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June 21, 1947

Honorable Marriner S. Eccles, Chairman
Board of Governors
Federal Reserve System
Washington, D. C.
Dear Marriner:
The enclosed clipping from the June 19, 1947 edition of
THE M m i O M BANKER captioned "Dauer Against Down Payment Cut I n
Consumer Credit" evidences how w have endeavored at a l l times
to cooperate with you and your associates in this a l l important
matter of consumer credit• I f in the event you decide to change
your policy on same, please advise promptly so that we can continue to cooperate in supporting said policy.
I had anticipated attending the annual convention of the
Utah Bankers Association in Salt Lake City next week. However,
had to cancel off at the last minute on account of certain pending legislative matters.

With every good wish for your continued success, beg to
^Jtn^ially and sincerely,

Maple^T. Hafi
Chairman \

This article is protected by copyright and has been removed.
The citation for the original is:
American Banker, “Dauer Against Down Payment Cut in Consumer Credit,” June 19, 1947.

June 26, 1947•
Dear Maples
I very much appreciate your cordial note of June 21
enclosing the clipping from the American Banker of Dr. Ernest
A Dauer1 s admirable statement in favor of continuance of
restraints on consumer credit, ^hat is the kind of mutual
help and effective cooperation that I know you favor, as I do,
whenever possible.
The Board1 s policy remains the same so far as this
matter is concerned. W are on record as favoring legislae
tion by Congress to put i t on a permanent basis. The chances
of Congress doing so are remote, to say the least. W are
also on record, as is the President, that i f this session
adjourns without replacing the present Executive Order on
which regulation depends by legislative sanction, the Executive Order will be vacated which w i l l , of course, end a l l
regulation in this f i e l d .
I a sorry you could not escape to attend the
Utah Bankers Convention in Salt Lake City next week because
I a sure the representatives of m State would have been
hospitable. But I realize how difficult i t is to get away
when legislation is pending, so that I had to decline an
invitation to be present.
With kindest regards,
Sincerely yours,

The Honorable Maple T.. Harl, Chairman,
Federal Deposit Insurance Corporation,
liashingboa 25, D. C.