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Letter to Mr. Marriner S. Eccles

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Letter to Mr. Marriner S. Eccles ARTHUR H. VANDENBERG, MICH., CHAIRMAN ARTHUR CAPPER, KANS. TOM CONNALLY, TEX. WALLACE H» WHITE, JR., MAINE WALTER F. GEORGE, GA. ALEXANDER WILEY, WIS. ROBERT F. WAGNER, N. Y. H. ALEXANDER SMITH, N. J. ELBERT D. THOMAS, UTAH EOURKE B. HICKENLOOPER, IOWA ALBEN W. BARKLEY, KY. HENRY CABOT LODGE, JR., MASS. CARL A. HATCH, N. MEX. FRANCIS O. WILCOX, CHIEF OF STAFF mtnileb ^£>icties Senate C. C. O'DAY, CLERK COMMITTEE ON FOREIGN RELATIONS February 9, 1949 Honorable Marrlner S, Eccles, Board of Governors of the Federal Reserve Board, Washington, D* C. My dear Marrlner: I read a news report in the Mew York World Telegram which says that "the Federal Reserve Board will seek authority to absorb the Federal Deposit Insurance Corporation". If any information is available on this subject, I should like to know "whatfs cooking". With warm personal regards and best wishes, Cordially and faithfully ' U Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis This article is protected by copyright and has been removed. The citation for the original is: New York World Telegram, “Reserve Board Reported Anxious to Absorb FDIC: Hopeful Such a Step Would Widen Control Over Non-Members,” February 3, 1949, p. 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TOM CONNALLY. TEX., CHAIRMAN WALTER F. GEORGE, OA. ARTHUR H. VANDENBERG, MICH. ELBERT D. THOMAS UTAH ALEXANDER WILEY, WIS. MILLARD E. TYDINGS, MD. H. ALEXANDER SMITH, N. J. CLAUDE PEPPER, FLA. BOURKE B. H1CKENLOOPER, IOWA THEODORE FRANCIS GREEN, R. I. HENRY CABOT LODGE, JR., MASS. BRIEN MC MAHON, CONN. J. W. FULBRIGHT, ARK. Itttrnleb Ubieties J&enctle FRANCIS O. WILCOX. CHIEF OF STAFF COMMITTEE ON FOREIGN RELATIONS March 2, 1949 PERSONAL AND CONFIDENTIAL Honorable Marriner S. Eccles, Board of Governors of the Federal Reserve System, Washington, D. C. My dear Marriner: I suppose it is sheer hereby for me to ask a member of the Federal Reserve Board y/hat he thinks about an FDIC problem. But I should very much like your confidential comment on FDIC premiums. Heretofore, I have consistently (and success- fully) prevented a reduction of these premiums. Now that the Government has been paid off and the FDIC has a billion surplus of its own, I think perhaps the time has come when it is fair to consider a premium reduction. I should like to know what you think and I should like to have the benefit of your specific recommendation. With warm personal regards and best v/ishes, Cordially and faithful^, R Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis This article is protected by copyright and has been removed. The citation for the original is: Washington Post, “Deposit Insurance,” March 11, 1949. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis PERSONAL AND CONFIDENTIAL March 11, 19i#* Honorable Arthur H* Tandenberg, United States Senate, Washington, D* C# Dear Senators I don't think it ia "heresy1* to ask a Federal Reserve Board member about an F.D*I«C* problem, but it might be "sheer heresy* to ask the F.D*I.0* about a Federal Reserve problem. In any case, I deeply appreciate your confidence* The subject of deposit insurance premiums is one to which we have given conaid- erable thought because 85 per csnt of the deposits in insured banks are held by banks which ar© members of the Federal Reserve System* I feel that the time has arrived when there should be a suspension of the assessments* Like you, we have heretofore opposed a reduction of these premiums* We felt, during the period when deposit liabil- ities were rising and bank earnings were increasing substantially as a result of war financing, and the capital and surplus of the Corporation had not reached a billion dollars, that there was no basis for a reduction* How, however, the picture has changed. Hie capital originally paid in by the Treasury and the Federal Reserve has been retired* The remaining surplus of the Corpora* tion is well over the billion dollars specified by Congress and is increasing* Although the ratio of bank capital to deposit lia- bilities has decreased, the dollar amount of capital funds of banks has increased at least two-thirds since 1933* largely through the retention of undistributed net earnings* More than two-thirds of the deposit liabilities of the banking system are offset iy cash assets and Government securities which are the equivalent of cash* Fven though this leaves a large dollar amount of what might be re- garded as risk assets* the Corporation, in its latest Annual Report, for 19h7» says that examinations show that less than one per cent of the assets of insured commercial banks were below the standards for bank investment* This, of course, does not mean that any substantial part of that amount would be a loss, nor would the losses all oocur in one year* I recognise that all backs are not in equally good condition* Probably -foere will be an increasing volume of losses* A slight down Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Honorable Arthur H. Vandenberg -2~ turn in net earnings has already appeared. Seme banks will re<juire closer supervisory attention than others* However, the growth of risk assets and the estimation of prospective losses are reflected currently in the existing reporting and examination procedures of the supervisory authorities• fids should enable the supervisory authorities to take precautionary steps in individual bank situa- tions before losses accumulate to an extent sufficient to endanger depositors. In addition, the Federal Reserve is in much better po- sition than ever before through its discounting, supervisory and credit oontrol powers to protect the situation among member banks* Since the reserves of the Corporation are nearing 1.1 billion, it is reasonable to expect an annual in cane of 25 million dollars or more from investments in Government securities alone, and sinoe its current expenses are around 5~l/2 million, it eea&s likely -feat there would be at least 20 million dollars a year with which to meet current losses. 2his would be almost equal to the net loss of the Corporation during the fourteen years from its in- ception through 1914?, the period covered ty its latest Annual Report, which was only 26 million dollars. In these circumstances, as I have said before, I would now favor the complete suspension of the assessments, with the understanding that the assessments would be restored, up to the annual rate heretofore authorised by Congress, whenever that might be neoessary to maintain the reserves of the Corporation at an amount in excess of one billim dollars. She suspension of the assessments would add a substantial percentage to the net earnings of the insured banks, this in turn would increase the cushion be- tween the Corporation and possible losses. An alternative suggestion which was indicated editorially in She Washington Post this morning (a copy of which is enclosed) and which has a great deal of merit would be to deduct fro© the to- tal amount of deposit liabilities of each insured bank the amount of cash assets and Government securities held by the bank and to apply the regular assessment rate against the balance, so that, in effect, the assessment would be against an amount equivalent to the risk assets. Ihe reason for this suggestion lies in the obvious fact that cash assets and Governments would not be the source of loss, and that the insurance premiums, therefore, should be in di- rect relation to the other assets which might produce losses. If this suggestion were adopted, it would reduce the aggregate assess- ments by something like tiro-thirds. Ihe proportion of the reduction would vary among the insured banks according to the amount of risk Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Honorable Arthur H. Vandenberg -3- assets which they hold and it would -therefore be muoh more equita- ble than the present systeeu If neither of the above two suggestions should be accept- able at this tiffie, the limit on insured deposit liability* as a matter of equity* should either be removed entirely or it should at least be doubled, as $10*000 at this time would be no more than $5*000 was when the insurance system was established^ With wamest regards* Sincerely* U. S* Ecoles. M) Civ: :am fVL Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TOM CONNALLY, TEX., CHAIRMAN WALTER F. GEORGE, GA. ARTHUR H. VANDENBERG, MICH. ELBERT D. THOMAS. UTAH ALEXANDER WILEY, WIS. MILLARD E. TYD1NGS, MD. H. ALEXANDER SMITH, N. J. CLAUDE PEPPER, FLA. BOURKE B. H1CKENLOGPER, IOWA THEODORE FRANCIS GREEN, R. I. HENRY CAEOT LODGE, JR., MASS. BRtEN MC MAHON, CONN. J. W. FULBRIGHT, ARK. "SCroieb staless JJbencile FRANCIS O. WILCOX, CHIEF OF STAFF COMMITTEE ON FOREIGN RELATIONS March 15, 1949 PERSONAL Honorable Marriner S. Eccles Board of Governors Federal Reserve System Washington, D. C. My dear Mr, Governor: Thanks for your fine letter of March 11 in response to my inquiry of March 2 regarding F.D.I.C. premium rates. I am glad to have your thoroughly persuasive statement regarding the fiscal integrity of F.D.I.C. and your belief that premiums might now be completely suspended (subject to restoration in the event of future difficulties), I do not believe that I would want to suspend premiums entirely. There is something about the psychology of complete suspension 7/hich I do not seem to like* I think it would be preferable to maintain at least nominal assessments, X also would prefer this sort of action rather than the maintenance of existing premium rates against a portion of bank assets other than cash in Government securities, I was quite wedded to this latter idea at one time; but I came to the conclusion that it would be better not to inject this complication into F.D.I.C, arithmetic.
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