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'/ BOARD OF GOVERNORS or THE FEDERAL RESERVE SYSTEM Office Correspondence To CrhftirnM Frnm Wooriliaf Thpmas flfi^iftfl Date juiy 16, Subject: Attached is a copy of the minutes of the System Research Advisory Committee meeting held at Washington, D. C• on June 13# SYSTEM RESEARCH ADVISORY COMMITTEE Minutes of Second 1945 Meeting June 13, 1945 at Washington Members present: Messrs. Thomas, Chairman; Roelse, Burley, Raisty, Edmiston, Hardy, and Wheeler* Others present; Messrs. E. A. Goldenweiser, Howard S. Ellis, C. A* Sienkiewicz, and John 0. Bergelin, Secretary* Report on the Development of System Research Program Most of the meeting vras devoted to the preparation of a report to the Board of Governors and the Presidents1 Conference on tho development of the System research program. A copy of this report is attached. As a part of this discussion, Mr. Sienkiewicf, Chairman of the Committee on Banking and Credit Policy, presented an account of the proceedings of tho meeting of his Committee, held two weeks earlier at Atlantic City, and Mr. Thomas presented an account of tho recent meeting of the Committee on Business Finance. These accounts are summarized in tho attached report. Papers on Postwar Economic Problems and Policies Mr. Goldenweiser and Mr. Ellis gave a brief report on the progress being mad6 in preparing for publication tho papers on postwar economic problems and policies. Since last spring a number of conferences have been hold—*oach devoted to the discussion of a particular paper. Theso conferences havo been attended by selected porsons in the System and by a few persons from outside of the System #io are 039 erts on the topic under discussion. These meetings have yielded many helpful suggestions and as a result the papers presented in March have boon for the most part greatly changed and greatly improved. Conferences have been held on about half of the papers and it is hoped that the remaining papers will be covered in this way by the ©nd of the summer* It is now contemplated that, if the Board approves, the papers will be published first in a sot of 8 pamphlets, each containing several papers on related subjects, and later in one volume. Tho pamphlets vail be published individually as the work on them is completed. According to an agreement reached between the Board of Governors and the Reserve Bank Presidents, the papers are to be published by the Board rather than by the System, but this does not preclude the inclusion of papers by research personnel of the Federal Reserve Banks. A number of papers written by Federal Reserve Bank people Yd 11 bo included. • 2 - Department of Agriculture survey of liquid assets Mr. Thomas reported briefly on the pilot survey of liquid assets which the Division of Program Surveys of the Department of Agriculture has been conducting* This survey has now been completed and the results are contained in a report which will be sent to the heads of research at each Federal Reserve Bank. Inasmuch as the final report had been received only the day before the meeting, it was not possible to present any analysis of the results of the survey or any recommendations as to whether it "would be desirable to conduct a similar survey on a larger scale* The survey is now being analyzed in the Division of JResearch and Statistics and the Division would appreciate any comments or suggestions that persons in the Federal Reserve Banks might havo as to the results obtained, tho usefulness of the survey, and the desirability of extending it to cover other parts of the country. Appointment of new committees and committee changes A new committee, the Committee on Current Business Developments, was appointed with Orin Burley of tho Federal Reserve Bank of Cleveland as chairman. This Committee is expected to give consideration to tho problem of how the System can keep abreast of current business developments so that System authorities may be continuously supplied with current information as to what is happening and what is likely to happen in production, construction, employment, inventories, retail trade, commodity prices, and the like. Other members of the Committee are George Garvy (New York), Bvan Alderfer (Philadelphia), Walter Hoadley (Chicago), Eliot Swan (San Francisco), and Frank Garfield and Kenneth Williams from the Board?s staff. Some changes were made in the membership of other committees because of changes in the System's research staff. A revised list of System research committees is attached. Time of next mooting No date was sot for the next meeting of the Committee but it was left to the Chairman to call a mooting when necessary. John 0. Bergclin, Secretary July 16, 1945
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