Page:United States Statutes at Large Volume 89.djvu/1254

 89 STAT. 1194

CONCURRENT RESOLUTIONS—MAR. 24, 1975

March 24.1975 [H. con.Res. 133]

BOARD OF GOVERNORS OF THE FEDERAL R E S E R V E SYSTEM j ^ ^ ^ nppjg FEDERAL O P E N MARKET COMMITTEE - H E A R I N G S

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title 1.

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Report to Congress

Whereas article I, section 8, of the Constitution provides that Congress shall have the money power, namely "to coin money and regrilate the value thereof"; Whereas Congress established the Federal Reserve Board as its agent, and delegated to its agent the day-to-day responsibility for managing the money supply; Whereas the United States economy is now suffering from excessively high unemployment and a decline in production and the gross national product, together with inflation; and Whereas the economy's performance in part is affected by changes in the rate of growth of the monetary and credit aggregates: Now, therefore, be it Resolved by the House of Representatives {the Senate concurring)^ That it is the sense of Congress that the Board of Governors of the Federal Reserve System and the Federal Open Market Committee— (1) pursue policies in the first half of 1975 so as to encourage lower long term interest rates and expansion in the monetary and credit aggregates appropriate to facilitating prompt economic recovery; and (2) maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long term interest rates. Pursuant to this resolution, and taking into account the international flows of funds and conditions in the international money and credit markets, the Board of Governors shall consult with Congress at semiannual hearings before the Committee on Banking, Housing and Urban Affairs of the Senate and the Committee on Banking, Currency and Housing of the House of Representatives about the Board of Governors' and the Federal Open Market Committee's objectives and plans with respect to the ranges of growth or diminution of monetary and credit aggregates in the upcoming twelve months. Nothing in this resolution shall be interpreted to require that such ranges of growth or diminution be achieved if the Board of Governors and the Federal Open Market Committee determine that they cannot or should not be acliieved because of changing conditions. The Board of Governors shall report to the Congress the reasons for any such determination during the next hearings held pursuant to this resolution. Passed March 24, 1975.

March 26, 1975

[s. Con.Res. 27]

ADJOURNMENT-HOUSE OF REPRESENTATIVES AND SENATE

Resolved by the Senate {the House of Representatives concurring)^ That when the two Houses adjourn on Wednesday, March 26, 1975, they stand adjourned until 12 o'clock noon on Monday, April 7, 1975, or until 12 o'clock noon on the second day after their respective Members are notified to reassemble in accordance with section 2 of this resolution, whichever event first occurs.

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