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Meeting of the Federal Open Market Committee December 12, 1980 Minutes of Actions A meeting of the Federal Open Market Committee was held on Friday, December 12, 1980, at 12:40 p.m., at the call of Chairman Volcker. This was a telephone conference meeting, and each individual was in Washington, D. C., except as otherwise indicated in parentheses in the following list of those participating. PRESENT: Mr. Volcker, Chairman Mr. Solomon, Vice Chairman Mr. Gramley Mr. Guffey Mr. Morris Mr. Partee Mr. Rice Mr. Roos Mr. Schultz Mrs. Teeters Mr. Winn (New York) (Kansas City) (Boston) (St. Louis) (Atlanta) (Cleveland) Messrs. Balles (San Francisco), Baughman (Dallas), and Mayo (Chicago), Alternate Members of the Federal Open Market Committee Messrs. Black (Richmond), Corrigan, and Ford (Atlanta), Presidents of the Federal Reserve Banks of Richmond, Minneapolis, and Atlanta, respectively Mr. Mr. Mr. Mr. Mr. Mr. Altmann, Secretary Bernard, Assistant Secretary Petersen, General Counsel Oltman (New York), Deputy General Counsel Holmes (New York), Adviser for Market Operations Axilrod, Economist Messrs. J. Davis (Cleveland), T. Davis (Kansas City), Ettin, Henry, Keir, Kichline, Truman, and Zeisel, Associate Economists Mr. Pardee (New York), Manager for Foreign Operations, System Open Market Account 11/18/80 - 2 - Mr. Sternlight (New York), Manager for Domestic Operations, System Open Market Account Mr. Allison, Secretary, Office of the Secretary, Board of Governors Mr. Coyne, Assistant to the Board of Governors Mr. Prell, Associate Director, Division of Research and Statistics, Board of Governors Mr. Beck, Senior Economist, Banking Section, Division of Research and Statistics, Board of Governors Mrs. Deck, Staff Assistant, Open Market Secretariat, Board of Governors Messrs. McIntosh (Boston), and Smoot (Philadelphia), First Vice Presidents, Federal Reserve Banks of Boston and Philadelphia, respectively Messrs. Boehne (Philadelphia), Brandt (Atlanta), Burns, (Dallas), Danforth (Minneapolis), Fousek (New York), Keran (San Francisco), Parthemos (Richmond), and Scheld, Senior Vice Presidents, Federal Reserve Banks of Philadelphia, Atlanta, Dallas, Minneapolis, New York, San Francisco, Richmond, and Chicago, respectively Mrs. Nichols (Chicago), Vice President, Federal Reserve Bank of Chicago Mr. Burger (St. Louis), Assistant Vice President, Federal Reserve Bank of St. Louis Mr. Campbell (New York), Assistant Secretary, Federal Reserve Bank of New York With Mrs. Teeters dissenting, the Committee modified the domestic policy directive issued on November 18, 1980, and subsequently modified on November 26 and December 5, to extend through the period before the next regular meeting leeway for pursuit of the Committee's short-run objectives for the behavior of reserve aggregates without operations being precisely con strained by the 18 percent upper limit of the intermeeting range for the federal funds rate. The meeting adjourned. Secretary
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