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FsrmF. K 131
BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM

Office C o r r e s p o n d e n c e
Xo

Chairman Eccles

Frnm

Date June 26,19a
Subject:

Mr* Carpenter

There is attached an excerpt from the minutes of the meeting of
the Board yesterday with respect to the institution of installment credit
controls, from which it will be noted that there was unanimous agreement
among the members of the Board that you should proceed with &r. Henderson
in the manner outlined in the excerpt•

Attachment




Excerpt from the minutes of the meeting of the Board held on
June 25» 1 9 U
Chairman Eccles reviewed for the information of the other members of the Board the recent conversations in which he and members of
the Board's staff had participated with Rolf Nugent, of the Office of
Price Administration and Civilian Supply, with respect to the contemplated executive order placing authority in the Federal Reserve System
for the application of installment credit controls, and stated that as
a result of these conferences a draft of order had been prepared which
would cover the installment credit field, except housing, and which,
in a supplementary section would give the System authority to adopt
regulations designed to prevent evasion of the order. Housing would
be left ouf of the order at this time, Chairman Eccles said, with the
thought that it might be covered subsequently by a further order.
He also said that, unless there were objection on the part of the members of the Board, it was now contemplated that, pursuant to the previous agreement of the members of the Board, he, in company with Mr.
Henderson, Administrator of the Office of Price Administration and
Civilian Supply, would discuss the matter with the President with the
view to the executive order being issued as a part of the Governments
program of price control.
There was unanimous agreement that
Chairman Eccles should proceed with Mr.
Henderson in the manner outlined.
Chairman Eccles then stated that, in accordance with earlier
conversation with members of the Board, he had stated to Mr. Henderson
that, if the proposed executive order were issued, the Board would be
glad to add Mr. Nugent to its staff for service in connection with the
administration of the order.