Board of Governors of the Federal Reserve System (U.S.), 1935- and Federal Reserve Board, 1914-1935. "Meeting Minutes, May 16, 1955, Volume 42, Part 3," Minutes of the Board of Governors of the Federal Reserve System (May 16, 1955). https://fraser.stlouisfed.org/title/821/item/514572, accessed on April 2, 2025.

Title: Meeting Minutes, May 16, 1955, Volume 42, Part 3

Author: Board of Governors of the Federal Reserve System (U.S.), 1935-
Date: May 16, 1955
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image-container-0 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Monday, May 16, 1955. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Martin, Chairman Mr. Balderston, Vice Chairman Mr. Szymczak Mr. Vardaman Mr. Mills Mr. Robertson Mr. Shepardson Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Mr. Riefler, Assistant to the Chairman Mr. Thomas, Economic Adviser to the Board Mr. Vest, General Counsel Mr. Johnson, Controller, and Director, Division of Personnel Administration Mr. Solomon, Assistant General Counsel Mr. Cherry, Legislative Counsel The following members of the staff of the Division of Research and Statistics also were present: Mr. Young, Director Mr. Garfield, Adviser on Economic Research Miss Burr, Assistant Director Mr. Koch, Assistant Director Mr. Eckert, Chief, Banking Section Mr. Gehman, Chief, Business Conditions Section Mr. Jones, Chief, Consumer Credit and Finances Section Mr. Miller, Chief, Government Finance Section Mr. Simpson, Chief, Business Finance and Capital Markets Section Mr. Weiner, Chief, National Income, Moneyflows, and Labor Section Mr. Allen, Economist Mr. Trueblood, Economist Mr. Wernick, Economist Mr. Wood, Economist Mr. Harris, First Vice President, Federal Reserve Bank of Chicago, also attended the meeting
image-container-1 r:7 r4 :t 5/16/55 -2- Following a review of business and economic developments by the Division of Research and Statistics, all of the representatives of that Division except Mr. Young withdrew from the meeting. Messrs. Harris and Thomas also withdrew at that point, while Messrs. Sloan, Director, Divi- sion of Examinations, and Horbett, Assistant Director, Division of Bank Operations, entered the room. In accordance with the understanding at the meeting on May 11, 1955, there had been prepared a draft of letter to the Chairman of the House Committee on the Judiciary reporting on Bill H. R. 5948, "To amend the Clayton Act by prohibiting the acquisition of assets of other banks bY banks, banking associations, and trust companies when the effect may be substantially to lessen competition, or to tend to create a monopoly". The draft was intended to reflect views expressed at the meeting on May 11, and copies had been sent to the members of the Board with Mr. Vest's memorandum dated May 12. Subsequently, Governor Robertson made certain suggestions and these were incorporated in an amended draft, copies of Which were sent to the members of the Board with a memorandum from Mr. Vest dated May 16. Both drafts took a position in favor of the objective Of the proposed legislation, but suggested the desirability of certain changes in the bill in order to make the provisions of the law practical and effective. One of these changes would place exclusively under the Attorney General all aspects of the enforcement of section 7 of the Clayton Act relating to banks; the other change would provide for advance approval
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Date: May 16, 1955
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