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BOARD OF DF r From GOVERNORS THE FEDERAL RESERVE SYSTEM ice Correspondence Chairman Eccles N vm e 13, 1 4 oe br 97 SubjectL Woodlief Thomas I had a o a l l from C* 0* Hardy who s a i d t h a t a d e c i s i o n n i l l be made tomorrow as t o whether the J o i n t Committee on Economic Report and the Banking and Currency Committee*will h o l d j o i n t hearings on t h e a n t i ~ i n f l a t i o n program* He s a i d t h a t he thought the consumer c r e d i t c o n t r o l s would go through -without d i f f i c u l t y * Mr, Hardy i s b e i n g c a l l e d upon by members of h i s Committee f o r i n f o r m a t i o n as t o f u r t h e r c r e d i t r e s t r i c t i o n s and i s them t o the Board f s 19^-5 Annual Report, referring He i s a l s o g i v i n g them a copy o f an a r t i c l e t h a t he wrote f o r the Harvard Business Review on t h e Board 1 s proposals* This a r t i c l e gave arguments b o t h pro and con and on the "whole was n o t unfavorable but c o u l d be i n t e r p r e t e d as e i t h e r f a v o r a b l e or u n f a v o r a b l e , depending upon the p r e d i l e c t i o n s of t h e r e a d e r . I have sent him copies of my Economic A s s o c i a t i o n paper on "The Heritage o f War Finance 91 which discusses the problem i n the Board 1 s proposals* You have probably seen t h i s paper, but t o r e f r e s h your memory I am a t t a c h i n g a r e p r i n t * Attachment Q
