FOMC Minutes

Meeting of Federal Open Market Committee July 9, 1973 MINUTES OF ACTIONS A meeting of the Federal Open Market Committee was held on Monday, July 9, 1973, at 4:30 p.m., at the call of Chairman Burns. This was a telephone conference meeting, and each individual was in Washington, D. C., except as otherwise indicated in parentheses in the following list of those participating: PARTICIPATING: Mr. Burns, Chairman (New York) Mr. Hayes, Vice Chairman Mr. Brimmer Mr. Daane (St. Louis) Mr. Francis Mr. Holland Mr. Mitchell Mr. Morris (Boston) Mr. Sheehan Mr. Clay, Alternate for Mr. Balles Mr. Winn, Alternate for (Cleveland) Mr. Mayo Mr. Mr. Mr. Mr. Mr. Mr. Broida, Secretary Altmann, Assistant Secretary O'Connell, General Counsel Partee, Senior Economist Bryant, Associate Economist Coombs, Special Manager, System Open Market Account (New York) Mr. Bodner, Deputy Special Manager, System Open Market (New York) Account 7/9/73 Mr. Coyne, Assistant to the Board of Governors Messrs. Gemmill and Pizer, Advisers, Division of International Finance, Board of Governors Mr. Pardee, Assistant Vice President, Federal Reserve Bank of New York (New York) Mr. Balbach, International Economist, Federal Reserve Bank of St. Louis (St. Louis) Secretary's Note: No actions were taken at this meeting. However, following the meeting Chairman Burns, pursuant to an action of the Committee on March 20, 1973, approved the following increases in System swap lines, and the corresponding amendments to paragraph 2 of the authorization for foreign currency operations, effective July 10, 1973: $1 billion each in the lines with the central banks of Canada, France, Germany, and Japan; $750 million in the line with the Bank of Italy; $400 million each in the lines with the central banks of Belgium and Switzerland; $250 million in the line with the BIS providing for swaps of dollars against "other" European currencies; and $200 million in the line with the Netherlands Bank. Effective the same date and pursuant to an action of the Committee on June 19, 1973, the swap lines with the central banks of Austria, Denmark, Mexico, Norway and Sweden were increased by $50 million each and paragraph 2 of the authorization was correspondingly amended. Accordingly, effective July 10, 1973, the table in paragraph 2 of the authorization for foreign currency operations was amended to read as follows: 7/9/73 -3 Foreign bank Austrian National Bank National Bank of Belgium Bank of Canada National Bank of Denmark Bank of England Bank of France German Federal Bank Bank of Italy Bank of Japan Bank of Mexico Netherlands Bank Bank of Norway Bank of Sweden Swiss National Bank Bank for International Settlements: Dollars against Swiss francs Dollars against other European currencies Amount of arrangement (millions of dollars equivalent) 250 1,000 2,000 250 2,000 2,000 2,000 2,000 2,000 180 500 250 300 1,400 600 1,250 Secretary

Federal Reserve (1973, July 8). FOMC Minutes. Fomc Minutes, Federal Reserve. https://whenthefedspeaks.com/doc/fomc_minutes_19730709

@misc{wtfs_fomc_minutes_19730709,
  author = {Federal Reserve},
  title = {FOMC Minutes},
  year = {1973},
  month = {Jul},
  howpublished = {Fomc Minutes, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/fomc_minutes_19730709},
  note = {Retrieved via When the Fed Speaks corpus}
}