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OUTLINE OF OFJECTI0NS TO GLAS3 COMMITTEE'S TITLE II

General Objectives of Title II as Developed in House Bill arei




1 # Monetary Control
a* Specific delegation to a specific body.
b#

All powers in the same body, viz.
(1) Open market

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(2) Reserves

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(3) Discount rates
c« An objective
(1) Recovery, then
(2) Stability
2« Recovery Assistance and Disaster Prevention fey the
Banking System
(a) The Reserve System
(1) Eligibility

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(2) Hote-isaue without collateral
(b) The member banks
(1) Real estate loans)

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(2) Virtual unification, thru waiving
of membership requirements




3» Federal Reserve Board Membership
(a) Attractiveness
(l) Enhances authority and responsibility »
(g) Salary increase v
(5) Governor not prevented from re-entering
banking business

X

(b) Indpendence of action
(l) Quality of appointments by President X

(2) Pensions ft foytf
(c) Liaison with Administration
(l) Governor to serve at pleasure of
President,

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