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Authorized for public release by the FOMC Secretariat on 5/27/2020 REC'D INRECORDS SECTION BOARD OF GOVERNORS OF THE NOV 13 1967 FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 November 13, 1967 CONFIDENTIAL (FR) TO: Federal Open Market Committee FROM: Mr. Holland Attached is a proposed alternative version of the second paragraph of the current economic directive that is being forwarded at the request of Governor Maisel for consideration by the members of the Committee at the November 14 meeting. Robert C. Holland, Secretary, Federal Open Market Committee. Attachment Authorized for public release by the FOMC Secretariat on EC'5/27/2020 INRECORDS SECTION NOV 13 1967 November 13, 1967 To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining about the prevailing conditions in the money market; provided, however, that should expansion of total reserves not seasonally adjusted tend to exceed a 5 to 6 per cent annual rate, operations shall be modified as necessary to limit total reserve growth to that rate.
@FedFRASER