Regional President Speech

INTRODUCTION OF ALFRED HAIES President of the Federal Reserve Bank of New lork Luncheon to Bankers AnnaAi Convention of the New Jersey Bankers Association Thursday, May 22, 1958 Atlantic City, N. J. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Luncheon given by the Federal Reserve Banks of New York and Philadelphia to the bankers at­ tending the AnmiAl Convention of the New Jer­ sey Bankers Association on Thursday, May 22, 1958, in Atlantic City, N. J. INTRODUCICI OF ALFRED HAYES It is a great pleasure for me as President of the Federal Reserve Bank of Philadelphia to welcome you to this luncheon tendered jointly by the Federal Reserve Bank of New York and the Federal Reserve Bank of Philadelphia. I am sure that so many of those at the head table are known to so many of you in the audience, that formal introductions are unnecessary. If some of you newcomers have lingering doubts on identifications, there are seating charts at each table. A brief biography of our speaker appeared in the May 1958 issue of the New Jersey Banker. I shall not repeat it. Instead I would like to give you my judgment of a few facets of his character. (Loft* Ae Objective: Bases his evaluation on the evidence and not on sentiment. He is not a wishful thinker - but a realistic one. Open-minded: Not dogmatic. Willing to listen to reason and to be convinced. Cala: Carries conviction without shouting. Courageous When his mind is made up. and fiim: Generous: Does not question motives; remains friends even when he differs. Mayb e: He has these characteristics because he was bom on July Maybe: Because his father was Professor of Constitutional Lav at Cornell. And aarb»: Just because he is A1 Hayes! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Introduction of Alfred Hayes, p. 2 One of the real rewards of my present position is to be associated closely with a man of these characteristics. The Federal Reserve System is fortunate. American Banking and the whole American economy are fortunate that A1 Hayes is President of the Federal Reserve Bank of New York and Vice Chairman of the Federal Open Market Committee. It is with pride that I present Al Hayes. He will speak to us on the topic - MONETARY POLICY IN A RECESSION * * * * * * * Thank you, Al. I am sure our audience captured from your talk some of the personal characteristics that I mentioned in introducing you. This concludes the Federal Reserve portion of the program. Now I turn the meeting over to the New Jersey Bankers Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Karl R. Bopp (1958, May 21). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19580522_karl_r_bopp

@misc{wtfs_regional_speeche_19580522_karl_r_bopp,
  author = {Karl R. Bopp},
  title = {Regional President Speech},
  year = {1958},
  month = {May},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19580522_karl_r_bopp},
  note = {Retrieved via When the Fed Speaks corpus}
}