December 3, 1963 FOMC Minutes

FOMC minutes

Committee turned over its 1960 minutes to a Committee of Congress, the latter Committee then hired a pair of scholars of its own choosing to prepare a digest. He was happy that so far the Congressional Committee had not published that digest. He favored publishing the minutes as suggested initially by the Chairman, for the reasons given by Messrs. Wayne, Mills, and Robertson. But he had been impressed with the argument of Messrs. Deming and Bopp that if the Committee was to publish the minutes it should give a running start to a scholar who, if not of the Committee's selection, would at least be selected from a list that the Committee had approved. On this plan, would be available to the public at about the time an instructive document the minutes were placed on the shelves of Federal Reserve Bank and other selected libraries. He suggested that the Committee act today, the Secretary to proceed with the reproduction of first to authorize a moderate number of copies of minutes for 1951-1960, inclusive, and implement Mr. Deming's suggestion. He was not sure that secondly to it was necessary for the funds to come from a foundation but he agreed that the selection of the scholar should not be made by the Federal Reserve alone. continued by observing that he was sensitive Mr. Balderston to the fact that since 1960 the Committee had moved into new areas. reports often referred to other nation's Specifically, Mr. Coombs' it was proper that this information should be revealed problems. While

to the Committee, he would hope that if at some future time the minutes for last year and this year were made public all references to other nations would be excluded. Chairman Martin said that in his opinion the Committee had had a useful discussion on the matter of publishing the minutes. However, he did not think that putting the question to a vote at this time would solve the problem. He thought everyone ought to continue to study the question; much depended on the particular methods of releasing information that individuals had in mind. He proposed that the Committee request Messrs. Sherman and Young to make a summary of on the basis of the minutes, and that the Committee today's discussion take up the matter again early in the new year. that most of the dicussion had centered around Mr. Swan noted 1951-1960. If the Committee released these minutes on the minutes for it immediately would be faced with legitimate any basis, he said, for records going back to 1914. Chairman Martin said that requests this was true, but he doubted that anyone would feel strongly that information for the earlier years of the System should be withheld. that the Committee ask the Secretary Mr. Shepardson suggested of obtaining the services of a writer to to explore the possibility prepare a System history. that this suggestion seemed to prejudge Mr. Hayes commented He did not feel there had been any agreement at this the issue. meeting on a course of procedure.

expressed the view that the Committee should Chairman Martin to explore the matter. He noted that for years there had continue possibility of having a System history prebeen discussions of the pared. Also, the Committee previously had considered publication of to time had been under pressure to release the minutes, and from time the position taken in his letter to Mr. materials. He considered and he thought that the Committee could hold to Patman to be valid, But in one way or another the Committee that position if it so chose. with the fact that its decision-making process-- had to come to grips good one--was not sufficiently understood. which in his opinion was a He did not think this sort of problem This was the basic problem. resolved unless the Committee was virtually unanimous. should be that the matter be held over for further Accordingly, he would propose consideration. he had suggested some investigation Mr. Shepardson said that a history written not with the idea of of the possibility of having in order that a report could be presented for discussion action but before a decision was taken on release of the minutes. in the proposal that this question be The Chairman concurred Mr. Young said that he could discuss the matter with the explored. with the President of the of the two main foundations and Presidents American Economic Association.

of the Federal Open that the next meeting It was agreed Market Committee would be held on December 17, 1963. The meeting then adjourned. Secretary