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https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  'ONGRATULATORY LETTERS - W-X-Y-Z  Collection: Paul A. Volcker Papers Call Number: MC279  Box 7  Preferred Citation: Congratulatory Letters:"W-X-Y-Z", 1979; Paul A. Volcker Papers, Box 7; Public Policy Papers, Department of Rare Books and Special Collections, Princeton University Library Find it online: http://findingaids.princeton.edu/collecdons/MC279/c122 and https://fraser.stlouisfed.org/archival/5297 The digitization ofthis collection was made possible by the Federal Reserve Bank of St. Louis.  From the collections of the Seeley G. Mudd Manuscript Library, Princeton, NJ These documents can only be used for educational and research purposes ("fair use") as per United States copyright law.• By accessing this file, all users agree that their use falls within fair use as IUIIII 1•U defined by the copyright law of the United States. 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Mudd Manuscript Library 65 Olden Street Princeum, NJ 08540 609-258-6345 609-258-3385 (fax) mudd@princeton.edu   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  U  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1  September 18, 1979  Dear Frazar: I should have written long ago to thank you for your warm note on my appointment--and a long plane trip gives me a chance to get caught up. It may be a "Can't Win" proposition, but no one ever told me not to try. You've been a great comfort and strength to so many over the years, don't stop now. Warm regards. Sincerely,  Paul A. Volcker •  Mr. Frazar B. Wilde Chairman Emeritus Connecticut General Insurance Co. Hartford, Connecticut 06152 PAV:sep  Hartford, Connecticut 06152  —  -^a  '  Frazar B. Wilde Chairman Emeritus   https://fraser.stlouisfed.org IP Federal Reserve Bank of St. Louis  July 27, 1979  Mr. Paul A. Volcker, President Federal Reserve Bank of New York Federal Reserve P. 0. Station New York, NY 10045 Dear Paul: It's hard to find words to congratulate you enough and at the same time press my deep appreciation for your contribution to the country in accepting the responsibility of heading up the Federal Reserve. You have set an example which I wish others would follow in taking a post involving a financial sacrifice and accepting a job which in one sense is almost in the classification "One Can't Win." I am sure there are others in the country who appreciate as I do what a great thing it is for the nation and for the President that you are willing to accept this job. Kind personal regards and congratulations. Sincerely,  1A4,',‘A41A-  ir 4,0  6  Wejt  FBW:npm  I  t  11‘3)  1  0 °1  t i et611 ; /417))   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  0  September 18, 1979  Dear Bill: I've been meaning to write to thank you for both the letter and the "special" in the "Daily Record." I discount heavily what my friends say in public-even if its nice to read--but I hope you will tell me privately what I really need to know. Meanwhile, keep the Fed honest up in Buffalo--and all the best to you and Jackie. Sincerely,  Paul A. Volcker  Mr. William B. Webber Vice Chairman Lincoln First Bank, N.A. One Lincoln First Square Rochester, New York 14643 PAV:sep  Lincoln First Bank,N.A. William B. Webber Vice Chairman  July 31, 1979  6;#1 ,74$vait Ge  arai Ppt)9 Mr. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: While it is not The New York Times, I thought you might be interested in yesterday's copy of The Daily Record, which is the Rochester area business and legal daily newspaper. I think the article is reasonably accurate - or will prove to be so - with the exception that I may have your mother located in the wrong community. Paul, Jackie and I wish you the best of luck in your crucial new role. Since the article says it all, I won't repeat it in this letter. We are proud of you, and I am proud to be a part of your team. Best wishes. Sincerely,  William B. Webber WBW:JM Enclosure  One Lincoln First Square, Rochester, New York 14643, Telephone: 716-262-4121   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  4   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 24, 1979  Dear Clif: l and Sooner or later I do answer my mai the note when I I didn't explicitly thank you for saw you at the R.F. meeting. conI hope you eventually got a strong look for the results sensus after all the work. I'll with great interest. Best regards,  Mr. Clifton R. Wharton, Jr. Chancellor State University of New York State University Plaza Albany, New York 12246  jmr   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  WM, dilk  Asr i State University of New York State University Plaza Albany, New York 12246  Office of the Chancellor  August 1, 1 979  Mr. Paul A. Volcker 151 East 79th Street New York, New York 10021 Dear Paul: After teasing you on Saturday at Jane's about those telephone calls, I was naturally not surprised at your choice by the President. He could not have chosen a better person, and I am both pleased and proud. I do hope that you may be able to continue membership on the Rockefeller Foundation Board. (Bob McNamara stayed on the Ford Foundation Board.) We need you! Once again, congratulations and, Warmest regards,  Clifton R. Wharton, Jr. Chancellor   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1  September 18, 1979  Dear Pat: I appreciate the letter on my appointment -- and I'm beginning to change my ideas on the gene pool -I need all the talent I can find to help -- male or female -- and the next generation can take care of itself. See -- Washington breeds irresponsibility already. Thanks for writing. Sincerely,  Mrs. Harry Woolf % Institute for Advanced Study Olden Lane Princeton, New Jersey 08540  PAV:ccm   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  2-1 te,1 1171 ZQ • [ -D-e-i vt  eirlA  0S-4-tizET a,Q471±.  ".1(Rt-F  \AAQA-  (Ag AjN  —U/k-k"  : LAAA-aptIPA  AL  aft. —ULL `\'LA  dA22A'AtL__  ,(6t--uksitAi‘kzzizi-t) Let- az,:t..t,t.L,  4.--  rutL u  *" U:Q111  Ag_ U-QA0vrptrL,e:cut . oi  V  (b-tr4-  •  r  A,D-ft 0))-1 pc,I Aiev 040-otv 4/  1A-A-fi"  PAY'v' q9)  ),d  ;01 vl  flAAJi1'  it  September 18, 1979  Dear Jim: I eventually do answer my correspondence, and I want you to know how much I appreciated your note on my appointment. The "honeymoon phase is over, even if the brickbats haven't been too heavy so far. I have you will keep in touch when there is something I should know. Regards. Sincerely,  Paul A. Volcker  Mr. James D. ildifiesohn General Partar ' s Salomon Brothers 1 New York Plaza New York, New York 10004   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  I  `-? ez-LATh7  °C. 4e et--t-vj  A1:34-1-  Ce-Pt, L-Q__  tty-y  ._ --: (0Thi  LLT 10_, _ ;Lo"----  t 'frC  1.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 18, 1979  Dear Sid: I'm catching up on correspondence much too late, but I did greatly appreciate your note on my appointment. But I come down -- and you're off to Texas again. It isn't fair: Our best to you both--but remember I'm only responsible for the good economic news. Regards,  Dr. Sidney Weintraub  jmr  eAJP)i;e-  .  ile  (77vAl )  The 73rookings Institution III g,t.11 •404.4.11011 1775  MASSACHUSETTS AVENUE  N.W./ WASHINGTON  D.C. 20036 / CABLES: BROOKINST / TELEPHONE: (202) 797-6000  Foreign Policy Studies Program  a-v-v-fite-1  p-(r  kr-9--LP  R.,41 Pl  /44.,,ft  /tit  VIM-(1  a-f-et . 126,117  4134,Sa„,  kr\A„   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  4AK Atti'Al ttiT  01/44,6,0A ,  vv A.  ociA.1,9  d-accin   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 18, 1979  Ar. Thomas J. Wageman Executive Vice President LaSalle National Bank i.Asalle Bank Building 135 South LaSalle Street Chicago, Illinois 60690 Dear Mr. Wageman: Thank you for your recent invitation to address The Bankers Club of Chicago in the Wing or Fall of 1980. At the present time, I am still sorting out my schedule and am unable to make a commitment that far in advance. Perhaps we could be in touch after the first of the year with a view toward working something out at that time. Sincerely,  cc:  Mrs. Mallardi #1784  JRC:tjf  1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  LaSalle National I  '11: 15  LA SALLE BANK BUILDING • 135 SOUTH LA SALLE STREET CHICAGO, ILLINOIS 60690  THOMAS J. WAG EMAN  312 / 443-2762  EXECUTIVE VICE PRESIDENT  August 22, 1979  Mr. Paul A. Volcker Chairman Federal Reserve Board of Governors Federal Reserve System 20th and Constitutional, N.W. Washington, D.C. 20551  off  Dear Mr. Volcker: I am writing to you today in my capacity as President of The Bankers Club of Chica_so in the hope that you might find it possible to come to -Chicago in the spring or fall of 1980 and address our membership. The Club is 97 years old and has a membership of over 400 bankers which includes the senior management of the major Chicago downtown banks as well as the senior management of city, suburban and exurban banks. As you might expect in a unit banking state, many of our members, in addition to being senior managers, are also owner/operators. It's a distinguished and important segment of the banking industry not only here in Illinois but, I believe, across the country. It's been our practice over the years to hold a dinner meeting each year in the spring and fall at which a distinguished person has the opportunity to share his/her feelings about an area of interest with our membership. Our attendance at these meetings is seldom less than 250 members and usually not more than 400. The meetings are held in the ballroom of one of our large downtown hotels. Ideally, we would like you to come (and we'll schedule the meeting according to your availability) in the months of April/May or September/October. (At our fall meeting we always schedule around the American Bankers Association Convention dates.) For the convenience of our speaker and our members, we hold our meetings on either a Tuesday, Wednesday, or a Thursday evening. A typical time schedule would be speaker's reception at 6:00 P.M. followed by dinner at 6:45 P.M. with our speaker's presentation beginning at about 7:30 P.M. and concluding at about 8:00 P.M. For your information, I have enclosed a program from our last meeting which will give you some feel for the timing and arrangements. Accept LI:e.T.ret   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .4O  August 22, 1979  PAG E  Two  Mr. Paul A. Volcker Federal Reserve System Washington, D.C.  We will, of course, handle any expenses which you incur in connection with this visit. We will be happy to have a car meet you at the airport and should you require it, we'll be happy to provide overnight accommodations and a car to return you to the airport. It would give us great pleasure if you will accept our invitation and give us one or more dates which might be convenient for you. Your position is obviously critical to our business, and you, personally, in that position are a most important executive whose decisions have immediate affect on the way we do business. I hope I may hear from you in the near future and hope, too, that it will be possible for you to be with us. Sincerely, — ----"*" I 6-tou-c--Thomas J. Wagemabj Executive Vice President TJW:cm Enclosure  ...  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  September 18, 1979  Dear Mr. Willie: Many thanks for your note on my appointment. I know how much of the strength of the Federal Reserve lies in the Banks and with the bank and board directors, and I am grateful for your support of the System. hope we can meet before long. With best wishes, Sincerely,  Paul A. Volcker  •  Mr. Louis J. Willie Executive Vice President Booker T. Washington Insurance Company P.O. Box 697 Birmingham, Alabama 35201   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .......  . • ......  ........  •  ........ • • . •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BOOKER T. WASHINGTON INSURANCE COMPANY P.O. BOX 697  BIRMINGHAM, ALABAMA 35201  August 22, 1979  ...•1•11%  Mr. Paul A. Volcker Chairman of the Board of Governors Federal Reserve System Washington, D.C. 20551 Dear Mr. Volcker: Congratulationson your appointment as Chairman of the Federal Reserve System. I know that you will perform in an excellent manner in this new responsibility. As a member of the Birmingham, Alabama Branch Board of Directors, I look forward to working with you and making whatever contribution I can to make the work of the Federal Reserve System effective.  Louis J. Willie, CLU Executive Vice President LJW/c  BOOKER T. WASHINGTON-CITIZENS FEDERAL BUILDING-1728 3RD AVENUE. N. AREA CODE (205) 328-5454  V---   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 18, 1979  Dear John: However belatedly I appreciate your message on my appointment.  Keep in touch.  Sincerely,  Paul A. Volcker  Mr. John D. Wilson Chase Manhattan Bank of Tokyo Tokyo, Japan  jmr  to /  &  VIA TR  TELECOMMUNICATIONS qE.C.E.VED OIVISION DIPARTME,NT RVE BANK F Fp! L RESEYORK t4v.fi  JUL ZS t3 17 Ati'19 07/25/79 2246 EDTO 420188 FRNY Ul  CHAMANBK J22514 THIS IS CHASE MANHATTAN BANK TOKYO CALLING FEDERAL RESEARVE BANK OF NEW YORKWMP NEW YORK USA  DATE GI DISPATCH 'TRIAL NO.  41584  (;!TY ENTERFD  eft  REVIEWED BY  Siiiiii444 RC NAT  CHECKED BY  ITZINDE  JULY 26  ATTN PAUL A. VOLCKER, PRESIDENT,  2nd DECODE  FEDERAL RESEARVE BANK OF NEW YORK  HAVE JUST HEARD IN TOKYO OF YOUR DESIGNATION AS CHAIRMAN OF FEDERAL RESEARVE BOARD. AM DELIGH TED THAT YOU HAVE AGREED TO ACCEPT THIS RESPONSIBILITY, ALTHOU GH . I KNOW IT INVOLVES A HEAVY PERSONAL SACRIFICE. CONGRATULATIONS TO BOTH YOU AND BARBARA. JOHN D. WILSON CHASE MANHATTAN BAN K  COL NIL   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lab  )V \ vt. \` .03  . t /1  NOTE( THIS MESSAGE N T NU BERED OR TEMP   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 18, 1979  Dear Jim: Thanks for your congratulations and warm words on my appointment. I remember when we first met, and I confess I didn't realize you were now so close to retirement. After a few years of this, I may be ready as well. But meanwhile, I will try my best! Sincerely,  Paul A. Volcker  Mr. James G. Wilson Senior Vice President and Manager Investment Department Equibank N.A. Oliver Plaza Pittsburgh, Pennsylvania 15222  PAV:mrk   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Equibank N.A. Oliver Plaza Pittsburgh, Pa. 15222 James G. Wilson Senior Vice President & Manager Investment Department  August 2, 1979  Mr. Paul A. Volcker Chairman-designate Board of Governors Federal Reserve System Washington, D. C. Dear Paul: May I add my "Congratulations and Best wishes" to those of your many friends and admirers who are elated to hear the news you will be giving financial leadership to our country and the Free World at this crucial juncture in our history. On the occasion of our first meeting in Washington in the early 60's I was deeply impressed with your ready willingness to exchange views on the Money Markets and I will long remember the many courtesies which you extended to me on those occasions. In another pensioners discipline retirement  year and a half I and the knowledge reassures me that and not resort to  will join the ranks of the you are in charge of monetary I should be able to enjoy my the tin cup routine.  Any time you visit Pittsburgh, you can be assured I will stand by with a ready supply of your favorite stogies. Sincerely,  R,ECE1VED James G. Wilson C 1Q7Q  JGW/ls P. A. V. ANSWERED ATTENDED TO  An Equimark Company   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Alan: I appreciate your note, even as I negotiate my first loan. Best wishes. Sincerely,  Paul A. Volcker  Mr. Alan B. Wade Public Affairs Officer United States League of Savings Associations 1709 New York Avenue, N.W. Washington, D. C. 20006  UNITED STATES LEAGUE of SAVINGS ASSOCIATIONS   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  WASHINGTON OFFICE  1709 NEW YORK AVENUE, N.W. / WASHINGTON, D.C. 20006 / TEL.(202) 637-8930 Home (301) 268-5894  ALAN B. WADE Public Affairs Officer  July 31, 1979  Honorable Paul A. Volcker Chairman - Designate Federal Reserve Board 20th and Constitution Avenue Washington, D.C. 20551  N.W.  Dear Paul: The cream always rises to the top.  Congratulations.  I trust you saw the enclosed colloquy involving your possible new salary. Reuss and Stanton! Don't ever let 'um forget it! Best wishes,  Alan B. Wade Public Affairs ABW/js Enclosure  , . /14 1-5  401  THE AMERICAN HOME: THE SAFEGUARD OF AMERICAN LIBERTIES  D986  Prograr and aftei the trail: than 9:4 port A( amen dm primary: subject ti  Anibro, aei Anderson, Bennett. C Devine. Sa Flippo. Ro Fuqua, Do  Conzressi4 payable in Office, Ws: and is sold  strictions   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  11 6318 •  CONGRESSIONAL RECORD—HOUSE  I think it would be appropriate to make satisfaction than $57,500 a year, I would quirements. and today in • a couple remarks as this time about the stand ready, and I know the gentleman with the new NOW across Federal Reserve System itself. Setting from Ohio would agree and work on it, third party transaction a aside the general membership for a mo- to-see that the basic la-w was amended. competition from lionme:: ment I might say something about the It is true, for example, that many of the beginning, I think, lea present leadership of the Federal Reserve the regional 12 Federal Reserve hank ther erosion of membersh System. When I say this I speak of but presidents receive more than the chair- this membership cost turd, one thing. .1 know the Members of the man of the Board of Governors does. dressed here today. House would join me in hoping the Presi- The excellent Paul Volcker of New York, Now, further than that dent when he picks a successor to Mr. I think, for instance, receives almost dress ourselves to the spy Miller, will look for a man with experi- twice as much. tion at hand. Is this the ss ence in the international field. Certainly Mr.STANTON_ Double, yes. - • problem? Welt, I am not sa through no fault of President Carter, but Mr.. REUSS. And earns it. So I think fact, I am inclined to thir'. by attrition and untimely deaths of that we should not be ribbon clerks about bly it is not the best solut members of the Board we find ourselves this thing. and I commend th-e gentleat we could have come in the unique position in this country man for his suggestion. On the other hand, I do that a board established by Congress for Mr.STANTON. Mr. Chairman,I ti - any legislation where the C the purpose of freeing it from political the gentleman. pressure finds itself in a position where Mr. Chairman, turning from the lead- Banking perhaps or any a: the oldest member of the Board has ership of the Fad to the membership is- tee worked any harder in t: served but 5 years. That is a startling sta- sue itself and, of course, that is a subject to some conclusion. The tistic, Mr.. Chairman. It is probably the to which H.R. 7 addresses itself. Some- others will mention probs first time since 1935 that this has oc- thing should be said about the voluntary had over 63 excellent witia curred. One member will have this fall participation in the Federal Reserve issue. We held hearings ot t accumulated 5 years' longevity. One has System since Its inception in 1935_ In fact, over almost a year's t_ 2 and a half years.One has 2 months. Mr. fact, I do not think on this House floor particular subject. Everyone Schultz from Florida has yet to be con- we have done enough to speak about the portunity to be heard on t: firmed. With Mr. Miller there for but 19 general commercial banking field and the The recognition of private p months it would be my .hope that the financial industries of our country. It terests on behalf of one seg: President would look for someone with seems we have had a great recent ex- society against the other we great experience in the Fed system and ample of that in my own neighboring city account. with experience in international matters. of Cleveland. We are always clamping I think first we started tit A while ago a name was mentioned: down and putting more restraints and basic premise: We wanted. that is the president of the Federal Re- more regulations upon these banks. Fed membership. serve Bank of New York. Ma. Paul When you travel internationally and you Second, we wanted to rest Volcker. You could go on and on naming see what is around the world, then you the Federal Reserve System outstanding people. come home to see the basic independence of money control that would Mr. Chairman, when we are talking and the diversification of our commercial Fed the opportunity to c about the Fed it does remind me of this: system_ You then realize that abroad money supply. This the Fed r In looking for- a new chairman I would they look upon the U.S. commercial was about two-thirds of the: hope the President would not have to be banking field and financial segments of ply or 6623.. There was -basic turned down by someone because the sal- a society in general with great awe and from them to the House Con ary of the Chairman of the Federal Re- with great respect. When you stop to ronghly two-thirds of the ns serve System is spiked at $57,500. We think of the commercial banks, 14.696 was necessary to accompli± want the best talent we can buy in this according to the Congressional Quarterly pose. country. If it is necessary for the Presi- that we have today, State banks, nonThe question then .arose. dent to select someone who could not af- member bank, members of the Federal freedom of choice is not t ford to accept that salary, I, for one, Reserve, of which approximately 5.500 what is the answer? That is a would suggest that the position of Chair- to 5.600 are members of the Federal Requestion and if the chairman man of the Federal Reserve Board is a serve: when you stop to think of the some the answer, We would be dos. position more prestigious than that of 457 mutual savings banks in our counday offering it. What we lx. the Secretary of the Treasury. try., the proud participants in the 432 brought out of the committee 0 1050 savings and loans of our country, over House floor today an alter: 22,000 individual credit unions of our everyone. I sincerely believe. There are more international responcountry with some $53 billion in assets, and which in turn we can sibilities. control of the monetary supply and so forth; but I would hope that if this is, indeed impressive. They have Perhaps the other body cosi something has to be done in that regard. provided this country with the capital bit better, but maybe we to make America the envy of the world, long way -toward solving tJ-. that we take a look -at that subject. so that we should recognize the present Federal Reserve members:. Mr. REUSS. Mr. Chairman, will the voluntary system of Fed membership gentleman yield? Perhaps. if we -were to los Mr. STANTON.'I would be happy to when examining the whole issue. ter solution along the way. Next, referring to the Fed system with be those who espouse yield to the gentleman from Wisconsin. Its .5.665 rnembers, there has been a great coverage of reserve requirt Mr.REUSS. Mr.Chairman. first of all. I want to express my absolutely unre- erosion from the Federal Reserve for one would have no objection. c strained admiration for the leadership specific reason. It has become economi- universal coverage bv the of the gentleman from Ohio (Mr. STAN- cally 'unfeasible to Tontinue to belong.. serve. The Fed could have as TON . We have not always agreed on The price of membership is no longer depository institutions thra• H.R. 7. I think, as the events of the compatible with the services that are re- country. It should be done morning unfold, that it will be disclosed ceived. This is universally recognized as minimum amount. though. that a marriage. indeed, may have taken the problem which brings us to the House tons_ It should be done in place; but putting that to one side, the floor today.. would allow an overwhelmr Now. this was not always true. There of our banks to cover their suggestion that the gentleman makes that whatever needs to be done to in- was a time. I think.. in our country when quirements with vault cash. sure that the most qualified man or a national bank, especially after the deI disagree with the Fed C woman in this country succeeds Bill Mil- pression days. had a strong particular the present time. If an anaT ler at the Fed, that suggestion I whole- Connotation of strength that was aaso- found to solve the money sa heartedly agree with. If it should turn elated with It.. Later came the State problem. different types of out that person is one whose family de- bank. Later came the conglomeration of on control of reserves mands,let us say, need a greater material different supply, different reserve re- sidered in my opinion. I!:  V  July 20, 1979  CONGRESSIONAL RECORD-HOUSE  fected by section 3(a) of H.R. 7 apply only to the reserve area and in no way increase existing Federal Reserve authority in the Regulation Q area. (2) UNIFORM RESERVE RATES  H.R. 7 sets a uniform reserve rate of 11 percent on transactions deposits over $35 million, replacing the current 7 to 22 percent range, and a uniform 3 percent on short-term commercial deposits, with an exemption for the first $10 million. All other time and savings deposits are freed of existing reserve requirements. (3) ACCESS TO DISCOUNT WINDOW  All depository institutions with transactions accounts—not just Federal Reserve member banks—will be given access to the Fed's discount, or loan, window to tide them through periods of reserve shortages. This will enhance the safety and soundness of our banking system and enable the Fed to take necessary tough monetary policy actions without fear of hurting depository institutions with unexpected reserve shortages. As Federal Reserve Board Chairman G. William Miller testified at our hear-ings on January 24, 1979, this could be a significant improvement over the present system. Mr. Miller said: The discount window, as the 'lender of last resort,' provides the payments system with a basic liquidity backup by assuring member banks the funds to meet their obligations. But, if the proportion of institutions having access to this facility continues to decline, individual institutions could be forced to make abrupt adjustments in their lending or portfolio policies, because they could not turn to the window to cushion temporarily the impacts of restrictive monetary policies. Risks that liquidity squeezes would result in bank failures could also increase. Thus the Federal Reserve may find that its ability to limit growth in money and credit in order to curb inflation was being unduly impeded because the safety val.ve provided by the discount window was gradu-ally losing its effective coverage.  Also, all financial institutions will gain access to Fed services such as check clearing once the Fed begins charging for such services. (4) REGULAR INFORMATION All financial institutions will be required to give the Fed regular,reports on their assets and liabilities, providing the Fed with much more of the information on the state of the Nation's money supply needed as a basis for deciding how much the money supply should be tightened or relaxed. HOW MONETARY POLICY WOULD BENEFIT  H.R. 7 will improve the Federal Reserve's ability to conduct monetary policy. First, it will assure a permanent,stable base 'of reserves, giving the Federal Reserve control over the two-thirds of transactions deposits-66 percent—it believes is needed for effective monetary control. It will assure that all large banks playing an important role in the monetary system remain subject to reserves. Second, H.R. 7 clarifies the Federal Reserve's authority to place reserve requirements on Eurodollars—those funds   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  that go abroad partly to escape reserve requirements. Third, the uniform reserve rates which it provides replace the present hodgepodge of different rates for different-size banks that are members of the Fed. More uniform rates will enable the Fed to predict more accurately the effect on the Nation's money supply of changes in bank reserves which the Federal Reserve makes through open market operations and discount window loans. Fourth, it will greatly improve the Fed's information on the state of the money supply by requiring all depository Institutions to report their assets and liabilities on a regular basis. The paperwork involved will be negligible, the rewards in terms of needed information great.  would have access to the loan window and Federal Reserve services such as check clearing without being members. Conversely, some argue that banks will be induced to join the Fed because some States might have higher reserve requirements than the Fed's. This argument ignores the probability that States will adjust their reserve requirements to coordinate with those of the Fed, just as they have done in the past each time the Fed has changed its reserve requirements. The bill specifically gives the State legislatures time to act if they wish, by delaying the effective date of the legislation to July 1 of the first year after enactment. COST ESTIMATES  Finally, H.R. 7 resolves the problem of required reserves at minimal cost. The EXEMPTING SMALL BANKS cost, in terms of revenues lost to the Fed There is no need, for monetary pur- and hence to the Treasury, is estimated poses, to make every small bank in the at only $9 million for fiscal 1980, increascountry come up with reserves, since the ing to $155 million annually when the large banks covered by H.R. 7 account plan is fully in effect. This is well within for the two-thirds of the Nation's de- the $200 million cost limit which Treasposits the Federal Reserve says is needed ury says is the maximum it can accept. for good monetary control. Also note that this estimate does not There is good reason to treat small take into account the banks more leniently on reserve require- would occur anywa revenue losses that y, ments. Large banks are able to reduce attrition of Federal through continued Reserve membership, their effective reserve requirements by if no bill is enacte d. cash management techniques, reducing Our Nation is besieged with doublereserveable deposits by switching into digit inflation. This inflation is a longovernight repurchase agreements, or term problem that must be attacked with creating loans from their offshore every weapon available. The Federal Rebranches which are deducted from re- serve must be given the tools to carry serveable liabilities. Small banks cannot out its part of the effort. Its approval by readily avail themselves of such tech- the House will be a sign that we are inniques. tent upon focusing our monetary guns In fact, H.R. 7 provides a new element on the anti-inflation target. of equity between large and small banks. The House now has within its grasp a Chairman Miller pointed out to the com- sound and fair solution to a worsening mittee that the burden of Federal Re- problem. We must not let the opportunity serve membership today is not distri- slip away. H.R. 7 is strongly endorsed by buted equally across all sizes of banks. the Federal Reserve, the administrati The relative burden is greatest for small and major segments of the bankin on, g inbanks—exceeding 20 percent of profits dustry. It deserves prompt enactm ent. for banks with less than $10 million in p 1040 deposits. This bill will enable a small (Mr. STANTON asked and was given bank to remain or become a member of pe ion to revise and extend his the Fed without an undue and disparate rt,ks .) cost burden. Ir. STANTON. Mr. Chairman, several As with other industries, it has long oughts come to my mind. I wish at this been national policy to offer small compartic ular moment one could put them panies benefits that enable them to reinto the prospe ctive of what we should main viable in competition with large refer to first. companies. The existing system of reI think first and foremost would be to serve requirements, in fact, favors small banks with lower reserve rates than large complement the chairman of our combanks, though in a haphazard manner. mittee for most of the remarks he has just made, but far further from that, his EFFECT ON THE DUAL BANKING SYSTEM The argument is made in some quar- being a leader in the recognition of the ters that a mandatory reserve system will problem that brings us to the House floor jeopardize the dual banking system—the today, which is the erosion of the Fedfree choice of banks to hold a State or eral Reserve System. The chairman has Federal charter. In the view of those who been consistent in working with this support H.R. 7, including the Independ- problem, not just starting last year at ent Bankers Association of America, fear the suggestion of the Chairman of the for the dual banking system is not war- present Federal Reserve System but it ranted. Many factors other than reserve has been true over the years. It was only requirements are pertinent to a bank's last year that there was any particular choice of a national or State charter. In- movement on the part of the Fed itself deed, the dual banking system should be to solve their membership problem. Then, strengthened because much of the pre- once again, as the chairman has so well sent financial incentive for banks to join put it, the problem has increased rapidly or leave the Federal Reserve is-removed. in recent years. As the chairman pointed out, some 90 banks left the Federal ReSome argue that banks would be in- serve last year and we come here with duced to leave the Fed because they that problem. It is not, however, a crisis.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 21, 1979  Dear Ron and Harry: Thanks for the message.  Your offer is dangerously open-  ended -- we may just test you! Sincerely,  Paul A. Volcker  Mr. Ron Wittreich Mr. Harry Keefe Keefe, Bruyette & Woods One Liberty Place New York, New York  11.11.11110 „western union G%9  Telegram  YSA229(1032)(4-015879S226)PD 03/1 4/79 1031 ICS IPMMTZZ CSP 2123494321 TDMT NEW YORK NY 32 08-14 1031A EST PMS PAUL A BOLCKER FEDERAL RESERVE BOARD, DLR 33 LIBERTY ST NEW YORK NY 10005 HARRY KEEFE AND I CONGRATULATE YOU ON WELL DESERVED APPOINTMENT AS CHAIRMAN OF THE FEDERAL RESERVE BOARD. IF YOU NEED TO KNOW ANYTHING ABOUT THE 14,400 U.S. COMMERCIAL BANKS JUST CALL US RON WITTREICH NNNN  RECEIVED AUG 141979 P. A. V. ...... .... ........................ ANSWERED ............................... ATTENDED TO,„  SF-1201 (R5-69)   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  L   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Alan: Thanks for the note --- and congratulations to you on the great job on the Trade Bill. Something constructive can be done: Best wishes. Sincerely,  Paul A. Volcker  Mr. Alan Wm. Wolff  PV/tn  ALAN WM. WOLFF  .2‘  5  •  kta6J1- .  ,  iLer tracf-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  4  ,7-r-o-S ‘4>,.--54-0L   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 21, 1979  Dear Jacques: I appreciate the note.  I don't underestimate the problems  ahead, but I do look forward to trying to see what we can do together to pick up some of the old threads. you here or there. Sincerely,  Paul A. Volcker  Mr. Jacques H. Wahl Le Secretaire General Presidence de la Republique Palais Je L'Elysee 75800 Paris, France  PAV:cm  I expect to see  PRESIDENCE DE LA  REPUBLIQ LIE  30, Le Secretaire General   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Or.  a  %--2-•k---r\r- 1-..._(...A.A 6,,, .10.44, 1  t;,'  leNel  1) e s  ___. c) LLA_ ,,,t  H,‘0-- ‘I'*' b"- r......A.- ,....1_ e...,A.1 s„..........,i„..)  ce,  -  s„,,t. ;L....13-.4v, . II.(..,c13-,/ ft,t  cic  Rel  nk. dc.c-s  12'%"4"1171-  ' 1 1 ,74C.  J  itca..6  k- tat 7 _s  iLd  ,  L..J47  cLr  0,4  A cccyk-  i  (A)  FUL  4,k  A it  +  e  cu.cc4.s5  AW'  C  4-CSt 1ijt, r  e•-•7  70k ik-tr7--; e-r-e-P1 1tzF-L_cg--vo.11  lets1,,t-c_ 6%,-s,„t .  Thanks for your note of July 25. I appreciate your kind words and your offer to be of assistance. You already know I will be taking you up on the offer:  Mr. William H. Wallace Staff Director Board of Governors of the Federal Reserve System Washington, D.C. 20551   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BOARD OF GOVERNORS OF THE  .o .71  %w.  FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 205S1  01- • •RAI. • 4, Res • •  July 25, 1979  Mr. Paul A. Volcker, President Federal Reserve Bank of New York New York, New York 10045 Dear Paul: I was delighted to hear the news this morning of your appointment to our Chairmanship. Having seen you in action from a distance, I am very confident that this is an appo intment which will certainly be in the best interests of the Federal Reserve System and the Country. I look forward to working with you when you arrive, and will take this opportunity to offer my services in any way to make your transition to Washington a smoother one. Plea se do not hesitate to call on me. Sincerely yours,  William H. Wallace Staff Director  RECEIVED JUL 26 1979 P. A. V. ANSWERED ATTENDED TO_   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF NEW YORK NEW YORK,N.Y.I 0045 AREA CODE 212 79 1-6173 PAUL A. VOLCKER PRESIDENT  August 6, 1979  Dear Dr. Walter: I appreciate your no te and thoughts.  Thank you for writin g. Sincerely,  /Zwera,‘,L_ Paul A. Volcker  Professor Dr. Otto L. Walter 870 United Nations Plaza New York, New Yo rk 10017   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  PROFESSOR DR. OTTO L. WALTER  870 UNITED NATIONS PLAZA, NEW YORK, N.Y. 10017 OFFICE: 280 PARK AVENUE, NEW YORK, N.Y. 10017  July 31, 1979  The Hon. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, N.Y. 10045  Dear Mr. Volcker: I recall meeting you and your charming wife on the occasion of an affair of the American Council on Germany, at which the Countess Doenhoff expressed her--in the meantime obsolete--views. I want to be among those who voice their happiness and hope on the occasion of your appointment, although it will be an uphill fight to put on brakes in the middle of an election campaign. My best wishes are with you. Sincerely yours,  P.S.  OLW/ea  I have occasionally recommended to congressmen, newspapers and economists to remove the deductibility of nonbusiness interest from the tax laws (possibly with the exception of personal homes). The present system where the taxpayers finance consumer debts is one of our sources of inflation. While there are more important reasons for our inflation, this is one which could be removed without offending the ideologies of the four main contributors of inflation (government, labor, range and industry).  EI V  Iry AUG  31979  P. A. V. ANSWERED ATTENDED TOLW   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear  loigh: Many thanks for the note.  Now, if we eon only  atraihten out the oil situation! Sincerely,  Paul A. Volcker  Mt. Rewleigh Werner, Jr.  PAV:mhw   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RAWLEIGH WARNER, JR.  July 25, 1979  Dear Paul: My heartiest congratulations on the Presidential appointment. It's made for the best reading in the last twenty days and I wish you all the best in your new role. With kindest regards. Sincerel  4LX-L431210 4...  Mt. Paul A. Volcker President Federal Reserve Bank of N.Y. 33 Liberty Street New York, N.Y. 10045  PS: Don't bother to acknowledge this.  RECEIVED JUL 3 0 1979 P. A. V. ANSWERED ATTENDED TO  ,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  AMR  August 7, 1979  Wig agoI many tbilhil Ali Ohm mots. I'll try my bast. Sincerely,  Maul A., Volcker  Ir. Rupert. Warren  PAV:mhw   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RUPERT WARREN   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 6, 1979  Dear Dennis: I appreciate the note, and you can expect me to take the offer.  In fact, volunteer: Sincerely,  Paul A. Volcker  Mr. Dennis Weatherstone   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 27, 1979 DENNIS VVEATHERSTONE  Mr. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York Dear Paul, in In the midst of vacation od news of your Darien, I heard the go t as Chairman of forthcoming appointmen ard. There aren't Bo e rv se Re l ra de Fe e th would wish to write many vacations when I ea but this has to ar et re St ll Wa e th to be one. a still Congratulations and as t I know you will an ip ic rt pa et rk ma active is new job. Please th in s es cc su r pe be a su u ever want to chat yo if ll ca to ee feel fr here when you up on g in go is at about wh ring our relative de si on (c e er th are down s perhaps I should positions and height d me down here!) an e er th up u yo have said gards, Best personal re Yours sincerely,  ED JUL 3 1 1979 absence) (signed in his  P. A. V. ANSWERED , AHMED TO.  1•01•V•  aaa  r  FEDERAL RESERVE BANK OF NEW YORK NEW YORK,N.Y.10045 AREA CODE 212 791-6173  PAUL A. VOLCKER PREsiDENT  August 6, 1979  J  . Dear Frank: I appreciate the note and my best to you both. f   https://fraser.stlouisfed.org M. Federal Reserve Bank of St. Louis  Sincerely,  aai Paul A. Volcker  Mr. Frank A. Weber Vice Chairman of the Board National Community Bank 24 Park Avenue Rutherford, New Jersey 07070  .4   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MATI0ITAL.. CONIMTjl\TITI?  3E3 A.NI"  ESTABLISHED RUTHERFORD, NEW JERSEY 1895  FRANK A.WEBER VICE CHAIRMAN OF THE BOARD  August 1, 1979  Mr. Paul A. Volcker Federal Reserve Bank New York, New York 10000 Dear Paul: My congratulations to you for accepting the Presidency of the Federal Reserve Bank at a great personal sacrifice. We need more dedicated men like you in these troubled times that have the expertise to keep our government and especially our monetary policy on an even keel. Frances joins me in sending you our very best wishes. Sincerely, V Frank A. Weber Vice Chairman of the Board FA.W:bg  RECEIVED AUG  3 1919  P. A. V. ANSWERED AllENDED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 3, 1979  Dear Don: Discount all those raves (as I am sure you have) they are sighs of relief. But thanks for writing, and our best to you both. Sincerely,  Paul A. Volcker  Mr. Donald A. Webster Vice President AF Incorporated Government Relations 1701 K Street, N.W. Washington, D. C. 20006  AitkRPA  GOVERNMENT RELATIONS 1701 K Street, NW., Washington, D.C. 20006 • 202/331-1930 AMF INCORPORATED  DONALD A.WEBSTER Vice President   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 31, 1979  Mr. Paul A. Volcker Chairman-Designate Federal Reserve Building Washington, D. C. 20551 Dear Paul: I've hesitated adding to your mountain of mail, but in the end could not resist. Having had the chance to work with you in what today seems Like the distant past, I just wanted to say how delighted I am with your appointment. Evidently, that opinion is widely shared, since I've never read such unanimous (and well-deserved) raves in my 25 years in Washington. Helen and I send our best to you and Barbara and wish you both a happy and fulfilling return to Washington. gaitF 5 04.4 1\  Sincerely yours,  't J ,:vta-,Vik (1"4  )   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Murray: I'm just delighted to know you and Phyllis will be in Washington. For the time being, at least, Barbara will be in New York, but let's get together soon. All the best, Sincerely,  Paul A. Volcker  Mr. Murray L. Weidenbaum Director Washington University Box 1208 St. Louis, Missouri 63130   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CENTER FOR THE STUDY OF AMERICAN BUSINESS  July 26, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of New York New York, New York 10005 Dear Paul, The man really redeemed himself! Congratulations to the White House...best wishes to the Volckers. Sincere:,  Wei denbaum  rk P.S. Phyllis and I will be moving to Washington around Labor Day, where I'll be spending my sabbatical at American Enterprise Institute.  RECEIVED JUL 3 i 979 WASHINGTON UNIVERSITY BOX 1208 ST. LOUIS, MISSOURI 63130 314 889-5630  ANSWERED  ATTENDED TO,..  ............  ..........  •WASHI NGTON UNIVERSITY TN ST LOUIS   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 9, 1979  Dear Art: Many thanks for the note and its just possible that someday I'll need your assistance.  I've warned  him! Sincerely,  Paul A. Volcker  Mr. Arthur M. Weimer Consulting Economist United States League of Savings Associations 1709 New York Avenue, N.W. Washington, D. C. 20006  A  UNITED STATES LEAGUE of SAVINGS ASSOCIATIONS  WASHINGTON OFFICE  1709 NEW YORK AVENUE, N.W. / WASHINGTON, D.C. 20006 / TEL.(202) 637-8960  ARTHUR M. WEIMER Consulting Economist  August 3, 1979 Mr. Paul A. Volcker Chairman, Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N. W. Washington, D. C. 20551 Dear Paul: Congratulations on your appointment and speedy confirmation. You will remember me in connection with Indiana University, but in recent years I have been in Washington part of the time serving as Consulting Economist for the U.S. League of Savings Associations. I think you met with one of the League's committees before you left the Treasury for New York, and I attended that session. Best wishes for a highly successful Administration which I am sure you will have. If Chuck Partee causes any problems, I'll be glad to try to put him in line. Very sincerely,  Arthur M. Weimer Consulting Economist AMW:mw   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  THE AMERICAN HOME: THE SAFEGUARD OF AMERICAN LIBERTIES  " .. 4 •o •-11 -4 -*.'S <IN   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM  1: 1- • .>v).  WASHINGTON, D. C. 20551  , c) •  August 24, 1979  Dear John: How nice of you to write on my appointment. I appreciate your good wishes and more your offer to help. Someday, I may just need it. Best to you. Sincerely,  Paul A. Volcker  Mr. John L. Weinberg Senior Partner Goldman, Sachs & Co. 55 Broad Street New York, New York 10004  Ac111•1•11=11111W  Goldman, Sachs & Co. I 55 Broad Street I New York, New York 10004 Tel: 212-676-8555 John L. Weinberg Senior Partner  fiolOman sacns  July 25, 1979  Mr. Paul A. Volcker Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: I just want to say how pleased I am to see the announcement of your nomination to be Chairman of the Fed. I know it is a real sacrifice for you. I don't have to tell you the importance of having somebody of your professional ability, qualifications and stature take on that job. With all the politics floating around in the government financial area these days, it is a real delight to see a seasoned, capable professional be given such a major responsibility. Here's wishing you much success in your new responsibility. If there is any way in which I can be helpful to you, please don't hesitate to call. With kind regards, Sincer 1y,  RECEIVED John JLW:pm  New  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  //  Weinberg  JUL 27 1979 P. A. V.  ANSWERED ATTENDED TO.  York I Boston I Chicago I Dallas I Detroit I Houston I Los Angeles I Memphis I Philadelphia I St. Louis I San Francisco   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Mr. Weinig: I appreciate your note, and agree with the general thrust of your comments.  Thanks for writing. Sincerely,  Paul A. Volcker  Mr. Robert F. Weinig   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Mr. Ernest H. Weinwurm Emeritus Professor of Accounting 907 Sixteenth Street Santa Monica, California 90403 Dear Professor Weinwurm: I greatly appreciate your note on my appointment. The bonus of this job is hearing from some old family friends. Mother is alive and well at 87, I'll transmit your message. Thanks for writing. Sincerely,  Paul A. Volcker  jmr  ROBERT F. WEINIG  July 26,1979  Mr. Paul A. Volcker, President Federal Reserve Bank of New York New York, N.Y. Dear Mr. Volcker: Your appointment as head of the Federal Reserve System is most heartening. We applaud your emphasis on a "Disciplined" monetary policy. As I see it, a bett€sr way must be found to control money and credit in proper direct relation to the fluctuating real Gross National Product. But to cure inflation will require an integrated TOTAL Anti-Inflation Program, with fiscal and cost/price discipline as well as monetary. Cost/Pr&ce inflation innovative pragmatic I have some thoughts to share with you if  is out of control. There must be an approach which has not yet surfaced. along this line which I should like you are interested.  Best wishes for continuing success in your new responsibility.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Sincerely, Robert F. Weinig  RECEIVED 2 1979 P. A. V. ......... ANSV,,ERED ................................ ATTENDED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ERNEST H. WEINWURM  July 26,1979  Mr. Paul Volcker, President FedeakiReserve Bank of New York New York New York 10045 Dear Mr. Volcker: I would like to add my very small voice to the innu meral ones which you certainly will receive at the occasion of your appointment as chairman of the Federal Reserve System. I think there will be almost unanimity that no better man could have been selected for this position which is certainly the most important one worldwide in the financial field ( as was the chai rmanship of the Bank of England once in the days of Montague Norman) . I can only express my hope and expectation that your tenure will be as successful as it can be, considering all the pitfalls which you will have to anti cipate. If only your father, my good friend, could have lived to witness this elevation of his son. I don' t know if your ther is still alive; if it is the case, will you transmit to her my best regards. sincerely,—  emeritus professor of accounting  r  r *  6,•••1,  1•Vr,.•  .C I lk j ED  • i •  0 1979  ATTENDED TO.............   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 22, 1979  Dear Arnie: On my salary, the cigar quality declines(but they tell me reconstituted paper has no carcinogens). I and Barbara expect to see you, and thanks for the note. Sincerely,  Paul A. Volcker  Mr. Arnold H. Weiss Arent, Fox, Kintner, Plotkin & Kahn Federal Bar Building 1815 H Street, N.W. Washington, D.C. 20006  PAV:mrk  Arent,Fox,Kintner,Plotkin & Kahn Federal Bar Building 1815 H Street, N.W. Washington, D.C.20006  Cable: ARFOX Telephone:(202)857-6000 Telecopier:(202)857-6342  Writer's Direct Dial Number (202)857-6434  Telex: WU892672 • ITT440266  Arnold H. Weiss  CD -11  47)  August 17, 1979  The Honorable Paul A. Volcker Chairman of the Board of Governors Federal Reserve System Washington, D. C. Dear Paul: Let me add my congratulations to those of all your many friends on your elevation to Chairman of the Board of Governors of the Federal Reserve System. I trust that in your new position the quality of your cigars will improve. At any rate, I am delighted that you are back here in Washington and look forward to seeing you at an early opportunity.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Very best regards to your family, t  Sincerely yours,  Arno d H. Weiss  140,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  ')ear Jesse: Many thanks for your note ana support.  I will  need the latter -- and dou l t hesitate with a wora of advice. Sincerely,  Paul A. Volcker  Mr. Jesse Werner Chairman and Chief Executive Officer GAF Corporation 140 West 51 Street New York, New York 10020  PV/tn  G A F CORPORATION 140 WEsT 51 STREET NEW YORK, NEW YORK 10020  JESSE WERNER CHAIRMAN AND CHIEF EXECUTIVE OFFICER   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 26, 1979  Mr. Paul A. Volcker, President Federal Reserve Bank of New York 33 Liberty New York, New York 10045 Dear Paul: It was a great pleasure to hear about your nomination as Chairman of the Federal Reserve Board. Not only was it well deserved, but you have the confidence of the business and banking communities, both here and abroad. I hope you stay close to both and if there is anything I can do personally, please do not hesitate. Congratulations and best wishes. With kindest personal regards. Sincerely,  /et  'NIPm.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear John: I appreciate your letter. hospitality are fresh. get back to Riyadh.  My memories of your warm  And it seems to me obvious that I should  I hope you will help keep re informed, and let  me know of any problems where my personal intervention may be useful. Sincerely,  Paul A. Volcker  The Honorable John C. West Ambassador Embassy of the United States of America Jidda, Saudi Arabia PAV:sep   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Qt,i) Ar 3  EMBASSY OF THE UNITED STATES OF AMERICA Jidda, Saudi Arabia  1979111r) 1 3  fçI?: 02  rF 77;  July 30, 1979  The Honorable Paul Volcker Chairman Board of Governors of the Federal Reserve System Constitution Avenue & 20th Street, N.W. Washington, D. C. 20551 Dear Paul: It was with great pleasure that I received news of your appointment as Chairman of the Federal Reserve Board. I wish you all the best in the difficult tasks you will face in the coming months. I recall so pleasantly your visit to Riyadh last January. I hope you will find the opportunity to visit us again soon. I am confident that ranking Saudi officials would welcome the opportunity to discuss further those international monetary matters of mutual concern to our two countries. Again, let me offer my congratulations on your appointment. Warm regards. Sincerely, L/\e John C. West Ambassador  •-t  THE UNITED STATES OF AMERICA   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  DEPARTMENT OF' STATE STA-501 POSTAGE AND FEES PAID  OFFICIAL BUSINESS  John C. West Ambassador American Embassy APO New York 09696 The Honorable Paul Volcker Chairman Board of Governors of the Federal Reserve System Constitution Avenue & 20th Street, N.W. Washington, D. C. 20551  I.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ._  .  Xr.a4UP ZECURITY  ....".".......werriarampoommmomm•  rt   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Fred: I appreciate the message -- the more so from one who has been through the mill. Didn't I hear you've retired? nonetheless active.  But I expect  Sincerely,  Paul A. Volcker  Sir Frederick Wheeler, P.C., C.B.E. Australia   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  SIR FREDERICK WHEELER. i  C.B.E.  ,40z vt), AAr  /42.0-4  .4• 1  '779  ;.)..ki_fLAciey640-0%, 74. Ichut  f•trt  4-4A.4ek41.  escA 9x‘t.t14/-laea:fte-v  \op  A.12-81   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  "  CFF1CF.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 15, 1979  Dear Jim: May I just say in writing what you already know -how much I have valued your support and counsel in these last few years. I look forward to more! It was a nice party for us last week, and particularly nice to see Dorothy. Many, many thanks. Sincerely,  Paul A. Volcker  Mr. James Whelden President Ballston Spa National Bank P.O. Box 70 Ballston Spa, New York 12020  PV/tn  I.  MAIN OFFICE P. 0. BOX 7C  BALLSTON SPA, NEW YORK 12020 TEL 605.6781  Member federal Deposit Insurance Corporation   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 3, 1979  Paul Volcker, President Federal Reserve Bank of New York Federal Reserve P.O. Station New York, New York 10045 Dear Paul:  Congratulations upon your confirmation as Chairman of the Board of Governors of the Federal Reserve System. The appointment is a high personal tribute to you, and an outstanding public recognition of your abilities and achievements. I am confident that your judgment, insight, and understanding of domestic and international monetary affairs, which has earned the respect of officials throughout the world, will continue to be supported as you are confronted with the many critical decisions of your new office. It has been a distinct privilege for me to have had the benefit of your association during the past year; and on behalf of Dorothy and myself, we extend our best wishes for every success.  Sincerely,  James Whelden, President  C  JW:km1  11  ED  P. A. V. ANSWERED ATTENDED TO  4}0 AI. \PP t s '  k  44)  ••• • •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 15, 1979  Dear John: Many thanks for your note the offer of help.  and even more for  You know the dangers of insulation  and isolation down here. My best to you both. Sincerely,  Paul A. Volcker  Mr. John C. Whitehead Senior Partner Goldman, Sachs & Company 55 Broad Street New York, New York 10004  PAV:mrk  Goldman, Sachs & Co 55 broad Street 1 NewYork, NewYork 10004 Tel 212-676-8277 John C. Whitehead  Senior Partner Oldman Nuns  August 1, 1979  Mr. Paul A. Volcker, President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10038 Dear Paul: The news is just terrific and I congratulate you! One could argue that right now the job of heading the Fed is the most important job in the world. Certainly if anyone anywhere has a chance to bring inflation under control, you are the one with the best combination of toughness and universal respect. Please know that you have 100% support from me and from all of us at Goldman Sachs. If we can ever help, you have only to ask. Jaan joins me in sending you our warmest regards and best wishes. kincerely,  / /JCW:Imt   New https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ()A  RECEIVED • i"  ATTENDED 10  York  Bos!cn  Cnicaco Dallas. I Detroit I Houston : Los Angeles i Memphis Miam! Pniladelphia I St. Louis I San Francisco  CHAIRMAN OF THE BOARD OF GOVERNORS 2•  FEDERAL RESERVE SYSTEM  71-  WASHINGTON. D. C. 20551 • •  AL 11-S - •• ••..•••  August 8, 1979  Dear Marina:  It;.  qk  lc ."4.  4.P.M.-11gVilt.l.  I really appreciate the letter--and I confess envying you a bit arriving in New York. Barbara intends to stay for a while at least--probably quite awhile. So I have to see coop prices continue up (that's the only price I want up--in fact, I'd even settle for stability all around!)  dw•  •  r V. ••  •  -. •  • ' ' 4  Keep in touch. Best regards. Sincerely,  I  Paul A. Volcker ••••'.  ns. Marina v.N. Whitman Distinguished Public Service Professor Faculty of Arts and Sciences University of Pittsburgh Pittsburgh, Pennsylvania 15260  . ,1  e  .' •  •  •  •  4. ,•• •  "*.• ••'  r--  :••;   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ••••,,•.4 •  .•••••  r••.• ••••.- ••• h,-•v• •••• .  •••r ' .  e  •  ••••  •  , .•••91,..  •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  University of Pittsburgh FACULTY OF ARTS AND SCIENCES Distinguished Public Service Professor  25 July 1979  The Honorable Paul Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: The news just came over the radio, catching me in transit to New York and General Motors. That you have my warmest congratulations and good wishes goes without saying, but I also wanted you to know how good it makes me feel that an old friend, whose intelligence and judgment I know and trust so well, is going to be in such a crucial spot at this crucial juncture. That sounds a bit pompous, but it is said with great sincerity. I'm sorry we won't be neighbors in New York after all, but I know there will be ample opportunities for our paths to cross. My address after August 1 will be: General Motors Corporation 767 Fifth Avenue New York, New York 10022 [telephone: 212-486-3551] With best regards, As ever,  Marina v. N. Whitman P.S. If you decide to sell that spectacular apartment, give us a chance to stand in line.  PITTSBURGH, PA. 15260 (412) 624-5710   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 20, 1979  Dear Fred: Many thanks for the note and for the potential help.  I'll need it. F,incerelv,  Paul A. Volcker  Mr. Frederick B. Whittemore Morgan Stanley & Co. 1251 Avenue of the Americas New York, New York 10020  r-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MORGAN STANLEY & CO. In  1251 Avenue of the Americas New York, N.Y. 10020  August 3, 1979  Dear Paul: May I add my congratulations to the flood of others you undoubtedly have received.  Your initial approaches  to the problems at hand have given many of us the first common sense hope in many months.  Anything your friends can  do to be of help will be instantly available. Best of luck. Sincerely,  B. Whittemore Fred3S1 Mr. Paul A. Volcker Chairman Designate Board of Governors Federal Reserve System Washington, D. C. 20551   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Jan: Many thanks for the note, however belated the response.  All we can do is try and hope for the best. Sincerely,  Paul A. Volcker  Mr. J. J. Wieckowski Executive Vice President Girard Bank Girard Plaza Philadelphia, Pennsylvania  19101   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  GENESCO  M S Wigginton Chairman Genesco Retirement Trust  July 26, 1979  Mr. Paul A. Volcker, President New York Federal Reserve Bank 33 Liberty Street New York, New York 10045 Dear Paul: You've probably forgotten this incident, but several years ago when you were in Nashville conducting a seminar for our mutual friend Dewey Daane (the same Dewey Daane who, according to The Wall Street Journal, bumped you on a European flight) I had the great pleasure of hosting a small luncheon in your honor where a group of so-called financiers attended to sit at your feet and were well repaid for that experience. That is fresh in my mind because I recalled it the other day when some of us were talking about your forthcoming appointment to the chairmanship of the Fed and I said without equivocation, "Paul Volcker is the man, he'll be appointed and he'll accept it." And when one friend mentioned the financial sacrifice necessary, I replied, "He'll still accept it, because he'll consider it his duty." At that luncheon some of us discussed, with tongue in cheek, what we call the "High Level Economic Conference," to which most of us belong and you made a few appropriate, and I might say guarded, comments on our deliberations. The Conference still meets semiannually and the next meeting is in Nashville on Thursday November 1st and we would consider it a great honor and privilege if we could have the Chairman of the Federal Reserve System with us at that time. Don't shrug this one off - it is a real opportunity to get with the grassroots. In referring to Who`s Who today to be sure I had the right address, and I find Who's Who mostly valuable for determining the addresses and  Genesco Inc Nashville TN 37202 USA  -2-  -   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ages of friends and contemporaries, I was struck by the fact that you are a summa cum laude graduate of Princeton. This gives me occasion to brag a little - my only grandson was a summa cum laude graduate of Princeton in June of this year. You are receiving and will continue to receive an untold number of congratulatory messages. Be comforted in the fact that I don't expect an answer to this, but put in the back of your mind that the High Level Economic Conference does meet in Nashville on Thursday November 1st and youbd be most welcome. Very sincerely,  M. S. Wigginton  cc: J. Dewey Daane  Girard Plaza Philadelphia PA 19101 Tel (215) 585-2279  WIECKOWSKI Executive Vice President  Mr. Paul A. Volcker, Federal Reserve Bank 33 Liberty Street New York, N.Y. 10045  Just a note to express my gratification and satisfaction with the superb choice the President has made in nominating you to be Chairman of the Fed.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ............................ .......................................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Matt: I remember the Nashville trip well -- and "guarded" comments are probably a central banking habit with re. I won't promise a Nashville trip right now, but you were nice to write so fully. My best to you and that grandson. Sincerely,  Paul A. Volcker  Mr. M. S. Wigginton Chairman Cenesco Retirement Trust Cenesco Inc. Nashvilbe, Tennesse 37202  PAV:smk   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August  1979  Dear ihrancla: I an much appreciate your letter, even if your tiwetable is a little aillbitioua. led policy Will of course be ouparb -- it's just my doubt* *bout all those other sis cautious! fellows in and outside government that Seriously, the fanfare is over and thP week begins. All we can do is try. Sincerely,  Paul A. Volcker  kfr. Francis O. Wilcox Director General The Atlantic Council of the United States 1616 U Street, N.W. Washington, D. C. 20006 PAV:mhw  AMR  CHAIRMAN  KENNETH RUSH VICE CHAIRMEN  HENRY H. FOWLER THEODORE C ACHILLES HARLAN CLEVELAND EMILIO G. COLLADO WM. McCH MARTIN DAVID PACKARD EUGENE '1. ROSTOW ANDREW J. GOODPASTER  THE ATLANTIC COUNCIL OF THE UNITED STATES  TELEPHONE (202) 347-9353  1616 H STREET, N.W. • WASHINGTON, D.C. 20006  CABLE:  ATCOUN  TREAURER  PERCIVAL F. BRUNDAGE SECRETARY  August 1, 1979  TOM KILLEFER DIRECTOR GENERAL  FRANCIS 0. WILCOX DEPUTY DIRECTOR GENERAL  JOSEPH W. HARNED ASSISTANT DIRECTOR GENERAL  MARTHA C. FINLEY DIRECTORS DAVID M. ABSHIRE DAVID C. ACHESON DONALD G. AGGER ANNE ARMSTRONG WILLIS C. ARMSTRONG EDWARD W. BARRETT ANDREW H. BERDING JUSTIN BLACKWELDER GENE E. BRADLEY WILLIAM A. M. BURDEN HODDING CARTER III WILLIAM J. CASEY SOL C. CHAIKIN G. A. COSTANZO FREDERICK L. DEMING ROBERT L. DENNISON RUSSELL E. DOUGHERTY WILLIAM D. EBERLE ROBERT ELLSWORTH BROOKS EMENY SHERWOOD L. FAWCETT WILLIAM H. G. FITZGERALD WILLIAM C. FOSTER GEORGE S. FRANKLIN, JR. LINCOLN GORDON JOHN E. GRAY LIVINGSTON HARTLEY CHRISTIAN A. HERTER, JR. JOHN D. HICKERSON MARTIN HILLENBRAND CLAIRE GIANNINI HOFFMAN JEROME HOLLAND J. ALLAN HOVEY, JR. THOMAS L. HUGHES JOHN N. IRWIN II U. ALEXIS JOHNSON ISAAC C. KIDD, JR. HENRY A. KISSINGER PETER F. KROGH CAROL LAISE JOHN M. LEDDY LYMAN L. LEMNITZER WALTER J. LEVY WINSTON LORD JAY LOVESTONE DAVID W. MACEACHRON JAMES S. MCDONNELL GEORGE C MCGHEE ROBERT M. MCKINNEY LAWRENCE C. MCOUADE HARALD B. MALMGREN EDWIN M. MARTIN GRORGE MEANY SAMUEL W. MEEK PAUL H. NITZE FREDERICK E. NOLTING, JR.  Hon. Paul Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, N. Y. 10005  Dear Paul: I was delighted to hear about your appointment as Chairman of the Federal Reserve Board. Please accept my hearty congratulations. In the light of present world conditions, that is an exceptionally important appointment but I know you will do an outstanding job. In fact I am counting on you to get the dollar straightened out and inflation under control within the next year. I hope that is not asking too much! In any event I did want you to know how pleased I was at your appointment. My confidence in the dollar and in the economy has gone up substantially even though you haven't yet taken over. With warm good wishes for every success in your new post, I am Cordially yours,  ROBERT E. OSGOOD HENRY H. PORTER JACQUES J. REINSTEIN EMMETT J. RICE CHARLES W. ROBINSON ROBERT V. ROOSA H. CHAPMAN ROSE DONALD RUMSFELD NATHANIEL SAMUELS J. ROBERT SCHAETZEL ADOLPH W. SCHMIDT CORTLANDT V. R. SCHUYLER  Frnancis 0. Wilcox  dArv•< )P14 ( '14 RECEIVED  BRENT SCOWCROFT JOSEPH M. SEGEL JOSEPH J. SISCO HELMUT SONNENFELDT FRANK A. SOUTHARD, JR. STEPHEN STAMAS TIMOTHY W. STANLEY CARLETON M. STEWART RALPH I. STRAUS ROBERT STRAUSZ-HUPE ELLSWORTH TOMPKINS PHILIP H. TREZISE WILLIAM C. TURNER MARINA V. N. WHITMAN WATSON WISE JOSEPH J. WOLF  7 1979  G  r%b  P. A. V. ANSWERED ATTENDED  .  HONORARY DIRECTORS FRANK ALTSCHUL GEORGE BALL EUGENE R. BLACK C. DOUGLAS DILLON   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  JOHN FERGUSON II: THOMAS K. FINLETT-ER RALPH C M. FLYN" ALFRED M. GRUEN —LiER  ANDREW HEISKELL AMORY HOUGHTON HENRY M. JACKSON JACOB K. JAVITS  RUTH C. LAWSON HENRY CABOT LODGE JOHN J. MCCLOY WALDEN MOORE  LAURIS NORSTAD EDMUD ORGILL LITHGOW OSBORNE HERMAN PHLEGER  WILLIAM P. ROGERS DEAN RUSK CHARLES M. SPOFFORD  ...  FEDERAL RESERVE BANK OF NEW YORK  • .  NEW YORK,N.Y. 10045 AREA CODE 212 791-6173  PAUL A. VOLCKER PREs!DENT  August 1, 1979  Dear Tom: •  Many thanks for your congratulations and kind words.  I appreciate your thoughtfulness.  Best regards. Sincerely, 1  Paul A. Volcker  Mr. Tom Wilcox Crocker National Bank San Francisco, California  •  i.  .  ... ............................. • ......................................  ..  ..  ..  ....................  .....................  .. ..... . ..  ..............................................................•.  ... ........... ." ....... .............................. .......................................................................................................................................................................................................................................... .. . . .. ...................... ........ . . . ............................................................................ ........................... ... .  ............... •. •  •  ......................................................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .... ....... • . ..................................... ................... .................. ..............................  9E9 X060 51-1 7,955 1 07/26/79 19:30 YORK  /  AkAC D\l/ ATTN MR PAUL A VOLCKER CONCRAULATIONS TO ALL OF US ON YOUR WILLINGNESS TO SERVE AS CHAIRMAN OF THE FEDERAL RESERVE BOARD. THE DECISION COULD NOT REGARDS TOM vt,ILCOX HAVE BEEN MORE ENLIGHHTENED.  RECEIVED  500-460 ONE MONTGOMERY ST. 060 CROCKER NATIONAL BANK SAN FRANCISCO CALIFORNIA 4:31 JST FRBOFNY NYK FRBOFNY NYK 021-0012-0850   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  JUL 2, 7 197g ANSWERED  ATTENDED TO,um,.  V'S*11 NI CBINIeld  FED RESERVE BK OF NEW 33 LIBERTY ST NEW YORK NYC 072640080098  FEDERAL RESERVE BANK OF NEW YORK NEW YORK, N.Y. 10045 AREA CODE 212 791-6173  PAUL A. VOLCKER PRESIOENT  August 1, 1979  Dear Frank: Thank you so much, Frank, for your kind words and wishes of luck.  Somehow, we seem to be on opposite ends  of this merry-go-round, but I appreciate the prayers as I  S.  Our best to you both--my Barbara will be in New York fS r the  me being. Sincerely,  /&1 Paul A. Volcker  Mr. Frank Wille Cadwalader, Wickersham & Taft One Wall Street New York, New York 10005   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  e/eateideriepz= ene/  tAet ,A‘ei-*04,,A(*10005 ,,rete4iten6,7I2/785-Joao  July 25, 1979  Dear Paul: Great news! Even the State of Georgia knows you're needed back in Washington. Good luck to you and Barbara, with a few prayers from my Barbara and me. Sincerely,  Frank Wille  The Honorable Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York  RE  EIVED  JUL 25 1979 P. A. V., ANSWERED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 8, 1979  Mr. Mark R. Willes President Federal Reserve Bank of Minneapolis Minneapolis, Minnesota 55480 Dear Mark: I apprecWate the note and Il•l be seeing you too soon to say more. All the best. Sincerely,  Paul A. Volcker  Federal Reserve Bank of Ne ,neapolis  July 26, 1979 Office of the President   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Mr. Paul A. Volcker President Federal Reserve Bank of New York New York, New York 10045 Dear Paul: Yesterday was a good day for the nation and the Fed. Like so many others, I was delighted to learn of your appointment as our new Chairman. You will do a great job and we will all be better because of it. I appreciate very much your thoughtfulness in placing a call to me so soon after your appointment. It said something about your sensitivity to Reserve Banks that has already had a very positive impact on morale among the officers in our Bank. You may have done more good than you realized.  appointment. and fun.  Please accept my heartiest congratulations on your I hope you find your new assignment challenging, successful  Sincerely,  Mark H. Willes President  MHW/nm  RECEIVED JUL 3 0 1979 P. A. V. ANSWERED ATTENDED  250 Marquette Avenue Minneapolis, Minnesota 55480  4.*   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  August 16, 1979  Deat Pete: After recess, we will find time to get together! Many thanks for the note. Sincerely,  Paul A. Volcker  The Honorable Harrison A. Williams, Jr. United States Senate Washington, D. C. 20510  PAV:ccm   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Xiarrisva Viittante,31-r. Wetv 31trote  ,ttate An.W4 .Stectez -%‘ , WASH INGTON, D.C.  August 3, 1979 Dear Paul: Since I'll be away from Washington Monday, I just wanted to offer my warmest congratulations on your swearing-in as Chairman. You'll do the state of New Jersey proud and I know your term in a most difficult successful. job will stun With warmest regards and, again, my congratulations, Sincerely,  es- k The Honorable Paul A. Volcker Chairman, Federal Reserve System c/o The White House Washington, D.C.  f\P  FEDERAL RESERVE BANK OF NEW YORK NEW YORK,N.Y.10045 AREA CODE 212 791-6173  PAUL A. VOLCKER PREstDENT  August 1, 1979  Dear George (and Friends): I was delighted to hear from you, even if you may be skeptical of this merry-go-round.  You have not seen the last  of me; I need your wisdom and advice. Sincerely,  aaL Paul A. Volcker  •  Mr. George H. Willis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  G H WILLIS  est  llj union  Illfladgram  NrEsPosT12 ts+ a rn  2  4.013973s207 07/26/79 ICS IPHmTzz csP NyA8 202296q410 MGM TDH -1 WASHINGTON DC 25 07-26 10n0A EST  PAUL VoLCKER FEDERAL RESERVE BANK OF NY 33 LIBERTY ST NEW YORK NY 10005  CONGRATULATIONS ON YOUR THIRD ROUND IN WASHINGTON GEORGE WILLIS AND FRIENDS 10:01 FsT mGmComP MGM  R  ECEIVED JUL 2 7 1979 -  ANSWERED ........... ... ............  AligNigD  .. ,  ...... .....•• •••••  ..... ..  5241 (R1/78)  _   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  TO REPLY BY MAILGRAM, SEE REVERSE SIDE FOR WESTERN UNION'S TOLL - FREE PHONE NUMBERS  U.S.MAIL  rn  FEDERAL RESERVE BANK OF NEW YORK NEW YORK,N.Y.I0045 AREA CODE 212 791-6173  PAUL A. VOLCKER PRESIDENT  August 6, 1979  Dear John: I appreciate the note--I am a careful man: Sincerely, ,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ad Paul A. Volcker  Mr. John R. Wilson President Portfolio Securities Transactions Corporation 1520 Ohio Savings Plaza Cleveland, Ohio 44114  PORTFOLIO SECURITIES  1520 OHIO SAVINGS PLAZA • CLEVELAND, OHIO  TRANSACTIONS  PHONE 216/241-1865  CORPORATION   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 31, 1979  Paul A. Volcker, Jr. President Federal Reserve Bank 33 Liberty Street New York, New York 10005 Dear Paul: Congratulations upon your nomination to be head of our Federal Reserve System. I hope that you will be very, very careful in tightening credit.  I am pleased to enclose my own  charts of credit and the stock market. With best wishes. Sincerely,  John R. Wilson, President  44114   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 17, 1979  Mr. Donald M. Waesche  Dear Don (if I can be familiar after all those years of Mr. and Judge), The real bonus in this appointment is hearing from some old family friends and colleagues in arms. Few of the deluge of letters mean more to me than yours -because somehow those memories of Dad as township manager -and the support he had from you, Jim Brett, and others -are still fresh. I can only try to justify a little of his faith. My best to you, and thanks so much for writing. Sincerely,  Paul A. Volcker  PAV:pg  (11Thesche  onalcl  1979rIUGIO r-  /97q,  ••••  • ,  /tcL.A.__wA,r.4_4_  (x,)   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  e--&  0-YL 4" ' " V-1 IlL)<421,2(  (:?teh  -y.1^-*11Z7 S  a  Za,er--7  04  , 1 vL_sLa"  a— ctt.  0,1-L( 0 ek—e—  CtI/C  Ct  1_4„,  7— 0-1 /LA,  6-tot  .  1-vs  41-ka21., 61-0  cC oc-4, 011-  LAJ;_e_ e_ ce,T  )  ,9 A,L.Le 2Q27C_   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  `fre-11  LYeli-LLe‘(  4,  tokl "  7141   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF NEW YORK NEW YORK. N.Y.I0045 AREA CODE 212 791-6173  PAUL A. VOLCKER PRESIDENT  August 6, 1979  Dear Willis: Your telegram was a classic--I don't know about the first part; Barbara recognizes the second part, and I welcome the last part. Thanks. Sincerely, /9  Paul A. Volcker  Mr. Willis J. Winn President Federal Reserve Bank of Cleveland Cleveland, Ohio 44101  COL 224.1 (9/78)  )4, ,  7544 0LC K R PAUL: COGiRATA,ATI)17) TO THE SYSTEM AND THE COUNTRY -- DEEPEST P.17SONAL  PATi-Y.  LET US KNOA HON NE CAN 3E 4ELPFJL.  JLLI3 JAJN  RECEIVED AL 2 5 1979 P. A. V. ANSWERED  07251432 D30J",) 0239*034A5  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ....nromPAAIAJWALWOMIM  AA*072514314HA019 009b  I  I   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Michael: Uow you hats a real argument!  Map tall*" people I'll try Ay best on water tvonts, but you add I Wm sibs ultimate test ot character.  You got a aspen mai year. neat Idaho** Sincerely,  Paul A. Volcker  Michael J. Wolk, 114D. 125 East 721K1 Street Uew York, Mist York 10021 PAV:mhw   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ISADORE ROSENFELD, M.D., F. A.C.P., A.C.C. MICHAEL J. WOLK, M.D., F. A.C.P., F. A.C.C. 125 EAST 72ND STREET NEwYoRK,N.Y. 10021 (212) 628-6100 HOSPITAL EXT. 8104  July 26th, 1979  Mr. Paul Vokker Federal Reserve Bank of N. Y. 36 Liberty Street New York, N. Y. Dear Paul: For the sake of the dollar, please keep the cigars under five a day. Congratulations and best regards.  Sincerely,  MJW:ar  e?i7 (6(. ‘ e.gt_a0.-P Michael J. Wolk, M. D.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Ms. Womach: I appreciate the note and good wishes. And I hope your bank, above all, gives "Susie" a send off. With best wishes,  Paul A. Volcker  Ms. Emily H. Womach Chair of the Board and President The Women's National Bank 1627 K Street, N. W. Washington, D. C. 20006  PAV:slw #1644  c  16,7 K Street, N.W.  Washington, D.C. 20006  202-466-4090 0#  August 6, 1979  The Honorable Paul A. Volcker Chairman of the Federal Reserve Board Constitution Avenue & 20th Streets, N.W. Washington, D.C. Dear Mr. Volcker: CONGRATULATIONS! Of course I mean upon your recent appointment as the new Chairman of The Federal Reserve Board. This is indeed fine recognition of your many abilities, and I know that your many skills can help our nation meet the challenges, both domestic and international that lie ahead. Here's wishing you much continued success and happiness in your new posi  11/ Emily H. Womach Chair of the Board and President  EHW:hk1  P.S. We thought you might like to have this commemorative Susan B. Anthony coin.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 3, 1979  Dear Ms. Wood: I have read your note with interest. for writing. Sincerely,  Paul A. Volcker  Ms. June E. Wood  Thank You   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  JUNE E. WOOD  3  ea 12 31K */  I  e-cf74/ A/2 e M!  c,? V )2p  rej  6L(&  cuc-  7-4  e  eaj /   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  6  (  6-Z1-6  Li  e 6341 / hd ize}-yif zer , Ijk)  w p(y   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 10, 1979  Dear Martin: Many thanks for the note--we can only try our best. Sincerely,  Paul A. Volcker  Mr. K. Martin Worthy Hamel, Park, McCabe & Saunders 1776 F Street, N.W. Washington, D. C. 20006  EDWARD A. M cCABE K. MARTIN WORTHY FULLER HOLLOWAY ARTHUR PETER, JR. HENRY ROEMER McPHEE RAYMOND D. Mc MURRAY GLENN L. ARCHER,JR. WILLIAM R. PENDERGAST WM. H. BRADFORD,JR, JOHN W. PETTIT RICHARD M. ROBERTS JEROME P. WEISS JOHN P. BANKSON,JR. ARTHUR LEE QUINN JOHN G. DEGOOYER BERNARD T. RENZY MARK SULLIVAN la ANTHONY J. THOMPSON JOHN H. SPELLMAN MICHAEL C. DURNEY JOE DIXON EDGE J.GARY Mc DAVID LARRY H. MITCHELL CHARLES E. S LITER EDWARD B. CROSLAND,JR. LAURENCE J. WHALEN L. STEPHEN QUATANNENS WAYNE H. MATELSKI STEPHEN L. HUMPHREY PETER S. REICH ERTZ MICHAEL J. HIRREL JOANNE W. TRIMBLE KATHERINE I. HALL ALEX A. BEEHLER KENNETH L. PEOPLES   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  LAW OFFICES  CHARLES D. HAMEL (1881-1970) BENJ. H. SAUNDERS (1894-1973)  HAMEL, PARK, McCABE St SAUNDERS  GERALD D. MORGAN (1908-1976) LEE I. PARK (1895-1978)  1776 F STREET, N. W.  WASHINGTON, D. C. 20006 TELEPHONE (202) 785-1234  CABLE ADDRESS: HAMEL TELEX: 440374 TALY-UI  August 8, 1979  The Honorable Paul Volcker Chairman Federal Reserve Board 20th and Constitution Avenue, N.W. Washington, D.C. 20551 Dear Paul: I would like to add my congratulations on your appointment as Chairman of the Federal Reserve. I am very pleased to see you return to Washington -and particularly at this time in this position. The President and the Country are very fortunate to have you there. Nell joins me in best wishes to both you and Barbara. Sincerely yours,  )7 ^ KMW/mg   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Mr. Paul I. Wren 65 Talbot Avenue Tufts University Nedford, Aassachusetts 02155 Dear Paul: The only bonus in this thing is hearing from some old friends. You are nice to write. And now the work begins. Sincerely,  Paul A. Volcker  I   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ,  1979Puri 5  ?3  :•  -  PAUL I. WREN 65 TALBOT AVENUE TUFTS UNIVERSITY MEDFORD, MASSACHUSETTS 02155  F August 10, 1979  Mr. Paul Volcker Chairman Federal Reserve Board Washington, D. C. Dear Paul: One of the most pleasant and important bits of news I have read this summer was your appointment as Chairman of the Federal Reserve Board. Your stature in the monetary world -- domestic and more importantly, the international -- is extremely valuable at this time. Although I have retired from active banking, I still read the reports of the Open Market Committee as well as other items on Treasury financing. I have been impressed with your strong positions on fighting inflation. It has been some years since I used to sit in your office as a member of the ABA Government Borrowing Committee, but I still recall the pleasure of arguing with you on occasion. I hope that the Administration recognizes the financial sacrifice you are making. The country is the better for it. Sincerely,  .444. -19  •  ,AkeAr PIW:dmk  ;fr ' fA0' e I 1, 1  Paul I. Wren   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  iv  I   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  I   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 18, 1979  Dear Ezra: Your note of congratulations went with some others I particularly wanted to answer.  It takes a  trans-Atlantic plane for me to catch up, but I did appreciate your words. All we can do is try -- and let me know when there's something I should know. Sincerely,  Paul A. Volcker  Mr. Ezra K. Zilkha  PAV:mrk   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 26, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: What a fortunate appointment for the United States and the world in general. It's wonderful to have a professional at the helm. I wish you enormous success both for yourself and for the sake of us all. Yours /S .  erely,  Ezra K. ZirTha  47  RECEIVED JUL 3 0 1979 P. A. V. ANSWERED ATTENDED  0131.1011  Antony Gibbs HoldingsLtd. SIR PHILIP DE ZULUETA   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  3 FREDERICK'S PLACE, OLD JEWRY LONDON, EC2R 8HD Telephone. 01-588 4111  CHAIRMAN  26th July 1979  The Honourable Paul Volcker, President, Federal Reserve Bank of New York, 33 Liberty Street, New York, N.Y. 10045, United States of America.  ecW(14,4,11 I expect that you will be overwhelmed by letters of congratulation, so I only write this on the strict understanding that I expect no reply! However, I really could not resist telling you how pleased and enthusiastic I am about your new responsibilities. I know that your appointment will be very well received in London generally, as well as by other Europeans. I fear that this appointment may perhaps mean that you have to cease to belong to the Trilateral Commission, although I hope that this is not necessarily the case, and that in any event, we shall continue to see you at some of the Meetings, particularly at the one scheduled for London next March. Meanwhile, I hope perhaps that I may catch a glimpse of you in October, at what promises to be a thoroughly uncomfortable meeting in Belgrade. With all good wishes and very warm congratulations.  ou44 /)=%••Ice" 1):17 RECEIVED Ub  8 1979  P. A. V. ANSWERED ATTENDED TO Registered Number 455106 England  ...........  Registered Office: 3, Frederick's Place, Old Jewry, London,EC2R 8HD  I   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 17, 1979  Dear Philip: Sooner or later I do answer my mail, and I did appreciate your letter.  But I  expect we will see each other in Belgrade, so until then -Sincerely,  Sir Philip de allueta Chairman Antony Gibbs Holdings Ltd. 3 Frederick's Place Old Jewry London, EC2R 8HD, England  PAV:ccm  ........ .• OGOV,t• .•. 1?4,0 • <29  CHAIRMAN OF THE BOARD OF GOVERNORS ••• ,4c ...  LEt3  •  2• 5; LL • • ,  FEDERAL RESERVE SYSTEM  • •  WASHINGTON, D. C. 20551  •• 11AL RES • •..• •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 9, 1979  Dear Susan: Thanks so much for your note of congratulations.  I appreciate your writing. Sincerely,  aare Paul A. Volcker  Ms. Susan C. Young Federal Reserve Bank of New York New York, N. Y. 10045 r.  ro•'!'fost..'  ,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -htAe, 17(&/e.e.  /  RECEIVED AUG 7 1979 P. A. V. ANSWERED ATTENDED.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Donna: Just keen telling everyone the dollar is safe!  Thanks for writing, and knock 'em  dead at S &S. Regards. Sincerely,  Paul A. Volcker  Ms. Lonna Zilkha  PAV:ak  1  L  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  c. Jy  A\K,  C(Wk-A1.  c)kx-iJyn  CNAJ-1.  A)tt,k5-4\  •  Q \N_C1-)tft  coc  \„;  —31  -saJc-y\  -1CVO-k-  e"—c Ok-u,  QWv.f..t)& acat-w--A NNQ \  c  4.1, 42JC  oka-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CIA-&  coNv\x„ t&L  AszuA  n  Qtas....0Dvast-ciN.  cs-kk  Sccs-0 ) \‘ovz  ._,IIII  G"y1V1cx  r   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  60221 .. 2......».tOlet  S3  MADE IN U.S.A.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF NEW YORK NEW YORK,N.Y. 10045 AREA CODE 212 791-6173  PAUL A. VoLcK ER PREs1DENT  August 6, 1979  Dear Mr. Zwack: I appreciate your note and comment. Sincerely,  .eLe afri-Vd Paul A. Volcker  Mr. R.T. Zwack, M.E., P.E.  A  uPt At't ' g,)A  R.T.Lwack,  *  vo 0-1 07-7013-rtZuaAV 6,QA-w-e  4444,-at!ital / /, /L A(414,6-1 Cke)-;   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  A444,, A<2 /1_e cear: • nCeZ-11st,, /Zf' ir  04 74 7  a  Ckati/-  I/ f  411•1=m,  (31-Qi  CU4-  IN/t'"01-g  - / 14  >frk  ›bh  srilL k,7m4 , 0-1N_ ,Ze /04141  C,4%,/t_a_  9)N./-04-1;A\- fr4,..41  zz r 11,  CO-s,  a 1/43-ede. etaui• 6 ) 4.2‘2.-)".e  me_ Pd4z.0  91„,i-  ,4/144t.  exA-e  (Aria_  4--eza-k  offrez,4n,  33  91c-#1 vele.e. Cie, /0007  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: newspaper article  Pages Removed:  Author(s): United Press International  Title:  Carter's Choice to Head Fed Hailed  Date:  July 26, 1979  Journal:  San Jose News  Volume: URL:  Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Bill: What the hell, I make my money on buying and selling houses' Thanks for writing. Sincerely,  Paul A. Volcker  Mr. Bill Zentz Huntington Bancshares Incorporated 17 South High Street Columbus, Ohio 43215   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  fi  Huntington Bancshares Incorporated 17 South High Street Columbus Ohio 43215  A IP  Huntington  July 25, 1979  Mr. Paul Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045  Dear Paul: Thank God you can afford to take a pay cut. you badly in your new job. Congratulations! Sincerely,  /YW Bill Zentz BZ/vm  wfl  We need   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 20, 1979  Dear Gene: Many thanks for your letter, and its attachments. As you can imagine, I have some of the same impatience with "traditional" analyses. We'll have to see how well we can articulate a different approach -- otherwise the game may be lost. Sincerely,  Paul A. Volcker  Mr. Eugene C. Zorn, Jr. Senior Vice President and Economist Republic National Bank of Dallas Dallas, Texas 75222  PAV:smk   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  REPUBLIC NATIONAL BANK OF DALLAS  DALLAS TEXAS 75222  August 3, 1979  EUGENEC.ZORN,JR. SENIOR VICE PRESIDENT AND ECONOMIST  Dear Paul: It is appropriate that your memorabilia should include this press reaction to your nomination by a correspondent from the world's financial capital. The picture is no less distinguished, although more informal, than the one which appeared in the New York Times. I attach more than passing significance to the cigar, as contrasted with abstinence or a pipe. After the reports on your confirmation hearings, you win the cigar. It is enclosed. I was especially pleased with your comments regarding the destructive effects of inflation on business activity. They reflect a phenomenon I have described as "inflacession". My disenchantment with the current dialogue regarding the recession among economists, politicians, businessmen and the press generally has also encouraged me to interpret the current and prospective economic picture in the context of two other terms: "repression" and "petrocession". The first reflects the desired and essential thrust of monetary and fiscal policies, and the second is obvious. These thoughts are a sequel to the accompanying article I wrote for Braniff Magazine around the turn of the year. We economists have to depart from too narrow interpretation of current developments on the basis of business cycle history. More attention needs to be devoted to the influence of unprecedented, fundamental changes. The concept of economic growth ought to be reexamined, among other things. I join your many friends in wishing you well in your vital task in these critical times, and am confident that you will make a further contribution that will be a landmark in the history of central banking.  1-;  44,L.  Sincerely yours,  Nk0A111. *" Pit ' Mr. Paul A. Volcker Washington, D. C.  gene C. Zorn, Jr.  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: article  Pages Removed:  Author(s): Eugene C. Zorn, Jr.  Title:  Financially Speaking: Is Recession for 1979 and Obsession?  Date: Journal:  Flying Colors (Braniff International Travel Magazine)  Volume:  Vol. 8, No. 1  URL:  Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org
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