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BOARD OF GOVERNORS

Chairman Eccles

OF THE

FEDERAL RESERVE SYSTEM

Office Correspondence
To

BftnH M^TH^^^P

p a t e March i s , 194.7
Subject:

Begulation ¥

Governor Evans

The Februaiy-March issue of the 1947 "Furniture News",
which is published by the Retail Furniture Association of Texas,
contains the following poll regarding Regulation ¥:
A*

Would you favor legislation by the United States
Congress for immediate termination of Regulation ¥?
42 Answered ffYesfl
201 Answered "No"

B.

Should Regulation ¥ be retained until it automatically
ends with the official declaration of the end of the
war emergency?
163 Answered "Yes"
50 Answered "No"

C.

Do you favor the enactment of legislation to retain
Regulation ¥ after the end of the war emergency under
the supervision of the Federal Reserve Board — granting to the Board authority to modify or terminate control over credits?
199 Answered "Yes"
55 Answered "No"

The results of the poll were tabulated according to replies
received from large stores and small stores in large cities over
300,000and small country villages. The percentage favoring Regulation
¥ was just about constant.
One of the companies in Texas called this article to the
attention of Mr. Gilbert and wrote him as follows: "I don't think
any other government agency is, or could be, as highly regarded as
the Federal Reserve System has been during the wartime controls."
In judging Regulation ¥, I think we are prone to pay too
much attention to the paid lobbyists in ¥ashington and not enough
attention to the sentiment in the field where the Regulation is in
operation.