Richmond Fed History

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June 17, 2014

1940 Industrial Advisory Committee Report to the Board of Governors

IAC report

Industrial Advisory Committee Report, June 1940

During the Great Depression, the Federal Reserve made significant loans to non-bank entities to boost U.S. industry. Each bank established an Industrial Advisory Committee to oversee loan requests. In June 1940, the Richmond Fed submitted a report to the Federal Reserve Board of Governors on loans made in the Fifth District and argued that the power to make such loans should not be repealed. To learn more about Fed lending to non-bank firms during the Great Depression, see the Economic Brief from March 2013.

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Bob McTeer talks about leading the Baltimore Branch and becoming president of the Dallas Fed.