Full text of Marriner S. Eccles Papers : Quotation from Memorandum Presented to and Approved by the president and Secretary in Contemplation of my Appointment to the Federal Reserve Board, Box 4, Folder 1, Item 8

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QUOTATION FROM. WMGRMDW. PRESENTED TO M D
APPROVED BY THE PRESIDENT AND SECRETARY IN
CONTEMPLATION OF MY APPOINTMENT TO THE
FEDERAL RESERVE BOARD

Desirable changes in the administration of the Federal Reserve
System*

In order to endeavor, with some prospects of success, (a)

to render prorapt support for the emergency financing in case of need,
(b) to present the recovery from getting out of hand, and (c) to prevent the recurrence of disastrous depressions in the future, it is,
in my opinion, essential that the authority of the Federal Reserve
Board should be strengthened in the folio-wing ways:




1# Complete control over the timing, character and volume
of open market purchases and sales of bills and securities by
the reserve banks should be conferred upon the Federal Reserve
Board•
2« Governors of the individual Federal Reserve Banks
should be appointed annually by their Boards of Directors subject to the approval of the Federal Reserve Board•