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PART TWO

Internal Policy Formation
PAGE
CHAPTER IV OPEN-MARKET OPERATIONS 53
Formal Organization 53
The Process of Policy-Making 56
Chairman's Leadership in Policy Formation 63
Role of the New York Bank 66
CHAPTER V RESERVE REQUIREMENTS, DISCOUNT RATES,
AND SELECTIVE CONTROLS 		72
Reserve Requirements and Discount Rates 75
Selective Controls 83
Direct Action--Moral Suasion 88
CHAPTER VI BANK SUPERVISION 91
Issuance and Amendment of Regulations 95
Preparation and Amendment of Regulations 96
Clearance and Formal Action 99
Rulings 101
Effectiveness of Procedure 103
Bank Examination and Counseling 104
Varying Concepts of Bank Examination 104
Examination Policy-Making and Practice 107
CHAPTER VII DIRECT LENDING AND LOAN GUARANTEES 111
Federal Reserve Participation in Government
Policy-Making 		113
Federal Reserve Direct and Guaranteed Lending
to Business 		114

-xiv-

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Publication Information: Book Title: Federal Reserve Policy-Making: A Study in Government Economic Policy Formation. Contributors: G. L. Bach - author. Publisher: Knopf. Place of Publication: New York. Publication Year: 1950. Page Number: xiv.
    
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