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Authorized for public release by the FOMC Secretariat on 8/21/2020 REC'D IN RECORDS SECTION SEP 21 1973 September 20, 1973 TO: Federal Open Market Committee FROM: Arthur L. Subject: Views on lagged Broida reserve accounting As you may recall, there was a brief discussion at the July 17 meeting of the Open Market Committee of the implications for the effective implementationof monetary policy of lagged reserve accounting and such related matters as carry-over provisions and the length of the reserve accounting period. Subsequently, on August13, copies to the Board were distributed to Reserve Bank Presidents of a report of Governors dated August 10 and entitled "First Report of the Staff Committee on lagged Reserve Accounting." In light Committee, of the time pressures at meetings of the Open Market Chairman Presidents on Burns believes that the views of the Reserve Bank this general subject can be more effectively transmitted to the Board in writting rather than by scheduling a discussion at an FOMCmeeting. Accordingly, the Presidents are forward their views to Mr. Feldbergr, herewith invited to Secretary of the Board. Comments on any aspect of the subject, including the possible consquences of changes in present arrangements for member bank relations, would be welcome. It would be helpful if any such comments were received by mid-October. ALB:bp
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