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Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

A u t h o r i t y IQ e g fo l

CONFIDENTIAL

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MINUTES OF THE MEETING OP THE EXECUTIVE COMMITTEE
OF THE FEDERAL OPEN MARKET COMMITTEE
HELD AT WASHINGTON, D. C.
EEBRUAHY SO, 1065•

The meeting was called to order at 10:15 a. m., there being present
Governors Harrison, chairman, Fleming, Seay, and Sehaller
Deputy Governors Paddock and Burgess, secretary*

The secretary’s report on open market operations was distributed and
ordered accepted and placed on file.

There ensued an informal discussion of

banking legislation ar.d of Treasury financing*
At eleven o'clock the meeting adjourned to the office of the Secretary
of the Treasury, there being present in addition to the members of the committee
Secretary Morgenthau, Governor Eccles, Under Secretary Coolidge,
Messrs. Bell, Haas, Uphaic, of the Treasury*
The Secretary discussed with the committee proposals for Treasury
financing, including the suggestion that the Treasury might issue nine months
discount bills in addition to six months bills and gradually increase the total
amount of bills outstanding and including also problems of financing operations
on March 15*
The committee was asked to meet again with the Secretary on Wednesday,
February 27, for further discussion of March financing*
At 11:50 a. m* the committee adjourned to the offices of the Federal
Reserve Board, and after general informal discussion adjourned at 1:30 p. m*




W. Randolph Burgess
Secretary

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