Speech

BOARD OP GOVERNORS OF THE FEDERAL RESERVE SYSTEM Statement for the Press For immediate release September ll*, 19U5 Following is a copy of a letter which the Board of Governors has sent to Senator McCarran, Chairman of the Senate Committee on the Judiciary, and alse to Representative Manasco, Chairman of the House Committee on Expenditures in the Executive Departments, with regard to reorganization legislation: The Board has noted with approval the endorsement by the Comptroller General and by the Director of the Budget of reorganization legislation without exemption of any Government agency or department, excepting the General Accounting Office. The Board desires to call the attention of the Committee to the enclosed excerpts from the Boardfs Annual Report of 1938 emphasizing the need for reorganization of the Federal banking agencies, in view of the confusions and conflicts inherent in the existing diffusion of powers and authority in the Federal bank supervisory and regulatory agencies. The Board has long fayored enactment of a reorganization measure that would give the President a free hand, subject to Congressional ap- proval, to initiate necessary reorganizations in the Executive Branch. The Board had not previously requested and does not now wish exemption from the operation of such a measure. The Board, therefore, favors enactment of a reorganization bill which does not include exemptions, except for the General Accounting Office. Such a measure would make possible a reorganization of the Federal banking agencies which the Board feels is urgently needed to meet the needs of the postwar world. Sincerely yours, (Signed) M. S. Eccles. M. S. Eccles, Chai rman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Marriner S. Eccles (1945, September 13). Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/speech_19450914_eccles

@misc{wtfs_speech_19450914_eccles,
  author = {Marriner S. Eccles},
  title = {Speech},
  year = {1945},
  month = {Sep},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/speech_19450914_eccles},
  note = {Retrieved via When the Fed Speaks corpus}
}