Full text of Marriner S. Eccles Papers : [S. J. Res. 45] Joint Resolution to Vest in the Duly Constituted Authorities of the Federal Reserve System the Primary Power and Responsibility for Regulating the Supply, Availability, and Cost of Credit in General, Box 61, Folder 1, Item 4

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82D C O N G R E S S

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IN THE SENATE OE THE UNITED STATES
MARCH

Mr.

6 (legislative day,

JANUARY

29), 1951

(for himself, Mr. FULBRIGHT, Mr. FLANDERS, Mr. GILLETTE, Mr.
and Mr. T H Y E ) introduced the following joint resolution; which
was read twice and referred to the Committee on Banking and Currency
DOUGLAS

TOBEY,

JOINT RESOLUTION
To vest in the duly constituted authorities of the Eederal Reserve
System the primary power and responsibility for regulating
the supply, availability, and cost of credit in general.
Whereas the primary power and responsibility for regulating
the supply* availability, and cost of credit in general is, and
should remain, vested in the duly constituted authorities of
the Federal Reserve System; and
Whereas policies with respect to financing the Federal debt, as
established by the Secretary of the Treasury, have a direct
influence on the supply, availability, and cost of credit: Now,
therefore, be it
1

Resolved by the Senate and House of Representatives

2

of the United States of America in Congress assembled,

3

That (1) notwithstanding any other provision of law, includ-


4 ing


any provision of law granting emergency powers to the

2
1

President of the United States, the primary power and

2

responsibility for regulating the supply, availability, and

3

cost of credit in general shall remain vested in the duly

4

constituted authorities of the Federal Reserve System; and

5

(2) the policies and actions of the Secretary of the Treasury

6

relative to money, credit, and transactions affecting the

7

Federal debt shall be made consistent with the policies of

8

such Federal Reserve authorities.







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