Regional President Speech

Economic Growth and Local Action The Egg and the Chicken Renaissance of the Rails? The Fed’s Fiftieth Anniversary Statement bv KARL R. BOPP at the Ceremony Commemorating the 50th Anniversary of the Opening of the FEDERAL RESERVE BANK OF PHILADELPHIA Monday Morning, November 16, 196^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE FED’S FIFTIETH ANNIVERSARY Before the start of business on November 16, likely to give rise to new tools of banking prac­ directors, officers, and employees of the Federal tice and monetary policy. Reserve Bank of Philadelphia and a number of The business community almost certainly will their associates in the banking community, gath­ have a different structure two generations hence ered in the main banking room to celebrate the —though we cannot now foresee its form—and 50th Anniversary of the opening of this Bank. social relationships will be profoundly affected Robert N. Hilkert, First Vice President, presided by it. The Federal Reserve System will be called at the brief ceremony, Alfred H. Williams, upon to provide new services and may, in fact, former President, spoke of his long experience be confronted with the need for developing en­ with the Federal Reserve System, and Karl tirely new standards of economic performance R. Bopp. President made the following re­ and new objectives. marks.: Adaptation to change will not be a new phe­ The only certainty about the challenges which nomenon for the Federal Reserve Bank. The this Bank will face during the next 50 years is unique structure of the Federal Reserve System, that they will be unlike those of the last 50. It providing liaison with business, close working is equally true, I am sure, that, just as our Bank relationships with both the legislative and ad­ today is far different than the Bank which ministrative branches of government, and a opened—and which was envisioned—in 1914, measure of independence, has conferred a high so the Federal Reserve Bank of a few decades degree of flexibility and responsiveness on both from now will be a far different institution than the Banks and the Board of Governors. the one we know. At this Bank, we have developed in the past, Even now, the new technology of electronic and shall continue in the future to develop, the data processing is transforming the nature of people whose outlook and abilities are consistent the tremendous and vital task of check collec­ with the System’s mission—people who are able tion. The developments that are now foreseeable to make the guiding principles of the founders will change many of the familiar physical as­ of the System into living, viable forces in the pects of the process, and, beyond this, it is likely changing real world in which we live. This re­ that further improvement will have repercus­ quires a careful balance of individual freedom— sions throughout the entire business community. freedom to innovate and question—with re­ Data processing and the rapid computation it sponsibility for day-to-day proficiency on the provides will also create changes in the handling assigned job. In fact, this balance is a counter­ and analysis of information—changes so vast part of that required by the unique structure of and involving so many variables which cannot the Federal Reserve System, which calls for both now be adequately manipulated, that they are independence of judgment and responsibiltiy of 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis business review action in the whole sphere of the Fed’s interest. all delighted that he is here with us today to We shall strive to maintain this balance in the help usher in our second half-century. years ahead. Ernie, will you now come with me and our Fifty years ago to the day, our Bank opened guests into the main entry of the Bank and help for business at 406 Chestnut Street. Ernie Jones open the doors to the events of the next 50 opened the doors that day in 1914, and we are years. 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Karl R. Bopp (1964, November 15). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19641116_karl_r_bopp

@misc{wtfs_regional_speeche_19641116_karl_r_bopp,
  author = {Karl R. Bopp},
  title = {Regional President Speech},
  year = {1964},
  month = {Nov},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19641116_karl_r_bopp},
  note = {Retrieved via When the Fed Speaks corpus}
}