A History of the Federal Reserve, Volume 1 by Allan H. Meltzer

Author:Allan H. Meltzer
Language: eng
Format: epub
Publisher: University of Chicago Press

At its March 3 meeting the Federal Reserve Board discussed the growing number of states with bank holidays. Miller advocated the use of clearinghouse certificates, but he opposed any plan to guarantee bank deposits.132 Others proposed legislation. No one suggested additional open market purchases to provide reserves that banks could exchange for currency. The only decision was that Governor Meyer should talk to the president and recommend a nationwide bank holiday.

Earlier in the evening, Hoover actively considered plans for a holiday. Meyer reported to the Board that Hoover agreed to the holiday provided Roosevelt would approve the action (Board of Governors File, box 2158, March 3, 1933, afternoon meeting).133

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