Minutes of the Federal Open Market Committee Meeting Held on March 28, 1995

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A meeting of the Federal Open Market Comniittee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, March 28, 1995, at 9:00 a.m.

Present: Mr. Greenspan, Chairman Mr. McDonough, Vice Chairman Mr. Blinder Mr. Hoenig Mr. Kelley Mr. Lindsey Mr. Melzer Ms. Minehan Mr. Moskow Ms. Phillips Ms. Yellen

Messrs. Boehne, Jordan, McTeer, and Stern,

Alternate Members of the Federal Open

Market Committee

Messrs. Broaddus, Forrestal, and Parry, Presidents

of the Federal Reserve Banks of Richmond,

Atlanta, and San Francisco respectively

Mr. Kohn, Secretary and Economist Mr. Bernard, Deputy Secretary Mr. Coyne, Assistant Secretary Mr. Gillum, Assistant Secretary Mr. Mattingly, General Counsel Mr. Baxter, Deputy General Counsel Mr. Prell, Economist Mr. Truman, Economist

Ms. Browne, Messrs. Davis, Hunter, Lindsey, Mishkin, Promisel, Siegman, Slifman, and Stockton, Associate Economists

Mr. Fisher, Manager, System Open Market Account

Mr. Ettin, Deputy Director, Division of Research and Statistics, Board of Governors Mr. Madigan, Associate Director, Division of Monetary Affairs, Board of Governors

Mr. Simpson, Associate Director, Division of

Research and Statistics, Board of Governors

Ms. Low, Open Market Secretariat Assistant,

Division of Monetary Affairs, Board of

Governors

Messrs. Goodfriend, Lang, Rolnick, Rosenblum,

and Sniderman, Senior Vice Presidents,

Federal Reserve Banks of Richmond,

Philadelphia, Minneapolis, Dallas, and

Cleveland respectively

Messrs. Kos and Judd, and Ms. Rosenbaum,

Vice Presidents, Federal Reserve Banks of

New York, San Francisco, and Atlanta

respectively

Mr. Thornton, Assistant Vice President, Federal

Reserve Bank of St. Louis

By unanimous vote, the minutes of the meeting of the Federal Open Market Committee held on January 31-February 1, 1995, were approved.

By unanimous vote, responsibility for making decisions on appeals of denials by the Secretary of the Committee for access to Committee records was delegated under the provisions of 271.4(d) of the Committee's Rules Regarding Availability of Information to Ms. Phillips and, in her absence, to Ms. Yellen.

By unanimous vote, the Committee elected Thomas C. Baxter, Jr. as Deputy General Counsel from the Federal Reserve Bank of New York and William C. Hunter as Associate Economist from the Federal Reserve Bank of Chicago to serve until the next election at the first meeting of the Committee after December 31, 1995, with the understanding that in the event of the discontinuance of their official connection with the Federal Reserve Banks of New York and Chicago respectively, they would cease to have any official connection with the Federal Open Market Committee.

On January 12, 1995, the continuing rules, regulations, and other instruments of the Committee had been distributed with the advice that, in accordance with procedures approved by the Committee, they were being called to the Committee's attention to give members an opportunity to raise any questions they might have concerning them.

Members were asked to indicate if they wished to have any of the instruments in question placed on the agenda, and no requests for substantive consideration were received. Apart from the updating of the Manager's title, all of the instruments identified below remained in effect in their existing forms:

1. Federal Open Market Committee Rules

a) Rules of Organization

b) Rules of Procedure

c) Rules Regarding Availability of

Information

d) Open Market Operations of Federal

Reserve Banks

e) Procedures for Allocation of Securities in

the System Open Market Account

f) Resolution to Provide for the Continued

Operation of the Committee During an Emergency

g) Resolution Authorizing Certain Actions by

Federal Reserve Banks During an Emergency

h) Guidelines for the Conduct of System

Open Market Operations in Federal Agency Issues

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