Word: frb
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...immediate reason for such a study is the rising chorus of complaints about FRB's tight-credit policy. The Administration itself is becoming increasingly worried over apparent inequities in the tight-money policy, fears that the credit pinch may hurt housing and small business too much without putting enough pressure on big business. Bankers, businessmen and economists alike think an inquiry is long overdue, not only into FRB's present policies but into the whole U.S. financial system, public and private. Members of the American Bankers Association and such experts as Allan Sproul, retired president of the Federal...
...change U.S. credit operations drastically, e.g., a National Capital Issues Committee, which would have dictatorial powers to allocate all credit, set all interest rates, and, in effect, peg the debt level for every businessman and private citizen in the U.S. Another suggestion is that the FRB's responsibility for backing the Employment Act be written into law. While FRB Chairman William McChesney Martin assumed' that he must help maintain full employment, no such basic mission is contained in the original charter. ∙ But while everyone wants a study, the question of who will make it has already touched...
...congressional hearing, the advisory panel to the Senate Banking Committee wants an independent, completely nonpartisan National Monetary Commission of twelve to 17 members. About one-third of them would be drawn from Congress, and the rest chosen by the President from all walks of business and finance. Though FRB is not actively pushing for such a study, it would gladly go along with the idea...
...Actually, the strongest reason for studying the U.S. financial system in 1957 is that on the whole it is working so well. Despite complaints over tight credit, FRB feels that its controls are leveling off the boom to the point where credit will ease, possibly within the next six months. Thus, instead of the usual pattern of crash investigations and crisis changes, the study could progress at a careful pace, with plenty of time to make any changes needed to strengthen the system for the future...
Despite a slowdown in housing and a few durable-goods industries, notably autos, the Federal Reserve all year long made a determined attempt to hold down spending. Stumping the nation with the fervor of a Johnny Appleseed, FRB Chairman William Martin pleaded with businessmen to take another hard look, and perhaps cut down on expansion and their demands for credit. "Creating more money will not create more goods," he argued. "It can only intensify demands for the current supply of labor and materials. That is outright inflation...