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MR. KING: How does the Open-Market Committee get its ideas?

GOVERNOR MILLER: They sit around and talk about it. I do not know 

whose idea this was. It was distinctly a time in which there was a 

cooperative spirit at work.

CHAIRMAN MCFADDEN: You have outlined here negotiations of very 

great importance.

GOVERNOR MILLER: I should rather say conversations.

CHAIRMAN MCFADDEN: Something of a very definite character took 

place?

GOVERNOR MILLER: Yes.

CHAIRMAN MCFADDEN: A change of policy on the part of our whole 

financial system which has resulted in one of the most unusual 

situations that has ever confronted this country financially (the stock 

market speculation boom of 1927-1929). It seems to me that a matter 

of that importance should have been made a matter of record in 

Washington.

GOVERNOR MILLER: I agree with you.

REPRESENTATIVE STRONG: Would it not have been a good thing if there 

had been a direction that those powers given to the Federal Reserve 

System should be used for the continued stabilization of the purchasing 

power of the American dollar rather than be influenced by the 

interests of Europe?