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à ji tu fUd BANK RELATIONS FIELD MEETINGS Spring 1952 THE PATMAN INQUIRY I. Inquiry always appropriate. A. Why should you be interested? You are most directly affected 1. Who shall regulate our money and banking system? Impression it is only Federal Reserve that is involved. 2. And how shall it be regulated? Suggestions: a. b. c. d. e. B. 100^ reserves Government security reserves Reserves against assets Detailed selective controls Direct controls vs. indirect controls Others are interested 1. C.I.O. 2. C. II. You want to think your way through Origin of Inquiry A. Conflict between Treasury and Federal Reserve Should the Treasuiy tailor its issues to the market? or Should the Federal tailor the market to Treasury issues? B. Post-war compromise C. Douglas Inquiry and Report D. Post Korean monetary policy August 1950 March 1951 accord E. Patman theories - 2 - III. Method of Inquiry A. B. Membership of Committees Douglas Patman Flanders Wolcott Buchanan Patman Douglas Flanders Wolcott Bolling Chandler Murphy Questionnaires Treasury Question 17 C. Hearings 1. Confusion in House caucus room Income tax sign on door Acoustics 2. Snyder 3 • Martin IV. 4. Sproul 5. Bryan 6. Harris 7. Keyserling Basic Issues A. B. The role of Government in economic life 1. Prime reliance on monetary-fiscal policy with the market-place as distributor 2. Prime reliance on direct controls 3. Implications of flexible monetary policy - flexible rates Who shall resolve conflicts? 1. The executive 2. The Congress - a - V. Possible Results of Patman Inquiry A. The appropriateness of Inquiries B. Joint Committee not a nlegislative committee C. Outcome 1. More specific directive 2. KRB Audit, budget, appropriations control '
@FedFRASER