Eccles, Marriner Stoddard, 1890-1977

Marriner S. Eccles, right, retiring Chairman of the Federal Reserve Board, shown here with Senator Robert A. Taft of Ohio, today told the House-Senate Economic Committee that the country is still threatened with inflationary dangers which may lead "to economic chaos and the possible collapse of our system." From: Beth Gore.

Chairman Marriner S. Eccles of the Federal Reserve Board appeared before the Senate Banking Committee to defend the Board's request for power to restrict bank credit by requiring banks to increase their reserves. His defense was aimed primarily at the criticism of bankers, who want the board to resort to traditional ways of restricting credit by increasing bank discount rates and refusing to buy bank-held bonds being sold to provide new reserves for deposits. From: Beth Gore.

Marriner S. Eccles, Chairman of the Board of Governors of the Federal Reserve System, indicated that tax reductions would be a "tragic error." He told the Senate Banking Committee while testifying on the British loan that such action would increase the problem of inflation and decrease chances of balancing the Federal budget. From: Beth Gore.