Ike Disclaims Any Role In FRB Credit Moves
President Eisenhower yesterday disclaimed responsibility for the Federal Reserve -.Board's credit. - tightening -'moves, declaring thatxthe agen-Û¢'cy is independent'.'</br></br>He did not comment directly non a reporterÛªs statement1 that tr.the Administration had helped ...lift interest rates. But he said --at his news conference, ÛÏThe federal Reserve Board is not Wunder my control, and I think ^.It is proper that the Congress .. did set it up as an independent ~ agency.Û si He thus reaffirmed a posi--i-tion he took last 'April. Mr. : Eisenhowet characterized a --suggestion that he could influence the Board as a ÛÏpremise ÐÊ.-that isnÛªt quite correct.Û</br></br>'7 :> He thereby sought to blunt Ti)emocratic charges that his ÐÊ"Administration had fostered .,^ight money policies hurting f local governments, home buy-jers, small business, farmers ÛÏand others. 'l~_- The PresidentÛªs replies dealt Û¢ÐÊwith a relatibnship that has1 f,troubled Congressional com-1 -jmittees.</br></br>ÐÊ?"' Legally, the Board is responsible solely to Congress. The ÛÏPresidentÛªs only formal con-unection is the appointment of the seven Reserve governors to Iheir 14-year terms. The pres-</br></br>ent chairman, William McChes-ney Martin Jr., was named by Mr. Truman and renominated by Mr. Eisenhower.	Û¢Û¢