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«J I v April l t to Urt X neve your mmioran&wa. of Iferch £9 sad the pro,.o«ed alternative for open ssrkat eoanittee provision* of the i n k ing Act of IMS* X tgree with you la tne feeling that the <totfig;;&tioa tha provision that mmfimrs of tii# Us^lr aXternat@tf @b&lX be ©lecWd &nmutlly t^f th© governor© of &ho l*#d©rfcl r@#@rv# b*iake failo*£ prrrlou« forms, X && in* oXla«i to ifeiak t t a t « ^©dlflo^.tioB would twaet ia the direction of s^>ilng certain eriticiw»»» In othar .-joraft, if i t IMKT« bfet thagr *#I^XX be •X^etwd «d»nmXXy ly th« boerd® ©f of the tt$@Xve Federal reserve tank*" etc*, i t help to meet th* objection that the ia«mbere of t are c«Xeet«d by p«rion« whose osm appointaa^ita &re subject to the approve X of the F«d«r&I Roesrv© Boarcl* Xa tJb© X»*t @®st«n0# of pan&^r^ («) I isowXd my B aeotiags *h&XX be called whenever requested b^ & sajoritj of siembers of the CKjwaittee or *$• th© Federal Renerv® BoaiM*, thus OBittinf, the requireaent that %im nation of the Federal E$»ti*ve Boar < b« bjr a aajority of l t ^ ntniabers» PftregrapJn (o) iwould require the s f f l n » t i i m tote of not lane Uum five of the sppoinWi m^sber^ of th« Bo&rd in vr&w tb&t the Bo&rd might act upon H i own initiative • Lueb ft requirement m U be an indirect waj of pitting *t the eitu&tiovs with respect It IIM existence of ex officio as thfi Boerd, if their votcw would not count In the &oct portftnt Amctiottv of th© Bo&r4# the introduction In »®»t©ae® of piWUfuJl ( e ) °^ • r«f«r«ae* t sight ral^s « que&iioii M to tfattber i t i t he Bottra's txiatizig ;x>w«i' of det©rmlm>ti^i M to eauat iWtai iasJUjdea th« 'pow^r of l&itietdv®. Tb« i l l t H w H l i hft« po*eibilltl«ft iritieh i t to me i t would be .i#6ir»bl« to &voidv We h&.?& had *e h^Te not had five ftppoint«cl ma^bers ^B the Board mieh p«riotis the iHHPl would b Such periods mi^jht aeour In e$s^$ of tion <jr 0xplrhtimx of tens, «iisn th® Froeidact did aot prossptlj in filling u mcmGpt or> ®fm though fee &et«d , the S«a*tta doJjijad confirmtion® or rtj«et«Kl # If o&# of the ap|>oint©d members of the Board war® to t&k* ^ 'f^.catioa t r i p in lurop^ aad another w«no to i l l or teopoorftrilT' £i*&bl«d or othsr^ife^ xmaimlJUble, 4ad a^ a result tbore should be l*x*t only four teppoiatod the iMUPi sould not act* Two appointed nenbere could block ^fe v*ould ae«n iaactlor i# unlove- the governors eomtaiitna® could be l»duee<i to a c t , in which e«as*j a majority of th© board &ewber» reg&ralese or whether they mre appointed or ex-officio m^abtre could then s e t on the g roeoauiuiatloas« Other objections c«n be I prefer thet pMIPt intrastotl to the of being escereiaeci ^r a m?%jority yote without njaozig those who constitute the membership* ia the l a s t paragraph I would etrik© out the words K aao&et&ry policy* in the second line*
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