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DRAFT To a l l Commercial Banka: The Board of Governors of the Federal Reserve System encloses f o r your information a copy of my statement before the Jfcint Committee of the Congress on the Economic Report dealing with the current problem of i n f l a t i o n a r y bank c r e d i t expansion* The Board i s sending t h i s statement t o you d i r e c t l y because of the importance of the subject matter and of the pronouncement to the banking community as w e l l as to the public generally. Very t r u l y yours, Um S # Eccles, Chairman. RAYtth
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