Monetary Policy and the Management of the Public Debt: Report of the Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report, Congress of the United States

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U.S. Government Printing Office, 1952 - 80페이지

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57 페이지 - The Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Home Loan Bank Board...
40 페이지 - Employment Act of 1946". DECLARATION OF POLICY SEC. 2. The Congress hereby declares that it is the continuing policy and responsibility of the Federal Government to use all practicable means consistent with its needs and obligations and other essential considerations of national policy, with the assistance and cooperation of industry, agriculture, labor, and State and local governments, to coordinate and utilize all its plans, functions, and resources for the purpose of creating and maintaining,...
23 페이지 - But we believe that the advantages of avoiding inflation are so great and that a restrictive monetary policy can contribute so much to this end that the freedom of the Federal Reserve to restrict credit and raise interest rates for general stabilization purposes should be restored even if the cost should prove to be a significant increase in service charges on the Federal debt and a greater inconvenience to the Treasury in its sale of securities for new financing and refunding purposes.
46 페이지 - DIDC consists of the Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the Board of...
57 페이지 - System, the Director of the Budget, the Chairman of the Council of Economic Advisers to the President, and the Chairman of the Securities and Exchange Commission.
79 페이지 - These discussions preceded the working out of the accord between the Treasury and the Federal Reserve concerning policies that deal with their related problems. The following joint announcement was made on March 3, 1951, for publication March 4, by the Secretary of the Treasury and the Chairman of the Board of Governors and of the Federal Open Market Committee of the Federal Reserve System...
67 페이지 - The gold standard with provision for redemption in effect provides a system of golden wires to every individual with dollars, over which he can send messages of approval or disapproval to the central signal board. When our Government took the people's gold and thrust irredeemable promises to pay on them, it cut all these wires to the central signal box. The people were cut off. The lights went out on the central signal system and the people were left helpless. Thus absolute control of the people's...
79 페이지 - Reserve felt that everything possible should be done to terminate the unwholesome situation that had developed and to coordinate the debt management responsibility of the Treasury with the Federal Reserve responsibility for restraining credit expansion. It was the immediate object of the Treasury to restore conditions in the market that would be favorable to refinancing the large volume of maturing obligations, as well as financing several billions of new money required during the remainder of the...
59 페이지 - This independence has an impact on the formulation of monetary policy and hence is of direct interest to the Subcommittee. 1. Private Ownership of the Stock of the Federal Reserve Banks.— The stock of the Federal Reserve banks is owned by the member banks. The...
36 페이지 - FOMC participants project the growth in economic activity should moderate to a pace close to that of the growth of potential both this year and next. Should that moderation occur as anticipated, it should help to limit inflation pressures over time. The projections of the members of the Board of Governors and the presidents of the Federal Reserve Banks, which are based on information available at the time of the last FOMC meeting, are for a gradual decline in inflation in coming quarters. As measured...

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