Word: eccleses
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Dates: during 1940-1949
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However Brown, Sproul and Eccles may differ about the Board's (not Eccles') special Reserve plan [TIME, Dec. 22], there is no perceptible disagreement among us as to the relative insignificance, as an anti-inflationary measure, of increasing Federal Reserve Bank discount rates. Member banks do not like...
M. S. ECCLES
Eccles flatly said that he "would not recommend" using this power. FRB was still frightened by the slumps of 1920 and 1929. A big boost in rediscount rates had preceded them, and many still blamed the credit curb for the slumps.
Modest Steps. Next day, Eccles had a second thought. He announced that FRB would inch up the rediscount rate from 1% to 1¼% "in the not too distant future." Then Allan Sproul, president of the Federal Reserve Bank of New York, prodded Eccles. FRB has the power to make...
At week's end, it looked as if only "modest steps" would be taken. Eccles' new plan was about dead. The House Banking & Currency Committee recommended that Federal Reserve banks be required to back their currency notes by 40% in gold, the same ratio as prewar (it had...