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UNITED STATES GOVERNMENT EXECUTIVE OFFICERS President - 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 - - James V. Forrestal Julius A. Krug - Clinton P. Anderson, Charles F. Brannan -, W. Averell Harriman, - Lewis B. Schwellenbach, Charles W. Sawyer Maurice J. Tobin - Jesse L. Donaldson Tom C. Clark 24, 1938) .___ 1948 .__ __ -_._____ _ ___ U.S. GOV E RNMENT January SENATE Banking and Currency Committee 80th Congress Republicans TOBEY, Charles W. BUCK, C. Douglass CAPEHART, Homer E. FLANDERS, Ralph E. CAIN, Harry P. BRICKER, John W. McCARTHY, Joseph R. Democrats New Hampshire WAGNER, Delaware Indiana Vermont Washington Ohio Wisconsin MAYBANK, Burnet R. TAYLOR, Glen H. FULBRIGHT, J.William ROBERTSON, A.Willis SPARKMAN, John J. Robert F. New York South Carolina Idaho Arkansas Virginia Alabama -.--- -------- I U. S. G January V E RN ME NT HOUSE OF REPRESENTATIVES C ~ Banking and Currency Committee I 80th Congress D~Mocrats Rspublicans WOLCOTT, Jesse P. GAMBLE, Ralph A. SMITH, Frederick C. KUNKEL, John C. TALLE, Henry 0. SUNDSTROM, Frank L. Michigan New York McMILLEN, Rolla C. Illinois KILBURN, Clarence E. New York Nebraska BUFFSTT, Howard H. COLE Albert M. HULL, Merlin STRATTON, William G. SCOTT, Hardie BANTA, Parke M. FLETCHER, Charles K. FOOTE, Ellsworth B. Ohio Pennsylvania Iowa New Jersey Kansas Wisconsin Illinois Pennsylvania Missouri California Connecticut SPENCE, Brent BROWN, Paul PATMAN, Wright MONRONEY, A. S. Mike FOLGER, John H. HAYS, Brooks RILEY, John J. RAINS, Albert BUCHANAN, Frank BOGGS, Hale MULTER, Abraham J. Kentucky Georgia Texas Oklahoma North Carolina Arkansas South Carolina Alabama Pennsylvania Louisana New York 19h8 FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS M. S. Spymcsak Thomas B. McCabe, Chairman Ernest G. Draper R. M. Evans James K. Vardaman, Elliott Thurston, Asst. to the Board Winfield W. Riefler, Asst. to Chrman of Board (eff. Jr. Lawrence Claytorn Chester Morrill, Special Adviser to Board of Gov. in May) Office of the Secretary S. R. Carpenter, Secretary Bray Hammond, Asst. Secretary Merritt Sherman, Asst. Sec. Di n of ainations Division of Robert F. Leonard, Director (up to 9/1) Edwin R. Millard, Director ( e ff, Sept. 1) Legal Division George B. Vest, General Counsel J. Leonard Townsend, Associate Gen. Counsel Edwin R. Millard, Asst. Dir. (up to 9/1) George S. Sloan, Asst. Dir. Clarence C. Hostrup, Asst. Dir. (eff. Dec. 12) (up to Dec. 6) Frederic Solomon, Asst. Gen. Counsel (eff. 8/16) Diviion of Security Loans John C. Baumann, Asst. Gen. Counsel (off. 8/6) Carl E. Parry, Director (retired Mar.31) Division of Research and Statistics Operations Bank of Division Woodlief Thomas, Director Edwin L. Sead, Director Ralph A. Young, Associate Director Robert F. Leonard, Associate 16) Frank A. Southard, Jr. Associate Dir. (eff. Aug. J. Burke Knapp, Asst. Dir.(Res. May 28) Bonnar Brown, Asst. Dir.(res. Oct. 15) (turn over) Director (eff. 9/1) J. R. J. E. Horbett, Asst. Dir. Van Fossen, Ast. Dir. Lowell Myrick, Asst. Dir. Division of Personnel Administration Fred A. Nelson, Director Division of Administrative Services Listen P. Bethea, Director Gardner L. Boothe, II, Assistant Director Office of the Solicitor J. Leonard Townsend, Solicitor (Eff. December 6) SYSTB LESERV FEDERAL R[ESERVE SYSTEM FEDERAL ADIVISORY COUNCIL District No. 1 (Boston) Chas. District No. 2 (New York) W. Randolph Burgess E. Spencer, Jr., District No. 3 (Philadelphia) David E. Williams District No. 4 (Cleveland) John H. McCoy Fleming, Second Vice President District No. 5 (Richmond) Robert V. District No. 6 (Atlanta) J. T. Brown District No. 7 (Chicago) Edward E. Brown, District No. 8 (St. Louis) James H. Penick District No. 9 (Minneapolis) Henry E. Atwood District No. 10 (Kansas City) James M. Kemper District No. 11 (Dallas) J. District No. 12 (San Francisco) Reno Odlin First Vice President President E. Woods Herbert V. Prochnow, Secretary FEDERAL RESERVE SYSTEM FEDERAL OPEN MARKET COMMITTEE 1948 Marriner S.Eccles,Chairman Allan Sproul, Vice Chairman Lawrence Clayton Ernest G.Draper R. M.Evans R. R. Gilbert C. S. Young H. G. Leedy M. S.Szymczak James K. Vardaman, Jr. Alfred H. Williams Chester Morrill, Secretary S. R.Carpenter,Assistant Secretary George B. Vest,GeneralCounsel J. Leonard Townsend, Assistant General Counsel Woodelief Thomas, Economist Karl R. Bopp, Asociate Economist Watrous H. Irons,Associate Economist John K. Langum, Associate Economist T. Bruce Robb, Associate Economist John H.Williams,Associate Economist Robert G.Rouse, Manager of System Open Market Account " J- Federal Reserve Bank of Boston (Dist. 1) OFFICERS - President First Vice President Vice Laurence F. Whittemore (res. Oct. I) Joseph A. Erickson (eff, in Dec.) William Willett Presidents Robert B. Harvey Ellis G. Hult Carl B. Pitan Earle 0, Latham Roy F. Van Amringe Alfred C. Neal Oscar A. Schlaikjer Chairman and Federal Reserve Agent Deputy Chairman Albert M. Creighton S Harold D. Hodgkinson Federal Reserve Bank of Boston (Dist. 1) DIRECTORS Class A DODGE, Leon A. (Damariscotta, Me.) STAMM, Earle W. (New London, Conn.) FORBES, Allan (Boston, Mass.) Tern Expires Dec. 31 1948 19h9 195O (re-elected) Class B BLACKALL, Frederick S. (Jr.) Woonsocket, R.I.) PATRICK, Roy L. (Burlington, Vt.) ALLEN, Philip R. (E. Walpole, Mass.) 1918 1949 1950 (re-elected) Class C STEVENS, Ames (Lowell Mass.) HOnGKINSON, Harold D. (Boston, Mas.) Deputy Chran. CREIGHTON, Albert M. (Boston, Mass.) Chran &FR Agt. 1948 (eff. July 26) 1949 1950 (re-appointed) Federal Reserve Bank of New York (Dist. 2) OFFICERS President - First Vice President - Allan Sprol Leslie R. Rounds Vice Presidents Edward 0. Douglas Arthur Phelan Herbert H. Kiaball L. Werner Knoke Walter S. Logan Harold V. oelse Robert G. Rouse Valentine Willis Reginald B. Wiltse Chairman and Federal Beserve Agent - Robert T, Stevens Deputy Chairman - Williau I. Meyers Federal Reserve Bank of New York (Dist. 2) DIRECTOMR Clasa A LSON, Howard A. (Fulton, N.Y.) ALDRICH, Winthrop W. (New York, N.Y.) WORDEN, Frederio E. (A arn, N.Y.) Tern Expires Dec. 31 1948 1949 1950 (elected) Class B CONWAY, Carle C, (New York, N.Y.) BROWN, Lewis H. (New York, N.Y,) ADAMS, Charles E. (New York, N.Y.) 198 1949 19jo (re-elected) Class C CALKINS, Robert D. (New York, N.Y.) STIVENS, Robert T. (New York, N.Y.) Chrnan & FR Agt. YERS, William I. (Ithaca, N.Y.) Deputy Chrman. 1919 1950 194i8 (eff. May 19) 1948 Federal Reserve Bank of Philadelphia (Dist. 3) OFFICERS President Alfred H. Williams First Vice President - W. J. Davis Vice Presidents Ernest C. Hill William G. McCreedy Karl R. Bopp P. M. Poorman Robert N. Hilkert Chairman and Federal Reserve Agent Deputy Chairman S Thomas B. MCabe (up to Apr. 15) Warren F. Whittier Federal Reserve Bank of Philadelphia (Dist. 3) DIEBCTORS Class A REILY, George W. (Harrisburg, Pa.) HENNING, John B. (Takhannock, Pa.) SWIFT, Archie D. (Philadelphia, Pa.) Term Expires Dec. 31 1948 1949 1950 (elected) Class B FROST, Albert 0. (Canden, N.J.) MEINEL, Willian J. (Philadelphia, Pa.) LIPPINCOTT, Walter H. (Wilmington, Del.) 1948 1949 195o0 (elected) Class C * McCABE, Thomas B. (Chester, Pa.) Chrman & FR Agt. WHITTIER, Warren F. (Chester Springs, Pa.)Dep.Chrman. BALDERSTON, C. Canby (Philadelphia, Pa.) 19148 (up to Apr. 15) 1949 1950 (re-elected) * On April 15, Mr. McCabe was appointed Chairman of the Board of Governors. Federal Reserve Bank of Cleveland (Dist, 4) OFFIMCER President - First Vice President - Ray M. Gidney Wm. H. Fletcher Vice Presidents W. D. Fulton John W. Kossin Alfred H. Laning Benedict J. Lasar Martin Morrison D. S. Thompson Chairman and Federal Reserve Agent George C. Brainard Deputy Chairman Reynold E. Klages - - ;----~3 1 Federal Reserve Bank of Cleveland (Dist. 4) DIRECTORS Class A CONNER, Ben R. (Ada, Ohio) BAINER, John D. (Meadville, Pa.) ROHR, John T. (Toledo, Ohio) Term Expires Dec. 31 1968 1919 1950 (elected) Class B BONLBY, Joel M. (Cincinnati, Ohio) WRIGHT . Ross Pier (Erie, Pa.) LUND, L. H. (Pittsburgh, Pa.) 1948 1949 1950 (elected) Class C KLAGES, Reynold E. (Colmbua, Ohio)Deputy Chairman BRAINARD, Geo. C. (Clevland, Ohio) Chran & FR Agt. BAKER, A. 2. (Cleveland, Ohio) 1948 199 1950 (re-appointed) ___~i __j~l_~__l_ Federal Reserve Bank of Richmond (Dist. 5) OFPICERS President First Vice President - Hugh Leach - J. S. Walden, Jr. Vice Presidents Edward A. Wayne R. W. Merer E. A. Kincaid R. L. Cherry Claude L. Guthrie C. B. Strathb W. R. Milford Chairman and Federal Reserve Agent Deputy Chairman W. G. Wysor Charles P. McCoraick Federal Reserve Bank of Richmond (Dist. 5) DIRECTORS Tern Expires Dec, 31 Class A HARRISON, James D. (Baltimore, Md.) JOHNSON, Warren S. (Wilmington, N.C.) SYDiESTRICKER, John A. (Marlinton, W.Va.) 1948 1919 1950 (re-elected) Class B REED, Charles C. (Richaoid, Va.) RUST, H. L. (Jr.) (Washington, D.C.) PAGE, Cary L. (Wellford, S.C.) 1948 1949 1950 (re-elected) Class C WrSOR, W. G. (RIhrond, Va.) Chairman & FR Agt. TETTINIUS, Edward R. (Jr.) (Bapidan Va.) McCOiRICK, Charles P. (Baltimore, ld. 5 Dep. Chrman. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1 1948 1919 1950 (re-appointed) : Federal Reserve Bank of Atlanta (Dist. 6) OFFICERS President First Vice President - W. 8. McLarins Jr. L. M. Clark Vice Presidents V. K. Bowman J. R. Denmark Joel B. Fort, Jr. T. A. Lanford S. P. Schuessler P. L. T. Beavers E. P. Paris Chairman and Federal bserve Agent - Frank H. Neely Deputy Chairman - J. F. Porter Federal Reserve Bank of Atlanta (Diet. 6) DIRECTORS Class A WILLIAMS, R. C. (Atlanta, Ga.) COOK, W. D. (Meridian, Miss.) WHITE, George J. (Mount Dora, Fla.) Term Expires Dec' 31 1948 19k9 1950 (re-elected) Class B MoCRAtr, J. A. (Atlanta, Ga.) COMER, Donald (Birmingha, Ala.) IREMUAN, A. B. (New Orleans, La.) 1948 19h9 1950 (elected) Class C PORTER, J. F. (Colmbia, Tenn) Deputy Chairman HARRIS, Rufus C. (New Orleans La. NEELY, Frank H. (Atlanta, Ga. Chran & FR Agent 1948 1949 1950 (re-appointed) Federal Reserve Bank of Chicago (Dist. 7) OFFICERS - President First Vice President - C. S. Young C. B. Dunn Vice Presidents 0. A. A. W. N. B. Dawes W. R. E. C. J. K. Allan Dieraks Harris Langua M. Black J. L. T. W. Netterstrom Olson Sihler Turner Chairman and Federal Reserve Agent - Clarence W. Avery Deputy Chairman - Paul G. Hoffman Federal Reserve Bank of Chicago (Dist. 7) DIICTORS Term Expires Class A CUMMINGS, Walter J. (Chicago, li.) FRNCH, Horace S. (Chicago, I1.) JOHNSON, Vivian W. (Cedar Falls, Iowa) Dec. 31 1948 1949 1950 (re-elected) Class B HEaTH, William C. (xilwaukee, wis.) GREDE , William J. (Milwaukee, Wis.) NOYES, Nicholas H. (Indisnapolis, Ind.) 1948 1949 1950 (re-elected) Class C AVEWR, Clarence W. (Detroit, Mich.) Chairman & FR Agt. 1948 HOFFIAN, Paul G. (South Bend, Ind.) Deputy Chrman. KLINE, Allan B. (Chicago, Il.1) 1969 1950 (re-appointed) Federal Reserve Bank of St. Louis (Dist. 8) OFFICERS President - First Vice President Chester C. Davis - F. Guy Hitt Vice Presidents Olin N. Attebery William H. Stead Wa. E. Peterson C. M. Stewart Chas. A. Schacht Paul E. Schroeder Chairman and Federal Reserve Agent - Russell L. Dearmont Deputy Chairman - William H. B ce Federal Reserve Bank of St. Louis (Dist. 8) DIRECTORS Term Expires Dec. 31 Class A CHAPPELL, Phil E. (Hopkinsville, Ky.) CORLIS, G. R. (Anna, Ill.) SMITH, Tom K. (St. Louis, Mo.) 1948 1949 1950 (re-elected) Class B SHAPLEIGH, A. Wessel (St. Louis, Mo.) 198 ENGEL, K. August (Little Rock, Ark.) RUTHENBURG, Louis (Evansville, Ind.) 1949 1950 (re-elected) Class C REDMAN, J. P. (Cairo, Ill.) 19 4 8 DEARMONT, Rassell L. (St. Louis, Mo.) Chairman & FR Agt.1949 BRYCE, Wm. H. (Memphis, Tenn.) Deputy Chairman 1950 (off. March 23) Federal Reserve Bank of Mnneapolis (Dist. 9) OFFICERS President First Vice President - John N. Peyton - Oliver S. Powell Vice Presidents Harry I. Ziemer Harold G. McConnell Sigurd Ueland Albert W. Mills Otis R. Preston R. E. Towle Chairman and Federal Beserve Agent Deputy Chairman - Roger B. Shepard - W. D. Cochran Federal Reserve Bank of Minneapolis (Dist. 9) DIRECTORS Term Expires Class A Dec. MoCATNEY, F. D. (Oakes, N.D.) HILL, Clarence E. (Miunneapolis McKNIGHT, J. R. (Pierre, S.D.) Mnn.) 31 1948 1950 (re-elected) Class B LANGE, Ray C. (Chippmea Falls, Wis.) CLARK, omer P. (St. Paul, Minn.) McLEOD, Walter H. (Missoula, Mont.) 1948 199 1950 (elected) Class C MILLER, Paul E. (Minneapolis, Minn.) 1948 COCHRAN, W. D. (Iron Mountain, Mich.) Dep. Chraan 1949 SHEPARD, Roger B. (St. Paul, Minnesota)Chrman & FR Agt.1950 (re-appointed) Federal Reserve Bank of Kansas City (Dist. 10) OFFICERS President First Vice President - H. Leedy Henry 0. Koppang Vice Presidents D. W. Woolley Delos C. Johns John Phillips, Jr. C. E. Sandy L. H. Earhart G. H, Pipkin R. L. Mathes Chairman and Federal Reserve Agent Deputy Chairman Robert B. Caldwell - Robert L. Mehornay 1948 Federal Reserve Bank of Kansas City (Dist. 10) DIfRCTOB8 Term Expires Deo. 31 Class A DINES, T. A. (Denver, Colo.) LIMBOCIER, oM A. (Euporia, Kans.) BUNTEN, W, L. (Ooodland, Kans.) 1948 1949 1950 (re-elected) Class B HOSFORD, Willard D. (Omsha, Neb.) BERNARDIN, J. m. (Kansas City, bo.) HUTSON, L. C. (Chickasha, Okla.) 1948 1949 1950 (re-elected) Class C HAGUE, Lyle L. (Cherokee, Okla.) 1918 CALDWELL, Robert B. (Kansas City, Mo.) Chrman & FR Agt.1949 MEHORNAY, Robert L. (Kansas City, Mo.) Deputy Chrman 1950 (re-appointed) 1948 Federal Reserve Bank of Dallas (Dist. 1l) OFFICERS President - R. R. Gilbert First Vice President - W. D. entry Vice Presidents E. B. Austin R. B. Coleman L. G. Pondrom W. H. Holloway Mac C. Sayth H. R. De Moss W. H. Irons W. E. Eagle C. M. Rowland Chairman and Federal Reserve Agent Deputy Chairman - J. R. Parten - R. B. Anderson __ Federal Reserve Bank of Dallas (Dist. 11) DIRECTORS Class A Term Expires Dec. 31 NAPIER, Walter P. (San Antonio, Tex.) McLAUGHLIN, J. Edd. (Balls, Texas) 1948 PETERSON, W. L. (Denison, Texas) 1950 (elected) 1949 Class B MILAM, J. R. (Waco, Texas) MacGREGOR, George L. (Dallas, Texas) BEALL, W. F. (Jacksonville, Texas) 1948 1949 1950 (re-elected) Class C ANDERSON, R. B. (Vernon, Texas) Dep. Chairman PARTEN, J. R. (Houston, Texas) Chairman & FR Agent FRIERSON, G. A. (Shreveport, La.) 1948 1949 1950 (re-appointed) Federal Reserve Bank of San Francisco (Dist. 12) OFFICERS President First Vice President - C. E. Earhart - H. N. Mangels Vice Presidents Albert C. Agnew W. N. Ambrose D. L. Davis H. F. Slade W. F. Volberg J. M. Leisner W. L. Partner C. R. Shaw 0. P. Wheeler Chairman and Federal eserve Agent Brayton Wilbur Deputy Agent Harry R. Wellman _ ~______ _ __I___ ____ _ __ ~______I __ Federal Reserve Bank of San Francisco (Dist. 12) DIRECTORS Class A BYRD, Carroll F. Term Expires Dec. (Willows, Calif.) CROCKER, William W. (San Francisco, Calif.) STEWART, Chas. H. (Portland, Ore.) 31 19h8 1949 1950 (re-elected) Class B TAYLOR, Reese H. (Los Angeles, Calif.) JOHNSON, Walter S. (San Francisco, Calif.) HOLDEN, St. George (San Francisco, Calif.) 1948 1949 195o (re-elected) Class C WELLMAN, Harry R. (Berkeley, Calif.)Deputy Chrman 1948 WILBUR, Brayton (San Francisco, Calif.)Chraan & FR Agt.19h9 WALLACE, Wa. R. (Jr.) (San Francisco, Calif.) http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L 1950 (appointed) ____ ~C~ HEARINGS Mar. 3,10,11,24 U.S.Congress. Senate. Banking and currency committee. Confirmation of Thomas B.McCabe: 50th,2nd sess. on confirmation HEARINGS ... of Thomas Bayard McCabe. of Pennsylvania, to be a member of Board of Governors of the Federal Reserve "ystem, Mar't 3,10,11,24 Wash.,Govt.ptg.off.,1948. and 30, 1949. PG 2562 .A2 194g 205 p. Testimony: McCabe,T.B. F.R.Bd.L. Mar. 10,pp.49-59; Mar.24,ppl49-175 Mar.30, pp.192-205 HEARINGS Joint committee on the economic Apr.13,16 May 12,13,27 HC 106.5 .A21 1948 U.S.Congress. report. Credit-policies: HEARINGS...80th, 2d sess. pursuant to Sec.5(a) of PEblic Law #304 (79th cong.) April 13, 16, May 12, 13, and 27, 1948 Wash., Govt.ptg.off., 1948 152 p. Apr. 13 pp. 1-53 Eccles, M.S.(Bd.mbr) TestiMay 27 pp. 131 Riefler, W.W. (FRBd) mony: May 27 pp. 131-137, Thomas , W. (FRBd) 150 Bopp, Karl R. (FRBkPhilly)May 27 pp. 138-150 May 12 pp. 87-110 Sproul, Allan (FRBd NY) F.R.Bd.L. July 29,30 Aug. 2,3,4 HG U.S.Congress. House. Banking and currency committee. 229 Inflation control: HEARING...80th cong. 2nd .A21 sess. on S.J.Res. 157, joint resolution to aid 1948 in protecting the nation's economy against inflationary pressures, July 29, 30, Aug. 2, 3, and 4, 1948. Wash., Govt.ptg.off., 1948 290 p. TestiMcCabe, T.B.(ChmnBd) July 30 pp. 85-162 mony: Eccles, M.S. (Ba,mbr) Aug. 3 pp. 164-217 Evans, R.M. (FRB) Aug. 3 pp. 85, 109, 279 July 30 pp. 85 Thomas, W. (FRB) F.R.Bd.L. HEARINGS 1948 May 25 National bank real estate loans in which Reconstruction Finance LEGISLATION Corporation participates. Section 24 of the Federal Reserve Act was amended so as to exempt loans made to established industrial or commercial businesses in which the RFC co operates or purchases a participation, from the limitations vith respect to the amounts and maturities of real estate loans which may be made by national banks. The purpose of this amendment was to continue in effect a similar ex ception previously provided in the law which had been eliminated when the Re construction Finance Corporation Act was completely revised. (62 Stat. 265.) 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. 1948 August 16 Consumer instalment credit. LEGISLATION The authority of the Board of.Governors of the Federal Reserve System to regulate consumer credit, in accordance with Executive Order No. 8843, which had terminated on November 1, 1947, was extended for a period ending June 30, 1949, insofar as it relates to instalment credit. (62 Stat. 1291.) Reserves of member banks. Section 19 of the Federal Reserve Act was amended to authorize the Board of Governors of the Federal Reserve System to increase the reserves required to be maintained by member banks, during a period ending June 30, 1949, to a maximum of 7-1/2 per cent against time deposits, and to not more than 30 per cent for central reserve city banks, 24 per cent for reserve city banks, and 18 per cent for other member banks, against demand deposits. (62 Stat. 1291.) (Joint Resolution) 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. FEDERAL RESERVE SYSTEM 1948 1948 August January 1948 to - Nov.1947 to Mar.1948) (See also 19 POLICY ACTION Apparent Intent - Restrictive acceptances raised (August). Open Market Operations - Buying rate on bankers' Discount Rate - Raised from 1 to 11/2 percent at all Banks. Moral Suasion - ......... Reserve Requirements - ................ Surrounding Circumstances - Part of an anti-inflationary program designed to keep pressure on member bank reserves and thereby to restrain expansion of bank credit and at the same time continue the policy of stabilizing the long-term rate on Government bonds. Source: Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 225. FEDERAL RESERVE SYSTEM 1948 POLICY ACTION February 1948 to September 1948 Apparent Intent - Restrictive For other purposes - Bought $2 billion Government securities in September including $1.5 billion bonds and $500 million bills, certificates, and notes. Reserve Requirements - Raised on demand deDosits from 20 to 26 percent at central reserve city banks; 20 to 22 percent at reserve city; and 14 to 16 percent at country banks; on time deposits from 6 to 71/2 percent at all banks. Surrounding Circumstances - Reserve requirement action to help absorb additional reserves made available by gold inflow and by Federal Reserve ourchases in support of the market for Government securities. Congress provided authority (until June 30, 1949) for increases in reserve requirements above those otherwise authorized. Securities purchased in open market to maintain the stability of the market and to assist temporarily in the adjustment of member banks to increased Open Market Operations Discount Rate Moral Suasion Source: Joint Committee http://fraser.stlouisfed.org/ Policy Monetary Federal Reserve Bank of St. Louis reserve requirements. on the Economic Report and the Management of the Public Debt (Patman Report) 1952, P.225 1948 September 1948 FEDERAL RESERVE SYSTEM POLICY ACTION Apparent Intent - Restrictive Open Market Operations Reserve Requirements - Selective Regulations - On installment credit for a list of consumer durable goods reimposed down payment of 20-331/3 percent; max imum maturity 15-18 months; same maturity on installment loans. Surrounding Circumstances - Congress restored (until June 30, 1949) Board's authority to regulate consumer credit, which it had terminated in November 1947. Consumer installment credit was expanding at a rate of $2 billion a year; this growth was contribu ting to inflationary pressures. Regulation as reestab lished affected about 70 percent of consumer installment credit. Source: ... ......... Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 226. LITIGATION 1948 Certification by Reserve Bank Not Reviewable by 4.305. The plaintiff imported hides from Brazil in 1935. Court.In liquidating the entry, the Collector converted the cur rency of the invoice (Brazilian milreis) into United States dollars at a rate ($.08 3 74 ) which had been certified to the Secretary of the Treasury by the Federal Reserve Bank of New York, acting under section 522(c) of the Tariff Act of The plaintiff protested, claiming that the rate was 1930. The plaintiff served a subpoena "erroneous and improper." duces tecum upon the Federal Reserve Bank, seeking produc certifica of the records upon which its tion at the trial tion had been based. The court quashed the subpoena, on motion of the Federal Reserve Bank, on the ground that its action in cer tifying such rates is not subject to judicial review. Armand Schmoll, Inc. v. United States. 20 Cust. Ct. 137; C. D. 1097 (U. S. Customs Court, Third Division, 1948). LITIGATION %186 Suit to Bnjoin Enforcement of Membership Condition See under 1944 LITIGATION 9.185
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