1. Fed Presidents Urge Moderate Money Supply;Los Angeles Times,1974
2. Minutes of the committee's November 18 meeting, released yesterday after the customary 45-day lag, showed that the panel voted nine-to-three to allow the federal funds rate to decline to 4.5% if necessary in the two-month period, down from the 5.25% rate prevailing at the time. Dissenting from the majority were Reserve Board members Philip C. Jackson Jr., Paul Volcker, president of the New York Federal Reserve Bank and David P. Eastburn, president of The Reserve Bank at Philadelphia. Messrs. Volcker and Jackson said that then-prevailing money-market conditions should be maintained for the time being. Mr. Eastburn sought an easier monetary stance than did the majority;Wall Street Journal
3. Within the seven-man board of governors itself, the last-published FOMC minutes (dated Feb. 5 for the Dec. 16-17 meeting) showed that governors George Mitchell and Henry Wallich dissented from the majority decision calling for "a more stimulative policy;The Washington Post,1975
4. But the meeting records-released as usual, a little over a month after the session -also disclose that two of the Fed's own governors, David Lilly and Henry Wallich, thought the tightening was going too far;Wall Street Journal,1977