View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

11
3
BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM

Office Correspondence
To

Board of Governors

Frmw

Governor M. S. Eccles

Date—March 23,1949
Subject: Hemo- d a t e d 3/22/49 - Possible
legislation regarding financial assistance
by Federal Reserve Banks to business enterprises.

I would favor the reintrocluction of Bill S-4Q8 as it was reported by the
Senate Banking and Currency Committee in the 80th Congress.
I would be strongly opposed to the lagftfltadl amendment "permitting diract
loans to be made by Reserve Banks in exceptional circumstances". Such an amendment WQtiid greatly increase the opposition of the bankers and make it that aueh
more difficult to secure the passage of the legislation. If a loan can not be
secured from any bank on a basis of a 90$ guarantee by the Heserve System, then
the Reserve System has no business Peking the loan direct.
The reintroduction of this legislation should be secondary to other hanking legislation, including the Bank Holding Company legislation, already consider^ed by the Board. Passage of it should not be pressed, however, if it wo^ild in any
way jeopardise the passage of the other legislation, particularly the Bank Holding
and the Extension of the Consumer Credit and Bank Roserve legislation now on the
Statute Books.



BOARD OF GOVERNORS
DF

THE

FEDERAL RESERVE SYSTEM

Office Correspondence
Tn

Board of Governors

Frmw

Date

March 23. 19A9

Subject: Memo, dated 3/18/49 — Possible
Amendment to Section 24- of the

Governor M. S. Eccles

I think it desirable to amend Section 24. of the Federal Reserve Act
as provided for in the amendments to tae H&tionai Housing Act, and I suggest the Budget Bureau be so advised iramediately.




February k., 1949
Board of

v

Governor Ecclas

Circulation Item Bio. 60 -1/27/49
Letter to Sen. ttnybaok re b i l l 8. 101

I approve of tne l e t t e r to the 6ent.te £>&nking & Currency
have i n i t i a l e d i t , ftfi well i*o tr.oce to -»r, ^eedaaia of the -^uie
ers 4»sociAtioQj Mr. Delia\o9 Cuiautroller of ta& Curx'ency and Mr. Harl
of the ^eder-i-l Deposit insurance Coopnoy, but I do not agree th^t i t should
be cleared through the Budget. I think i t should be sent direct to the
Senate Banking & Currency Committee, M h&s been the procedure in the past
in the cs.se of requested reports on Senate and House b i l l s .




Form F, H. 131
BOARD OF GOVERNORS
DF THE

FEDERAL RESERVE SYSTEM

Office Correspondence
p
^
To
Frnm

Board of Governors
Governor Eccles

^
_, .
Circulation Item #63 - 1/27/49
Subj ect:
Letter to Senator Maybank re bill S. 138

I approve of the letter to the Senate Banking & Currency Committee and
have initialed it, but I do not agree that it should be cleared through the
Budget. I think it should be sent direct to the Senate Banking & Currency
Coiamittee, as has been the procedure in the paat in the case of requested
reports on Senate and House bills,
Thie matter should be put on the docket for consideration at the next
meeting of the Board.




Form F. R. 131
BOARD OF GOVERNORS
OF THE

<
•

FEDERAL RESERVE SYSTEM

Office Correspondence

Date
Routine

February 2,1949

*«Luosts

f o r

T

Board of Governors

Subiect*

r

Vrnm

Goverr*or Sccleg

on certain Senate Eille - Memo. 693 (Clayton]

I am approving this recommendation with the understanding that
Mr. Cherry of the Legal Division will keep in touch with the Staff
Director of the Senate Banking & Currency Committee with reference
to these bills. If he finds they are to be taken up by the Committee at some future date, then I would recoiamend that the Board
make a report opposing them.