Position of the Central Bank in the Governmental Structure

On December 12, 1951, Mr. Allan Sproul, President of the Federal Reserve Bank of New York, in addressing a group of life insurance company executives, made reference to the conflict between the Federal Reserve System and the Treasury which has been the object of such frequent controversy in the United States during recent years. Mr. Sproul went on record as opposing suggestions that the Federal Reserve System be brought within the executive branch of the Government on the ground that such a suggestion "runs counter to the whole idea of separation of the central banking system from changing executive administrations."