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Historical Documents

Historical Documents

This primary source material illustrates pivotal moments leading up to the Treasury-Fed Accord.

Unless otherwise noted, the source of this material is FRASER, an online repository of historical documents maintained by the Federal Reserve Bank of St. Louis.

Minutes from Pivotal Meetings: 1950-1951

Federal Open Market Committee, Aug. 18, 1950
At Allan Sproul's behest, the FOMC decides to challenge Treasury Secretary Snyder's unwillingness to allow any rise in interest rates, short-term or long-term.

Federal Open Market Committee, Jan. 31, 1951, 10 a.m. and
6:45 p.m.

The FOMC discusses its institutional arrangement with the Treasury Department, then reconvenes after meeting with President Truman at the White House. The meeting is the first between a U.S. president and the committee.

Board of Governors, Feb. 6, 1951
The board discusses several leaks to the press concerning the FOMC's Jan. 31 meeting with President Truman.

White House Meeting: February 26, 1951

Meeting Notes by William McChesney Martin
Martin, then assistant Treasury Secretary and future Fed Chairman, provides his account of President Truman's "frank and open discussion" about fiscal and monetary policy issues.

Meeting Notes by Allan Sproul
Sproul, then president of the New York Fed, provides his account of President Truman's "frank and full discussion" with government officials. Attached to his notes is a copy of the memorandum Truman read to the group. (Document from Allan Sproul Papers at the Federal Reserve Bank of New York Archives).

Minutes of Federal Open Market Committee meeting
The committee discusses the White House meeting, then reconvenes after the meeting to discuss its next steps.

Accord Reached: March 4, 1951

Joint announcement by the Treasury Secretary and the Chairman of the Board of Governors and the Federal Open Market Committee

Statement by the Treasury Department and other related documents

Looking Back

"The 'Accord' - A Landmark in the First Fifty Years of the Federal Reserve System"
Allan Sproul writes about the events leading up to the Treasury-Fed Accord in this 1964 article in the New York Fed's Monthly Review.

Oral History Interview with John W. Snyder
In this excerpt from a May 7, 1969 interview, Snyder provides his view of the debate between the Treasury Department and the Federal Reserve. (Transcript of interview used with permission of Truman Library.)

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