Federal Reserve System Exchange of Letters on the Resignation of Arthur F. Burns as a Member of the Board of Governors.
January 13, 1978
Dear Chairman Burns:
It is with sincere regret and a deep sense of personal loss that I accept your decision to resign as a member of the Federal Reserve Board.
We have worked together closely over the past year, and my respect for your sound judgment and integrity has grown steadily. Your advice and counsel have been of enormous value to me in dealing with the difficult decisions I had to make during my first year as President.
Your leadership of the Federal Reserve over the past eight years occurred at a time when our nation, and others around the world, were forced to grapple with economic problems of extraordinary complexity. Our country has been fortunate to have a person of your experience and knowledge at the helm of the central bank during this difficult period.
Because of your impeccable honesty, your wisdom, and your frank and courageous presentation of your professional opinions, citizens in every walk of life have come to know and respect you during your long period of public service. In expressing my own profound thanks to you, I am conveying the sentiments of a grateful nation.
I will miss very much the frequent personal contact that we have had over the past year, and I trust that in the future your services will still be available to me and to the nation.
[The Honorable Arthur F. Burns, Chairman of the Board of Governors, Federal Reserve System, Washington, D.C. 20551]
January 12, 1978
Dear Mr. President:
I have given careful thought to the question of continuing to serve as a member of the Federal Reserve Board and have decided not to do so. This decision is based on my conviction that Mr. Miller deserves the fullest opportunity to establish his leadership at the helm of our Nation's central bank. The continued presence of a former Chairman could, in my judgment, be a complicating distraction.
I am mindful, of course, of the desirability of easing the transition at the Board and also of affording you time to name a new Board Member. With these and also personal considerations in mind, I propose March 31, 1978—or any earlier convenient time—as the effective date of resignation.
I take leave of my present office with deep gratitude for the opportunity I have had to serve under you and five of your predecessors. America is a blessed country and it has been good to its people. Adopted citizens, such as myself, perhaps know this even more keenly than do the native born. That is why their love of this land of freedom and opportunity is so often all-consuming. I need hardly add that you can count on me if I can ever be of significant help in your efforts on our country's behalf.
With every good wish to you,
ARTHUR F. BURNS
[The President, The White House, Washington, D.C.]
Jimmy Carter, Federal Reserve System Exchange of Letters on the Resignation of Arthur F. Burns as a Member of the Board of Governors. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/244954