Full text of Marriner S. Eccles Papers : From Statement on the Banking Bill of 1935 by Marriner S. Eccles before a Subcommittee of the Committee on Banking and Currency of the United States, May 10 and 13, 1935, Box 8, Folder 1, Item 4

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FROM STATEMENT ON THE BANKING BILL OF 1935 BY MARRINER S. ECCLES
BETORE A SUBCOMMITTEE OF THE COMMITTEE ON BANKING AND CURRENCY
OF THE UNITED STATES SENATE, May 10 and 13, 1935

I wish to recommend that the bill be modified so as to limit the
power of the Board to change reserve requirements to two groups
of banks, central reserve and reserve city banks and all other banks,
and not to permit changes for individual Federal Reserve districts.
There is urgent need for the authority to change reserve retjtufements, in view of the large amount of excess reserves ncW available
to member banks and the possibilities of further additions to these
reserves.