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INDEX of the MINUTES AND RECOMMENDATIONS of the FEDERAL ADVISORY COUNCIL 1941 - 1945 allied military currency see Currency assignment of claims ACT Letter to Board of Governors of the Federal Reserve System May 20, 1942 BANK ACCOUNTS - of Executives Request of S.E.C. to analyze.... ......Discussion ......................................... Discussion September 19, 1943 October 6 , 1943 BANKING LEGISLATION Brown Bill - H.R. 3956.......... ...... .Discussion ........................ ...... ..Discussion ...................... ...... ............ Discussion February 13, 1944 March 8, 1944 May 15, 1944 Maybank Bill - S1642................... Discussion ..«....•.................... ............ Discussion ..................................... ..Discussion ........... .................... ..Discussion .......................... ...............Discussion February 13, 1944 March 8, 1944 April 5, 1944 May 15, 1944 December 4, 1944 Murray Bill - H.R. 7158................Discussion June 3, 1942 Patman Holding Company Bill............ Discussion March 8, 1944 see also Holding; Companies of National Banks Submission to Council of all bills to be introduced by Board of Governors......................... Discussion ............ ..................... .Discussion May 14, 1944 September 18, 1944 Capitalization Ratio of deposits to............. Discussion .......... ................. ..Discussion October 7, 1942 November 15, 1942 Competition of Federal Reserve Banks...Discussion November 15, 1942 Competition with government lending agencies................ ......... Discussion September 19, 1943 BANKS BANKS (Continued) Dividends Increase should be on a con servative basis............ Discussion Liability of directors and officers................ .. .Discussion Power of Comptroller of the Currency over.............. Discussion Tax on............................ Discussion December 3, 1944 June 3, 1944 February 18, 1941 February 16, 194-2 Earnings................................ Discussion ..................................-...... Discussion on Government securities.........Discussion Tax on excess profits on income derived from government securities................. Discussion December 4, 1944 November 18, 1945 December 3, 1944 Employees - Drafting of................ Discussion . ...................................... . .Discussion ............ .............................Discussion manpower problem..... ........ . .Discussion ......................... ......... Discussion ...........................Discussion .... ............ .................Discussion .... .............................. Discussion ............... ........ .......... Discussion September 13, 1942 October 7, 1942 November 16, 1944 January 6 , 1943 February 14, 1943 May 23, 1943 April 5, 1944 May 14, 1944 June 7, 1944 Investments In short-term government secur ities. ...................... Discussion Of savings accounts in restrict ed government issues.......Discussion December 4, 1944 February 14, 1943 December 7, 1943 Liabilities In cashing government checks.... Discussion ........................ .......... Discussion September 14, 1943 November 14, 1943 Licensing by Treasury Department..... .Discussion ........................... ............. Resolution September 16, 1945 November 18, 1945 Loans Liability of directors and officers..... ............ .Discussion June 3, 1942 Regulation of loans secured by pledge of unregistered securities................. Memorandum to Chairman of the Committee on Inter state and Foreign March 2, 1942 Commerce-H.ofR. -3- BANKS (Continued) Status of various types..........Discussion to Veterans.......................Discussion September 13, 194.2 May 13, 19-45 Officers see Regulations of Board of Governors of the Federal Reserve System Regulation L Regulation by Board of Governors vs Federal Trade Commission...Discussion October 3, 1945 Special information to be given to certain large depositors.........Discussion May 13, 1945 BARUCH REPORT ...................... ....... ........... Discussion March 8, 1944 BOND DRIVES see Financing - Government BRANCH BANKING Proposed legislation................... Discussion January 5, 1944 BRETTON WOODS CONFERENCE Reported by Mr. Brown.................. Discussion September 7, 1944 CENTRAL RESERVE CITIES Status of Chicago should not be changed........................... Discussion June 3, 1942 CHECKS - Government Bank liability in cashing......... .....Discussion November 14, 1943 CIVILIAN GOODS Production should be increased.........Discussion ......................................... Discussion May 14, 1945 June 13, 1945 COMPTROLLER OF THE CURRENCY Powers over unsound banking practices..Discussion February 18, 1941 -4- CONSUMER CREDIT see Regulations of the Board of Governors of the Federal Reserve system - Regulation W CONTRACTS - Defense Program see War Contracts CORPORATIONS Reserves Need against future tax liabil ities and losses..*....... Discussion May 23, 1943 Control o f .............................. Resolution November 17, 1941 Socialized. ......... ................. .Discussion ..................... ......... ........ . .Discussion May 14, 1944 September 17, 1944 CREDIT CREDIT - Foreign Aid to war damaged countries........... Discussion September 15, 1945 Export-Import Bank loans.............. .Discussion September 16, 1945 to Great Britain...................... ..Discussion October 3, 1945 CREDIT POOLS ................................... ...... Discussion .......... ......... ............. ........ Discussion September 17, 1944 May 13, 1945 CURRENCY Allied Military Currency............ ...Discussion November 14, 1943 Circulation of. ..«••••................. Discussion May 14, 1944 Regulation of currency transactions by Treasury Department...........Discussion June 13, 1945 -5- DeBT - Government Cost o f .............. ............. . .Discussion November 18, 194-5 Bill to exempt from reserve require ments and F.D.I.C. assessments...Discussion ................................... ...... Discussion January 6, 1943 February 15, 194-3 Examination of.......................... Discussion May 23, 1943 Insurance of.... .......... ........ ....Discussion June 3 9 1942 Ratio of, to capital......... .......... Discussion ......................................... Discussion October 2, 194-2 November 15, 1942 Segregation of, in published finan cial statements............... ...Discussion June 6, 1943 Yvar Loan Deposit Accounts.............. Discussion 30 per cent rule................. Discussion September 13, 1942 November 19, 1945 DEPOSITS DIRECTORS see Regulations of the Board of Governors of the Federal Reserve System - Regulation L DIVIDENDS see Banks - Dividends EMPLOYMENT Full Employment Act of 1945 (S.380)....Discussion EXCESS PROFITS TAX see Taxes - Excess Profits EXCESS RESERVES see Reserves - Excess September 16, 1945 -6- EXCHANGE CHARGES. ABSORPTION OF see Regulations of the Board of Governors of the Federal Reserve System - Regulation Q (Section 1, subsection F) EXPORT-IMPORT BANK LOANS see Credit - Foreign FARM CREDIT H. R. 534-6.................... .......... Discussion September 14, 194.1 FEDERAL DEPOSIT INSURANCE CORPORATION Assessment of reserves deposited with Federal Reserve banks...... Discussion February 16, 194-1 Powers over unsound banking practices..Discussion February IB, 194.1 FEDERAL LAND BANKS Possibility of borrowing from Federal Reserve banks....... .............. Discussion September 14-, 194-1 FEDERAL RESERVE ACT Section 13-B; proposed amendment to....Discussion ......... .................. ..............Discussion ....................... .................. Discussion June 7, 1944September 17, 1944December 3, 1944- FEDERAL RESERVE BANKS Competition with commercial banks......Discussion November 15, 1942 Loans......... .................. ........ Discussion to industries.................... Discussion June 7, 1944May 14., 1944 Technological and industrial services to small industries..............Discussion May 13, 1945 FEDERAL RESERVE NOTES Ratio of gold reserve to, in circu lation............................. Discussion September 17, 1944- -7- FEDSRAL RESERVE SYSTEM Purchase of government securities direct from Treasury....... ...... Discussion November 19, 194-5 Subsidiary Corporation to make loans...Discussion March 8 , 1944 FEDERAL SAVINGS AND LOAN ASSOCIATIONS .».•••••••••••••••......... .............Discussion February 16, 194-1 FINANCING - GOVERNMENT .................................. ..Discussion • •................. ....... ..............Discussion ........ .......... ..... ......... •••••• .Discussion ....... •••••...... .......................Discussion May 19, 1941 November 16, 194-2 February 18, 194-5 October 3, 194-5 Bond Drives.............. ................ Discussion . ........................... ..............Discussion ........ .......................... ....... Discussion January 6, 194-3 February 14-, 194-3 September 19, 1943 Bond Drive - Second.................... .Discussion April 7, 1943 Fiscal policies as relating to in flationary trends................ Discussion November 18, 1945 Floating of Securities..................Discussion March 12, 1942 Future policy of Treasury.............. Discussion November 14, 1943 Treasury working b a l a n c e s . . D i s c u s s i o n November 18, 1945 see also Regulations of the Board of Governors of the Federal Reserve System - Regulation V Far Financing GOLD RESERVES Ratio of, to member bank reserve bal ances and to Federal Reserve notes in circulation*............ Discussion September 17, 1944 -9- GOVERNMENT AGENCIES Bill to reorganize (H.R. 4129).........Discussion ......................................... Discussion October 3, 1945 November 18, 1945 Competition with banks..................Discussion September 19, 1943 GOVERNMENT COMPETITION WITH BUSINESS ............... ................ ......... Discussion September 19, 1943 GOVERNMENT SECURITIES .......................................Discussion May 17, 1942 Direct offering to banks of bonds maturing within five years.......Discussion February 18, 1945 Interest rates o n ....................... Discussion March 12, 1942 as Investments of banks........Discussion of corporations............... .Discussion of member banks...................Discussion of savings funds..................Discussion .............. ....... ........ . .Discussion December 4, 194^. April 9, 1942 July 1, 1942 December 7, 1943 February 18, 1945 New forms of redeemable bonds not favored........................... .Discussion May 17, 1942 .............. ......................Letter of Board of Governors to the Federal Reserve System May 20, 1942 Preferential rediscount rate o n ....... .Discussion October 7, 1942 Prices.............. .................. . .Discussion July 1, 1942 Purchases by Federal Reserve System from the Treasury Department.... .Discussion February 15, 1942 Sales by insurance agents.............. Discussion July 1, 1942 Speculative possibilities of 1-3/4? bonds................. .............Discussion February 19, 1945 see also Treasury Bills, Treasury Certificates of Indebtedness, War Savings Bonds GREAT BRITAIN Loan to......... .................... ....Discussion October 3, 1945 GROUP BANKING Proposed legislation*.... .Discussion February 13, 1944 GUARANTEED LOANS ............................ .......... . .Discussion .................................... . .Discussion ............. ....... .................... Discussion ...... ............. ..................... Resolution June 3, 1942 September 20, 1943 October 6, 1943 September 14, 1942 Eligibility for discount......... ......Discussion September 14, 1942 .............. ................... ..Letter to the Board of Governors of the Federal Reserve System May 20, 1942 Results to bank from cancellation of war contracts........ .......... ..Discussion May 23, 1943 Surety bond protection........... ...... Discussion September 14, 1942 VT Loans.......................... ....... Discussion October 6, 1943 see also Regulations of the Board of Governors of the Federal Reserve System - Regulation V .Smaller War Plants Corporation......... Discussion ............... ............... ........... Discussion ........................ ............. . .Resolution ............... ........................... Discussion ............ ............................. Discussion ............... ........................ . .Discussion .................... ......................Discussion November 14, 1943 December 7, 1943 December 7, 1943 January 5, 1944 February 13, 1944 March 8, 1944 May 14, 1944 HOLDING COMPANIES OF NATIONAL BANKS Bank Holding Company Act (S.310).......Discussion February 17, 1941 Proposed legislation......... .......... Discussion ........ ............... .................. Discussion ............ ............. ................ Discussion ........................................Discussion .......................... ................ Discussion February 14, 1944 March 8, 1944 May 14, 1944 May 13, 1945 November 19, 1945 -10- INDUSTRIES - LOANS TO see also Federal Reserve Banks - Loans to industries Guaranteed Loans INFLATION Desirability of ........................ Discussion November 18, 1945 Prevention o f ...........................Discussion .............. ........................Discussion February 18, 1945 May 14, 1945 INSTALLMENT CREDIT Regulation of see Regulations of the Board of Governors of the Federal Reserve System - Regula tion W INSTALLMENT FINANCING Control of ...............Discussion May 18, 1941 see also Regulations of the Board of Governors of the Federal Reserve System - Regula tion W INTEREST RATES ........••••••....... .......... •••••• .Discussion On Government Securities..............Discussion February 19, 1945 March 12, 1942 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT_________________________________ ......... .............. ..Discussion June 7, 1944 see also Monetary Stabilization Plans INTERNATIONAL MONETARY FUND ......................... ...... ........ Discussion June 7, 1944 see also Monetary Stabilization Plans LOANS Terminology defined.... ....... ..Discussion December 3, 1944 -11- LOANS(Continued) see also Guaranteed Loans Personal Loans (Small) Small Business - Loans to MANPOWER see Banks - Employees - Manpower Problems MARGIN REQUIREMENTS . .............. ......................... Discussion September 16, 1945 100 per cent requirement on loans for purchasing and carrying listed securities............ .......... Resolution (3-13-45) ........... ....... ................. . .Discussion May 13, 1945 June 13, 1945 MEMBER BANKS Reserve balances Insurance of by F.D.I.C......... Discussion February 16, 1941 Net balances to be reported only in published reports.Discussion September 15, 1941 Ratio of gold to....... ..Discussion September 17, 1944 MILITARY E XP I^ DFXRES Should be decreased.................... Discussion ...................Discussion May 14, 1945 June 13, 1945 MONETARY STABILIZATION PLANS .........................................Discussion ...... ......... ...... ................. .Discussion .........................................Discussion September 19, 1943 October 6 , 1943 June 7, 1944 see International Bank for Recon struction and Development International Monetary Fund OPEN MARKET COMMITTEE Membership of. Discussion June 3 y 1942 -12- PENSION FUNDS Regulation of,.......................... Discussion November 16, 1941 PERSONAL LOANS (Small) see Regulations of the Federal Reserve Board - Regulation W RATES see Rediscounting RATION BANKING ...................... ...... .............Discussion ......... ...... ...... ................... Discussion ......... ............ .................... Discussion ..........................................Discussion September 13, 1942 October 7, 1942 February 13, 1944 March 8, 1944 REAL ESTATE Price control on................ ....... Discussion November 18, 1945 Proposed extension of Regulation W to include real estate.......... .Discussion June 13, 1945 Speculation i n ................. ......... Discussion ............. ..........•••••............. Discussion February 18, 1945 May 14, 1945 REDISCOUNTING Preferential rate on government securities.......... .............. Discussion To provide banks with additional funds.Discussion October 7, 1942 October 7, 1942 REGULATIONS OF BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Regulation L (Interlocking Bank Direc torates under Clayton Act) Amendment not needed................... Discussion Amendment to Discussion May 18, 1944September 17, 1944- -1 3 - REGULATIONS OF BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Continued) Regulation Q (Interest on Deposits) .......................................... Discussion ......... ............ .................... Discussion ......................... ................ Discussion ....................................... ...Discussion ................................ ......... Discussion ................................ ......... Discussion February 16, 1942 August 5, 194-2 September 14, 1942 February IB, 1945 May 13, 1945 June 13, 1945 Section 1, subsection F (Absorption of exchange and collection charges by banks).................Discussion November 16, 1941 .......................................... Discussion ............... ................ ......... Discussion ................. .............. .......... Discussion .................................. ....... Discussion .......................................... Discussion ...................... ................... Resolution .......................................... Discussion .................. ........................ Discussion September 20, 1943 October 6 , 1943 November 14, 1943 January 5, 1944 February 13, 1944 February 14, 1944 May 14, 1944 December 4> 1944 Regulation V (Financing War Production and War Contract Termination)... .Discussion May 17, 1942 Effect on tax situation.......... Discussion July 1, 1942 See also Guaranteed Loans Regulation W (Consumer Credit) .......................................... Discussion .... ....................... .............. Discussion ..................... .................... Resolution .............. .............. .............. Discussion ......... ,.............................. .Discussion .............. ........................... Discussion ............. ............................ Discussion .......................................... Discussion .................... Discussion September 14, 1941 November 16, 1941 November 17, 1941 March 12, 1942 May 17, 1942 June 3, 1942 May 13, 1945 June 13, 1945 September 16, 1945 RESERVE REQUIREMENTS Discussion Discussion February 16, 1942 July 1, 1942 -14- RESERVE REQUIREMENTS (Continued) Changes should not be made unless clearly required by credit situation........... ..............Resolution February 1$, 194.2 of Central Reserve Cities banks....... Discussion June 3, 1942 of Member Banks Increase recommended............. Recommendation September 15, I94.I Should not be reduced................. .Discussion ............. ....................*..... ..Discussion .................................. ....... Discussion ...................... .............. . .Discussion ................. ......................... Discussion ay 17, 1942 June 3, 194-2 August 5, 194-2 October 7, 1942 May 23, 1943 RESERVES - Excess ............... ....... ................... Discussion November 16, 194-1 Increase desirable...................... Discussion November 16, 194-2 Power of Board over........ ..Discussion February 17, 1944 RESERVES (Interior) of Banks, for possible losses..........Discussion March 12, 1942 SAVINGS - Compulsory .............. ........................... Discussion May 17, 1942 SECURITIES Private sale of......................... Discussion November 16, 194-1 SECURITIES ACT OF 1933 Amendments Private sale of securities.......Discussion November 16, 1941 to require registration state ments from corporations including banks............ Discussion November 16 , 1941 -15- SECURITIES EXCHANGE ACT OF 19 34 Amendment to regulate loans secured by a pledge of unregistered securities.......... ..Memorandum March 2, 1942 SILVER PURCHASES .......................................... Discussion September 13, 1942 SMALL BUSINESS Loans to......................... ..Discussion May 15, 1944 Technological and industrial services to, by Federal Reserve banks.... Discussion May 13, 1945 see also Guaranteed Loans (by Smaller War Plants Corporation) SMALL LOANS see Regulations of the Board of Gov ern ors of the Federal Reserve System - Regulation W SMALLER WAR PLANTS CORPORATION Bill proposed to extend powers.........Discussion September 18, 1944 see also Guaranteed Loans SOCIAL SECURITY PROGRAM ..... .............. ....... ........ ..... Discussion April 7, 1943 SPECIAL REPORT TO CONGRESS Re: Financial and fiscal policies of the government................ Discussion .................. .................... .Resolution ...... .......................... ........ Discussion February 17, 1941 February 17, 1941 September 14, 1941 SPECULATION on stock market and in real estate.... Discussion .......................................... Discussion February 18, 1945 May 14, 1945 SURPLUS PROPERTY .............. . ............... Discussion September 16, 1945 -16- TAXES on Bank stock dividends................ Discussion February 16, 194-2 Capital gains tax Opposition to raising......... ..Discussion ......... .......................... Discussion May 13, 1945 June 13, 1945 Excess profits tax Elimination o f ....... ............ Discussion on income derived from government securities......... ........ Discussion November 19, 1945 February 14, 1943 Exemption of foreign funds............. Discussion May 14, 1945 Withholding - collection by banks on bond coupons and dividend checks.Discussion August 5, 1942 TREASURY BILLS Amount issued weekly to be increased.. .Resolution February 15, 1942 Direct purchase from Treasury.......... Discussion May 23, 1943 Issuance of, should be kept dovm.......Discussion February 19, 1945 Purchase of, by banks and corporations.Discussion July 1, 1942 Rates on....... ......................... Discussion August 5, 1942 as Required reserves......... .......... Discussion Proposal to count as part o f .......... .Discussion TREASURY CERTIFICATES OF INDEBTEDNESS February 15, 1943 November 15, 1912 ............................. .............Discussion April 9, 1942 Banks urged to subscribe............... Discussion February 15, 1943 V AND VT LOANS see Guaranteed Loans WAGES as related to inflationary trends..... Discussion November 18, 1945 -17- WAGNER C O M I TT EE .................... ................ . ................... ........ ......... . .Discussion .Discussion February 17, 194-1 May 19, 194-1 WAGNER-SPENCE BILL see Federal Reserve A.ct - Section 13bProposed amendments to WAR CONTRACT LOANS see Guaranteed Loans WAR CONTRACTS Cancellations....... ............... . .Discussion .......................................... Discussion September 19, 194-3 November 14, 1943 Renegotiations.......................... Discussion .............. .......................... . .Resolution ..................... •••••..... ......... Discussion ........... ...... ................. ...... Discussion September 13, 1942 September 14, 1942 October 7, 1942 October 6, 1943 Terminations........ ..Resolution .................. ................ ....... Discussion November 15, 1943 February 13, 1944 WAR FINANCING .... ...... ......... .................... Discussion ........... ........ ......................Discussion see also Assignment of Claims Act Regulations of the Board of Governors of the Federal R eserve System Regulation V WAR LOAN DEPOSIT ACCOUNTS see Deposits - War Loan Deposit Accounts WAR LOAN DRIVES February 15, 1942 March 12, 1942 -18- WAR SAVINGS_BONDS •Discussion .Discussion May 17, 1942 July 1, 1942 Cashing o f ............ .................. Discussion May 13, 1945 Charges by banks for certification of bonds,............... ......... Discussion October 6 , 1943 Methods of selling...................... Discussion October 7, 1942 Series E - Certification of signature by banks...........................Discussion February 14, 1943
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