Word: frb
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...year, he was primarily concerned about the Treasury's partial surrender to the Federal Reserve Board's drive for higher interest rates. Patman, who thought that the increase would be bad for small business, believed it was high time the President got power to make the independent FRB march in step with the Fair Deal. With the help of plenty of genuine economists, he fired off one of the biggest questionnaires Washington had ever seen (34 pages, 245 questions) to everybody from the Treasury and the FRB to 1,200 bankers, insurance executives and private economists. The questionnaire...
...result was so exhaustive that it will take even professional economists weeks to wade through all of its essays, graphs, appendixes and guesses. One thing, at least, was clear: out of the thousand experts consulted, scarcely any two were in agreement. As might have been expected, FRB Chairman William McChesney Martin insisted that the FRB had been right in pulling the peg on Government bonds (i.e., stopping rigid support), and that the FRB's whole program of credit restrictions had helped check inflation. There was one surprise: Secretary of the Treasury John W. Snyder, at least on paper...
Instead of insisting that the FRB support Government bonds at par or above, Secretary Snyder claimed to seek only "a market in which prices and yields fluctuate within a moderate range over a considerable period . . . not ... a 'pegged market' in which fluctuations are prevented." In short, he agreed with the way the FRB is now supporting the government bond market...
President Truman nominated two new members to the Federal Reserve Board last week. Both were hand-picked by FRB Chairman William McChesney Martin. The appointees (who must still be confirmed by the Senate...
...James) Louis Robertson, 44, Nebraska Democrat who has spent 19 years in the Treasury and is now Deputy Comptroller of the Currency. He was named to succeed Edward Norton, who resigned last week with twelve years of his term to go. Robertson is also expected to support greater FRB independence. But for a supposed bank expert, his first comment on FRB's policy of flexible support for Government bonds-the nub of the bitter argument between FRB and the Treasury last year-was hardly encouraging. Asked if he approved of FRB's current policy, Robertson replied: "I never...