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R-866 BOARD OF GOVEP~ORS OF THE FEDERAL RESERVE SYSTEM Statement for the Press August 15, 1941 For innnediate release Following the meeting yesterday with representatives of the Federal Reserve Banks, the Board of Governors of the Federal Reserve System met today with representatives of various banking and credit groups which extend installment credit to the public. Representatives of' the Treasury Department, of the Office of Price Administration and Civilian Supply, and of the Federal Loan Administrator were also present, representing the advisory group designated under the Executive Order on regulation of consumer credit. In addition, thr; meeting was attended by representatives of the De- partment of Commerce, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, tho Rural Electrification Administration, and of Federal Rosorve Banks and the Federal Advisory Council. Vice Chairman Ronald Ransom of the Board of Governors presided, and the meeting was opened with a brief statement by Chairman Eccles outlining the reasons for regulating consumer credit as a supplemental measure in the Government's efforts to combat price inflation. Chairman Eccles emphasized that the purpose of the Board was to issue an initial regulation as promptly as possible covering a limited list of consumers durabl'J goods which use materials n0eded in defense; that the purpose of the regulation is not to curt~il production, but to supplement taxation and other fundamental measures designed to reduce the 41 R-866 - 2 - pressures of consumer de~and, particularly for those goods of which there is or may be a scarcity, relative to the demand, because of defense requirements. Such steps are essential, he stated, to protect the interest of consumers and prevent prices from being bid up to inflated l'wels. Inflated prices, he pointed out, particularly victimize those of small means. that the proposed initial regulation of consumer credit will be are unfounded, he 11 11 Reports drastic 11 state~. It is proposed, 11 Chairman Eccles said, 11 in the initial regula- tion, covering only a limited number of articles and applying moderate terms, to lay a basis for such subsequent coverage and adjustment of terms as experience in this field and economic developments may indicate to be necessary in ords:r to c~:Arry out thu purposes of the Executive Order. 11 Vice Chairman Ransom stated that progress is being made in the drafting of an initial regulation with a view to its being issued next week to become effective at an early date. Following is a list of groups represented at and of those attending today's meeting: American Association of Personal Finance Companies Irvin Wesley, Vice President, ·Indianapolis, Indiana B. E. Henderson, Member of Executive Committee and President of Household Finance Corporation M. R. Neifeld, Economist, Newark, New Jersey American Bankers Association John Burgess, Vice President, Northwestern National Bank, Minneapolis, Minnesota CE<rlton Hill, Vice President, Fifth Third Union Trust Company, Cincinnati, Ohio R-866 - 3 American F'inance Conferer1ce E. M. Morris, Associates Investment Company, South Bend, Indiana Owen L. Coon, General Finance Corporation, Chicago, Illinois David B. Cassat, Interstate Finance Corporation, Dubuque, Iowa American Industrial Bankers Association Charles Sursa, President Myron Bone, Secretary American Retail Federation C. B. Dulcan, Sr., The Uecht Company, 'v'fashington, D. C. Ralph Goldsmith, Lansburgh & Bro., Washington, D. C. David R. Craig, President, American Retail Federation Commercial Credit Company E. C. Wareheim, Executive Vice President Commercial Investment Trust Incorporated A. 0. Dietz, President Credit Union National Association Thomas Doig, Assistant Managing Director William Reid, President General Motors Acceptance Corporation Charles G. Stradella, Vice President Independent Bankers Association Ben DuBois, Secretary Mail Order Association of America R. S. Smith, Assiste.nt Treasurer, Montgomery Ward & Company Morris Plan Bankers Association Richard H. Stout, Executive Vice President R. o. Bonnell National Automobile Dealers Association L. c. Cargile W. L. Mallon C. w, Bishop National Bond & Investment Company N. H. Topper, Genoral Counsel National Bureau of Economic Research Ralph A. Young, Director, Financie.l Research Program 43 R-866 . - 4National Retail Credit Association L. L. Meyer Arthur J. Morrh D. D. Bolen National Retail Dry Go~ds Association Howard Godfrey, J. L. Hudson Company, Detroit, Michigan Kenneth C. Richmond, Abraham & Straus, Brooklyn, New York Irving C. Fox, Washington, D. c. National Retail Furniture Association Jack Schram, Chicago Clarence Haverty, Atlanta Roscoe R. Rau National Retail Hard~.re Association Albert Herrnstein, Vice President, Chillicothe, Ohio Rivers Peterson, Managing Director. Reserve City Bankers Association Donald F. Valley, Vice President, National Bank of Detroit Retailers national Council Louis Rothschild Government Agencies Treasury Department Daniel W. Bell Office of Price Administration and Civilian Supply Rolf Nugent F. B. Hubaohek Federal Loan Administrator Stewart McDonald Department of Commerce Bureau of Foreign and Domestic Commerce Current Business Analysis Unit Credit Research Staff Duncan Holthausen 44 R-866 - 5 ... Comptroller of the Currency C. B. Upham Federal Deposit Insurance Corporation Morris Tucker Rural Electrification Administration Carlton Nau 45
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