Burns vows tight rein against recession
Federal Reserve Chairman Arthur Burns told the House Senate Economic Committee that the Fed will do everything to prevent a recession. He warned of inflationary pressures, said policy will balance restraint and ease during the transition from an overheated economy, and noted that if inflation recedes, interest rates may move toward normal levels.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve Board
Arthur F. Burns
House
Senate Economic Committee
Burns
House Banking and Currency Committee
Federal Reserve expected to ease money supply soon
Secretary of Commerce Maurice Stans said the Federal Reserve would move to ease the money supply by lowering interest rates in a matter of months. He noted seven Fed governors hold varying views but expect action, while the Nixon Administration pursues a recession-prevention and inflation-control strategy. He warned unemployment trends will be watched monthly and pledged reversal if inflation remedies threaten higher joblessness.
MENTIONED IN THIS ARTICLE
San Francisco
Maurice H. Stans
Federal Reserve
Stans
Unruh Proposes State Economic Planning Board
Assembly Democratic leader Jess M. Unruh urged creating a state level Economic Planning Board in Sacramento. The Inglewood lawmaker said the body would resemble the President's Council of Economic Advisers and would merge the Division of Economic Development with the Finance Department's program and policy office.
MENTIONED IN THIS ARTICLE
Sacramento
Assembly
Jess M. Unruh
Inglewood
Council of Economic Advisers
Division of Economic Development
Department of Finance
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Unruh
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