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131 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 Governor M. S. Eccles Date March 23. 19A9 Subject: Memo, dated 3/18/49 — Possible Amendment to Section 24- of the 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.
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