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Download (Pdf) Annual ^Report V^> 1972 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis jfetter of Transtnittal BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Washington, May 22, 1973 THE SPEAKER OF THE HOUSE OF REPRESENTATIVES. Pursuant to the requirements of Section 10 of the Federal Reserve Act, as amended, I have the honor to submit the Fifty-Ninth Annual Report of the Board of Governors of the Federal Reserve System. This report covers operations of the Board during the calendar year 1972. Yours respectfully, Arthur F. Burns, Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Contents Part 1 Monetary Policy and the U.S. Economy in 1972 3 INTRODUCTION 15 DEMANDS FOR GOODS AND SERVICES 15 Real output 16 Consumer income and outlays 19 Business fixed investment 20 Inventories 21 Residential construction 23 Government outlays 25 MANPOWER 29 WAGES, LABOR COSTS, AND PRICES 29 Wages 31 Productivity and labor costs 33 Prices 37 FEDERAL FISCAL POLICY 41 MONETARY POLICY AND FINANCIAL MARKETS 42 Monetary policy 47 Monetary aggregates 51 Intermediated credit flows 54 Demands on securities markets 59 U.S. BALANCE OF PAYMENTS 61 Goods and services 63 Capital flows Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Part 2 Records, Operations, and Organization 67 RECORD OF POLICY ACTIONS—BOARD OF GOVERNORS 105 RECORD OF POLICY ACTIONS—FEDERAL OPEN MARKET COMMITTEE 189 FEDERAL RESERVE OPERATIONS IN FOREIGN CURRENCIES 191 VOLUNTARY FOREIGN CREDIT RESTRAINT PROGRAM 195 LEGISLATIVE RECOMMENDATIONS 195 Reserve requirements 197 Lending authority of Federal Reserve Banks 198 Federal Reserve Bank branch buildings 199 Proposals relating to the regulation of holding companies 200 Loans to bank examiners 200 Purchase of obligations of foreign governments by Federal Reserve Banks 201 Interlocking bank relationships 201 Bank investments for community development 203 LITIGATION 203 Bank holding companies—Antitrust actions 204 —Review of Board actions 206 Regulation J—Collection of checks and other items by Federal Reserve Banks 207 BANK SUPERVISION AND REGULATION BY THE FEDERAL RESERVE SYSTEM 207 Examination of member banks 209 Federal Reserve membership 210 Bank mergers 211 Bank holding companies 213 Foreign branches of member banks 213 Foreign banking and financing corporations 214 Actions under delegation of authority Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis BANK SUPERVISION AND REGULATION BY THE FEDERAL RESERVE SYSTEM—Continued 214 Bank Examination Schools 215 Truth in Lending 216 FEDERAL RESERVE BANKS 216 Examination of Federal Reserve Banks 216 Earnings and expenses 217 Holdings of loans and securities 217 Volume of operations 218 Payments mechanism developments 219 Loan guarantees for defense production 219 Foreign and international accounts 220 Bank premises 221 BOARD OF GOVERNORS 221 Income and expenses STATISTICAL TABLES: 228 1. Detailed statement of condition of all Federal Reserve Banks combined, Dec. 31, 1972 230 2. Statement of condition of each Federal Reserve Bank, Dec. 31, 1972 and 1971 234 3. Federal Reserve Bank holdings of U.S. Government and Federal agency securities, Dec. 31, 1970-72 235 4. Federal Reserve Bank holdings of special short-term Treasury certificates purchased directly from the United States, 1967-72 236 5. Open market transactions of the Federal Reserve Sys- tem during 1972 237 6. Bank premises of Federal Reserve Banks and branches, Dec. 31, 1972 238 7. Earnings and expenses of Federal Reserve Banks during 1972 240 8. Earnings and expenses of Federal Reserve Banks, 1914-72 242 9. Volume of operations in principal departments of Fed- eral Reserve Banks, 1969-72 242 10. Number and salaries of officers and employees of Fed- eral Reserve Banks, Dec. 31, 1972 243 11. Federal Reserve Bank interest rates, Dec. 31, 1972 244 12. Member bank reserve requirements 246 13. Maximum interest rates payable on time and savings deposits Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis STATISTICAL TABLES—Continued 247 14. Margin requirements 248 15. Fees and rates under Regulation V on loans guaranteed pursuant to Defense Production Act of 1950, Dec. 31, 1972 249 16. Principal assets and liabilities, and number of com- mercial and mutual savings banks, by class of bank, Dec. 31, 1972, and Dec. 31, 1971 250 17. Member bank reserves, Federal Reserve Bank credit, and related items—end of year 1918-72 and end of month 1971 and 1972 254 18. Changes in number of banking offices in the United States during 1972 256 19. Number of par and nonpar banking offices, by Federal Reserve district, Dec. 31, 1972 256 20. Number of par and nonpar banking offices, by State and other area, Dec. 31, 1972 258 2L Description of each merger, consolidation, acquisition of assets or assumption of liabilities approved by the Board of Governors during 1972 280 MAE* OF FEDERAL RESERVE SYSTEM—DISTRICTS FEDERAL RESERVE DIRECTORIES AND MEETINGS: 282 Board of Governors of the Federal Reserve System 284 Federal Open Market Committee 285 Federal Advisory Council 286 Federal Reserve Banks and branches 310 INDEX Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Tart 1 cMbnetary JPolicy and the Zl. ^. Sconotny in 1972 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Introduction The performance of the U.S. economy during 1972 was unusually favorable. Most aggregate measures of economic behavior showed the largest improvement since the mid-1960's. • Real output of goods and services (GNP) grew by 7.6 per cent from the fourth quarter of 1971 to the fourth quarter of 1972. This was substantially more than the 5 per cent growth during 1971 and was in sharp contrast to the small over-all decline experienced during 1970. • Total employment expanded by 2.4 million persons from December 1971 to December 1972, and nonfarm payroll em- ployment by 2.7 million, the largest gains since 1966. The unemployment rate declined from nearly 6.0 per cent at the beginning of the year to about 5.0 per cent at the close. • The rate of inflation abated somewhat after imposition of economic controls in August 1971. Over the six quarters following mid-1971, the fixed-weight price index for gross private product, which is the broadest available measure of price behavior in the private economy, rose at an average annual rate of 3.0 per cent. In the preceding six-quarter period, the rise had been at a rate of 4.7 per cent. • Real earnings of U.S. workers rose substantially. Over the 12 months ending December 1972, weekly earnings in the pri- vate nonfarm sector advanced by 6.2 per cent, while the consumer price index rose 3.4 per cent. The slower advance in prices relative to earnings resulted basically from a strong gain in productivity, or output per manhour. Moreover, the resurgence in economic activity was well balanced and solidly based. Real output increased vigorously throughout the year, as shown in Chart 1, and all major sectors of the economy con- tributed to the expansion in demand. The year featured large and steady gains in consumption, a further substantial increase in resi- dential building, and a sizable expansion in business fixed investment. Government purchases rose 7.5 per cent from the fourth quarter of 1971 to the fourth quarter of 1972. State and local government units Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1. INDICATORS OF ECONOMIC PERFORMANCE MILLIONS OF PERSONS NONAGRICULTURAL EMPLOYMENT WEEKLY EARNINGS 1970 1971 1972 NOTE.—Gross national product (GNP) and price index: Changes from preceding quarter compounded at annual rates, based on seasonally adjusted data from the Dept. of Com- merce, Bureau of Economic Analysis. Change in real GNP is based on 1958 dollars. Other series: Dept. of Labor, Bureau of Labor Statistics. Employment data are sea- sonally adjusted. Earnings are averages for private nonfarm production workers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis accounted for most of the increase—-as shown in Chart 2 on page 6. Business inventory accumulation was larger than in 1971, hut it re- mained unite moderate relative to (he expansion in sales. Net foreign trade, however, continued \o have an unfavorable im- pact on domestic business. While merchandise exports rose 14 per cent in 1972. imports increased even more sharply. The vigorous ex- pansion of the domestic economy accounted for much of the increase in imports, but higher dollar prices for foreign goods following the late 1^71 changes in foreign exchange parities were also a factor. As a result, the net U.S. balance on exports and imports of goods and serxices was in deficit by about $4,5 bilhon. as compared with a small surplus in !C)7I and substantial surpluses in earlier postwar years. The over-all U.S. balance of payments fas measured by official settle- ments J remained in heavy deficit—by about $11 billion (apart from SDR allocations)—-although ibis was much less than in 1971 when extraordinary outflows of short-term capital had occurred. The sharp rise in domestic spending put upward pressure on interest rates in l()72 because such spending was financed in part by very high levels of public and private borrowing. Short-term interest rates rose considerably, as reilecled by an increase in the rale on 3-month Trcasuiy bills from a low of 3.20 per cent early in the year lo an average of more than 5.00 per cent in December. Long-term rales, however, changed relatively little over the course of the year. Yields on new corporate bond issues and on municipal securities declined moderately, on balance, while yields on longer- term Treasury bonds rose under pressure of increased supplies.
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