Word: eccleses
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Eccles Coming
Having thus obtained a potent voice in the naming of the two ranking officers in each Reserve Bank, Marriner Stoddard Eccles, the New Deal's chief banking architect, proposed to abolish the office of Reserve Bank chairman which, so far as the need for centralized control was concerned, was...
One reason given by the Reserve Board for its campaign to liquidate chairmen is that it will put an "end to dual executive responsibility," something Chairman Eccles abhors. Another excuse was economy. Total salaries of the twelve chairmanships amounted to $285,000 annually. However, the Reserve Board has not the...
Having cut reserves by one or both of these means, Chairman Eccles could then apply the final brake-upping of the rediscount rate. At present this action would be ineffectual, for banks do not need to borrow from the Reserve. The weakest link in this brake chain is the fact...
Meantime Chairman Eccles is trying out another set of brakes, which are designed to control a specific kind of credit -stockmarket credit. Under the Securities Exchange Act the Reserve Board was given the power to regulate margin requirements. Fortnight ago, sensing the growing speculative fever, Chairman Eccles upped maximum margin...