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Meeting of Federal Open Market Committee August 7, 1981 Minutes of Actions A meeting of the Federal Open Market Committee was held on Friday, August 7, 1981. This was a telephone conference meeting, and each individual was in Washington, D. C., except as otherwise indicated in parenthses in the following list of those participating. PRESENT: Mr. Volcker, Chairman Mr. Solomon, Vice Chairman Mr. Boykin Mr. Corrigan Mr. Gramley Mr. Keehn Mr. Rice Mr. Schultz Mrs. Teeters Mr. Wallich (New York) (Dallas) (Chicago) Messrs. Black (Richmond), Ford (Atlanta), and Winn (Cleveland), Alternate Members of the Federal Open Market Committee Messrs. Guffey (Kansas City), and Roos (St. Louis), Presidents of the Federal Reserve Banks of Kansas City, and St. Louis, respectively By unanimous vote, Sam Y. Cross was selected to serve at the pleasure of the Committee in the"capacity of Manager for Foreign Operations, System Open Market Account, on the understanding that his selection was subject to his being satisfactory to the Federal Reserve Bank of New York. The meeting adjourned. Secretary's note: Advice was subsequently received that the selection indicated above was satisfactory to the Federal Reserve Bank of New York. Secretary