Referendum on the report of the Special Federal Reserve Committee

Bibliographic data

Monograph

Identifikator:: 1827879114

URN:: urn:nbn:de:zbw-retromon-221388

Document type:: Monograph

Title:: Referendum on the report of the Special Federal Reserve Committee

Place of publication:: [Erscheinungsort nicht ermittelbar]

Publisher:: [Verlag nicht ermittelbar]

Year of publication:: 1930

Scope:: 53 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Y. COMMITTEE REPORT nearly nine thousand member banks. It can take action within the district only on important matters of an inter-district or national ~haracter. District Management Board’s Task Board Membership Strong Board No matter how judiciously the Board functions, however, effi- sient administration of the reserve system depends to an important extent upon the activities of the district directorates and their offi- cers. Their functions as regards the determination of rediscount rates and open-market operations are of the greatest importance, and the large degree of autonomy wisely permitted them must be zealously guarded in the interest of proper servicing of district situations. It is encouraging that the district directors, representative of industry and commerce, as well as of banking, are developing special knowl- edge and experience in these and other system matters. Emphasis upon the necessity of an efficient district administra- tion does not mean that an able Federal Reserve Board is not of the highest importance. Although the Board’s executive powers are exercised chiefly in emergency situations, its very detachment from daily district administration and its sources of general information, both domestic and foreign, furnish a background which should prove of great value in judging financial trends and in exercising ‘ts persuasive, interpretative and harmonizing influences which are always imperative in the continuous task of adapting the total volume of reserve credit to the requirements of the country as a whole. Some objection is encountered to increasing the attractiveness of Board membership on the ground that in the interest of district dank autonomy a weak Board is actually to be preferred. There is also another view that it is impracticable to develop the conditions ‘hat are conducive to the existence of a strong Board and that the nevitable had better be expected. This committee, however, does aot accept the opinion that even with the most competent district management the system can be properly administered without the assistance of a strong and able Board. Even a cursory review of the broad powers of the Board indicates that membership upon it offers the opportunity for public service of the greatest importance ‘0 the whole country and that relatively simple adjustments will ‘ncrease its attractiveness to able men. It must not be overlooked that a weak Board would be more inclined to interfere with the autonomy of the reserve banks than a strong Board, and that the policies it would favor would be more likely to work injury to the country than those sponsored by a capable Board. The specific recommenda- tions listed below are intended to assist in developing the dignity and independence of the Board and to improve its working con- iitions. Continued on page 44)

Access restriction

Copyright

fullscreen: Referendum on the report of the Special Federal Reserve Committee

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation