2 
Exchange of 
Information ~ 
Within Svstem 
Recommendation 
I OG CL ens 
COMMITTEE REPORT 
such as by addresses of the officials of the Federal Reserve Board 
and of the district banks, sufficient information should be given about 
the determining factors in the situation so that intelligent men may 
be able to engage in frank and friendly criticism. And more than 
this is necessary. It would be evidently advantageous if as a regular 
feature of reserve bank practice full and detailed publicity were 
given to the purposes and results of various policies after the situa- 
tion with which they were concerned had developed to such a point 
as would make such a statement practicable. 
There is need also for greater exchange of information and clear 
opinion within the system itself. The regional reserve bank should 
be thoroughly familiar with the policies of the Federal Reserve 
Board and the reasons therefor. Only thus can they be in a position 
to chart their own course and to enlighten the member banks. Not 
otherwise may there be expected the fullest comprehension of prob- 
lems and solutions, with wholehearted and intelligent cooperation. 
There may be some justification upon occasions for not taking the 
entire public into confidence; there is little for lack of frankness 
between the Board and the reserve banks. 
The Committee concludes that the grant of liberal legislative 
powers to the Reserve Board and to the reserve banks imposes upon 
them the responsibility of providing the public, not only with an 
ample amount of factual and statistical credit information, but also 
with the means of determining the purposes of major policies. 
The Committee recommends that the management of the reserve 
system should provide the public with such an ample amount of in- 
formation as to operations and policies as will permit the formation 
of sound public opinion. 
H. A. WHEELER, Chairman 
SEWELL L. AVERY 
Jurius H. BARNES 
A. J. BROSSEAU 
WALTER S. BUCKLIN 
CHARLES S. CALWELL 
W. F. GEPHART 
C. T. JAFFRAY 
JoHN G. LONSDALE 
W. S. McLucas 
R. GoobwyYN RHEIT 
PAUL SHOUP