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Minutes for March To: 6, 1961 Members of the Board From: Office of the Secretary Attached is a copy of the minutes of the Board of Governors of the Federal Reserve System on the above date. It is not proposed to include a statement With respect to any of the entries in this set of minutes in the record of policy actions required to be maintained pursuant to section 10 of the Federal Reserve Act. Should you have any question with regard to the minutes, it will be appreciated if you will advise the Secretary's Office. Otherwise, please initial below. If you were present at the meeting, your initials will indicate approval of the minutes. If you were not present, Your initials will indicate only that you have seen the minutes. Chin. Martin Gov. Szymczak Gov. Mills Gov. Robertson Gov. Balderston Gov. Shepardson Gov. King 4 Minutes of the Board of Governors of the Federal Reserve System On Monday, March PRESENT: 6, 1961. Mr. Mr. Mr. Mr. Mr. Mr. The Board met in the Board Room at 10:00 a.m. Martin, Chairman Balderston, Vice Chairman Szymczak Robertson Shepardson King Mr. Mr. Mr. Mr. Mr. Mr. Mr. Sherman, Secretary Kenyon, Assistant Secretary Thomas, Adviser to the Board Young, Adviser to the Board Molony, Assistant to the Board Fauver, Assistant to the Board Petersen, Special Assistant, Office of the Secretary Messrs. Marget, Furth, Hersey, Sammons, Katz, Dahl, Irvine, Maroni, Reynolds, and Wood of the Division of International Finance Messrs. Noyes, Garfield, Holland, Koch, Robinson, Brill, Dembitz, Williams, Eckert, Gehman, Manookian, Solomon, Weiner, Wernick, and Wood, and Miss Dingle of the Division of Research and Statistics Economic review. The Division of International Finance commented °11 developments affecting the international financial position of the United States, following which the Division of Research and Statistics l'elriewed domestic economic conditions. After discussion based on this presentation, the members of the 8taff other than Messrs. Sherman, Kenyon, Young, Molony, Noyes, Koch, '81 3/6/61 arldIkath withdrew from the meeting. Mr. Hackley, General Counsel, entered the roam at this point. Testimony_before Joint Economic Committee. There had been distributed to the members of the Board a draft of statement to be resented by Cbeirman Martin before the Congressional Joint Economic Committee on March 7, 1961, in connection with hearings on the 1961 ec" e Report of the President. General agreement was expressed with the content of the state- ment/ and the suggested changes were principally of an editorial nature. va 8 understood that these suggestions would be taken into consideration in 1..."4 -"v-Lsing the draft and that the statement would be presented in a final t°111 satisfactory to Chairman Martin. The meeting then adjourned. -
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