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# f A«|$»iit f t Mtt I fciw* *••& dividing t M * ttMli
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?«p|r 1»w#y *»* li»et$e 4&ara tw»re at th* Sank* A» you eaa
iiaasine, there arc
of j>r©;cle»a to think about,
and the J#|> ia not mM® m M m W tkm »lsseac« of Bill
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fro® tfe* sosie tjfpa of -oiwwmtloa*

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t afcaro fully yoar
about t&« $>ro$o*al
to jtor&it the Federal Hoaorve B&afea to 1my tb© mhXi&mtiwm
of a»y U.S. Ooverasjeat agisiissy. Hit# co*ld toe » &*?f»l«a»
technical j»r9viii0S| tine* we are ftlrMdy «»tJi©ri»#& to
bur «#*$»!» agoncy U i « « « * Oa the other haa4, #@»e of
it# propoaeata
tfelait of it as a ao&aft of
/ paroaaariag tfee 8y*t«* to support tfe# m arket far titia
y7 ] ty$e of obligation* I m m «##»r# you tk&t there im m
iii|M»»itios whatever ia the ®y*t«» to a®e«$>i asx assigni aoat »jf t t l * kind, taft X liojMft *a& tr&at iteat iw c&a
roaiat asy efforts# to «!&&a§ oar ai«4i*

la general* X m miek diatwrlMtt "by tfe« apeeio-a*
lino of arga»»i»t feaar* so often la Vaafeiagtoa tfeeae 4»r*
that eratit — or at laaat oertaia types of *•
alt&&l& tie aoirereXy roatriot#& tat* tiaat this skoald fe* tea*
without say aa&at&iitiaX vita In interest m t e a * fti# level
of eeoiioaie &aderstaifc&i&g is stoat# political quarter# is
regrettably low# ewnt tb* worst of It if tfeat soae of
tfeeae illusioas #oe» to la?« affected the tblaking of a
few ladlvidtaU* la tte Syate* itiiif.
ffeera id a » e sos® visible ole&v&ge w i t M a tk«
&yst*» as to wliotiier oar concern ahould bo almost entirely
vitfe aggregate# ©f credit &®mn& or credit
vfeftttker tr® afeoi»ld try to flay a » r t aetlv® rol® ia tiuft

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102