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J . F. T . O'CONNOR LOS ANGELES JUNE thirteenth. 1 9 4 0 Dear Marriner: Just read In the press your recommendation that the Federal Reserve System be empowered to make direct industrial loans to aid small business, particularly in the case of war orders• This Is an excellent idea and I hope it passes. In 1933 the Board did have this power and, as I remember, the smallest number and amount of loans was made in the Twelfth District, and at a meeting of the various Federal Reserve Governors, I asked for an explanation from the Governor of the Twelfth District and my impression is that he was not very much in favor of this kind of loam Hon. Marriner Ec< Federal Reserve I Washington, D. C
@FedFRASER