39404

Printed for the use of the Committee on Banking and Currency

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON: 1959

1

He

CONTENTS

H.R. 5237. A bill to amend section 19 of the Federal Reserve Act with

respect to the reserves required to be maintained by member banks of

the Federal Reserve System against deposits----

Statement of-

Balderston, C. Canby, Vice Chairman, Board of Governors, Federal

Reserve System, accompanied by Woodlief Thomas, economic

adviser, and Howard Hackley, General Counsel ---

Bell, Daniel W., representing the American Bankers Association.

Boyles, George R., president, Merchants National Bank, Chicago, Ill

Gidney, Ray M., Comptroller of the Currency, accompanied by L. A.

Jennings, Deputy Comptroller..

Grainger, Isaac B., accompanied by Wesley Lindow and William C.

Pierce, on behalf of New York Clearing House Association...

Kennedy, David M., representing the American Bankers Associa-

tion__

Page

1

2

193

210

174

248

196

Kimbrel, M. Monroe, chairman, committee on Federal legislation,

American Bankers Association....

195

Patman, Hon. Wright, a Representative in Congress from the State

of Texas..

283

Saxon, James J., attorney, First National Bank of Chicago_

Sprinkel, Beryl W., economist, Harris Trust & Savings Bank, Chicago,

representing the central Reserve city of Chicago--

220

240

Wolcott, Hon. Jesse P., Chairman, Federal Deposit Insurance Corpo-

ration, accompanied by Erle Cocke, Director.

185

Additional data submitted to the subcommittee by-

American Bankers Association:

Answers to questions addressed to the American Bankers Associ-

ation by Hon. Abraham J. Multer..

208

Association of Registered Bank Holding Companies, letter of April 1,

1959__.

320

320

321

Atlanta Clearing House Association, letter of March 25, 1959-

Chamber of Commerce of the United States, letter of April 2, 1959--

Comptroller of the Currency:

Replies to questions presented to the Comptroller of the Currency

by Hon. Abraham J. Multer...

179

Federal Deposit Insurance Corporation:

Answers to questions presented to Federal Deposit Insurance

Corporation by Hon. Abraham J. Multer....

Federal Reserve System:

Appendix A. Brief History of Changes in Structure_

Appendix B. Designation of central Reserve and Reserve cities___

Changes in central Reserve and Reserve city designations_

Appendix C. Computation and reports of required reserves.

Appendix D. Changes in law by reserve requirements bill..

Cash in vault of member banks by class of bank, first half of

February 1959__

Proposed legislation for revision of reserve requirements..

Chapter 1. Existing structure of reserve requirements..

Chapter 2. Purposes of reserve requirements..

Chapter 3. Appropriate level of reserve requirements..

Chapter 4. Basis for differentials in reserve requirements.

Chapter 5. Reasons for proposed changes.---