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PRELIMINARY PROGRAM THE MONTANA PRESS AND THE FEDERAL RESERVE SYSTEM sponsored by School of Journalism, University of Montana Federal Reserve Bank of Minneapolis April 26, 1968 Afternoon Host: Douglas R. Hellweg, Vice President, Bank and Public Services Department, Federal Reserve Bank. 1:30 - 2:00 Monetary Policy - What is it, who affects it, why it is affected, and how it is affected. James H. Hammill, Director of Public Information, Federal Reserve Bank. 2:00 - 2:30 Fiscal Policy - What is it, how does it relate to monetary policy, what is the current state of affairs. Samuel B. Chase, Economic Consultant, Helena Branch, Federal Reserve Bank of Minneapolis and Professor of Economics, University of Montana, Missoula. 2:30 - 3:00 Questions and Answers regarding the previous two topics. 3:00 - 3:15 Coffee break 3:15 - 3:45 U. S. as a World Banker - An analysis of balance of payments problems and why the central bank is interested. John Kareken, Economic Consultant, Federal Reserve Bank of Minneapolis and Professor of Economics, University of Minnesota. 3:45 - 4:00 Questions and Answers - any of the three speakers responding. 4:00 - 4:20 How Does Federal Reserve Policy Affect Commercial Banks. A more detailed analysis of what happens in the commercial bank in response to changes in Fed policy. Clement A. Van Nice Vice President, Helena Branch, Federal Reserve Bank of Minneapolis. 4:20 - 4:40 How I Handle Stories Dealing With Monetary and Fiscal Policy. Harold Chucker, Editorial Staff, Minneapolis Star. 4:40 - 5:00 Questions and Answers on the two previous topics 5:00 - 5:30 Break 5:30 Dinner Session - Host: John Toole, President, Toole and Easter Company, Missoula, Montana and Director of the Federal Reserve Bank. Greetings: Irvin Hutchison, Publisher, Liberty County Times, Chester, Montana, and President, Montana Press Assocation. Nathan B. Blumberg, Dean, School of Journalism, University of Montana, Missoula, Address: Hugh D. Galusha, President, Federal Reserve Bank of Minneapolis The meeting will begin at 1:30 p.m. and run through the afternoon and an early evening banquet session. Invitations should be sent to all newspapers, both dailies and weeklies, in the State of Montana. It is probably good to suggest to the larger dailies that the publisher designate representatives from his paper with no limit on the number permitted to attend. In the case of the smaller newspapers, editors, managing editors and publishers (any or all) should be invited. In addition to representatives from the newspapers, it is suggested that representatives from radio and television stations in the State of Montana be invited, as well. radio and television stations in the state. There are approximately 45 Recognizing that some of these stations reside in small towns, it is estimated that probably no more than one-third of the stations would send representatives. Dean Blumberg of the School of Journalism at the University of Montana guesses that between 20 and 30 representatives of Montana newspapers will attend. It is suggested that students enrolled in journalism studies at the University of Montana be invited to attend the afternoon session. Moreover, students from any and all disciplines would be welcome to the afternoon session. Blumberg will invite to the banquet session approximately 25 of his journalism students-insuring that invitations are from the Journalism Department rather than the Fed. session. Other students will not be invited to attend the evening Faculty, selected in a manner yet to be determined, will be invited to the complete program. A special invitation will be extended to the University President. Conversation with members of the press and evaluations of the earlier meeting suggests that we do not want to take time at the meeting to recount * minute details of Federal Reserve functions or services. Such details along with descriptions of the structure of the Federal Reserve System and the commercial banking structure in the nation and the District should be contained, briefly, in a kit of materials to hand to our guests at the time of the meeting (an alternative would be to mail them the material before the meeting). The packet might also contain selected reference materials. The meeting itself, therefore, should be concerned with the fundamental information that we wish to impart. Namely, the subjects of monetary policy, fiscal policy, and international finance, plus how editors may relate all of this to the local scene.