Statement Announcing a Conference of Federal Reserve District Banking and Industrial Committees.

THE PRESIDENT said:

I have called a national conference for August 26, of the business and industrial committees of the 12 Federal Reserve districts for the purpose of organizing a concerted program of action along the whole economic front. The conference will deal with specific projects where definite accomplishments in business, agriculture, and employment can be attained and will coordinate the mobilization of private and governmental instrumentalities to that end.

On July 29, I announced that preliminary conversations were in progress between responsible heads of the government instrumentalities and private groups in business and industry as to such a program, and that at a later time I would announce the date of a conference for a more definite development of these ideas. The areas of positive and definite action have been further explored by informal discussions between representatives of various groups and industries with Government officials during the past 2 weeks.

Twelve committees representing the Federal Reserve districts were established some weeks ago. I have asked the chairmen of these committees, together with the Government officials set out below to meet in Washington the day before the conference for the purpose of preliminary preparation of the program and organization of the conference:

Members of the organization committee are:

CARL P. DENNETT, Chairman, Boston District

OWEN D. YOUNG, Chairman, New York District

GEORGE H. HOUSTON, Chairman, Philadelphia District

L. B. WILLIAMS, Chairman, Cleveland District

EDWIN C. GRAHAM, Chairman, Richmond District

GEORGE S. HARRIS, Chairman, Atlanta District

SEWELL L. AVERY, Chairman, Chicago District

J. W. HARRIS, Chairman, St. Louis District

GEORGE D. DAYTON, Chairman, Minneapolis District

JOSEPH F. PORTER, Chairman, Kansas City District

FRANK KELL, Chairman, Dallas District

K. R. KINGSBURY, Chairman, San Francisco District

OGDEN L. MILLS, Secretary of the Treasury

ARTHUR M. HYDE, Secretary of Agriculture

ROY D. CHAPIN, Secretary of Commerce

W. N. DOAK, Secretary of Labor

EUGENE MEYER, Governor of the Federal Reserve Board

ATLEE POMERENE, Chairman, Reconstruction Corporation

PAUL BESTOR, Chairman, Farm Loan Board

FRANKLIN FORT, Chairman, Federal Home Loan Board

JAMES C. STONE, Chairman, Federal Farm Board

Among the subjects which will be considered and definitely formulated are: a canvass of the means, methods, agencies, and powers available in the country for general advancement; wider expansion of credit facilities to business and industry where consumption of goods is assured; coordination and expansion of livestock and agricultural credit facilities; coordination and expansion of financial facilities for the movement of commodities into consumption; expansion of programs for repairs and maintenance of the railways; and creation of organization for further spread of existing employment and expansion of employment.

A number of other possible questions such as the forthcoming World Economic Conference, protection of bondholders and mortgage renewals, coordination with trade groups, and other subjects will be explored. It is expected to outline a basis for public, commercial, and trade group cooperation in the execution of the purposes of the conference.