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AGENDA
FEDERAL OPEN MARKET COMMITTEE
Tuesday, March 29, 1988 at 9:00 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, 1988,
have been received by the Secretariat and these individuals have executed
their oaths of office:
Member

1.

Alternate Member

E. Gerald Corrigan
Robert P. Black

Thomas M. Timlen
Frank E. Morris

W. Lee Hoskins
Robert P. Forrestal
Robert T. Parry

Silas Keehn
Thomas C. Melzer
Roger Guffey

Election of officers to serve until the election of their successors

at the first meeting of the Committee after February 28, 1989.
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 for Domestic Operations and (b) Manager for
Foreign Operations, System Open Market Account.

4.

Review of authorization for domestic open market operations.
(See attachment.)

5.

Review of (a) foreign currency authorization, (b) foreign currency
directive and (c) procedural instructions with respect to foreign
currency operations. (See attachments.)

6.

Proposed updating in "Program for Security of FOMC Information."
(Explanatory note dated March 23, 1988 is attached.)

7.

Delegation of responsibility for appeals of decisions by the
Secretary to deny access to Committee records.
(Memorandum dated March 23,1988 is attached.)

8.

Acceptance of Report of Examination of the System Open Market Account
(Copy of report, dated March 23, 1988 is attached.)

9.

Approval of minutes of actions taken at the meeting of the Federal
Open Market Committee on February 9-10, 1988.

10.

11.

Foreign currency operations.
A.

Report on operations since February meeting.

B.

Action to ratify transactions, if any, since February meeting.

Domestic open market operations.
A.

Report on operations since February meeting.

B.

Action to ratify transactions since February meeting.

12.

Review of Committee's recent operating procedures and related issues.
(Memorandum to be distributed.)

13.

Staff report on economic situation.

14.

Committee discussion of economic situation.

15.

Current monetary policy and domestic policy directive.

16.

A.

Staff comments.

B.

Committee discussion.

C.

Action to adopt directive.

Confirmation of date for next meeting (Tuesday, May 17, 1988).