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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.

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)


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,
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.