The Federal Reserve System After Fifty Years

HENRY S. REUSS, Wisconsin WILLIAM B. WIDNALL, New Jersey
CHARLES A. VANIK, Ohio JAMES HARVEY, Michigan
CLAUDE PEPPER, Florida OLIVER P. BOLTON, Ohio
JOSEPH G. MINISH, New Jersey W. E. (BILL) BROCK, Tennessee
CHARLES L. WELTNER, Georgia ROBERT TAFT, JR., Ohio

RICHARD T. HANNA, California
CHARLES H. WILSON, California

RoberT E. WEINTRAUB, Senior Economist
Robert A. Schre MP, Investigator
HARVEY W. GEisT, Investigator
STEPHEN D. KENNEDY, Research Assistant

CONTENTS

H.R. 3783. A bill to provide for the retirement of Federal Reserve bank Page

stock, and for other purposes--

1

H.R. 9631. A bill to increase to 12 the number of members of the Federal

Reserve Board, and for other purposes---

3

H.R. 9685. A bill to amend the Federal Reserve Act to provide that

interest received by Federal Reserve banks on obligations of the United

States shall be covered into the Treasury as miscellaneous receipts, to

authorize appropriations for the expenses of the Federal Reserve banks

and the Board of Governors of the Federal Reserve System, and for other

purposes.-

6

H.R. 9686. A bill to require the payment of interest on certain funds of

the United States held on deposit in commercial banks, to provide for

reimbursement of commercial banks for services performed for the

United States, and for other purposes.-

6

H.R. 9687. A bill to amend the Federal Reserve Act and the Federal

Deposit Insurance Act by eliminating the prohibition against the pay-

ment of interest on demand deposits---

7

H.R. 9749. A bill to amend the Federal Reserve Act to provide for Federal

Reserve support of Government bonds when market yields equal or

exceed 474 percent.

7

Proposals affecting the Federal Reserve System, joint statement of the

Republican members of the House Banking and Currency Committee. 29

30

Statement of

Bopp, Karl R., president Federal, Reserve Bank of Philadelphia.-- 421, 441

Bryan, Malcolm, president, Federal Reserve Bank of Atlanta

444

Clay, George H., president, Federal Reserve Bank of Kansas City- 784

Deming, Frederick L., president, Federal Reserve Bank of Min-

neapolis.

688

Ellis, George H., president, Federal Reserve Bank of Boston..

267
Hayes, Alfred, president of the Federal Reserve Bank of New York;

accompanied by John J. Clarke, vice president and general counsel;

and Alan R. Holmes, vice president, research department. 525, 555

Hickman, W. Braddock, president, Federal Reserve Bank of Cleve-

land; accompanied by John J. Hoy, assistant vice president.--- 135

Irons, Watrons H., president, Federal Reserve Bank of Dallas. 843, 866

Martin, William McChesney, Chairman, Federal Reserve Board;

accompanied by C. Canby Balderston, Vice Chairman of the Federal

Reserve Board

9, 34, 68

Mills, A. L., Jr., J. L. Robertson, and Charles N. Shepardson, Gover-

nors, Federal Reserve Board..

103

Ramsey, Ralph E., Associate General Counsel; accompanied by

Fred Smith, Deputy Director, accounting and auditing policy staff,

General Accounting Office..

902

Scanlon, Charles J., president, Federal Reserve Bank of Chicago... 751
Shuford, Harry A., president, Federal Reserve Bank of St. Louis.- 290, 292
Swan, Eliot J., president, Federal Reserve Bank of San Francisco. 664
Wayne, Edward A., president, Federal Reserve Bank of Richmond.. 270

III

12:21

Additional data submitted to the subcommittee by--

Bopp, Karl R., president, Federal Reserve Bank of Philadelphia:

Statement of condition, at the close of business, December 31,

Page

1963.

424

Federal Reserve note statement at the close of business, Decem-

ber 31, 1963..

425

Current earnings, 1914-62