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441.A meeting of the Federal Reserve Board was held in Washington on Thursday, October 12, 1953, at 12:45 p.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Black, Governor Hamlin James Thomas Szymczak Er. Eorrill, Secretary The Governor referred to the action taken at the meeting of the Federal Open Market Committee on October 10, 1953, as follows: "It was voted that, subject to the approval of the Federal Reserve Board, the authority granted to the Executive Committee at the meeting of the Open Market Conference on April 22, 1953, to purchase up to 0,000,000,000 of government securities be continued and reaffirmed for the unused portion of the authority." After discussion, it MRS decided to approve the action of the Committee and it was understood that Governer Black mould submit, for consideration by the Board this afternoon, a telegram to the chairman of the Federal Open Market Committee advising of the Board's action. Thereupon the meeting recessed and reconvened at 3:00 p.m. with the sane attendance as at the morning session. There was presented for consideration a proposed telegram to Ge,_ "vrflor Harrison, as Chairman of the Federal Open Market Committee, readinC as follows: "The Federal Reserve Board has given careful consideration to the resolution adopted at the meeting on October 10, 1933, of the Federal Open Market Committee and has requested me to advise you :Lhat it authorizes the Lxecutive Committee of the Federal Open lierket Committee to proceed with the proposed purchases of United States Government securities up to the extent of the unused portion of the aggregate of ;'-a,000,000,000 covered by the authority granted as set forth in my wireto you of May 12, 1933. In grant14C this authority, the Board will expect to be kept informed currently by the Executive Committee of its program of purchases and as to any development in the situation which may affect the application of the program. The Board will have the whole matter of 10/12/33 -2- Itopen market policy under constant review and vi11 advise the Comraittee of changes to be made in the program in order more fully to adjust it to the requirements of the national situation." After discussion, the telegram was approved for immediate transmission to Governor Harrison. Thereupon the meeting adjourned. A.PProved:
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