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THE WHITE HOUSE WASHINGTON November 12, 1934* Ify dear Mr. Eccles: There are as you know several agencies of the Government whose activities in the recovery program include the loaning, directly or indirectly, of funds of the Federal Government* I feel that the efforts of these agencies should be coordinated in order to increase their effectiveness in the common good* In this way we will avoid any conflict of action between agencies and opportunity will be afforded to view the problems arising in these loaning operations as a* whole and to take action on the basis of the more complete and coordinated information at hand* I am therefore creating a committee to be composed of the heads of the various Federal agencies having to do with the loaning of public funds, and inasmuch as the Treasury Department has a priroary concern in all financial operations of the Government, the Secretary of the Treasury will serve as Chairman of the committee* I now ask that you serve on this Committee, the full membership of which will include: The The The The The The The Secretary of the Treasury, Chairman Secretary of th$ Interior Governor of the Farm Credit Administration Chairman of' the Reconstruction Finance Corporation Chairman of the Federal Home Loan Bank Board Chairman of the Home Owners1 Loan Corporation Administrator of the Emergency Administration of Public Works ~ 2 - The Administrator of the Emergency Public Works Housing Corporation The Administrator of the Federal Housing Administration The Administrator of the Agricultural Adjustment Administration The President of the Export-Import Banks The President of the Conmodity Credit Corporation The Governor of the Federal Keserve Board The Chairman of the Federal Deposit Insurance Corporation For the general guidance of the Committee, I suggest it should have as its object the general coordination of all phases of the Government1© activities with respect to the lending of money or the taMng of evidence of indebtedness by Governmental corporations or agencies in connection with their operations. Very sincerely, Hon. Marriner S. Eccles, Governor, Federal Reserve Board, Washington, D, C»
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