chapter  8
11 Pages

Currie, Eccles, and the Ideal Conditions for Monetary Control

Though important steps had been taken in revitalizing the financial system in 1934, both Congress and the Roosevelt administration recognized that further measures were necessary to improve the conduct of monetary policy. While Congress continued its debates, the administration turned its attention to the question of further monetary reform. The locus of the research began in the Department of the Treasury, and later shifted to the Federal Reserve System with the appointment of Marriner Eccles to the Federal Reserve Board.