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UNITED EXECUTIVE President GOVERNMENT STATES OFFICERS Harry S. Truman (succeeded F. D, Roosevelt on April 12, 1945) Secretary of Treasury - Fred I. Vinson (appointed July 23, 1946, served until Jan. 23, 1946) John W. Snyder (appointed June 24, 196) Comptroller of Currency Secretary of State Secretary of War Secretary of Navy 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) James F. Byrnes, George C. Marshall Robert H. Patterson, Kenneth C. Royall James V. Forrestal James V. Forrestal Julius A. Krug Clinton P. Anderson W. Averell Harriman Lewis B. Schwellenbach Robert E. Hannegan, Jesse L. Donaldson Tom C. Clark U. S. G V E RNMENT SENATE Banking and Currency Committee 80th Congress Rephblicans TOBEY, Chalres W. BUCK, C.Douglass CAPEHART, Homer E. FLANDERS, Ralph E. CAIN, Harry P. BRICKER, John W. McCARTHY, Joseph R. Democrats New Hampshire Delaware Indiana Vermont Washington Ohio Wisconsin WAGNER, Robert F, MAYBANK, Burnet R. TAYLOR, Glen H. FULBRIGHT, J.William ROBERTSON, A.Willis SPARKMAN, John J. New York South Carolina Idaho Arkansas Virginia Alabama 1947 U. S. G OV ERNM E N T June HOUSE OF REPRESENTATIVES Banking and Currency Committee 80th Congress Republicans WOLCOTT, Jesse Pb GAMBLE, Ralph A. SMITH,Frederick C. KUNKEL, John C. TALLE, Henry 0, SUNDSTROM, Frank L. McMILLEN, Rolla C. KILBURN, Clarence E. BUFFETTP Howard H. COIL, Albert M. Democrats Michigan New York Ohio Pennsylvania Iowa New Jersey Illinois New York Nebraska Kansas STRATTA' William G. Wisconsin Illinois SCOTT, iHadie BANTA, Parke MII FLETCHER, Charles K. FOOTE, Ellsworth B. Pennsylvania Missouri California Connecticut HULL, :Ierin SPENCE, Brent BROWN, Paul PATMAN, Wright MONRONEY, A. S. Mike FOLGER, John H. HAYS, Brooks RILEY, John J. RAINS, Albert O'TOOLE, Donald L. BUCHANAN, Frank BOGGS, Hale Kentucky Georgia Texas Oklahoma B6rMH Carolina Arkansas South Carolina Alabama New York Pennsylvania Louisana FEDERAL RESERVE SYSTEM BOARD OF GOVEIORS Bonald Ransom, Vice Chairman Marriner S. Eccles , Chairan (died Dec. 2) M. S. Szymcsak R. M. Ernest G. Draper Elliott Thurston, Aseiatant to the ChairUan Leo . aulgo, rEans James K. Vardaman, Jr. Speeal Advisor to the Board Chester Mrrill, Special Advisor to the Board (retired April 1) Office of the Secreta S* R Carpenter, Secretary Bray Hammond, Asst. Sec. Merritt Sherman, Asst. Sec* Legal Division George B. Vest, General Counsel J. Leonard Townsend, Asst. Gen. Counsel Division of Research and Statistics Woodlief Thomas, Director Ralph A. Young, Asst. Dir, Chandler Morse, Asst. Dir. (res. in Oct.) J. Burke Knapp, Asst. Dir. Bonnar Brown, Aast. Dir. (eff. Oct. 20) Division of xaminations Robert F. Leonard, Director Edwin R. Millard, Asst. Dir. George S. Sloan, Asst. Dir. Division of Bank Operations Edward L. Ssad, Director J. R. Van Fossen, Asst. Dir. J. E. Horbett, Asst. Dir. Lowell Myrick, " " (eff. Nov. U) Division of Security Loans Carl E. Parry, Director Bonnar Brown, Asst. Dir. (Up to Oct 20) Division of Personnel Administration Fred A. Nelson, Director Division of Administrative Services Liston P. Bethea, Director Gardner L. Boothe, II, Asst. Dir. FEDERAL RESERVE SYSTEM FEDERAL ADVISORY COUNCIL 1947 District No. 1 (Boston) Charles E. Spencer, Jr., Vice Presi District No. 2 (New York) W. Randolph Burgess District No. 3 (Philadelphia) David E. Williams District No. 4 (Cleveland) John H. McCoy District No. 5 (Richmond) Robert V. Fleming District No. 6 (Atlanta) J. T. Brown District No. 7 (Chicago) Edward E. Brown, President 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) Ed H. Winton District No. 12 (San Francisco) Reno Odlin Walter Lichtenstein, Secretary FEDERAL RESERVE SYSTEM FEDERAL OPEN MARKET COMMITTEE 1947 Marriner S.Eccles, Chairman Allan Sproul, Vice Chairman Ernest G.Draper R. M. Evans Hugh Leach J. N. Peyton W.S.McLarin, Jr. Ronald Ransom C. S. Young M. S. Szymczak James K.Vardaman, Chester Morrill, Secretary S.R. Carpenter, Assistant Secretary George B. Vest, General Counsel J. Leonard Townsend,Assistant General Counsel Woodlief Thomas, Economist E. A. Kincaid, Associate Economist John K. Langum, Associate Economist Earle L. Rauber, Associate Economist 0. P. Wheeler,Associate Economist John H. Williams,Associate Economist Robert G. Rouse, Manager of System Open Market Account Jr. - --Lila I --.- Federal Reserve Bank of Boston (Dint. 1) OFFICERS President - Pirst Vice President Laurence F. Whittemore SWilliam Willett Vice Presidents Robert B. Harvey Ellis G. Holt Carl B. Pitman Oscar A. Schlaikjer Earle 0. Lathax Roy F. Van Aaringe Chairman and Federal Reserve Agent - Albert M. Creighton Deputy Chairman - Donald K. David II: -~ ; Federal Reserve Bank of Boston (Dist. 1) DIREGMRS Tnn Expires Dec. 31 Class A PORBBE, Allan (Boston, Mass.) DODGE, Leoa A. (Daarisctta, Me.) * HOLMES, Allen W. (Mdd.ltown, Conn.) * STAN, Earle W. (New London, Bonn.) 1947 1948 1949 (died July 7) 1919 (off. Oct. 25) Class B ALLEN. Philip R. (E. Walpole, Mass.) BLICKAIL, (Jr.) Frederick S. (Woonsocket, PATRICK, Boy L. (Burlington, Vt.) R.I.) 19h7 1918 1919 (re-elected) Class C CREIGHTON, Albert M. (Bostn, Mass.) Chairman & FR Agt. 1947 DAVID, Donald K. (Bosten, Mass.) Deputy Chairman HODGKINSON, Harold D. (Boston, Mass) 1948 1949 Federal Reserve Bank of New York (Dist. 2) OPWICERS - First Vice President - Allan Sproul Leslie R. Rounds Vice Presidents J. W. Jones Edward 0. Douglas Herbert H. KIAball Arthur Phelan Harold V. Roelse Robert G. Rouse L. Wnener Knoke Walter S. Logan Valentine Willi Reginald B. Wiltee Chairman and Federal Reserve Agent Deputy Chainm - vacaney - William I. Myer Federa l Reserve Bank of NEW YORK 1947 (Diet, 2) DIRECTORS Term Began Dec. 31 Term Ended 1/1/45 1947 1/1/46 1948 1/1/47 1949 1/1/45 1947 1/1/46 1948 (New York) 1/1/47 1949 (Ithaca) 1/1/46 1948 (Deputy Chairman) 1/1/47 1949 (reappointed) CLASS A POND, Harry H. (Plainfield) Howard A. (Fulton) WILSON, ALDRICH, Winthrop V. (New York) CLASS B ADAMS, Charles E. CONWAY, Carle C. BROWN, Lewis H. (New York) (New York) CLASS C MYERS, William I. CALKINS, Robert D. (New York) i 197 Federal Reserve Bank of hiladelphia (Dist. 3) OFFICERS Preesrent Alfred H. Willam -i First Vice President - W. J. Davis Vice Presidents Bobert N. Hilkert Karl R. Bopp P. M. Poorman C. A. Mclhenny Ernest C. Hill William G. McCreedy Chairm and Federal Reserve Agent Deputy Chairman Thomas B. McCabe - Warren F. Whittier Federal Reserve Bank of Philadelphis (Dist. 3) DIRCETORS Class A LOEB, Howard A. (Philadelphia, Pa.) RBILI, George W. (Harrisburg, Pa.) HENNING, John B. (Tunkhannock, Pa.) Tera Expires Dec. 31 1947 1948 1910 (re-elected) Class B HIGGINS, Charles A. (ilaiington, Del.) FROST, Albert G. (Caaden, New Jersey) MEINEL, William J. (Philadelphia, Pa) 1947 1948 1949 (re-elected) Class C BALDERSTON, C. Canby(Philadelphia, Pa.) 1947 McCABB, Thorns B. (Chester, Pa.) Chairman & FR Agent 1948 WHITTIER, Warren F. (Chester Springs, Pa.) Dep.Chrman. 1949 (re-appointed) Federal Reserve Bank of Cleveland (Dist. 4) OFFICE S President Ray M. Gidney First Vice President - William H. Flether Vice Presidents W. D. Fulton John W. Kossin Alfred H. Laning Benedict J. Lasar Martin Morrison D. S. Thompson Chairman and Federal eserve Agent Deputy Charman - George C. Brainard - eynold E. KIages 1 1917 Federal Reserve Bank of Cleveland (Dist. I) DIRI1OfM Tern kpires Class A Dee. BROOKS, F. F. (Pittsburgh, Pa.) CON~BE, B. R. (Ada, Ohio) NcDWELL, H. B. (Sharon, Pa.) * MAINR, John D. (Meadville, Pa.) 31 1917 1948 1949 (died) 1949 (eff. June 13) Class B CRABBS, George D. (Cincinnati, Ohio) MILLSOP, Thomas E. (Weirton, W.Va.) WRIGHT, Ross Pier (Brie, Pa.) 1947 1948 1949 (re-elected) Class C BAKER, A. Z. (Cleveland, Ohio) KLAGES, Reynold E. (Coluabus, Ohio) Deputy Chairman BRAIKARD, Geo C. (Cleveland, Ohio) Chrmn & FR Agt. 1947 1918 1949 (re-appointed) Federal Reserve Bank of Richmond (Dist. 5) OFPICES President - First Vice President Hugh Leach J. S. Walden, Jr. Vice Presidents Edward A. Wayne R. W. Mereer E. A. Kincaid R. L. Cherry Claude L. Guthrie C. B. Strathy W. R. Milford Chairman and Federal eBserve Agent - W. G. Wysor Deputy Chairman - Charles P. McCormick Federal Reserve Bank of Richmond (Dist. 5) DIRECTORS Class A Term Expires Dec. 31 STDENSTRICKER, John A. (Marlinton, W.Va.) HARRISON, Jams D. (Baltimore, Md.) JOHNSON, Warren S. (Wilaington, N.C.) 1947 1948 1949 (re-eleted) Class B MALLOY, Edwin (Cheraw, S.C.) REED, Charles C. (Richmond, Va.) RUST, H. L. (Jr.) (Washington, D.C.) 1947 1948 1949 (re-elected) Class C MC CORMICK, Charles P. (Baltimore, Md.) Deputy Chrman WISOR, W. G. (Richmond, Va.) Chairman & FR Agent STETTINIUS, Edward R. (Jr.)(Rapidan, Va.) 1947 1948 1919 (off. Joly 7) -i Federal Reserve Bank of Atlanta (Dist. 6) OFFICERS President First Vice President W. S. McLarin, Jr. - L. M. Clark Vice Presidents P. L. V. I. Joel T. A. T. Beavers BoWman B. Fort, Jr. Lanford P. Schuesaler J. E. Denmark E. P. Paris S. Chairman and Federal Reserve Agent - Frank H. Neely Deputy Chairman - J. F. Porter 1947 Federal Reserve Bank of Atlanta (Dist. 6) DIRECTORS Class A WHITE, George J. (Mt. Dora, Fla.) WILLIAMS. R. C. (Atlanta, Ga.) COOK, W. D. ( Meridian, Miss.) Term Expires Dec, 31 1947 1918 1949 (re-elected) Class B GEORGE, Ernest T. (ew Orleans, La.) MoCdAI, J. A. (Atlanta, Ga.) COMER, Donald (Biringham, Ala.) 1947 1948 1949 (re-elected) Class C NEEU, Frank H. (Atlanta, Ga.)Chainan and FR Agent PORTER, J. F. (Columbia, Tenn.) Deputy Chairma HARRIS, REfus C. (New Orleans, La.) 1947 1948 19149 (re-appointed) Federal Reserve Bank of Chicago (Dist. 7) OFFICRM First Vice President http://fraser.stlouisfed.org/ iFederal Reserve Bank of St. Louis C. S. Young - President Charles B. Dura - Vice Presidents Allan N. B. W. R. J. H. E. C. J. 0. A. A. M. Black Dawes Diercks Dillard Harris Chairman and Federal Reserve Agent Deputy Chairman - K. J. L. T. Langua Netterstrom Olson Sihler Clarence W. Avery - Paul G. Hoffan Federal Reserve Bank of Chicago (Dist. 7) DIECTORS Term Expires Dec. 31 Class A JOHNSo(, Vilian W . (Cedar Falls, Iowa) CUMMINGS, Walter J. (Chicago, Ill.) FRENCH, Horace S, (Chicago, ll.) 1947 1918 19149 (re-elected) Class B NOTES, Nicholas H. (Indianapolis, Ind.) HEATH, William C. (Milwaukee, Wis.) AVER!, Clarence W. (Detroit, Mich.) GREDE, illiam J. (Milwaukee, Wis.) 1947 19148 1949 (up to Mar. 6) 19149 (off, April 22) Class C LELMAN, Simeon E. (Evanston, Ill.) AVER, Clarence W. Chairman & FR Agent HCFFMAN, Paul G. (South Bend, Indiana) Deputy Chrman 1917 19148 (off. March 16) 1949 (re-appointed) Federal Reserve Bank of St. Louis (Dist. 8) OFIOBRS President First Vice President - Chester C. Davis - F. Guy Hitt Vice Presidents William B. Pollard C. A. Sohacht William H. Stead C. M. Stewart Olin M. Attebery William E. Peterson Federal Reserve Agent and Chairman - Russell L. Dearant Deputy Chairman - Douglas W. Brooks Federal Reserve Bank of St. Louis (Dist. 8) DIRECTORS Class A SMITH, Tom K. (St. Louis, Mo.) CHAPPELL, ail E. (Hopkinsville, I~.) CORLIS, G. R. (Anna, Ill.) Term Expires Dee. 31 1947 1948 19i9 (re-elected) Class B RUTHENBUB, Louis (Evansville, Ind.) SHAPLEIGH, A. Wessel (St. Louis, Mo.) ENGEL, K. August (Little ock, Ark.) 1917 198 1949 (re-elected) Class C BROOKS, Douglas W. (Cairo, Ill.) Deputy Chairman REDMAN, J. P. (Cairo, Ill.) ARusell L. (St. Louis, Mo.) Chrman & FR Agt DEARMONT, 19k7 1948 1949 (re-appointed) i9I.8 l19 Federal Reserve Bank of Minneapolis (Dist. 9) OFFICERS President First Vice President - John N. Peyton - Oliver S. Powell Vice Presidents Albert W. Mills Obis R. Preston R. E. Towle Harry I. Ziemr Harold G. McConnell Sigurd Ueland Chairman and Federal Reserve Agent - Roger B. Shepard Deputy Chairman - W. D. Cochran Federal Reserve Bank of Minneapolis (Dist. 9) DIRECTORS Class A McKNIGHT, McCARTNEY, J. R. Term Expires Dec. 31 19h7 (Pierre, S. D.) F. D. (Oakes, N.D.) HILL, Clarence E. (Minneapolia, inn.) 1918 1949 (re-elected) Class B O'CONNELL, J. E. (Helena, Mont.) LANGE, Ray C. (Chippewa FAll, Wis.) CLARK, Homer P. (St. Paul, Minn.) 19h7 1948 1949 (re-elected) Class C SHEPARD, Roger B. (St. Paul, Minn.) Chrmn & FR Agt. MILLER, Paul E. (Minneapolis, Minn.) COCHR&N, I. D. (Iron Mountain, Mich.) Deputy Chrman 1947 1948 1949 (re-appointed) 19h7 Federal Reserve Bank of Kansas City (Dist. 10) OPFICERS President - First Vice President Vice H. G. Leedy Henry 0. Koppang Presidents D. W. Woolley John Phillips, Jr. Delos C. Johns G.. Pipkin R. L. Mathes L. H. Earhart Chairman and Federal Reserve Agent Deputy Chairman R. B. Caldwell Robert L. Mehorn Federal Reserve Bank of Kansas City (Dist. 10) DIRECTORS Class A BUNEN, W L. (Goodland, Term Expires Dec. 31 1947 1948 19h9 (re-elected) Kan.) DINES, T. A. (Denver, Colo.) LIMBOCER, M. A. (Emporia, Kans.) Class B 1947 1948 1949 (re-elected) HUTSON, L. C. (Chiekasha, Okla.) HOSFORD, Willard D. (Omaha, Neb.) BERNARDIN, J. M. (Kansas City, Mo.) Class C NMEORNAY, Robert L. (Kansas City, Mo.) HAGUE, Lyle L. (Cherokee, Okla.) CALDWELL, Robert B. (Kansas City, No.) Dep. Chrman 1947 1948 Chrman & FR Agt 1949 (re-appointed) Federal Reserve Bank of Dallas (Dist. 11) Prsident Firet Vioe Preident - R. R. Gilbert - W. D. Gwstr Vice Presidents R. B. Coleman Mac C. E. B. Austin L. G. Pondro W.H H Holloway W, . Eagle W. H. Irons H. R. De Moss myth Chairman and Federal Reserve Agent - J. R. Parten Deputy Chairman R. B. Anderson - 19k7 Federal Reserve Bank of Dallas (Dist. 11) DIRECTORS Class A WOODS, J. E. (Temple, Texas) NAPIER, Walter P. (San Antonio, Texas) McLAUGHLIN, J. Edd (alls. Texas) Term Expires Dec, 31 1947 1948 1949 (re-elected) Class B BEALL, W. F. (Jacksonvill Texas) MILAN, J. R. (Waco, Texas) acGREGOR, George (Dallas, Texas) 19h7 1948 (re-elected) Class C FRIESON, . A. (Frierson, La.) R. B. ANDERSON, (Vernon, Texas) Deputy Chairman PARTEN, J. R, ( Houston, Texas) Chrman & FR Agent 1947 198 1949 (re-elected) Federal Reserve Bank of San Francisco (Dist. 12) OPFICERS President First Vice President - C. E. Earhart - H. N. Mangels Vice Presidents W. D. J. W. N. L. M. L. Ambrose Davis Leianer Partner Chairmn and Federal Reserve Agent Deputy Chairman R. F. F. P. Shaw Slade Volberg Wheeler Braytan Wilbur arry R. Wellman Federal Reserve Bank of San Francisco (Dist. 12) DIRECTORS Class A STEWART, Chas. H. (Portland, Ore.) BIRD, Carroll F, (Willow, Calif.) CGOCKEE, William W. (San Francisco, Calif.) Term Expires Dec. 31 19t7 1948 1949 (re-elected) Class B HOLDEN, St. George (San Francisco, Calif.) TAILOR, Beee H. (Los Angeles, Calif.) JOHNSON, Walter 8. (San Francisco, Calif.) 1947 1948 1949 (re-elected) Class C SRADY, Henry F. (San Fmranisco, Calif.) Chraan & FRAgt .1947 (res. oef. May 1) *wILBUo, rayon (San Francisco, Calif.) " " 1947 (off. May 5) WELLAN, Harry R. (Berkeley, Calif.) Deputy Chrnan 1968 1947 HEARINGS / Mar. 3-5 U.S.Congress. Fouse. Bankin- and currency committee. Direct rurchases of zovernment securities by Federal Reserve banks: HEARING ... 90th, 1st sees. on H.R. 2233 (super eded by T.R.2413) An act to amend the Federal Reserve act ... Wash.,Govt. ptg.off.,1947. Mar. 3-5,1947. HG 2560 .A2 1947 129 p. Testimony: Eccles, M.S. Mar. 3-5 op. 2, 19, 77 F.R.Bd.L. a HEARINGS 1947 Apr. 17 T.S.Congress. Senate. Banking and currency committee. Federal Reserve assistance in financing small business: HEARING ... 1Ot', lst sess. on S.40, a bill to repeal section 13 B of the Federal Reserve Act., to amend section 13 of the said act, and for other purposes. Apr. 17, 1947. Wash.,Govt.ptg.off.,1947. Testimony: Draper,ErnestG. (d.mbr)2 letters, Eccles, M.S. Apr. 17, pp.10-29 HG 2560 .A21 1947 pp.28-29 F.R.Bd.L. a HEARINGS June 2, 11 U.S.Congress. Senate. Banking and currency committee Providing for control and regulation of bank holding companies: HEARINGS...80th, slt sess. on S.829... May 26, June 2 and 11, 1947 Wash., Govt.ptg.off., 1947 186 P. Eccles, M.S.(ChmnBd) Testimony: F.R.Bd.L. pp 9-30 ;; 162-174 HD 2778 .A22 1947 HEARINGS 1947 June 25 June 25 July 2 T.S.Conzress. Senate. Banking and Currency cO"nittee. Consumer credit control: FEAPINGS ... "'P 90th cong., 1st sess. on Regul1ti'n Wash., Govt. June 25 and J'2ly 2, 1947. ptg.off.,1947. HG 2066 .A2 1947 103 p. Testimony; Eccles, F.R.Bd.L. M.S. June 25 and July 2 p.1-20 e. 1947 June 1 U.S.Congress. uouse. Banking and currency comm. Government credit: HEARINGS...0th, let sees. on the creation and control of credit by the Federal oovernment. Wash., Govt.-tg.off., HG 1725 .A2 1947 19u7. ts. 3(?) Pt. (382 p.) 1 - Reconstruction finance corporation, May 19-29, June 2,9, 1947. Pt.2 - Consumer credit controls, May 23, 27, and June 10 and 12, 1947 Pt. 3 - Guaranty of bank loans by Federal Reserve banks. June 3 ,4 and 10, 1947. Testimony: Eccles, M.S. Pt.3, p.2 97 ,377 F.R.Bd.L. Pt. 2, P, 273 a HEARINGS HEARINGS Nov. Dec. 24 2-4,8 U.S.Congress. Senate. Banking and currency committee. To provide for the regulation of consumer credit for a temporary period: HEARINGS..., 80th cong., 1st sess. on S.J.Res. 157... Nov. 24, Dec. 2-4, Wash., Govt.ptg.off., 1947 8, 1947. 243 p. Dec. 4 PP. 163-203 Testimony: Eccles, M.S,. Brown, D.D. Dec. 5 pp. 205-225 Dec. 4 pp. 67-75 (stmt) Eccles, M.S. Nov'24 pp. 4-24 Evans, R.M. Sproul, Alln Dec. 8 pp. 227-243 Nov. 24 pp. 44 Parry, Carl F.R.Bd.L. HG 2066 .A21 1947 19 7 April 28 - . ' LEGISLTION C 0TH CON^aMI 44-1sT mend ls AN ACT ve a , nd for other purd " Re es-eantd9HJ the if nE d HIoetef enacted by,4, tand 'i are's ssemmle, That, tw ited States of A Act, of the Second Wa ng the provisions of , as ve the Federal off'.) amehded, s 942, mened (U. 8. C., 1 itle 12, se. reby and mended by striking ott the proviso 1' such sectio 14, with aTat, nserting in lieu thereof the following: "Provided, anding any other provision of tiis Act, (1) until July1, 1950, any ligations which are direct obligtions of the e onds, notes, 4f ll guaranteed by the United States nited Stat rest may be bought and sold without regard to princi in the open market or directly from or to the maturities I such purchases and sales shall be made in Mnited State rovisions of section 12A of this Act and the accordance wit such obligations acquired directly from the 4ggregate a-.iriunt is held at any one time by the twelve Federal United States whi not exceed $5,000,000,000; and (2) after June eserve banlds s or other obldttions which are direct 0, 1950, any b d', nt re fully guaranteed by tes or whic Tnite'S 4bligations of -,ay be bought and as o pr'iicipal and int he United 96pen iirket. The sold without rgard t& mat tis butb oiiy shall include in rmy Board of Udoernors df tl Acdi'tle: ior wthrespect to their annual repert to Congress detailed i i direct purchaam and sales from or to the United States findve the provisions of the preceding proviso." Approved April 28, 1947. '4 Be 1947 June 5 LEOISEATION [PUBLI LAW 87-80Tx CGRnss [S. f~ 441 J, To amend e, rorf niduq ~ -- \Abi,,ACT ' $3Jal9~ i 'setio7896 "dcf the 'Revised Statiie ~'1ng \9 ~ Of 6 'Be it 'M4 7,ted &h~e8 of America i& 78 Ata s a s pte§ oEte ou the word gein W lieu thereof the word' an Approvedff une 5, 1947. Oiece 'f co*L, fat the 1, 4VA ~ p. is June 14 LEGISLATION [PUBLIC LAW 92-80TH CONGRESS) [CHAPTER 104-1ST SESSION] [S. 566] AN ACT to To amend sections 3533 and 3536 of the Revised Statutes with respect deviations in standard of ingots and weight of silver coins. Be it enacted by the Senate and House of Representatives ofj,.We United States of America in Congress assembled, That section of the Revised Statutes (U. S. C., title 31, sec. 346) 4 amended by striking out the word "three-thousandths" and inserting in lieu thereof the word "six-thousandths". SEO. 2. Sectionit586 of the Revied Statutes, as amended (U. S. C., . . follows: os title 3 ec49),is amenddoEd usting the ;iight of silver coins the following deviations "ilk' shall ii be exceeded in any single piece: In the dollar, six grains; in the half-dollar, four grains; in the quarter-dollar, threeigrais; iDd in the dime, one and one-half grains." Approved June 14, 1947. 19h7 July 30 LEGISLATION [PUBLIC LAW 262-80TH CONGRESS] [CHAPTER 352-1ST SESSION] [S. 1519] AN Ag*s' Act, as amended, and for other To amend section 10 of the Federal Reserve purposes. Be it enacted by the Senate and House of Representaties of the That the ninth para Upited States of America in Congress assembled, as added by the Act giph of section 10 of the Federal Reserve Act, 6, 1923 (U. S. C., February of Act the by amended and 1922, of June 3, period at the the changing by amended title 12, sec. 522), is hereby "Provided proviso: following the adding by and colon a to end thereof as long limited so be not shall further, That the cost as above specified are incurred by all Federal which costs such of as the aggregate approval of the Reserve banks for branch bank buildings with the proviso does this of enactment of date the after Governors of Board not exced Q t - l Approved July 30, 194. 1967 8 Augu1 LEGISLATION St [PUBLIC LAW 386-80TH CONGRESS] o [CHAPTER 517-rl8T SssIONJ. [S. J. Res. 148] S: * JPINT RESOLUTION To authorize the temporary continuation of regulation of consumer credit. Resolved by the Senate and House of Representatives of'the United States of America in Congress assembled, That after Novenber 1, 1947, the Board of Governors of the Federal Reserve System shall not exer cise consumer credit controls pursuant to Executive Order Numbered 8843, and no such conslm er credit controls shall be exercised after such date except during the time of war beginning after the date of enaqtment of this joint resolution or any nadonal emergency declared by te President after the date of enactnait of this joint resolution. Approved August 8, 1947. FEDERAL RESERVE SYSTEM 1947 February 1947 (See also 19h6 - Jan.1946 to Oct.1947) Open Market Operations - POLICY ACTION Apparent Intent - For other purposes . Discount Rate Selective Regulations - Margin reouirements reduced from 100 to 75 percent of market value. Surrounding Circumstances - Stock prices and the volume of credit in the stock market had been reduced to levels at or below those prevailing at the time of the previous increase in requirements. Source: Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 224. 1947 July 1947 to October 1947 FEDERAL RESERVE SYSTEM POLICY ACTION Apparent Intent - Restrictive Open Market Operations - Discontinued buying rate of 3 /8 percent on Treasury bills and support of certificates at 7/8 percent. - Relieved Federal Reserve System of necessity of continuing to buy short-term securities at the extremely low wartime rates and thereby providing the bssis for further monetary expansion. Business activity at very high levels; infla tionary pressures strong. Coupon rates on new issues of certificates raised by Treasury to 1 percent. Discount Rate Selective Regulations Surrounding Circumstances Source: Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 224. FEDERAL RESERVE SYSTEM 1947 November 1947 to March 1948 POLICY ACTION Ooen Market Operations Apparent Intent - *Restrictive **For other ourposes - **Bought $5 billion Treasury bonds. *Sold or redeemed over $6 billion of short-term Government securities. *Buying rate on bankers' acceptances raised (December 1947-January 1948). - **Bought large amounts of Treasury bonds in November and December to stem decline in bond orices. Dropped buying orices in late December to levels slightly above par. Bought bonds thereafter to maintain these price levels. *Sold or redeemed short-term Treasury securities, partly to offset effect on bank reserves of bond purchases and continued gold inflow, in the effort to rFstrain the growth in bank credit. Inflationary oressures continued Short-term rates rose further. strong. Discount Fate Moral Suasion Reserve Requirements Surrounding Circumstances Source: Joint Committee http://fraser.stlouisfed.org/ Policy Monetary Federal Reserve Bank of St. Louis on the Economic Report and the Management of the Public Debt (Patman Reoort)1952, P.225. FEDERAL RESERVE SYSTEM 1947 November 1947 POLICY ACTION Apparent Intent - Restrictive Open Market Operations Discount Rate Moral Suasion - Joint statement by bank supervisory authorities. - Urged banks to avoid making nonessential loans in view of inflationary conditions. Statement was followed by action by American Bankers Association to arrange bankers' meetings in various parts of the country early in 1948 to urge avoidance of unnecessary or undesirable extensions of credit. Reserve Requirements Surrounding Circumstances Source: Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 225. LITIGATION Interpretation of "Primarily Engaged.".-Pursuant to BA-32.110. section 30 of the Banking Act of 1933, the Board, after a hearing, removed two directors of a national bank on the ground that they were violating section 32 of the Banking Act of 1933 which makes it unlawful for a director, officer or employee of a member bank to be an officer, director, employee or partner of a firm "primarily engaged" in under writing or distributing securities. Respondents brought suit to review the action of the Board, the issue being whether the Board had cor rectly interpreted the words "primarily engaged" as including a class of business which was one of the primary activities of the firm even The Supreme Court upheld the Board's though not its principal activity. position. Board of Governors v. Agnew. et al., 329 U. S. 441 (1947).
@FedFRASER