Business: Reserve Record

In keeping with the vastly enlarged powers and responsibilities it conferred on the governors of the Federal Reserve Board, the Banking Act of 1935 required them to submit with their annual report a record of all actions on matters of policy.

Tendered respectfully to Speaker Bankhead of the House of Representatives last week was the second such record. With bone-dry formality it stated the decisions, votes and reasoning of the Board at 15 meetings during 1936, disclosed one surprising fact: the Board was not unanimous but divided on its most generally applauded action,...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!