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BOARD OF • F GOVERNORS THE FEDERAL RESERVE SYSTEM Office Correspondence To Pram Chairman E c c l e s Date January 13, 1947 Subject M r . Carpenter A t t a c h e d a r e o r i g i n a l l e t t e r s t o t h e Chairmen o f t h e Banking and Currency Committees w i t h r e s p e c t t o t h e f o l l o w i n g l e g i s l a t i v e m a t t e r s which t h e Board has decided t o p r e s e n t t o t h e Congress f o r c o n s i d e r a t i o n : 1. 2. (a) Permanent a u t h o r i t y t o purchase sec u r i t i e s d i r e c t l y from the Treasury, and (b) Removal o f t h e l i m i t a t i o n on t h e c o s t o f F e d e r a l Reserve branch bank b u i l d ings. Amendment t o s e c t i o n s 13 and 13b o f t h e F e d e r a l Reserve A c t r e g a r d i n g l o a n g u a r antees by F e d e r a l Reserve Banks* The p r o c l a m a t i o n ending h o s t i l i t i e s as ,of December 31, 1946, w i l l r e s u l t i n t h e t e r m i n a t i o n o f t h e exemption o f war l o a n d e p o s i t s f r o m r e s e r v e r e q u i r e m e n t s e f f e c t i v e J u l y 1 , 1947, so t h a t f u r t h e r l e g i s l a t i o n on t h a t s u b j e c t w i l l not be necessary* Mr* Vest has a d v i s e d y o u o f t h e s t a t u s o f t h e recommendations w i t h r e s p e c t t o ( l ) h o l d i n g company l e g i s l a t i o n and (2) permanent a u t h o r i t y f o r t h e r e g u l a t i o n o f consumer c r e d i t . The l e t t e r s have been approved by t h e Board and i t i s u n d e r s t o o d you w i s h t o t a k e them w i t h you when you c a l l on Senat o r Tobey and R e p r e s e n t a t i v e W o l c o t t . The l e t t e r s have n o t been d a t e d w i t h t h e t h o u g h t t h a t you would w i s h t o have them dated t h e day o f y o u r t a l k w i t h e i t h e r M r . Tobey o r Mr* W o l c o t t , whichever i f the f i r s t * As y o u know, t h e l e t t e r s and recommendations cont a i n e d t h e r e i n have not been c l e a r e d w i t h t h e Budget Bureau. Attachments
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