William
ROBERTSON, A.Willis
SPARKMAN, John J.
FREAR, Jr., J. Allen
DOUGLAS, Paul H.
Idaho
Arkansas
Virginia
Alabama
Delaware
Illinois
TOBEY, Charles W.
CAPEHAHT, Homer E.
FLANDERS, Ralph E.
CAIN, Harry P.
BRICKER, John W,
jaNew Hampshire
Indiana
Vermont
Washington
Ohio
1949
February
U. S, GOVERNMENT
HOUSE
OF REPRESENTATIVES
Banking and Currency Committee
81st Congress
Kentucky
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
Georgia
Texas
Aklhoma
Arkansas
KUNKEL, John C.
TALLE,
Henry 0.
Alabama
Pennsylvania
New York
North Carolina
McMILLEN,
Michigan
SCOTT, Hardie
NICHOLSON, Donald W.
Connecticut
California
New Jersey
New York
Washington
Illinois
.*
WOLCOTT, Jesse P.
GAMBLE, Ralph A.
SMITH, Frederick C,
Rolla C.
Michigan
New York
Ohio
Pennsylvania
Iowa
Illinois
KILBURN, Clarence E.
COLE, Albert M.
New York
HULL, Merlin
Wisconsin
Pennsylvania
Massachusetts
Kansas
FEDERAL RESERVE SYSTEM
BOARD OF GOVERNORS
Thomas B. McCabe, Chairman
R. M. Evans
M. S. Ssymczak James K. Vardaman, Jr.
Lawrence Clayton (died Dec. 4)
Elliott Thurston, Asst. to
Chester Morrill, Special Winfield W. Riefler, Asst.
Marriner S. Eccles
the Board
Adviser to the Board
Woodlief Thomas,
Office of the Secretary
S. R. Carpenter, Secretary
Bray Hammond, Asst. Sec.
Merritt Sherman, Asst. Sec.
Economic Adviser to Board (eff. Oct. 1)
Legal Division
George B, Vest, Gen. Counsel
Frederic Solomon, Asst. Gen. Counsel
John C. Baumnn, Asat. Gen. Counsel
Office of the Solicitor
J. Leonard Townsend, Solicitor
G. Howland Chas. Asst. Solicitor
Division of Research and Statistics
Woodlief Thomas, Director (up to Oct.)
Ralph A. Young, Director (eff, Oct. 1)
Ralph A. Young, Associate Dir. (to Oct
Frank A. Southard, Jr. Associate Direc
to the Chairman
(res. Feb. 28)
Division of Examinations
EditS R. Millard, Director
George S. Sloan, Asst. Dir.
C. C. Hostrup, Asst. Dir.
Division of Bank Operations
Robert F. Leonard, Director
J. E. Horbett, Asst. Dire
Lowell, Myrick, Asst. Dir.
Division of Personnel Administration
Fred A. Nelson, Director
Division of Administrative Services
Liston P. Bethea, Director
Gardner L. Boothe II, Aast. Dir.
SYSTEM
COUNCIL
FEDERAL RESERTE
FEDERAL
ADVISORY
19h9
District No.
1 (Boston)
2 (New York)
District No.
Chas.
Jr.,
E. Spencer,
W. Randolph Burgess
District No.
3 (Philadelphia)
Frederic
A. Potts
District No.
4 (Cleveland)
Sidney B.
Congdon
District No. 5 (Richomnd)
Robert V.Fleming,
District No.
6 (Altanta)
J.
District No.
7 (Chicago)
Edward E.
Brown,
No. 8 (St. Louis)
W. L.
District
No. 9 (Minneapolis)
Henry E. Atwood
Hemingway
District No.
10 (Kansas City)
James M. Kemper
District No.
11 (Dallas)
J. E.Woods
Second Vice President
T. Brown
District
District No. 12 (San Francisco)
Herbert V.
First Vice President
Reno Odlin
Prochnow, Secretary
President
FEDERAL RESERVE SYSTEM
FEDERAL OPEN MARKET COMMITTEE
1949
Thomas B. McCabe, Chairman
Allan Sproul, Vice Chairman
Lawrence Clayton
Ernest G. Draper
E. C. Earhart
Marriner S.Eccles
M. S.Szymczak
Hugh Leach
R. M. Evans
W. S. McLarin, Jr.
Ray M. Gidney
James K. Vardaman, Jr.
Chester Morrill, Secretary
S.R. Carpenter, Assistant Secretary
George B. Vest,General Counsel
Woodlief Thomas,Economist
Earle L. Rauber,Associate Economist
Donald S. Thompson, Associate Economist
0. P. Wheeler, Associate Economist
John H. Williams, Associate Economist
Robert G. Rouse, Manager of System Open Market Account
Federal Reserve Bank of Boston (Dist. 1)
OFFICERS
S Joseph A. Erickson
President
First Vice President
Wiliiam Willett
Vice Presidents
Robert B. Harvey
Ellis G. Hult
Earle 0. Lathaa
Alfred C. Neal
Chairman and Federal
Reserve Agent
Deputy Chairman
Carl B. Pituan
Oscar A. Schlaikjer
Roy F. Van Aaringe
-
Albert M. Creighton
SHarold D. Hodgkinson
Federal Reserve Bank of Boston (Dist. 1)
DIRECTORS
Class A
STAMM, Earle W. (New London, Conn.)
FORBES, Allan (Boston, Mass.)
BRITTON, Russell H. (Rochester, N.H.)
Term Expires
Dec. 31
1949
1950
1951 (elected)
Class B
PATRICK, Roy L. (Burlington, Vt.)
ALLEN, Philip R. (E. Walpole, Mass.)
BLACKALL, Frederick S. (Jr.) (Woondocket, R.I.)
199
195o
1951
(re-elected)
Class C
HODGIISON, Harold D. (Boston, Mass) Deputy Chran
CHBDHTON, Albert M. (Boston Mass.) Chrman & FR Agt.
STEENS, Ame (Lowell, Mass.
191 9
1950
1951 (re-elected)
1949
Federal Reserve Bank of Nev York (Dist. 2)
J
s
OFFICERS
Allan Sproul
President
Leslie R.
First Vice President
Rounds
Vice Presidents
Harold A.
Herbert H.
L. Werner
Valentine
Bilby
Kimball
Knoke
Willis
Walter S.
Arthur Phelan
Harold V. Roelse
Robert G. Rouse
Reginald B. Wiltse
Logan
Chairman and
Federal Reserve Agent
Robert T. Stevens
Deputy Chairman
William I.
Myers
Federal Reserve Bank of New York (Dist. 2)
DIRECTORS
Class A
ALDRICH, Winthrop W. (New York, N.Y.)
WORDEN, Frederic B. (Auburn, N.1.)
PRESCOTT, Roger B. (Keeseville, N.Y,)
Term Expires
Dec.
31
1949
1950
1951 (elected)
Class B
BRCRN,
*ADAMS,
*FOLSOU,
CRANE,
Lewis H. (New York, N.Y.)
Charles E. (New Yorks, N..)
Marion B. (Rochester, N.Y.)
Jay, E. (New York, N.Y.)
1949
1950 (rea. 5/12)
1950 (eff, July 15)
1951 (re-elected)
Class C
CALKINS, Robert D. (New York, N.Y.)
1949
STEVENS, Robert T. (New York, N.Y.) Chairman &FR Agent 1950
MYERS, William I. (Ithaca, N.Y.) Deputy Chairman
1951 (re-appointed)
Federal Reserve Bank of Philadelphia (Dist. 3)
OFFICERS
President
First Vice President
-
Alfred H. Williams
-
W. J. Davis
Vice Presidents
Ernest C. Hill
Karl R. Bopp
William G. McCreedy
Robert N. Hilkert
L. E. Donaldso
* Chairman and Federal
Reserve Agent
%puty Chairman
Philip M. Poorman
-
Warren F. Whittier
-
C. Canby Balderston
* Mr. Whittier and Mr. Balderston received these titles effective
March 18.
1949
Federal Reserve Bank of Philadelphia (Dist. 3)
DIRECTORS
Class A
Tern Expires
Dec.
HENNING, John B. (Tunkhannock, Pa.)
SWIF, Archie D. (Philadelphia, Pa.)
REILT, George W. (Harrisburg, Pa.)
31
1949
1950
1951 (re-elected)
Class B
MEINEL, William J. (Philadelphia, Pa.)
1969
LIPPINCOTT, Walter H. (Wilmington, Del.)
FROST, Albert G. (Camden, N.J.)
1950
1951 (e-elected)
Class C
WHITTIER, Warren F. (Chester Springs, Pa.)*Deputy Chrman 1949
BALDESTON, C Canby (Philadelphia, Pa.)
SARPLES, Philip T. (Philadelphia, Pa*)
1950
1951 (app. Eff. Mar. 18)
* Mr. Whittier was Deputy Chairman before March 18.
Federal Reserve Bank of Cleveland (Dist. 4)
OFFICERS
President
-
First Vice President
-
ay M. Oidne
William H4 Fletcher
Vice Presidents
W. D. Fulton
John W. Kossin
Paul C. Stetzelberger
Martin Morrison
Donald S. Thompson
Alfred H. Laning
Roger R. Clouse
Chairman and Federal
Reserve Agent
Deputy Chairman
-
George C. Brainard
-
A. Z. Baker
-- ~-
Federal Reserve Bank of Cleveland (Dist. 4)
DIRECTORS
Term Expires
Dec., 31
Class A
BAINER, John D. (Meadville, Pa.)
ROHR, John T. (Toledo, Ohio)
CONNER, Ben R. (Ada, Ohio)
1949
1950
1951 (re-elected )
Class B
WRIGHT, Ross Pier (Erie, Pa.)
*LUND, L. H. (Pittsburgh, Pa.)
* AUSTIN, C. L. (Pittsburgh, Pa.)
BOWRLB,
Joel M. (Cincinnati, Ohio)
1949
1950 (died Mar. 14)
1950 (off. May 13)
1951 (re-elected)
Class C
BRAINARD, Geo. C. (Cleveland, Ohio) Chraan & FR Agt.
BAKER, A. Z. (Cleveland, Ohio)Deputy Chairman
RUMMELL, Leo L. (Columbus, Ohio)
1949
1950
1951 (appointed)
Q
1949
Federal Beserve Bank of Richmond (Dist. 5)
OFFICEBS
President
First Vice President
Hugh Leach
S
J.
S Walden, Jr.
Vice Presidents
K. Brantley Watson
Edward A. Wayne
R. W. Mercer
R. L. Cherry
Charles W. Williams
C. B. Strathy
W. R. Milford
Chairman and Federal
Reserve Agent
-
Charles P. McCormick (
Deputy Chairman
-
J. Brockenbrough Woodward, Jr.
1949
Federal Reserve Bank of Richmond (Dist. 5)
DIRECTORS
Class A
JOHNSONI
Warren S. (Wilmington, N.C.)
SYDENSTRICKER, John A. (Marlinton, W.Va.)
HARRISON, James D. (Baltimore, Md.)
Tern Expires
Dec, 31
1949
1950
1951 (re-elected)
Class B
RUST, H. L. (Jr.) (Washington D. C.)
PAGE, Cay L. (Wellford, S.C.)
.EED,
Charles C. (Richond, Va.)
1949
1950
1951 (re-elected)
Class C
WOODWID, J. B. (Jr.) (Newport News, Va.) Dep.Chrman
1949
MC CORMICK, Charles P. (Baltimore, Md.) Chrman & FR Agtl950
WYSOR, W. G. (Richmond,
Va.)
1951 (re-appointed)
_ __
_
Federal Reserve Bank of Atlanta (Dist. 6)
OFFICERS
.S McLarin, Jr.
-.
President
First Vice President
L. M. Clark
Vice Presidents
T. A. Lanford
E. P. Paris
J.
. Denmak
S. P. Schuessler
P. L. T. Beavers
V, K. Boman
Joel B. Fort, Jr.
Chairman and Federal
Bemsrve Agent
Deputy Chairman
-
Frank H. Neely
- Rfus C. Harris
Federal Reserve Bank of Atlanta (Dist. 6)
DIRECTORS
Tera Expires
Dec. 31
Class A
COOK, W. D
(Meridian, Miss.)
WHITE, George J. (Mount Dora, Fla.)
WILLIAMS, R. C. ( Atlanta, Ga.)
1949
1950
1951 (re-elected)
Class B
COMER, Donald (Birmingham, Ala.)
FREEMAN, A. B. (New Orleans, La.)
MoCBRAR,
J. A. (Atlanta, Ga.)
1949
1950
1951 (re-elected)
Class C
HARRIS, Rfus C. (New Orleans La.) Deputy Chrman
NEELY, Frank H. (Atlanta, Gao Chruan & FR Agent
REINHOLD, Paul E. (Jacksonville, Fla.)
19t9
1950
1951 (appointed)
6
Federal Reserve Bank of Chicago (Dist. 7)
1949
OFFICERS
C.
President
S.
Young
C. B. Dunn (res. Eff. Nov. 1)
First Vice President
Vice Presidents
N.
W.
E.
J.
B.
R.
C.
K.
J.
L.
T.
W.
Dawes
Diercks
Harris
Langum
Netterstrom
Olson
SIbler
Turner
Allan M. Black
Deputy Chairman
-
Franklin J. Lunding
_ _
Federul Reserve Bank of Chicago (Dist. 7)
DIRECTORS
Class A
FRENCH, Borace S (Chicago,
i.)
JOHNSON, Vivian W. (Cedar Falls, Iowa)
CUMMINGS, Walter J. (Chicago, Ill.)
Term Expires
Dec. 31
1950
1951 (re-elected)
Class B
GREDE, William J. (Milwaukee, Wis.)
NOYES, Nicholas H (Indianapolis, Ind.)
HEATH, Aa. C. (Milwaukee, Wis.)
1949
1950
1951 (re-elected)
Class C
HOFFMAN, Paul G. (South Bend, Ind.)
LINE, Allan B. (Chicago, Iil.)
Deputy Chairman
LUNDINO, Fo J (Barrington, 3.)
1949
1950
1951 (re-appointed)
b~___
Federal Reserve Bank of St. Louis (Dist. 8)
OFFICBS
President
-
FPrst Vice President
Chester C. Davis
-
F. Guy Hitt
Vice Presidents
C. A. Sehacht
0. M. Attebery
Wa. E. Peterson
Paul E. Sehroeder
Wa. H. Stead
C. M. Stewart
Chairan and Federal
Reserve Agent
-
Russell L. Dearmont
Deputy Chairman
-
Wa. H. Bryce
1949
Federal Reserve Bank of St. Louis (Dist. 8)
DIRECTORS
Term Expires
Clas A
COBLIS, G. R.
Dec.
(Anna, Il.)
1949
1950
1951 (re-eleeed)
SMITH, Tom K. (St. Louis, Mo.)
CHAPPELL, Phil E.
31
(Hopkinsville, Ky.)
Class B
ENGEL, K. August (Little Rocke, Ark.)
RUTHENBURO, Louis (Eransville, Ind.)
1949
ALEXANDER, M. Moss (t.
1951 (re-elected)
1950
Louis, Mo.)
Class C
DEAELMOT, Russell L.
(St. Louis, Mo.)
BRYCE, W. H. (Memphis,
Chrnan & FR Agt. 1949
1950
Tenn.) Deputy Chairma
Federal Reserve Bank of Minneapolis (Dist. 9)
OFFBICRS
President
-
First Vice President
John N. Peyton
-
Oliver S. Powell
Vice Presidents
Albert W. Mills
Otis R. Preston
Robert E. Towle
Harold G. MoConnell
Sigurd Ueland
Chairman and Federal
Reserve Agent
-
loger B. Shepard
Deputy Chairman
W D. Cochran
-
Federal Reserve Bank of Minneapolis (Dist. 9)
DIRECTORS
Class A
HILL, Clarence E. (Ninneapolis, Minn.)
MoKNIGHT, J. R. (Pierre, S.D.)
BUmES, C. V. (Edgeley, N.D.)
Term Expires
Dec.
l
1949
1950
1951 (elected)
Class B
CLARK, Homer P. (St. Paul, Minn.)
MLE"OD, Walter H. (Missoula, Mont.)
LANGE, Ray C. (Chippewa Falls, Wia.)
1949
1950
1951 (elcted)
Class C
COCHRAN, W. D. (Iron Mountain, Miche) Dep. Chran
1949
SHEPARD, Roger B. (St. Paul, Minn.) Chairman & FR Agt. 1950
MIMER. Paul E. (St. Paul, Minn.)
1951 (re-ppointed)
Federal Reserve Bank of Kansas City (Dist. 10)
OFFICERS
President
H. G. Leedy
First Vice President
-
Henry 0, Koppang
Vice Presidents
D. W. Woolley
Delos C. Johns
John Phillips, Jr.
C. E. Sandy
Chairman and Federal
Beserve Agent
Deputy Chairman
L. H. Earhart
0. H. Pipkin
R. L. MEshes
Robert B. Caldwell
S Bobert L. Mehornay
Federal Reserve Bank of Kansas City (Dist. 10)
DIRECTORS
Class A
LIMBOCKER, M. A. (Emporia, Kans.)
BUNTEN, W. L. (Goodland, Kano.)
DINES, T. A. (Denver, Colo.)
Tern Expires
Dc o 31
1949
1950
1951 (re-eleated)
Class B
BERNADIN, J. N. (Kansas City, Mo.)
HUTSON, L. C. (Chickasha, Oklia.)
HOSFORD, Willard D. (maha, Neb.)
1949
1950
1951 (em-lected)
Class C
CALDWELL, Robert B. (Kansas City, Mo.o Chruan & FR Agt.1969
MEHORNAY, Robert L. (Kansas City, Mo.) Dep. Chraan
1950
HAGUE, Igle L. (Cherokee, Okla.)
1951
(re-appointed)
_1 __
_
_
?
Federal Reserve Bank of Dallas
(Dist. 11)
OFFICERB
-
First Vice President -
R. R. Gilbert
W. D. Gentry
Vice Presidents
R.
E.
L.
W.
B.
B.
G.
E.
Coleman
Austin
Pondrom
Eagle
Chairman and Federal
Reserve Agent
Deputy Chairman
W. H. Holloway
H. R. Deloss
W. H. Irons
Mac C. Sprth
C. M. Rowland
-
J. P. Parten
-
R. B. Anderson
Federal Reserve Bank of Dallas (Dist. 11)
DIRECTORS
Term Expires
Dec. 31
Clas A
McoAUGHLIN, J. Edd (Ralls, Texas)
PETERSON, W. L, (Denison, Texas)
BUTLER, P. P. (Houston, Texas)
1949
1950
1951 (elected)
Class B
MacGREGOR, George L. (Dallas, Texas)
BEALL, . F. (Jacksonville, Texas)
MILA, J. R. (Waco, Texas)
19k9
1950
1951 (re-eleoted)
Class C
PARTEN,
FRIEBSO,
ANDERSON,
J. R. (Houston, Texas) Chairman and FR Agent
0. A. (Shreveport, La.)
R. B. (Vernon, Texas) Deputy Chairmn
1949
1950
1951 (re-appointed)
Federal Reserve Bank of San Francisco (Dist. 12)
OFFICERS
President
-
First Vice President
. E. Eaarb
-
H. N.
angels
Vice Presidents
Albert C. Agnew
W. N. Ambrose
D. L. Davis
H. F. Slade
0. P. Wheeler
J.
W.
C.
W.
M.
L.
R.
F.
Leisner
Partner
Shaw
Volberg
Chairman and Federal
Reserve Agent
-
Brayton Wilbur
Deputy Chairman
-
Harry R. Wellman
-
__--:=T-;
- -rr----------
Federal Reserve Bank of San Francisco (Dist. 12)
DIRECTORS
Term Expires
Class A
Dec.
CROCKEB, William 1. (San Francisco, Calif.)
STEWART, Chas. H. (Portland, Ore.)
BYD, Carroll F. (Willow, Calif.)
31
199
1950
1951 (re-elected)
Class B
JOHNSOK,
Walter S. (San Francisco, Calif.)
HOLDEN. St. George (San Francisco, qalif.)
TAYLOR, Reese H. (Los Angeles, Calif.)
19119
1950
1951 (re-elected)
Class C
WILBUR, Brayton (San Francisco, Calif.) Chairman &Agt. 19t9
WALLACE, Wa. R. (Jr.) (San Francisco, Calif.)
1950
WELLAN, Harry R. (Berkeley, Calif.) Deputy Chrman.
1951 (re-appointed)
2I
1949
Nov. 16-18,22,23
Dec. 1-3,5,7
HEARINGS
HC
.U.S.Congress. Joint committee on the economic
106.5
(Douglas subcommittee)
report.
.A27
Monetary, credit, and fiscal policies:
1949
HEARINGS before the subcommittee...81st cong.,
1st sess. pursuant to Sed. 5(A) of Pub.Law no
304, 79th cong. Sept. 23, Nov. 16-18, 22,23 and
Dec. 1-3, 5, 7, 1949. Wash, Govt.ptg.off., 1949
570 p.
pp. 461-500
Dec. 3
Testi- McCabe, T.B.(ChmnBd)
pp. 213-247
Nov. 22
mony: Eccles, M.S.(Bd.mbr)
pp. 430-459
Sproul, A.(Pres. FRBkNY) Dec. 2
pp. 27-75
16
Nov.
(FRBkPhilly)
K.R.
Bopp,
pp..27-75
Nov. 16
Williams, A.H. (")
F.R.Bd.L.
HEARINGS
1949
May 11-13
WG
U.S.Congress. Senate. Banking and currency comm.
2560
To extend consudercredit controls and to
provide for bank reserve requirements:
.A2
HEARINGS ...
Flat, let sess. on S.1775, p. bill
1949
to provide for supplemental reserve requirements
for insured banks and S.J.Res.87, a joint resolu
tion to extend the authority of the Board of
Governors of the Federal Reserve System to
exercise consumer credit controls.
May 11-1,
1949.
Wash.,Govt.ptg.off., 949.
198 p.
Testimony: Brown, Edward E. (Pres.,Fed. AdvisoryCouncil)
May 12, pp.74-79
Burgess, W.R. (Fed.Adv.Coun.) May 12, pp.79-g7
F.R.Bd.L. McCabe,T..
(Chmn.) May 1 pp.4- 6 5
a
Sproul,A. (F.R.Bk.N.y.)
ritten Stmt.pp.67-70
1949-50
HEARINGS
,
June 14
HG
U.S.congress. House. Banking and Ourrency
2560
committee.
*A22
Amendments to Federal Reserve Act: HEARING
1949-50
to
a
bill
on H.R. 7894 (81st, 2nd sess.)
amend section 14 (b) of the Federal Reserve
(In: Miscellaneous
Act, as amended. June 14, 1950.
1950.
ovt.ptg.off.,
Hearings, gist cong.) Wash.,
PP. 333-358.
Testimonyv: Thomas,Dr. (Woodlief) June Y14 pp.3 4 4 -357
Vest.George(Gen.Coun.F.R.Bd.)
June 14,rr. 343-35
" testimony incl. Board's letterMay 3,1950
F.R.Bd.L.
a
HEARINGS
1949-50
June 14
PG
U.S, Congress. House. BarJking and Currency
2560
committee.
A22
Amendments to Federal Reserve Act: HBARIN@G
on S.3105 (~lst cong. 2nd sess.) an act to
1949-50
amend Sec.10 of the Federal Reserve Act, and
for other purposes.
June 14, 1950.
(In: Miscellaneous Hearings, 81st.cong.) np.36 1-36 7.
Wash.
Govt.ptg,off.,1950.
Testimony: Vest,George B. (3en.CounF,R.Bd.)
June 14,'50
pp.361-3 6 7
testimony includesBoard's letter,Feb.23'50
F.R.Bd.L.
.nd state
submitted byVest on
"Fundge4d branches of F.R.Banks."
a
1919
February 9
3IMSATION
[PUBLIC LAW 6-8s w%-wGRESS
'[CHAPTER 6-1ST SESSION]
[S. 547]
AN ACT
'To confinue through September 30, 1949, certain authority conferred on the
President by section 2 of Public Law 395, Eightieth Congress, regarding volun
tary agreements and plans.
ed by
Be it n
United Satepf Am
of section
Public
R epresentatives of the
oe
assemled,That subspqtion (b)
agres8
h
t,
945), is
d inrting in
lireby aiinded by striking out "Mari
,
ljgu thereof "September 30, 1949".
he"by ,mended to read as
7 ,Subsection (f) of said section 2 is,,
follows:
"(f) This section shall expire on September 30, 1949, and any
requests ma4*e and voluntary plans adopted under this section shall
have no forceror effect thereafter."
Apprqv.ed February 9, 1949.
1949
June 29
Dealings in international bank obligations.
LEGISLATION
Section 5136 of the Revised Statutes of the United States was amended
so as to remove restrictions upon national banks and State member banks with
respect to dealing in and underwriting obligations issued by the International
Bank for Reconstruction and Development, subject to the limitation that a bank's
holding of such obligations shall not exceed 10 per cent of its capital and
surplus. (63 Stat. 298.)
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.
1949
July 15
HOUSING ACT OF 1949
Dealings in housing obligations.
LEGISLATION
Section 5136 of the Revised Statutes of the United States was amended
so as to remove restrictions upon national banks and State member banks with
respect to dealing in, underwriting, and purchasing for their own accounts
certain obligations of local public agencies and public housing agencies
secured by agreements with Federal Housing authorities. Section 5200 of
the Revised Statutes was also amended to provide that the limitations upon
loans by a national bank to any one borrower shall not apply to similar ob
ligations of such agencies. (63 Stat. 439.)
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.
19 9
October 25
LEISIA TION
[PuBLIC LAw 376-81ST CONGRESS]
CONGRESS]
[CHAPTER 713-18T SESSION]
[H. R. 6185]
AN ACT
To amend the Federal Credit Union Act.
,
*-
,^"
.,i
Be it enaoted by the Senate and Housetf Representatives o the
United States of Ameida MtCongress assembled, That paragra
(5)
-51
of section 7 of the Federal Credit Union At (12 U. S. C., s
f
1772) is hereby amended by striking out in the first sentei
"two years" and inserting in lieu thereof "three years".
e
SEC. 2. The fourth sentence of subsection (d) of sectied
r
Federal Cre iItUnion Act is amended by striking out "$30
'
sentence and inserting in lieu thereof
it appears iiuh
hereby
git. &,3 dion 12 of the Federal Credit Union A~
aned~abd&p read as follows:
d by the
"Sw 12 'RESERVES.-All entrance fees and fines pro
efore the
bylivs and 20 per centum of the net earnings of each yea
declaration of any dividend, shill be set aside.as a regtttk reserve
against losses on bad loans and such other losses as may be specified
in the bylaws in accordance with regulations prescribed nder this
Act: Provided, however, That when the regular reserve thus estab
lished shall equal 10 per centum of the total amount ofatinmbers'
shareholdings, no further transfer of net earnings to such regular
reserve shall be required except that such amounts not in excess of
20 per centum of the net earnings as may be needed to maintain this
10 per centum ratio shall be transferred. In addition to such regular
reserve, special reserves to protect the interests of members shall be
established when required;. a) by regulation, or (b) i) any special
case, when found by the director to be necessary for that purpose"
Approved October 25, 1949.
Open Market Operations
POLICY ACTION
FEDERAL RESERVE SYSTEM
1949
January 1949 to September 1949
Apparent Intent - For other purposes
-
Reduced holdings of Government securities by more than
$5 billion. Sold over $3 billion of bonds from January
through June; sold or redeemed $2 billion of bills, certi
ficates, and notes.
.
Reserve Requirements
Selective Regulations
Surrounding Circumstances
-
To prevent prices of long-term bonds from rising sharply
and to meet heavy demands for short-term United States
nrising out of reduced member bank reserve
securities
requirements, net Government disbursements, reduced cur
More
rency circulation, gold inflow, and other factors.
flexible credit policy announced June 28 determining oper
ations on basis of the needs of general business and credit
situation and of maintaining orderly conditions in the Gov
ernment security market, rather than a fixed pattern of
Open market
rates on United States Government securities.
operations throughout the period consistent with easier
credit conditions, while recession
Source:
lasted.
Joint Committee on the Economic Peport
Policy and the Management of the Public Debt (Patman Report) 1952,
& Page 227
Monetary
http://fraser.stlouisfed.org/
Page
Federal Reserve Bank of St.
Louis 226
FEDERAL RESERVE SYSTEM
1949
March 1949
POLICY ACTION
Apparent Intent - Expansionary
Open Market Operations
Reserve Requirements
-
...
ooooo
eooooo
*o
Selective Regulations
-
Margin recuirements reduced from 75 to 50 percent of
market value.
Surrounding Circumstances
-
Stock market credit outstanding was close to the lowest
level on record. Stock prices declining and volume of
trading low. Equity financing of business small.
Source:
Joint Committee on the Economic Report
Monetary Policy and the Management of the Public Debt (Patman Reoort) 1952,
Page 226.
1949
March 1949 to April 1949
FEDERAL RESERVE SYSTEM
POLICY ACTION
Apparent Intent - Expansionary
Open Market Operations
Reserve Requirements
Selective Regulations
-
On consumer installment credit reduced down payment to
10 percent (except on autos); increased maturity to 24
months on all listed articles.
Surrounding Circumstances
-
Consumer buying pressures had moderated significantly;
many commodities covered by regulation in larger supply;
consumer installment credit expanding less rapidly than
formerly; general inflationary pressures had abated some
what.
Source:
Joint Committee on the Economic Report
Monetary Policy and the Management of the Public Debt (Patman Report) 1952,
Page 226.
FEDERAL RESERVE SYSTEM
POLICY ACTION
May 1949 to September 1949
Apparent Intent - Expansionary
Open Market Operations
Reserve Requirements
-
Reduced on demand deposits by 4 percentage points; on
time deposits by 21/2 percentage points. Changes in
several steps.
-
Recession in business and prices. Credit policy aimed
at encouraging a high level of business activity, but
avoiding conditions of such ease as would prevent needed
adjustments or encourage undue expansion.
Selective Regulations
Surrounding Circumstances
Source:
Joint Committee on the Economic Report
Monetary Policy and the Management of the Public Debt (Patman Report) 1952,
Page 226.
POLICY ACTION
FEDERAL RESERVE SYSTEM
1949
November 1949 to June 1950
Aoparent Intent - *Festrictive
**For nther purposes
Open Market Onerations
-
of long-term Treasury bonds.
*Sold $1.5 billion
of short-tei m Government
**Bought a net of $1.6 billion
portfolio.
change in total
Little
securities.
-
*Sales of bonds to meet market demand for long-term
and discourage over-extension of private
securities
long-term financing.
**Operations designed to nllow money market to firm
moderately in response to increased demand for funds,
as business recovery gained momentum and signs of in
flationary nressures reappeared, and at same time to
in yields on both
Slight rise
* id Treasury refunding.
short-term and long-term securities.
Discount Pate
Moral Sussion
Selective Pegulations
Surrounding Circumstances
Source:
Joint Committee on the Economic Peport
Monetary Policy and the Management of the Public Debt (Pt
http://fraser.stlouisfed.org/Pase 22.
Federal Reserve Bank of St. Louis
rnn Penort)
1992,
@FedFRASER