Commission on Money and Credit
Encyclopedia
A national Commission on Money and Credit (CMC) was established November 21, 1957, by Donald K. David
, Chairman of the Committee for Economic Development
(CED),
to make the first extensive investigation of the U.S. monetary system
since the Aldrich Commission of 1908-1911. The report of the Commission was published in June 1961 and it was subsequently disbanded
since the Aldrich Commission of 1908-1911. The Commission on Money and Credit would evaluate whether the existing structure of the U.S. financial system
and the regulations on various financial institution
s were adequate to cope with the anticipated future needs of the U.S. economy.
The Commission on Money and Credit was intended to consist of nine to eighteen members drawn from “business, labor, agriculture, and education, and from fields of research and administration”. Ten prominent individuals in academia
, social science research, and economics
, would advise Mr. David on the selection of the members of the Commission.
, Associate Professor of Economics, The University of California, Berkeley
, consulted with the Commission, for which he co-authored Private Capital Markets; A Series Of Research Studies Prepared For The Commission On Money And Credit in 1964.
made the following remarks upon receiving the report of The Commission on Money and Credit, in a speech on June 19, 1961, from the Oval Office
of the White House
, Washington, D.C.
:
Donald K. David
Donald K. David was the third dean of the Harvard Business School, serving from 1942 to 1955.-References:...
, Chairman of the Committee for Economic Development
Committee for Economic Development
The Committee for Economic Development is an independent, non-profit, non-partisan think tank based in Washington, DC. Its membership consists of some 200 senior corporate executives and university leaders...
(CED),
to make the first extensive investigation of the U.S. monetary system
Monetary system
A monetary system is anything that is accepted as a standard of value and measure of wealth in a particular region.However, the current trend is to use international trade and investment to alter the policy and legislation of individual governments. The best recent example of this policy is the...
since the Aldrich Commission of 1908-1911. The report of the Commission was published in June 1961 and it was subsequently disbanded
Goals and structure
The Commission was planned to make the first extensive investigation of the U.S. monetary systemMonetary system
A monetary system is anything that is accepted as a standard of value and measure of wealth in a particular region.However, the current trend is to use international trade and investment to alter the policy and legislation of individual governments. The best recent example of this policy is the...
since the Aldrich Commission of 1908-1911. The Commission on Money and Credit would evaluate whether the existing structure of the U.S. financial system
Financial system
In finance, the financial system is the system that allows the transfer of money between savers and borrowers. A financial system can operate on a global, regional or firm specific level...
and the regulations on various financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
s were adequate to cope with the anticipated future needs of the U.S. economy.
The Commission on Money and Credit was intended to consist of nine to eighteen members drawn from “business, labor, agriculture, and education, and from fields of research and administration”. Ten prominent individuals in academia
Academia
Academia is the community of students and scholars engaged in higher education and research.-Etymology:The word comes from the akademeia in ancient Greece. Outside the city walls of Athens, the gymnasium was made famous by Plato as a center of learning...
, social science research, and economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
, would advise Mr. David on the selection of the members of the Commission.
Hyman Philip Minsky
Hyman P. MinskyHyman Minsky
Hyman Philip Minsky was an American economist and professor of economics at Washington University in St. Louis. His research attempted to provide an understanding and explanation of the characteristics of financial crises...
, Associate Professor of Economics, The University of California, Berkeley
University of California, Berkeley
The University of California, Berkeley , is a teaching and research university established in 1868 and located in Berkeley, California, USA...
, consulted with the Commission, for which he co-authored Private Capital Markets; A Series Of Research Studies Prepared For The Commission On Money And Credit in 1964.
President John F. Kennedy's Remarks
President John F. KennedyJohn F. Kennedy
John Fitzgerald "Jack" Kennedy , often referred to by his initials JFK, was the 35th President of the United States, serving from 1961 until his assassination in 1963....
made the following remarks upon receiving the report of The Commission on Money and Credit, in a speech on June 19, 1961, from the Oval Office
Oval Office
The Oval Office, located in the West Wing of the White House, is the official office of the President of the United States.The room features three large south-facing windows behind the president's desk, and a fireplace at the north end...
of the White House
White House
The White House is the official residence and principal workplace of the president of the United States. Located at 1600 Pennsylvania Avenue NW in Washington, D.C., the house was designed by Irish-born James Hoban, and built between 1792 and 1800 of white-painted Aquia sandstone in the Neoclassical...
, Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
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