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BOARD OF GOVERNORS DF THE FEDERAL RESERVE SYSTEM Office Correspondence Chainaan Eccles From 20, Subject: Economic Stabilization Board Martin Krost The morning newspapers carry reports of the probable establishment by the President of an Economic Stabilization Board of which you will be a member. I am taking the liberty of requesting that you assign to me full responsibility for assisting you with your work on the new Bojord. My reasons for making this request are: (1) Tflien one person has responsibility for a job, there is no difficulty in fixing the blame if the job is not done right. In my case, it would be a simple matter for you to shift the job to someone else if the arrangement did not work out to your complete satisfaction. (2) Your additional responsibilities will make it increasingly important for you to economize your own time. It takes less time to talk to one person than to two or three; and it takes a great deal less time to talk to one person who knows how to take orders than to two or three people who may have differences of opinion among themselves and some of whom may have differences of opinion with you. (3) In this section we work at the jobs you give us on a full-time basis. Full-tiiae work generally turns out better than parttime work. (I4.) Our personal relations with other members of the Research Division who can contribute to the work in this field are entirely harmonious and it would be possible to get any help needed from them on an informal basis. OFFICE OF ECONOMIC STABILIZATION ADVISORY BOARD pounsel / s s t . dir. tax,fiscal policy,income Taxes| |Income| (Savings,etc.! officer JDI RECTOR Research director Asst. dir, wages, salary, manpower I Labor | jKanpoiver j V.'ages and | labor costs] jrelations! Administration of salary regulation I Asst. dir. ! prices,rationing, I agricult.subsidies Salaries] jAgric.j [Rationingj prices 1 RetaiT, industrial | pri ce s
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