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J . F. T .



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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