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1933 FEDERAL DEPOSIT INSURANCE CORPORATION ^ ^ ^ WASHINGTON OFFICE OF THE CHAIRMAN 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 e 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. remain, With every good wish for your continued success, beg to ^Jtn^ially and sincerely, Maple^T. Hafi Chairman \ Enclosure 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 e 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 m Utah Bankers Convention in Salt Lake City next week because I a sure the representatives of m State would have been m y 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. ET:b