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NOMINATION OF PAUL E. MILLER
HEARING
BEFORE THE
COMMITTEE ON BANKING AND CURRENCY
UNITED STATES SENATE
EIGHTY-THIRD CONGRESS
SECOND SESSION
ON
THE NOMINATION OF PAULE. MILLER TO BE A MEMBER
OF THE BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM
AUGUST 2, 1954
Printed fort~ use of th~ Committee on Banking and Currency
UNITED STA.TES
UOVERNMENT PRINTING 01''FICE
60867
WASHINGTON : 19114
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NOMINATION OF PAUL E. MILLER
KORDAY, A'D'G'D'BT 9, 1964
COMMITTEE
UNITED STATES SENATE,
ON BANKING AND CURRENCY~
Washington, u. 0.
The committee met, pursuant to call, at 10:10 a. m., in room3O1 1
Senate Office Building, Senator Homer E. Capehart (chairman)
presiding.
Present: Senators Capehart, Bennett, and Frear.
The CHAIRMAN. The committee will come to order. The purpose
of this public hearing is the confirmation of Mr. Paul E. Miller to be
a member of the Board of Governors of the Federal Reserve -sJgeem.
Without objection, I would like to place in the record at this p()mtthe
bio.8'!:aphy of Mr. Miller.
{The biographical sketch referred to follows:)
BIOGRAPIDCAL SKETCH OF PAUL
E.
MILLER
Farm expert. Born Cedar Rapids, Iowa, October 30, 1888; B. S., Iowa State
College, 1911; M. S. in Agriculture, 1921; D. Econ. Sci. (Hon.), Nat. U. Ireland,
1951.
Member Board of Directors Minneapolis Federal Reserve Bank since 1943.
Deputy Chairman, Board of Directors, 1953; Chairman, Board of Directors,
January 1954.
Instr. agronomy, Univ. of Minn. West Central Sch. Agr., and Expt. Sta.,
Morris, Minn., 1911-17;
Prof. and Supt. West Central Sch. of Agr. and Agrl. Expt. Sta., 1917-38; Prof.
and Dir. U. Minn. Agrl. Extension Service, St. Paul, since 1938.
Member Board of Directors, 7th Dist. Farm Credit Administration ei.nce 1953;
Federal Land Bank of St. Paul, 1946-49.
Appointed drougth relief dir. Minn., 1934.
Member: Minn. State Adv. Com. Farmers Home Admin.;
Minn. State Soil C01'1servation Comm. (Chm. 1941-49);
Minn. State Adv. Com. U. S. Prodn., Marketing Adm.;
Collaborator U. S. Dept. Agr., 1921;
Agrl. Cons., Orgn. for European Econ. Coop. to survey agriculture;
Adv. services in Marshall Plan Countries, 1950;
Chief, E. C. A. Spl. Mission to Ireland, 1950-51;
Apptd. to President's Comm. on Migratory A,n-l. Labor, 1950;
Nat. Adv. Com. on Agrl. Labor to Dir. U. S. Employment Service since 1948;
Chm. Nat. Com. to survey 4-H Club work, 1947;
Nat. Com. of Extension Orgn. and Policy, 1946-48 (chm. 1949);
Am. Assn. Land Grant Colleges, and Univs. (Chm. agrl. extension sect. 1946);
Minn. Acad. Sci., Phi Sigma Kappa, Alpha Zeta, Gamma Sigma Delta, Delta
Sigma Rho.
Author of numerous agricultural extension reports.
Home: 1603 Northrop Street, St. Paul 8, Minnesota.
Office: University Farm, St. Paul 1, Minnesota.
The CHAIRMAN. Mr. Miller, I have been requested to ask one question of you. What is your position on bank holding company legislation?
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NOMINATION OF PAUL E. MILLER
STATEMENT OF PAULE. IIILLER, NOllINEE FOR JIEJIBER OF THI
BOARD OF GOVERNORS OF THE FEDERAL RF.sERVE SYSTEJI
Mr. MILLER. Mr. Chairman, I don't believe-it may be foolish to
9!-Y this-I h,re .any.. I. h~r.e~'.t stll,di~d. t~e bank holding legisla-
tion enough to be -able to exj>r.ees an oprmon. .
.
The CHAIRMAN. Do you have any ideas on it? Are you for or
against it?
- . . . ...
Mr. MILLER. I wouldn't want to say I am for or age.inst bank
holding legislation at the present time.
The CHAIRMAN. In other words, you are 100 percent neutral?
Mr. :fyia,LER. I consider myself so, Mr. Chairman.
'l'he' CHAIRMAN. You come from a. State where there is lots of it.
.
1Mr. Mu. LE~: Yes, I do.
~ ,:The·· CHAIRMAN. Have you· ever been identified with any of the
lfoldirui companies up there?
Mr.MILLER. No, I have not. I was a bank director for some years
ago in a little country town I lived in, but it was not connected with
any of the holding companies.
The CHAIRMAN. Senator Bennett, do you have any questions?
: .Senator BENNETT. No questions, except an observation. I can
uiulers·tand why Mr. Miller would like to get out of the very controversial farm field into the backwater and quiet life of banking and
fiscal problems.
Mr. MILLER. I enjoy those arguments, Senator.
. . The. C~AIRMAN. I don't think I have any questions. Have there
~n 4UlY, letters or wires or telegrams or telephone calls against this
gentleman's confirmation?
· Mr: DtxoN. None whatever. Senator Thye's office said they
would send a letter favoring his nomination.
. . (The letter referred to follows:)
UNITED STATES SENATE,
Washington, D. C., August 2, 1954.
The Honorable HoMER E. CAPEHART,
Chairman, Committee on Banking and Currency,
United Statea Senate, Waahington, D. C.
DEAR SENATOR CAPEHART: I take personal pleasure and pride in writing you
in support of the nomination of Mr. Paul E. Miller of Minnesota as a member of
the Board of Governors of the Federal Reserve Board.
In connection with this nomination, which has been referred to your committee,
you have available a full record of Mr. Miller's outstanding qualifications and his
lifelong career of distinguished professional and public service. I am sure you
will find, both in this record and in the personal meeting of Mr. Miller with
members of the committee, that the nominee has superb qualifications and that
bis appointment to the Federal Reserve Board is one that we can all endorse
without res~rvation. Therefore, I wish to add just a personal work of commendation since Mr. Miller is my constituent.
I- have known Paul Miller during all his long career and have been familiar with
his public service to agriculture and in official positions with the Federal Reserve
Bank of the Ninth Federal Reser,·e District and the Federal Land Bank at
St. Paul. He has won a national reputation as director of agricultural extension
in Minnesota during the past 16 years. He is a man of great ability, of complete
integrity, and of devotion to high ideals of public service.
I wish to say, secondly, that it seems to me very fortunate, indeed, that President
Eisenhower has chosen for membership on the Federal Reserve Board a man who
is thoroughly grounded in the needs of our agricultural economy. This is of the
utmost importance in the national interest, and Mr. Miller is singularly well-
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NOMINATION OF PAUL E. MILLER
qualified to give the Boa.rd of Governors of the Federal Reserve Boa.rd a wellbalanced and constructive understanding in this field.
Mr. Miller merits, and I am sure he will receive, the approval of your committee
and of the Senate.
Sincerely yours,
EDWARD
J.
THYl!l,
u. s. s.
The CHAIRMAN. We have here the approval of Senator Thye and
Senator Humphrey. So you have the approval of both the Senators
from your State.
You know of no other letters against this gentleman or no letters
for him?
Mr. DIXON. None.
The CHAIRMAN. We will hold the recoTd open so that Senator Thye
may put his letter in the record. Does anyone know any reason why
this gentleman should not be confirmed?
Senator BENNET'l'. I so move.
The CHAIRMAN. I think we had better go into executive session.
Is there anvbody during the public session who knows any reason
why this gentleman ehould not be confirmed? We thank you very
much, Mr. Miller.
Mr. MILLER. Thank you, Senator.
The CHAIRMAN. We will now go into executive session. We will
see what we can do for you.
(Whereupon, the committee went into executive session.)
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