Credit Policies of the Federal Reserve System

THE BROOKINGS INSTITUTION

The Brookings Institution—Devoted to Public Service through Research and Training in the Humanistic Sciences—was incorporated on December 8, 1927. Broadly stated, the Institution has two primary purposes: The first is to aid constructively in the development of sound national policies} and the second is to offer training of a super-graduate character to students of the social sciences. The Institution will maintain a series of co-operating institutes, equipped to carry out comprehensive and inter-related research projects.

The responsibility for the final determination of the Institution’s policies and its program of work and for the administration of its endowment is vested in a self-perpetuating Board of Trustees. The Trustees have, however, defined their position with reference to the investigations conducted by the Institution in a by-law provision reading as follows: “The primary function of the Trustees is not to express their views upon the scientific investigations conducted by any division of the Institution, but only to make it possible for such scientific work to be done under the most favorable auspices.” Major responsibility for “formulating general policies and co-ordinating the activities of the various divisions of the Institution” is vested in the President. The by-laws provide also that “there shall be an Advisory Council selected by the President from among the scientific staff of the Institution and representing the different divisions of the Institution.”

BOARD OF TRUSTEES

Robert S. Brookings

Whitefoord R. Cole

Norman H. Davis

Frederic A. Delano

Clarence Phelps Dodge

Jerome D. Greene

David F. Houston

Vernon Kellogg

John C. Merriam

Harold G. Moulton

John Barton Payne

Leo S. Rowe

Bolton Smith

OFFICERS

Robert S. Brookings, Chairman

Leo S. Rowe, Vice-Chairman

Henry P. Seidemann, Treasurer

Harold G. Moulton, President

Leverett S. Lyon, Executive Vice-President

ADVISORY COUNCIL (1932-33)

Arnold B. Hall

Charles O. Hardy

Lewis L. Lorwin

Leverett S. Lyon

Edwin G. Nourse

Henry P. Seidemann