Speech

Z-58 FEDERAL RESERVE RESPONSIBILITIES ADDRESS BY M. S. SZYMCZAK, MEMBER, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, AT MEETING OF THE MUNICIPAL BOND CLUB OF NEW YORK HELD AT THE BANKERS CLUB - 120 BROADWAY NEW' YORK, NEW YORK WEDNESDAY, NOVEMBER 17, 1937. (Not to be released until 1:00 P.M. Wednesday, November 17, 1937) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Z-58 FEDERAL RESERVE RESPONSIBILITIES As you know, there has long been a tendency to over-emphasize the effect of monetary and credit factors on business. The more one surveys monetary history the clearer it becomes that what can be ac- complished through monetary and credit measures by themselves is strictly limited. In stressing this point however, I do not mean to minimize the f influence of such measures. In their way they are highly important and by the same token the Federal Reserve System is a highly impor- tant instrumentality. What is the Federal Reserve System? The questicninfiy be answered from the legal point of view by say- ing that it is a system comprising about 6,400 member banks in all parts of the country , twelve Federal Reserve banks so situoted as to serve the twelve regions into which the country is divided, the Board of Governors, which is the coordinating -body situated in Wash- ington, the Federal Advisory Council, which represents the bankers of the twelve Federal Reserve districts, and-the Federal Open Market Committee, which comprises members of the Board in Washington and representatives of the twelve Federal Reserve Banks. The same question - 'what is the Federal Reserve System? - may be answered from the functional point of view by saying that it possesses certain supervisory powers and exercises regulatory influence over the supply and cost of credit in the United States. It is an institution Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -2- Z-75Q created for public service, not for private profit. In its regional form of organization the Federal Reserve System is peculiarly an American institution, having central banking func- tions which it performs substantially as do the central banks of other countries. The term central banking, as I use it here, should not be confused or misunderstood. I am speaking of the functions of central banking rather tha n the form of the organization which per- forms those functions, however owned or controlled. Practically every civilized country has a central banking institution. In Canada, it is the Bank of Canada; in England, the Bank of England; in France, the Bank of France; in Germany, the Reichsbank. The en- tire list would cover the American, European, African, and Asiatic continents. In every case the central bank by its very nature stands in a unique relationship both to the Government of its country and to the other banks and financial institutions of its country. Its function in every case is that of influencing credit conditions in the public interest by the exercise of its financial ana administra- tive powers. The most prominent of these powers are: To make loans to banks and other financial institutions, to fix the rediscount rate, and to buy and sell securities in the open market. The exer- cise of any one or all three of these powers has certain direct and to a large extent predictable effects upon the supply and cost of credit. In addition the central bank is usually a bank of'issue. Its notes circulate as money. Formerly this was one of the most im- portant powers of a central bonk but now that deposit credit trans- ferable by check h&s become the principal means of payment used in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -3- Z-75Q civilized countries, the power of issuing notes has come to be inci- dental rather than essential to central banking, A more important function at present is that of holding the basic reserves of the bank- ing system - a practice which nearly all central banks perform either as a matter of lav/ or of established custom. It is through the func- tions of holding reserves and issuing notes that central banks are enabled to exercise contro l over the credit supply, because the need for currency or for additional reserve balances is what impels com- mercial banks to borrow from the central bank, A further incidental characteristic is that the central bank usually acts as fiscal agent of the Government, In this capacity it serves as a bridge between the financial activities of the Govern- mont and the financial activities of private business. Ordinarily the Government's bank account is the largest single bank account in the country. The Government1s receipts, its expenditures, and its balances are so large that they require special adjustment to the credit activities of private interests. Otherwise the accumulation, transfer and disbursement of Government funds would seriously disturb the money market, and hence business at large. Since the central banking organization ordinarily carries the reserves of commercial banking institutions as well as the checking accounts of the Government, it is natural that it should play an im- portant part in the collection and clearance of checks and in the transfer of bank funds . In this respect, as in furnishing currency for circulation, the monetary nature of central bank functions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -4- Z-75Q becomes most apparent. From country to country the nature of central bank operations and the character of central banking powers will vary in accordance with national institutions and business customs. Fundamentally, how- ever, the processes of central banking are much the same in all countries• Perhaps the most striking feature of the central .banking organi- zation of this countr y is that it comprises not a single institution but several regional institution s coordinated by a public body in Washington. The Bank of England, for instance, is a single institu- tion with about nine branches which are merely detached offices of one corporate entity. The central banks of most other countries like- wise are single institutions. There are several reasons why the central banking system of the United States comprises a number of federated institutions instead- of one. Perhaps the most obvious is that the country is extremely large and the number of independent local banks which cover it is also large. Mos>t other countries have a relatively smaller area to serve and a far smaller number of sep- arate banks and financial institutions. The Federal Reserve System, through the twelve regional Federal Reserve Banks, effects a decen- tralization of banking reserves and gives to each region a large degree of credit autonomy. As its name indicates, it is a federal system, based upon the federal pattern which, is distinctive of our American institutions. The term "central banking" is not as familiar in the United States Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -5- Z-75Q as it might be. The conception of what central banking is and of what are the essential functions of the Federal Reserve Banks is not widely understood. This is partly because the word "banking" suggests to most people the dealings they have with their own local banks. Consequently when the Federal Reserve Banks are thought of, the tendency is to consider their operations as merely differing in magnitude or degree from those of commercial banks. Yet this view is apt to generate serious misconceptions. The point of view of central banking differs profoundly from the point of view of com- mercial banking. It is the purpose of a (Jovernment to serve the public interest and the purpose of a central bank as a quasi-govern- mental institution is the same. Although the central banking mechaniftm as, for example, in the case of our Federal Reserve Banks, 9 has much the same form of corporate organization as a business cor- poration operated for profit and has a balance sheet showing assets and liabilities, including the item of paid-up capital and the item of gain or loss from operations, the purposes and objectives of its operations differ essentially from those of private business corpora- tions. At the present time, for example, the twelve Federal Reserve Banks have cash and reserves of nearly nine and a half billion and earning assets of only two and a half billion. Such a position, which is quite different from what an enterprise operated for profit would choose to maintain, is entirely normal for a central banking organization. When a Federal Reserve Bank makes a loan or purchases securities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -6- Z-75Q it is not doing so for the sake of profit as a commercial bank would be doing. The purpose of the loan or of the purchase of securities is to supply the money market with the additional funds which it ap- pears to require. If the transaction is an individual loan, the additional funds are supplie d by the transaction to some one indi- vidual bank which may or may not be experiencing the same demand that other banks are experiencing. If the transaction is an open market purchase of securities by the Federal Reserve Banks, the re- sult is that the market as a whole is supplied with funds and no particular institution is single d out as experiencing the effect of the transaction any more than another. In the same way, when, for example, the rediscount rate is ad- vanced, the Federal Reserve Bank is not seeking an increase in its income as a commercial bank might under similar circumstances. Its purpose in raising the rediscount rate is to raise the cost of bank credit in general and thereby discourage tendencies to excessive use of credit. It i s significant of the importance of central banking func- tions that the Bank of England evolved into its position as a central bank in response to the requirements of the London money market with- out specific legislative action to that end. A few generations ago the Bank of England was primarily a private institution enjoying cer- tain privileges but operated by its management as any other business enterprise might be in tho pursuit of profit for its stockholders. The process by which it gradually changed its purpose, and subordi- nated the role of profits in its operations to that of serving the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -7- Z-75Q broad public purpose of stabilizing the money market was a long and grad- ual one. The assumption of its responsibilities was not so much the re- sult of specific legislation as of voluntary action. The example I have just mentioned demonstrates how central banking functions came to be re- quired by a business community and accordingly came to be performed even without provision by the legislature. Similarly, the need arose for our own Federal Reserve System and its functions have undergone evolution in gradual adaptation to the changing requirements imposed upon them by the economic world. In addition to the essential central banking functions that I have been describing, the Federal Reserve System has a number of regulatory powers entrusted to it by Congress which are of more or less special na- ture. These include powers to fix reserve requirements within certain statutory limits, to fix margin requirements, and to examine banks and require of their management an abandonment of unsound banking practices on pain of dismissal. These administrative and regulatory powers of the Federal Reserve Sjystem are for the most part lodged in the Board of Gov- ernors in Washington. In performing them the Board is called upon to issue regulations, administrative rules, and orders. However, the Board does not function as a remote and detached body. In the case of open market operations, which are. among the most important of Reserve Bank activities, the law provides that such operations must be Conducted ac- cording to a uniform policy by all twelve Federal Reserve Banks in ac- cordance with the directions of the Federal Open Market Committee. The Federal Open Market Committee comprises twelve members, seven of whom Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -8- Z-75Q are the members of the Board of Governors, and five of whom are elected by the twelve Federal Reserve Banks, Thus the Federal Reserve Banks partio- ipate directly and responsibly in measures which are among the most im- portant that can be taken ty the Federal Reserve System. There is also the example of discount rates, which, as you know, are established by the Federal Reserve Banks subject to approval by the Board. In connection with various other matters also the Federal Reserve Banks are consulted. The Presidents of the Reserve Banks meet frequently in Washington and con- fer with the Boar d on questions having to do with the operation of the Federal Reserve System, When the Board is amending its regulations or issuing new ones, the drafts it prepares are submitted to the Federal Reserve Banks for their consideration, and their suggestions contribute substantially to the final form which the regulations take. In addition, drafts of regulations are usually submitted to responsible groups through the agency of banking or business associations. For example, the drafts of Regulations "T" and ftU", which govern margin requirements, were sub- mitted to exchanges for their consideration, and the Board feels that the many very practical comments received from the exchanges have been most helpful. The same holds true of other regulations, in the preparation of which bankers1 groups and organizations are consulted. Furthermore, the Board is always accessible to those who wish to offer their sugges- tions, to criticize credit measures, or to ask for information. The Board itself is an organization whose decisions are formulated by the vote of its members. In the interest of good administration, and as contemplated by the law, the Board is a unit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -9- Z-75Q In order to assist in the determination of its policies, the Board maintains what is probably the most comprehensive organization for the compilation and analysis of economic and financial information maintained by any central banking organization in the world. The Board has this in- formation and the expert opinion of a staff of analysts constantly at its disposal. The result is that any decision of the Board or of the Federal Open Market Committee has behind it not only the judgment of Board mem- bers and Federal Reserve Bank officers, but of an experienced staff of specialists in economic and monetary fields who bring a trained critical ability to the consideration of proposed measures. In this connection I wish also to remind you that the Federal Reserve System publishes more detailed and important information about its condi- tions and its action than any other central banking organization in the world. Much of this information appears in occasional and periodic press releases, and is contained in the Federal Reserve Bulletin and the annual report of the Board of Governors. Having reviewed with you the general purposes and characteristics of central banking, or as some prefer to call it, reserve banking, and having also pointed out how in this country the central banking system is organized on distinctl y American principles and formulates its policy in accordance with those principles, I wish now to review, as I did in Boston the other day before the Bankers1 Committee of the New England Council in their Executive Session, the course of policy followed by re- serve authorities during the past year or so. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -10- Z-75Q As you know that policy has for several years been one of monetary ease. Statements to that effect have been frequently made by the Board, and I need not go into the considerations upon which the policy is basod. I wish instead to point out briefly how the various measures which have been taken f it together as applications of central banking policy in given circumstances. The various steps which have been taken should be viewed not as isolated events, but as elements in a connected story. To begin with, there was the increase in reserve requirements a year ago last August. I wish to emphasize the fact that the power to fix re- serve requirements is not a customary means by which the central banking system effects current adjustments of the supply of credit to demand. It is in the first place a limited power - the Board cannot raise or lower requirements at will, but only within certain limits. Moreover it has not the flexible application tha t open market operations or discount powers have. It was exercised by the Board for the first time last August, and again last spring. The occasion of the exercise of this power was, as you know, the flow of gold into this country from abroad, and the result- ing expansion of bank reserves to proportions quite beyond the possibili- ties of use as a basis for the legitimate expansion of credit. The cir- cumstances were such that if the Federal Reserve System had desired to have easy money conditions regardless of the consequences that might ensue in case unsound and inflationary conditions developed, it could have adopted a policy of doing nothing at all. But it sought instead to reestablish the position it was intended by law to occupy - a position in which it could act promptly and effectively either in the direction -of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -11- Z-75Q easing the credit situation further, or in the direction of restraint - whichever appeared to be in the public interest. Accordingly, when the Board raised reserve requirements, its purpose was not to abandon its policy of monetary ease but to continue that policy under conditions amenable to control• Theoretically and historically, the technique of credit regulation has been considered most efficient when member banks have had a minimum of excess reserves and could expand the amount of credit outstanding when and as steps are taken to increase their reserves. This can be most readily effected by open market puchases, which have the effect of making funds available to the money market and of making it unnecessary for member banks in general to apply to the Federal Reserve Banks for ad- vances. However, should individual banks still require funds, they may borrow from the Federal Reserve Bank and whentbey do so its discount rates can be reduced in conformity with a policy of ease, or conversely can be raised if an opposite policy is adopted. But, of course, when the banks are superabundantly supplied with :ceserve funds from an outside source and therefore have little, if any, occasion to seek additional funds from the Federal Reserve Banks, the discount rate and open market operations, as means of credit regulation, cease to be effective. The purpose of the increase in reserve requirements was, therefore, to off- set the effect of gold imports and restore the base upon which normal measures of credit regulation would be eff#et£ve. Sterilization of incoming gold was a logical accompaniment of the increase in reserve requirements. As announced by the Secretary of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -12- Z-75Q Treasury, accordingly, it became the Treasury16 policy, "whenever it is deemed advisable and in the public interest to do so, to take appropriate action with respect to net additional acquisitions or releases of gold by the Treasury Department. This will be accomplished by the sale of addi- tional public-debt obligations, the proceeds of which will be used for the purchase of gold, and by the purchase or redemption of outstanding obligations in the case of movements in the reverse direction." The Treasury's purchases of gold pursuant to this policy had the effect of keeping the gold from getting into bank reserves and swelling them to greater volume. These measures, I repeat - the increase in reserve requirements by the Federal Reserve System and the sterilization of gold by the Treasury -4 were unusual measures taken to offset an unusual condition, namely, the enormous inflow of capital and gold from abroad. They were outside the category of normal measures of credit regulation. They were related to normal measures of credit regulation in somewhat the same way that re- ballasting a ship is related to its regular operation. They were measures intended to neutralize the effect of major financial disturbances origin- ating abroad, and to keep the domestic credit situation amenable to the established technique of regulation. As the Board explained, when it announced the final increases in reserve requirements, the System would be restored by this action to "a position where such reduction or expansion of member bank reserves as may be deemed in the public interest may be effected through open-market operations, a more flexible instrument, better adapted for keeping the reserve position of member banks currently in close adjustment to credit needs.* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -50- Z-75Q At this point perhaps I should briefly restate the process ty which open-market operations achieve their purpose. In the first place, as you know, when a bank enlarges the amount of credit it has outstanding, either ty additional loans to its customers or by additional purchases of invest- ment securities, its reserves tend to be reduced. Consequently it cannot enlarge the amount of credit it-has outstanding unless it has reserves in excess of what it is required to have. On their own initiative banks may procure additional reserve funds either by borrowing or by selling securi- ties. Or the Federal Reserve System on its initiative may supply banks in general with additional reserve funds by open-market purchases of invest- ment securities; for as the Federal Reserve Banks pay for the securities they buy, either by check or by credit, the reserves of member banks are increased. Contrariwise, if the Federal Reserve System sells securities, the process of paying for them, whether they are purchased by member banks or by the customers of member banks, will reduce the reserves of member banks. Purchases fcy the System tend, to ease tne money market, sales by the Systeia tend to tighten it. In August and September of this year a further step -in pursuance of the System's established policy was taken wb.en the Federal Reserve Bank rediscount rates were lowered. In approving the first of these changes the Board stated that its "approval was based upon the view that the re- duction of discount rates at this time would assist in carrying out the System's policy of monetary ease and make Federal Reserve Bank credit readily available to member banks for the accommodation of commerce, business and agriculture, without encouraging member banks to borrow Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -14- Z-75Q outside of their districts or to liquidate their portfolios in order to be in a position to meet the needs of present or prospective borrowers." The Board went on to say "The reduction in discount rates, which have had little or no practical effect charing the period when excess re- serves were abnormally large and widely distributed throughout the Sys- tem, brings the rates into closer relation with the interest rate struc- ture generally prevailing, and affords to member banks the benefit of rates, on advances made by the Federal Reserve Bank, which are in line with those available in the money market. During the extended poriod when excess reserves of the banking system w$re between two and three billions of dollars, the occasion did not arise except in rare instances for member banks to borrow from the Federal Reserve Banks, and the dis- count rates were accordingly inoperative as a practical matter. "As a result of the continued progress of the recovery movement, demands of agriculture, industry and commerce for bank accommodation have steadily increased and at the present time are augmented by sea- sonal requirements, particularly with relation to crop movements. "It is the Board's view, therefore, that at this time the Federal Reserve System can best discharge its public responsibility and promote tho continuance of recovery by making it possible for membor banks to obtain accommodation from Federal Reserve Banks at rates which will en- courage them to employ their funds to meet the needs of agriculture, industry and commerce." I^ater in September, the Federal Open Market Committee announced that it had authorized purchase in the open market from time to time Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -15- Z-75Q of "sufficient amounts of short-term United States Government obliga- tions to provide funds to meet seasonal withdrawals of currency from the banks and other seasonal requirements." It said further: "Reduction of the additional holdings in the open market portfolio is contemplated when the seasonal influences are reversed or other cir- cumstances make their retention unnecessary* "The purpose of this action is to maintain at member banks an aggregate volume of excess reserves adequate for the continuation of the System's policy of monetary ease for the furtherance of economic recovery." At the same time, the Committee announced that at the request of the Board of Governors the Secretary of the Treasury had egreed to release - that is, to desterilize - approximately $300,000,000 of gold from the Treasury's inactive account. Accordingly, the Treasury was credited with that amount on the books of the Federal Reserve Banks which in the course of regular Treasury disbursements found its way into the reserve accounts of member banks and increased their available funds correspondingly. This was an effective means of utilizing our monetary measures to maintain the policy of ease. The Committee's statement made at the time pointed out that: "This action is in conformity with the usual policy of the Sys- tem to facilitate the financing of orderly marketing of crops and of autumn trade. Together with the recent reductions of discount rates at the several Federal Reserve Banks, it will enable the banks to meet readily any increased seasonal demands for credit and currency and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -16- Z-75Q contribute to the continuation of easy credit conditions As stated in the October Federal Reserve Bulletin, this action toward augmentation of member bank reserves was taken in order tp anticipate the usual seasonal needs of member banks for currency and credit. The action of the System in bringing about an increase of available funds put banks in a still easier position to meet seasonal needs as well as increasing demands for bank credit. It was an exer- cise of credit technique under normal and typical conditions. Before passing on to the latest measure of credit technique taken by the System, I want to mention a recent change in the regula- tions governing discounts by the Federal Reserve Banks. This change was effected by the issuance of Regulation A in revised form effec- tive October 1. It s significance lies in the fact that in determin- ing the eligibility of paper for discount, the form of the obliga- tions to be discounted is considered of less importance than it used to be. Originally the privilege of rediscount at the Federal Re- serve Barks had been restricted to relatively short-term paper aris- ing from certain commercial and agricultural activities. As you know, the amount of such paper has tended in recent years to constitute a smaller and smaller proportion of the total amount of paper available to banks. To the extent that banks were dependent on such paper for discounts, the decrease in its amount meant in effect a curtailment of the power of the Federal Reserve Banks to extend credit. The Banking Act of 1933 and the Banking Act of 1935 both enlarged the classification of paper upon which individual member banks might pro- cure funds from the Federal Reserve Banks for the replenishment of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -17- Z-75Q their reserves, and Regulation A as recently issued by the Board car- ries out the purpose of these changes in the law. The new Regulation had been in preparation for a long period and the time of its issuance had no special bearing with respect to the current situation. It was rather a longer renge measure. Moreover, its issuance was not of course a measure of credit regulation, like open market operations or changes in the discount rate, but a liberal- ization of the conditions under which the regular means of credit regulation are exercised. The latest measure of credit regulation taken by the System was the change in margin requirements effective the first of this month. The power to fix margin requirements is, as you know, a new and special responsibility imposed upon the Board by the Securities Ex- change Act which Congress adopted in 1934. Its effect is not general upon the whole field of credit. In this respect, it differs from other central banking powers. It is directed exclusively at the use of credit advanced by brokers, dealers and by banks for the purpose of purchasing or carrying registered securities. Theoretically, margin requirements can be raised when it appears advisable to re- strain speculative use of credit and they can be lowered when it ap- pears advisable to relax the restraints. Because of the special nature of this particular power of credit regulation, it can be exercised independently of other measures by which the credit situation is influenced. Thus it is possible to pur- sue a restraining policy with respect to the use of credit for secur- ities* speculation at the same time that an easy money policy is being Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -18- Z-75Q pursued with respect to the use of credit for commerce, industry and agriculture. By its most recent action the Board eased credit condi- tions so far as securities* trading is concerned. It happens that this policy of ease in the special field of stock market trading coincided with the polic y of ease which the Board has all along pur- sued in the general field of credit, but conditions do not always call for a parallel policy by any means. The peculiar character of the power to fix margin requirements is that it makes it possible to influence credit conditions in a particular field independently, if necessary, of what is done in other fields. It is evident that the exercise of Federal Reserve functions, like those of any other organization, involves sometimes merely the use of certain tools according to accepted procedure, and sometimes a change in the tools themselves or in the conditions under which they are to be used. Open market operations and changes in discount rates are the customary tools regularly employed in performance of Federal Reserve System functions. They are*practicable, flexible and tested tools, which can be used to ease money conditions at one time and to tighten them at another. They can be made to accomplish their purposes without 3hock - without violent and painful adjust- ments. They can be applied gradually so that their effect is barely perceptible. If necessary, they can be applied vigorously and sweepingly. It almost goes without saying that the powers which I have been describing can only be exercised with the highest sense of public responsibility. The central banking authorities must formulate and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -19- Z-75Q execute their policies with a well-informed sense of the effect upon the country as a whole. Conflicting interests are present on every hand. Every action taken is certain to be approved by some and dis- approved by others. Every step taken is sure to be subjected to the scrutiny of acute and well-informed critics. That is a3 it should be. It is the normal condition under which governmental institutions function in a democracy, and most of us believe it is on the whole the best condition. Naturally enough the better you as specialists in the field of credit understand the responsibilities of the Federal Reserve System and the manner in which we try to meet them - and on the other hand, the better we of the federal Reserve System understand your problems and the conditions under which you try to meet them - the more effec- tively will our credit machinery function for the common welfare of the country. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

M.S. Szymczak (1937, November 16). Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/speech_19371117_szymczak

@misc{wtfs_speech_19371117_szymczak,
  author = {M.S. Szymczak},
  title = {Speech},
  year = {1937},
  month = {Nov},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/speech_19371117_szymczak},
  note = {Retrieved via When the Fed Speaks corpus}
}