Word: mcchesney
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Dates: during 1950-1959
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Federal Reserve Board Chairman William McChesney Martin makes no secret of the fact that he would like FRB's power to control consumer credit restored-and it should be. Since the power is far-reaching, it must always be carefully applied; FRB would probably impose no consumer credit controls now, even if it could. But if consumer credit continues to increase at its present rate, controls will be needed. They would, no doubt, cause some temporary dislocations as credit dried up where it was overextended. But that would be far better than letting credit expand indefinitely, until the boom...
...basis. Eisenhower has a strong argument to persuade Congress to restore FRB's power to control installment buying, housing credit, etc. Since these curbs were removed in May, consumer credit has shot up $3 billion to $23 billion at year's end. Said FRB Chairman William McChesney Martin with understatement: This increase "cannot be viewed with equanimity...
What provoked the uproar was the Federal Reserve Board's decision to abolish Regulation W, the control measure which fixed minimum down payments and installments on consumer goods, e.g., one-third down on autos, with only 18 months to pay the rest. FRB Chairman William McChesney Martin had wanted to stick to the ruling despite a 6% drop in retail sales during the first 4½ months of 1952. But he was persuaded to lift it after the twelve regional chairmen warned him that, in their districts, prices were sliding, goods moving sluggishly, and inventories piling up. Now retailers...
...Minnesota's Federal Reserve Bank. Powell argued that the board had failed to establish a yardstick for the measurement of monopoly, and certainly had not proved that Transamerica threatened the independence of competitors. Two other members, who joined the FRB after the hearings began,*disqualified themselves. Chairman William McChesney Martin and Member M. S. Szymczak voted against Transamerica. The 2-to-2 tie was broken by Rudolph M. Evans, who conducted the hearings and had brought in a finding against Transamerica last June (TIME, June 25). Snapped Transamerica's President Sam Husbands: "A weird climax to a weird...
...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...