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,...

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