Regional President Speech

INTRODUCING THE HONORABLE GEORGE W. MITCHELL 1967 FORUM Philadelphia Chapter, American Institute of Banking The Midday Club, Philadelphia, Pa. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis KCl urZ:i-:r mar i -1967 Philadelphia Chapter, American Institute of Banking FORUM 1967 All Meetings To Be Held At THE MIDDAY CLUB Fidelity—Philadelphia Trust Building FROM 7 - 9 P.M. WEDNESDAY - MARCH 8. 1967 "EFFECTS OF AUTOMATION ON THE STRUCTURE AND FUNCTIONING OF BANKING” GEORGE W. MITCHELL Member. Board of Governors Federal Reserve System / Chairman. KARL R. BOPP, President Federal Reserve Bank of Philadelphia Philadelphia, Pa. TUESDAY - MARCH 14. 1967 "CREDIT CARDS AND THE CHECKLESS SOCIETY - MOTION OR PROGRESS” CHARLES BLOCK Vice President. The Chase Manhattan Bank New York. N. Y. Chairman. WILLIAM B. CARR, Executive Vice President Provident National Bank Philadelphia, Pa. TUESDAY - MARCH 21. 1967 "OUTLOOK FOR THE MONEY AND CAPITAL MARKETS” C. RICHARD YOUNGDAHL Vice President. Aubrey G. Lanston & Co.. Inc. New York, N. Y. Chairman. HAROLD W. WALLGREN, Vice President and Cashier Philadelphia National Bank Philadelphia, Pa. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FORUM AND SEMINAR COMMITTEE Philadelphia Chapter Dominick J. Vinci, Chairman Assistant Vice President, Provident National Bank AMERICAN INSTITUTE OF BANKING G. Thomas Brooks, Secretary Assistant Treasurer, First Penn. Bank & Trust Co. Samuel H. Ballam, Jr. Senior Vice President Fidelity-PhiI adelphi a Trust Co. Dr. J. Wade Bingeman, Executive Secretary Philadelphia Chapter of A. I. B. Girven H. Culley, Personnel Officer Provident National Bank F. W. Elliott Farr, Vice President Girard Trust Bank Charles F. Nagel, Vice President Provident National Bank Alfred C. Achtert, Assistant Treasurer Continental Bank and Trust Company presents the James C. Mathers, Assistant Treasurer Western Savings Fund Society Harold W. Wallgren, Vice President and Cashier 1 9 6 7 Philadelphia National Bank Henry J. Nelson, Assistant Vice President Federal Reserve Bank John A. Eiseman, Vice President First Pennsylvania Banking and Trust Company F O R U M C. Budd Heisler Central-Penn National Bank Allen R. Bradley, President Philadelphia Chapter of A.I.B. * MARCH 8, 1967 REGISTRATION FEE FOR THE SERIES - $5.00 Please send reservations and remittances to: * MARCH 14, 1967 Philadelphia Chapter AMERICAN INSTITUTE OF BANKING Finance Building 1420 S. Penn Square Philadelphia, Pennsylvania 19102 Phone - LO 3-7363 « MARCH 21, 1967 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis x'he Changing Fed: New Members Of Board Are Liberal and Activist By Richard F, Janssen, Staff Reporter Pioneer and Visionary The pioneer among the board’s economist- membtrs, and probably its most visionary one,! is stocky, vigorous 63- year-old with a gray crew cut who came from the research vice presidency of the Chi­ cago Reserve Bank in 1961. He has attracted attention as a leading exponent of the ‘‘check­ less society.” In such a “society,” he believes, checks would wither away as cash already1 r ' has for most business dealings, with trans­ actions being handled instantly by a ‘‘mone­ tary cyclotron built from a network of com­ puters.” Partly because this might require ‘‘an en-1 tirely new set of tools” for bringing credit1 policy to bear on the economy, Mr. Mitchell1 has been pushing studies that could lead to* a drastic revamping of the discount rate and! the “discount windows” through which the Federal Reserve Banks lend newly created' funds to commercial banks. While progress j has come slowly, he expresses hope that a: report might be ready next summer. The thrust of his own thinking, at least, is becoming clear. To shed the stigma now! attached to a resort by a commercial bank to the discount window, Mr. Mitchell ’eans toward letting banks have an established “line of credit” at the Fed scaled to their size, against which they could draw with no questions asked. Such a policy might be coupled with one linking the discount rate au­ tomatically to rate movements in the money market. Instead of being a dramatic signal of a major policy decision, a discount-rate ciiange then would become a routine thing. How far his colleagues will go along re­ mains to be seen, but it’s clear that use of the discount rate in its traditional form has come to be viewed as a grave political liabil­ ity. The last increase (to 4.5% in December 1965) was followed by an unprecedented Con­ gressional grilling. Reserve Board members are said to have refrained from further rises since, despite soaring open-market interest rates last summer, largely to avoid loss of their prized semi-independence from the law­ makers and from the White House. THE WALL STREET JOURN^t, Digitized for FRASER WtJneidty, March 8, 1967 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MITCHELL, George Wilder, economist; born Richland Center, Wisconsin, February 23, 1904; son of George Ray and Minnie (German) Mitchell. Married Grace Marion Muir, August 30, 1927; children--Marilyn Anne (Hagberg), Bruce William, Judith Nancy (Rcdiehs), Margery Grace. A.B., University of Wisconsin, 1925; student (part-time) University of Iowa, 1927-30, University of Chicago, 1930-33. Research assistant, University of Wisconsin, 1925-26, statistical and research' assistant, United Typothetae of America, 1926-27; instructor and research assistants University of Iowa, 1927-30; research assistant, University of Chicago, 1930-33; director of research, Illinois. Tax Commission, 1933-39, 1941-43 (member of Commission, 1939-40); assistant to Director, Department of Revenue, State of Illinois, 1943; Director, Department of Finance, State of Illinois, 1949-51; tax economist, Federal Reserve Bank of Chicago,'1944-48; vice president, 1951-61; took oath of office as a member of the Board of Governors, Federal Reserve System, August 31, 1961, to serve an unexplred term ending January 31, 1962; reappointed member for 14-year Cerm, beginning February 1, 1962* Tax consultant for Civil Aeronautics Board and director of study of multiple taxation of air commerce, 1944-45; member of advisory group appointed by Joint Committee on Internal Revenue Taxation to Investigate the Bureau of Internal Revenue, SOth Congress; Chairman of Federal Reserve Committee which prepared Automobile Instalment Credit Terms and Practices, supplement III, Federal Reserve System, Consumer Instalment Credit, Part I, Vol. 2, 1957; Chairman of Federal Reserve Committee on Surveys of Credit and Capital Sources, U.S. Congress, Financing Small Business, Part 2, 1958; member of Illinois Governor's Revenue Commission, 1961; member of National Committee on Government Finance, Brookings Institution, 1961--. Member of American Economic Association, American Finance Association, National Tax Association (president, 1948); Instltut International de Finances Publlques, International Association of Assessing Officers, Tax Institute, Regional Science Association, Delta Sigma Rho, Phi Kappa Phi. Member of Congregational Church. Additional publications: editor of 8 volumes, Survey of Local Finance in Illinois, 1939-40; co-author of Business Activity in Iowa, 1930; Assessment of Real Estate in Iowa and Other Midwestern States, 1931. Resides In Arlington, Virginia. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Karl R. Bopp (1967, March 8). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19670309_karl_r_bopp

@misc{wtfs_regional_speeche_19670309_karl_r_bopp,
  author = {Karl R. Bopp},
  title = {Regional President Speech},
  year = {1967},
  month = {Mar},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19670309_karl_r_bopp},
  note = {Retrieved via When the Fed Speaks corpus}
}