Review of Report of the Commission on Money and Credit, Volume 7U.S. Government Printing Office, 1961 - 486 pages |
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agencies amount assets banking system believe billion bonds boom borrower branch banking budget capital ceiling Chairman PATMAN changes commercial banks Commission on Money Commission recommends Commission's committee competition Congress coordination countercyclical debt management deficit demand deposits dollars ECCLES economic growth effect expenditures Federal Reserve Board Federal Reserve System feel financial institutions fiscal policy FREEMAN funds goals going Government securities gross national product important increase inflation inflationary interest rates investment KEYSERLING labor liquidity long-term maturity ment MILLER monetary policy Money and Credit money supply mortgage NATHAN open market open market operations operations percent period President price stability problem programs public debt question reason recession reduce Representative CURTIS Representative GRIFFITHS Representative REUSS reserve requirements ROCKEFELLER Senator DOUGLAS Senator PROXMIRE SHOUP SONNE statement structure SZYMCZAK thing tion Treasury Treasury securities unemployment wage WALLICH WILDE
Popular passages
Page 390 - State and local governments, to coordinate and utilize all its plans, functions, and resources for the purpose of creating and maintaining, in a manner calculated to foster and promote free competitive enterprise and the general welfare, conditions under which there will be afforded useful employment opportunities, including selfemployment, for those able, willing, and seeking to work, and to promote maximum employment, production, and purchasing power.
Page 390 - ... conditions under which there will be afforded useful employment opportunities, including self-employment for those able. willing, and seeking to work, and to promote maximum employment, production, and purchasing power.
Page 35 - We shall deal with our economic system as it is and as it may be modified, not as it might be if we had a clean sheet of paper to write upon; and step by step we shall make it what it should be...
Page 473 - Accordingly, the Commission recommends that the Government Corporation Control Act of 1946 be amended so as to direct the Secretary of the Treasury, in the exercise of his clearance power over the issuance and sale of the securities of government-owned corporations, to take into account explicitly the full range of objectives of the Employment Act as amended, and not merely debt management considerations ; and that cases of disagreement be taken to the President.
Page 32 - The Commission believes that the threat of a confidence crisis would be greatly reduced if it were generally recognized, both here and abroad, that all of the US gold is available to meet our international obligations. Any doubts about the US policy should be removed by elimination of the gold reserve requirement at the earliest convenient moment so that all of the US gold stock is available for international settlements.
Page 467 - Discretionary fiscal policy requires speed of decision and effect and can only be successful if temporary and reversible fiscal changes for stabilization purposes are dissociated from permanent and structural changes. Techniques should be developed by which taxation and expenditure policies can be applied more flexibly, and the first step in this direction lies in a sharp demarcation between short-run cyclical changes and long-run structural changes.
Page 470 - The Commission recommends that commercial banks- mutual savings banks and savings and loan associations be subjected to the Federal corporate income tax in such fashion as to contribute to capital and reserve adequacy and to insure competitive equality (to the extent that the Federal tax is a competitive factor).
Page 467 - The Commission believes that a strengthening of the existing degree of built-in stabilization would be desirable. This increase cannot be provided to any significant degree by changes in the structure of taxes or expenditures of the conventional sort. A promising approach that merits detailed investigation is formula flexibility wherein changes in the first-bracket rate of the personal income tax would be made automatically in response to changes in appropriate economic...
Page 62 - Commission recommends that bank supervisory functions of the Comptroller of the Currency and of the Federal Deposit Insurance Corporation be consolidated into the Board of Governors of the Federal Reserve System.
Page 470 - The provisions of the National Banking Act should be revised so as to enable national banks to establish branches within "trading areas" irrespective of state laws, and state laws should be revised to provide corresponding privileges to state-chartered banks.