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UNITED. STATES GOVERNMENT EXECUTIVE President - OFFICERS Franklin D. Roosevelt (re-elected Nov. 1940, inaugurated Jan. 20, 1941) Secretary of Treasury - Comptroller of Currency Secretary of State Secretary of War Secretary of Navy Secretary of Interior Secretary of Agriculture Secretary of Commerce Secretary of Labor Postmaster General Attorney General - Preston Delano (date of appointment Oct. 24, 1938) Henry Morgenthau, Jr. (appointed Jan. 1, 1934, served until July 23, 1943) - Cordell Hull - Henry L. Stimson - Frank Knox - Harold L. Ickes - Claude R. Wickard - Jesse Jones - Francs Perkins - Frank C. Walker - Robert Jackson, Francis Biddle U. S. G 0 A E RN M E N T SENATE Banking and Currency Committee 77th Congress P-t.da a-401 s<meavi" WAGNER, Robert F. GLASS, Carter BARKLEY, Alben W. BYRNES, James F. BANKHEAD 2nd, John H. ADAMS, Alva B. MALONEY, Francis RADCLIFFE, eorge L. BROWN, Prentiss M. HUGHES, James H. HERRING, Clyde L. New York Virginia Kentucky SMATHERS, William H. CLARK , D. Worth DOWNEY, Sheridan New Jersey Idaho California South Carolina Alabama Colorado Connecticut Maryland Michigsn Delaware Iowa TOBEY, Charles W. DANAHER, John A. TAFT, Robert A. THOMAS, John BALL, Joseph H. New Hampshire Connecticut Ohio Idaho Minneapolis i C--- - -~-~-- --.i:-'iT-'--~PO U. S. G 0 V E RNMENT HOUSE OFIEPRESENTATIVES Banking and Currency Committee 77th Congress .4e4acgratas STEAGALL, Henry B. WILLIAMS, Clyde SPENCE, Brent FORD, Thomas F. BROWN, Paul PATMAN, Wright BARRY, William B. SACKS, Leon 3PRE, Albert MILLS, Wilbur D. FOLGER, Alonzo D. MONORNEY, A.S. Mike LYNCH, Walter A. KOPPLEMANN, Herman P. R ubliaans WOLCOTT, Jesse P. Alabama Mississippi GIFFORD, Charles L. CRAWFORD, Fred L. Kentucky California GAMBLE, Ralph A. Georgia KEAN, Robert W. Texas SUMNER, Jessie New York SMITH, Frederick C. Pennsylvania KUNKEL, John C. Tennessee ROLPH, Thomas Arkansas DEWEY, Charles S. North Carolina Aklahoma New York Connecticut Independent HULL, Merlin, Wisconsin Michigan Massachusetts Michigan New York New Jersey Illinois Ohio Pennsylvania California Illinois FEDERAL BOARD 941 RESIRVE SYSTEM OF GOVERNORS Marriner S. Eccles, Chairman John K. McKee M. S. Szymczak Ronald Ransom, Vice Chairman Ernest G. Draer Chester C. IDvis Lawrence Clayton, Assistant to the Chairman Elliott Thurston, Special Assistant to the Chairman Secretar' s Office Chester Morrill, Secretary Liston P. Bethea, Asst. Secretary Division of Bank Operations Edward L. Smead, Chief J. R. Van Fossen, Asst.Chief S. R. Carpenter, Assistant Secretary J. E. HRrbett, Asst. Chief Fred A. Nelson,Asst. Secretary Division of Security Loans Council's Office Philip E. Bradley, Asst. Chief Walter Wyatt, General Counsel Carl E. Parry, Chief J. P. Dreibelbis, Assistant General Counsel George B4 Vest, Assistant General Counsel Fiscal Agent B. Magruder Vingfield, Assistant General Counsel Division of Research and Statistic E. A. Goldenveiser, Director, Woodlief Thomas, Asst..Director Division of Examiations Leo H. Paulger, Chief R. F. Leonard, Assistant Chief C. E. Cagle, Asst. Chief, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis I 0. E. Foulk, Fiscal Agent Josephine E. Lally, Deputy Fiscal Agent FEERI FEDERAL FEDERAL RESI& SYSTEM RESERVE SYSTEM ADVISORY COUNCIL District No. 1 (Boston) Chas. E. Spencer Jr. District No. 2 (New York) George L. Harrison, Vice President District No. 3 (Philadelphia# William F. Kurtz District No. B. G. Huntington 4 (Cleveland) District No. 5. Robert M. Hanes (Richmond) District No. 6 (Atlanta) Ryburn G. Clay District No. Edward E. 7 (Chicago) Brown, President District No. 8 (St. Louis) S. E.Ragland District No. 9 (Minneapolis) Lyman E. Wakefield District No. 10 (Kansas City) W. Dale Clark District No. 11(Dallas) R.E. Harding District No. 12 (San Francisco) Paul S. Dick Walter Lichtenstein, Secretary FEDERAL RESERVE SYSTEM FEDERAL OPEN MARKET COCWITTEE Marriner S. Eccles, Chairman Allan Sproul, Vice Chairman Chester C. Davis Ernest G. Draper M.J. Fleming Hugh Leach John K. McKee John N. Peyton Ronald Ransom M. S. Szymczak Chester Morrill, Secretary S. R. Carpenter, Assistant Secretary Walter Wyatt, General Counsel J. P. Dreibelbis, Assistant General Counsel E. A. Goldenweiser, Economist John H. Williams, Associate Economist R. G. Rouse, Manager of System Open Market Account __IQL Federal Reserve Bank of Boston (Diet. 1) OFFICERS President R. A. Young First Vice President W. W. Paddoek Vies Presidents William Willet Chairmn and Federal Reserv Agent - Frederie H. Curtiss Deputy Chairman - Henry S. Dennison I ': 191l Federal Reserve Bank of Boston (Dist. 1) DIRECTORS Class A DODGE, Leon A. (Damariscotta, Me.) FORBES, Allan (Boston, Massachusetts) RE~,Lewis S. (Waterbury, Conn.) Term Expires SDee* 31 1941 1942 194t (re-elected) Class B ALLEN, P. R. (B. Walpole, Mass.) FROST, Edward J. (Boston, Mass.) *FENCH, Edward S. (Springfield, Vt.) *FLANDERS, Balph E. (Springfield, Vt.) 191i 19)2 1963 (res. July 1) 1943 (elected after Jul) Class C CURTISS, Frederic H. (Boston, Mass.) Chairman and FR Agent DENNISON, Henry 8. (Framingbam, Mass.) Deputy Chairman HARRIMN, Henry I. (Boston, Mass.) 191 1942 1943 (re-appointed) http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis I Federal Reserve Bank of New York (Dist. 2) OFFICERS President First Vice President Allan Sproul - Leslie R. Rounds Vice Presidents Ray M. Gidney L. Werner Knoke John H. Williams Walter S. Logan James M. Rice Robert G. Rouse Chairman and Federal Reserve Agent Beardsley Ruml Deputy Chairman Edmund E. Day 1- Feder al Reserve Bank of NEW YORK 1941 DIRECTORS Dec. 31_ Term Began Term Ended 1/1/39 1941 1/1/40 192 Leon (New York) 1/1/41 1943 Walter C. (Port Chester) 1/1/39 1941 1/1/40 1942 1/1/41 1943 1/1/39 1941 (Chairman) 1/1/40 1942 (Deputy Chairman) 6/4/41 1943 (app. CLASS A THOMPSON, Otis A. (Norwich) DORRANCE, FRASER, (Dist. 2) Neil H. (Camden, N. Y.) CLASS B TEAGLE, STEENS, Robert T. BROWN, (Plainfield) Donaldson (New York) CLASS C RUML, Beardsley (New York) DAY, Edmund E. (Ithaca) PAUL, Randolph E. (New York) Janm 6) Federal Reserve Bank of Philadelphia (Diet. 3) OFFICERS President S John S. Sinclair (res. June 30) Alfred H. Williams (eff. July 1) First Vice President - Frank J. Drinnen Vice Presidents C. A. McIlhenny Ernest C. Hill Chairan and Federal Reserve Agent Deputy Chairman W. J. Davis C. A. Sienkiewies Thomas B. MoCabe - S Warren F. Whittier (res. June 27) I Federal Reserve Bank of Philadelphia (Dist. 3) DIRECTORS Class A WAYNE, Joseph (Jr.) (Philadelphia Pa.) REILY, George W. (Harrisburg, Pa. HENNING, John B. (Tunkhannock, Pennsylvania) Term Expires Dec, 31 1911 19L2 1943 (re-elected) Class B STOUT, C. F. C. (Camden, New Jersey) CAN;ON, Harry L. (Bridgeville, Delaware) KERLIN, Ward D. (Camden, New Jersey) 1943 (re-elected) 1941 19LI2 Class C RIEFLER, Winfield W. (Princeton N.J.) McCABE, Thomas B. (Chester, Pa. 5 Chairman and FR Agent vHITTIER, Warren F. (Douglassville, Pa.) Deputy Chairman 1941 (appointed) (eff.7-l) 1942 1943 (re-elected) Federal Reserve Bank of Cleveland (Dist. OFFICERS - President First Vice President M. J. Fleming - F. J. Zurlinden Vice Presidents W. H. 'letcher G. H. Ybagner R. B. ,.. F. Hays Taylor Chairman and Federal Reserve Agent G. C. Brainard Deputy Chairman R. E. Klages 4) Federal Reserve Bank of Cleveland (Dist. h) DIRECTORS Term Expires Dec. 31 Class A BROOKS, F. F. (Pittsburgh, Pa.) CONNER, B. R. (Ada, Ohio) McDOWELL, H. B. (Sharon, Pa.) 191 1942 1943 (re-elected) Class B CRABBS, G. D. MILLSOP, T.E. WRIGHT, R. P. (Cincinnati, Ohio) (Weirton, W. Va.) (Erie, Pa.) 1941 1942 1943 (re-elected) Class C LLOYD, Walter H. (Cleveland, Ohio) KIAGES, R. E. (Columbus, Ohio) Deputy Chairman BRAINARD, G. C. (Youngstown, Ohio) Chairman and FR Agent 1941 (app. Juae k) 1942 1943 (re-appointed) Federal Reserve Bank of Riehnond (Dist. 5) OFFICERS President - Hugh Leach First Vice President - J. S. Walden, Jr. Vice Presidents Chairman and Federal Reserve Agent Deputy Chairman - J G. Fry Geo. H. Keesee R. W. Mercer S Robert Lassiter - . O. Wysor Federal Reserve Bank of Richmond (Dist. 5) DIRECTORS Term Expires Class A JOHNSON, L. E. (Alderson, W.Va.) RIEMAN, Chas. E. (Baltimore, Maryland) BRASWELL, James C. (Rocky Mount, N.C.) Dec. 31 191 1942 1943 (re-elected) Class B MALLOY, Edwin (Cheraw, S. Carolina) REED, Chas. C. (Richmond, Va.) HANNA, John H. (Washington, D.C.) 1942 193 (re-elected) 193 (re-elected) Class C McCORMICK, Charles P. (Baltimore, Md.) 1941 WYSOR, W. G. (Richmond,Va.) Deputy Chairman 1942 LASSITER,Robert (Charlotte, N. Carolina) Chairman and FRAgent 1943 (re-appointed) http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis j Federal Reserve Bank of Atlanta (Diet. 6) OFFICERS President Robert S. Parker (died March 28) W. S. MoLarin, Jr. (Eff. May 15) First Vice President W. S. McLarin, Jr. (up to May 15) Malcolm Vice Presidents L. M. Clark H. F. Conniff Chairman and Federal Reserve Agent Deputy Chairman H. Bryan Frank H, Neely - J. F. Porter Federal Reserve Bank of Atlanta (Dist. 6) DIRECTORS Term Expires Dec .31 Class A WHITE, George J. (Mount Dora, Florida) GLENN,Thomas K. (Atlanta, Georgia) COOK, W. D. (Meridian, Miss.) 1941 192 1943 (re-elected) Class B GEORGE, Ernest T. (New Orleans, Louisiana) McCRARY, J. A. (Atlanta, Georgia) HALL, Fitzgerald,(Nashville, Tenn.) 1941 1942 1943 (re-elected) Class C NEELY, Frank H. (Atlanta, Ga.) Chairman and FR Agent PORTER, J. F. (Columbia, Tenn.) Deputy Chairman HARRIS, Rufus C. (New Orleans, Louisiana) 1941 1942 1943 (re-appointed) 1 Federal Reserve Bank of Chieago (Dist 7) OFFICERS President - C. S. Young First Vice President - H, P. Preston Vice Presidents S Allan M. Black J. H. Dillard A. J. Mulroney Chairman and Federal Beserve Agent Deputy Chairman S Frank J. Lewis S Clifford V. Gregory (appointed Deputy Chairman on Jan. 1, died 11/18) __ I Federal Reserve Bank of Chicago (Dist. 7) DIRECTORS Class A WILLIAMS, Frank D, (Iowa City, Iowa) CUMMINGS, Walter J. (Chicago, Illinois) ESTBE, E. R. (Waukesha, Wis.) Tern Expires Dec. 31 191 1942 1913 (re-elected) Class B NOTES, Micholas H. (Indianapolis, Indiana) BABB, Max W. (Milwaukee, Wis.) VAN DUSEN, Charles B. (Detroit, Mich.) 191 1942 193 (re-elected) Class C LELAND, Simeon i. (Chicago, Ill.) *WAYNkCK, W. W. (Des Moines, Iowa) *GREOOf, Clifford V. (Des Moines, Iowa) Deputy Chairman LEWIS, Frank J. (Chicago, Illinois) Chaiman and FR Agent 1941 (appointed) 19h2 (appointed in Nov) 19423 (died Nov. 18) 1943 (re-appointed) Federal Reserve Bank of St. Louis (Dist, 8) OFFICERS President Chester C. Davis (elected Feb* 28 assamed duties Apr. 16) First Vice President http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis j F. Guy Hitt Vice Presidents Olin M. Atteberl C. M. Stewart Chairmanand Federal Reserve Agent Deputy Chairman -Wlliaa - T. Nardil Oscar G. Johnston ___ Federal Reserve Bank of St. Louis (Dist. 8) DIRECTORS Class A MAESTRE, Sidney (St * Leis, Missouri) NAIHM, Max B. (Bowling Green, Kent.) CORLIS, C. R. (Anna, llnois) Term Expires Des,e31 1941 19 2 1943 (re-elected) Clasn B STALE!, John HARRIS, J. . *TUCKER, R. H. *COUCH, Harvey R. (Ivansville, Tdimana) (St. Louis, Mo.) (Little Book, Arkansas) C. (Pine Bluff, Ark.) 191 19i 2 1943 elected Nov. 18) 1943 died July 30) Class C BROOKS, Douglas W. a, Tean.) e**)Chairman and FR Agent NARDIN, William T. (St* Lois, JOHNSTON, Oscar 0. (Scot, Miss.) Deputy Chairman 1941 192 1943 (re-appointed) I -- -C---~------' Federal Reserve Bank of Minneapolis (Dist. 9) OFFICERS - J. President First Vice President Vice Presidents .N yton - 0. S. Ponll - E. W. Swanase Harry I. ZElier Chairman and Federal Reserve Agent - W. C Deputy Chairman - Roger B. Shopaer Coffy 1941 Federal Reserve Bank of Minneapolis (Dist. 9) DIRECTORS Class A McKNIGHT, J. R. (Pierre, South Dakota) McCARTNEY, F. D. (Oakes, North Dakota) FORD, Shirley S. (Minneapolis, Minnesota) Term Expires Dec. 31 1941 19L2 1943 (elected) Class B O'CONNELL, J. E. (Helena, Montana) FUNK,Albert P. (La Crosse, Wis.) CLARK, Homer P. (St. Paul, Minn.) 1941 1942 1943 (elected) Class C SHEPARD. Roger B. (St. Paul, Minnesota) Deputy Chairman 1941 COFFEY, Walter C. (Minneapolis, Minnesota) Chairman &FR Agent 1942 COCHRAN, W. D. (Iron Mountain Michigan) 1943 (re-appointed) 1iiL Federal Reserve Bank of Kansas City (Dist. 10) OFFICES President S George H. Haailton (retired) H. o. Leedy (eff. August 28) First Vice President Henry 0. Koppang (eff. March 1) Vice Presidents J. W. Hel D. W. Woolley Chairman and Federal Reserve Agent Deputy Chaira R. B. Caldwell - J. J. Thomas Federal Reserve Bank of Kansas City (Dist. 1Q) DIRECTORS Class A MULLANEY, E. E. (Hill City, Kansas) DINES, T. A. (Denver, Colorado) LIMBOCKER, M. A. (Emporia, Kansas) Term Expires Dec. 31 1941 1942 1943 (re-elected) Class B BERNARDIN, J. M. (Kansas City, Mo.) PHILLIPS. L. E. (Bartlesville, Okla.) HOSFORD, Willard D. (Omaha, Neb.) 193 (re-elected) 1941 1942 Class C THOMAS, J. J. (Seward, Neb.) Deputy Chairman ROBERTS, Clarence (Oklahoma City, Okla.) CALDWELL, R. B. (Kansas City, Mo,) Chairman and FR Agent 1941 1942 1943 (re-appointed) http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L Federal Reserve Bank of Dallas (Dist. 11) OFFICERS President R. R. First Vice President ilbert E. B. Stroud Vice Presidents B. Coleman W. J. Evans W. O. Ford R. Chaizran and Federal flserve Agent Deputy Chairman J. H. Merritt S Jay Taylor ~ ~~~* - -~-- ~-'~~'~~-~~ i r Federal Reserve Bank of Dallas (Dist. 11) DIRECTORS Class A *SEALE, Ford (Denison, Tex.) *WOODS, J. E. (Teague, Texas) WINTON, Ed. H. (Fort Worth, Texas) TURNER, Frank (Decatur, Texas) Term Expires Dec. 31 1941 (died April 10) 1941 (elected July 17) 1942 1943 (elected) Class B KURTH, E. L. (Eeltys, Texas) MILAM, J.R. (Waco, Texas) 'WEST, J. M. (Houstona *HILL, George A. (Jr). Texas) (Houston, Texas) 1941 1912 1923 (died on Aug.24) 1943 (elected) Class C MERRITT, J. H. (AKinney, Texas) Chairmn and FR Agent TAILO, Jay (Aarille, Texas) Deputy Chairman COZZO, J. B. (Dallas, Texas) 191 192 193 (re-appointed) Federal Reserve Bank of San Francisco (Dist. 12) OFFICERS PresiAdent Willioa First Vie* President - Vice Presidents A. Day Ira Clerk C. E. arbart W. M. Hale R. B. West Chairman and Federal Reserve Agent Deputy Chairman - R. C. Force - St. George Holden ~^'-'~------u4--~- Federal Reserve Bank of San Francisco I (Dist. 12) 4 DIRECTORS Class A Term Expires Dec. ODLIN, Reno (Tacoma, Washington) BYRD, Carroll F. (Willos, California) Mc INTOSH, C. K. (San Francisco, California) 31 191 192 1943 (re-elected) Class B VOLKMANN, William G. (San Francisco, California) TAYLOR, Reese H. (Los Angeles,California) COX, Elmer H. (San Francisco, California) 1941 192 1943 (re-elected) Class C FORCE, R. C. (San Leandro, California) Chairman and FR Agent THORPE, Carlyle (Los Angeles, California) HOLDEN, St. George (San Francisco, Calif.) Deputy Chairman 19I1 19L2 1943 (re-elected) HEARINGS June 21,23-25 HG 2560 .A2 U.S. ongress. House. Banking and currency committee. Amend the Federal reserve act: HEARINGS ... 77th, Ist seas. on S.1471, to extend the period during which direct obligations of the U.S. may be used as collateral security for Federal June 21,23,24,25, 1941. reserve notes. Wash., Grovt.ptg. off. ,1941. 90 p. Testi- Eccles,M.S. mony: F.R.Bd.L. 1941 June23,pp.4l-54;2_4,pp.55-72;25,73-90. HEARINGS House. Aug. 5-15 Sept. 17-30 Oct. 1-23 Banking and currency HB 236 .A21 1941 U.S.Congress. committee. Price-control bill: HEARINGS...77th cong., 1st sess. on H.R.5479 (superseded by H.R.5900) a bill to further the national defense and security by checking speculative and excessive price rise, price dislocations, and inflationary tendencies, and for other purposes. Aug. 5-15, Sept. 17-30, Oct. 1-23, 1941. Wash., Govt.ptg.off., 1941 1243-1284 Sept.29 2 pts Testi- Eccles, M.S.(ChnnBd) Oct. 1 pp 1364-1383 monyt 9/30-10/1 1305-1357 1359 Sept.29 1261 Goldenweiser, E.A.(FRB) F.R.Bd.L. Oct. 1 1357-1358 Bd. Gov. press statement, p.1100 1941 March 28 National bank real estate loans secured by defense housing insured mortgages. LEGISLATION Section 24 of the Federal Feserve Act was amended so as to exempt defense housing insured mortgages from the limitations of that section on the amounts and maturities of real estate loans which may be made by national banks. (55 Stat. 55, 62.) 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. 1941 April 7 Foreign accounts in Federal Reserve Banks. LEGISLATION Section 14(e) of the Federal Reserve Act was amended so as to make it clear that Federal Reserve Banks may open and maintain banking accounts for foreign banks or bankers or for foreign governments without having to establish accounts with such foreign banks, bankers, or governments, or to appoint them (55 Stat. 131.) as the correspondents or agents of the Federal Reserve 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. 1911 June 30 LBDISATION [CaOAr 265-1ST SESSION] [H. R. 4646] ANACT To exteWl h~ tme within which the powers relating to the stabilization fund and alteration of the weight of the dollar may be exercised. Be it en ted blth S&enate and House of. Representatives ofg% a0ismbed, That subsection" e meri a Unsed Stath oe of seeiion ,Wf tWGioldHderrve Act of 1934, approved Januar. 30 1934,,as aniiled,*further amended to read as follows: A"(c) All ti powas conferred by this section shall expire June 3Q 1943, unless the President shall sooner declare the existing emer en* ended and the operation of the stabilization fund terminated. SEC. 2. The second sentence added to paragraph (b) (2) of section 43, title III, of the Act approved May 12, 1933, by section 12 of said Gold Reserve Act of 1934, as amended, is further amended to rtad as follows: "The powers of the President specified in this paragraph shall be deemed to be separate, distinct, and continuing powers, and may be exercised by him, from time to time, severally or together, whenever and as the expressed objects of this section in his judgment may require- except that such powers shall expire June 30, 1948, unless the President shall sooner declare the existing emergency ended." AppOiaed, June 30, 1941. u19n June 30 LEGISLATION [PUBLIC LAw 141-77TH CONGRESS] [CHAPTER 2 6 4 -18T SESSION] [S. 1471] AN ACT To extend the period during which direct obligations of the United be used as collateral security for Federal Reserve notes. States may Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the second aragraph of section 16 of the Federal Reserve Act, as amended, is ereby amended by striking therefrom the words "until June 30 1941" and by inserting in lieu thereof the words "until June 80, Approved, June 30, 1941. .. FEDERAL RESEPVE SYSTEM 1941 POLICY ACTION September 1941 Apparent Intent - Restrictive Open Market Onernitions Discount Rate Feserve Recuirements Selective Regulations - On installment credit for purchase of consumer durable goods, down payments 10-?31/3 percent; maximum maturity 18 months; some msturity on installment loans. Surrounding Circumstances - To assist in curbing unwarranted price advnces and in restraining general inflntionary tendencies; in particular to restrain expansion of consumer instrllment credit; and to dampen demand for certain consumer durable goods as their supply because limited by diversions of mnterials rnd labor recuired for the national defense. Source: Joint Cormittee on the Economic Peport Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 221. FEDEPAL RESERVE SYSTEM 1941 November 1951 POLICY ACTION Apparent Intent - Restrictive Open Market Operations Discount Rate - Raised to legal maximum. Reserve Pequirements 'elective Pegulations Surrounding Circumstances Source: - To restrain inflationary credit expansion by absorbing Business expand of excess reserves. about $1.2 billion demands. strong credit ing, prices rising; Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 221. FEDERAL RESERVE SYSTEM 1941 December 1941 POLICY ACTION Apparent Intent - For other purposes Open Market Operations - Bought $70 million of Government securities. - Sharp decline in prices of Government securities due to our entrance into the wer; purchases were to help stabilize the market. Discount Rate Reserve Requirements Selective Regulations Surrounding Circumstances Source: Joint Committee on the Economic Report Monetary Policy and the Managermnt of the Public Debt (Patman Report) 1952, Page 221. LITIUATION M.700. State Court Jurisdiction of Reserve Banks.--Plaintiff sought to compel the Federal Reserve Bank of New York to make a determination of the buying rate for cable transfers for Brazilian currency, pursuant to the U. S. Tariff Act of 1930. The proceedings were dismissed on the ground that State courts have no jurisdiction to issue orders or directions to the Federal Reserve Bank in the per formance of its statutory duty. The Court of Appeals affirmed, saying: "The Federal Reserve Bank is a Federal agency exercising powers conferred by Federal statute and performing duties imposed upon it by Federal statute in a field which, under the Constitu tion of the United States, is within the sole and exclusive juris diction of the Federal Government." Armand Schmoll. Inc. v. Federal Reserve Bank of New York, 37 N.E. 2d. 225 (1941), cert. den. 315 U. S. 818.
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