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BOARD OF

GOVERNORS

DF THE

FEDERAL RESERVE SYSTEM

Qffi. Correspondence
ice
Tn

Chairman l e e l a s
Ch€

Noyeiaber 18

Subject:

Mr* Carpenter




Date
.

Mr* Spencer and Mr. Prochnow, the A c t i n g Secretary
o f the Federal Advisory Council, have j u s t l e f t w i t h me the
statement regarding the expansion o f bank c r e d i t as r e v i s e d by
the Council t h i s a f t e r n o o n f o l l o w i n g t h e i r meeting w i t h the
Board*

l o u w i l l note t h a t they made o n l y two changes i n the

statement*

Messrs* Spencer and Prochnow s t a t e d t h a t i t was

the request o f the Council t h a t you present the statement when
you appear a t the h e a r i n g t h i s week o r m x t before the J o i n t
Committee on the Economic Report and the Banking and Currency
Committees o f the House and Senate*

I n response t o my i n q u i r y ,

they s a i d t h a t i t was n o t the request o f the Council t h a t the
statement be made the s u b j e c t o f a separate press release*

Attachment

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