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AGENDA
FEDERAL OPEN MARKET COMMITTEE
Tuesday, March 20, 1979
9:30 a.m.

Advices of the election of the following members and alternate
members of the Federal Open Market Committee for the year
commencing March 1, 1979, have been received by the Secretary
and the named individuals have executed their oaths of
office:
Member
Robert P. Black
Paul A. Volcker
Robert P. Mayo
Monroe Kimbrel
John J. Balles
1.

Alternate
Frank Morris
Thomas M. Timlen
Willis J. Winn
Lawrence K. Roos
Roger Guffey

Election of officers to serve until the election of their
successors at the first meeting of the Committee after
February 29, 1980.
A.
B.
C.

Chairman
Vice Chairman
Staff officers

2.

Selection of a Federal Reserve Bank to execute transactions
for the System Open Market Account.

3.

Selection of (a) Manager of System Open Market Account,
(b) Deputy Manager for Domestic Operations, and (c)
Deputy Manager for Foreign Operations.

4.

Approval of minutes of actions taken at the meetings of
the Federal Open Market Committee on February 6, and
March 2, 1979.

- 2 -

5.

6.

Foreign currency operations.
A.

Report on foreign currency operations since the
meeting of the Committee on February 6, 1979.

B.

Action to ratify transactions since the previous
meeting.

Domestic open market operations.
A.

Report on open market operations since the meeting
of the Committee on February 6, 1979.

B.

Action to ratify transactions since the previous
meeting.

7.

Staff report on economic situation.

8.

Comments by Economist on prospective financial relationships.

9.

Committee discussion of economic situation and policy
implications.

10.

11.

Current monetary policy and domestic policy directive.
A.

Recommendations for policy specifications.

B.

Committee discussion.

Consideration of Manager's recommendations with respect
to foreign currency operations.

- 3 12.

Review of authority for lending securities from System
(See memoranda from Deputy Account
Open Market Account.
Manager and Assistant General Counsel, distributed
March 13, 1979.)

13.

Review of authorization for domestic open market
(Copy attached.)
operations.

14.

Review of (a) authorization for foreign currency operations, (b) foreign currency directive, (c) procedural
instructions with respect to foreign currency operations,
and (d) special authorization.
(Copies attached.)

15.

Confirmation of date for next meeting.

April 17, 1979.)

(Tuesday,