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CONFIDENTIAL (FR) Matters for consideration at the meeting of the Federal Open Market Committee to be held on Monday and Tuesday, March 19-20, 1973 Advices of the election of the following members and alternate members of the Federal Open Market Committee for the year commencing March 1, 1973, have been received by the Secretary and the named individuals have executed their oaths of office: Member Alternate Member Frank E. Morris Alfred Hayes Robert P. Mayo Darryl R. Francis John J. Balles David P. Eastburn William F. Treiber Willis J. Winn Monroe Kimbrel George H. Clay Monday, 4:00 p.m. 1. Economic outlook and longer-run targets for monetary policy. A. Staff presentation on economic and financial outlook under alternative longer-run policies. B. General Committee discussion of outlook and longer-run targets. Tuesday, 2. 9:30 a.m. Election of officers to serve until the election of their successors at the first meeting of the Committee after February 28, 1974: Chairman Vice Chairman Staff Officers 3. Selection of a Federal Reserve Bank to execute transactions for the System Open Market Account. 4. Proposed amendment of Committee's Rules of Organization, establishing position of Deputy Manager and Deputy Special Manager (See staff memorandum dated March 12, 1973.) 5. Selection of (a) Manager and Deputy Manager of the System Open Market Account, and (b) Special Manager and Deputy Special Manager for foreign currency operations for such Account. 6. Approval of minutes of actions taken at the meeting of the Federal Open Market Committee on January 16, 1973. 7. Acceptance of memorandum of discussion for the meeting of the Federal Open Market Committee on January 16, 1973. 8. Foreign currency operations. 9. A. Reports on foreign meetings. B. Report by Special Manager on foreign currency operations since the meeting of the Committee on February 13, 1973; and action with respect to transactions during that period. C. Consideration of recommendations of Special Manager. Domestic open market operations. A. Report by Manager on open market operations since the meeting of the Committee on February 13, 1973; and action with respect to transactions during that period. B. Comments by Economist (Domestic Finance) on prospective financial relationships. 10. Discussion of monetary policy and of current economic policy directive to be issued to the Federal Reserve Bank of New York. (Copy of February 13, 1973, directive attached.) 11. Review of procedure for granting access to minutes and other records of the Federal Open Market Committee. (Memorandum attached.) 12. Discussion of Secretariat's memorandum dated March 12, 1973, and entitled "Proposed changes in titles of Committee policy instruments and amendments to Foreign Currency Authorization." -313. Review of (a) Authorization for Foreign Currency Operations and (b) Foreign Currency Directive. (Copies attached.) 14. Review of continuing authority directive with respect to domestic open market operations. (Copy attached.) 15. Proposed revision of guidelines for operations in agency issues. (See memorandum from Manager dated March 12, 1973.) 16. Discussion of release of 1967 FOMC minutes. Secretariat dated March 13, 1973.) 17. Confirmation of date for next meeting (April 17, 1973). Attachments (See memorandum from SUPPLEMENTARY AGENDA FOMC MEETING March 19-20, 1973 (To follow item 8C) Ratification of action by Committee members on March 15, 1973, increasing dollar limit on changes in System Account holdings of U.S. Government and Federal agency securities between meetings of Committee from $2 billion to $3 billion, effective immediately, for the period ending with the close of business March 20, 1973.
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