Mr. Brimmer is Thomas Henry Carroll Ford Foundation Visiting Professor, Harvard University, Graduate School of Business Administration. From March 1966, through August 1974, he was a Member of the Board of Governors of the Federal Reserve System.
Mr. Dahl is Assistant Director, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System. The views expressed here by Mr. Dahl are his own and should not be attributed to the Board. We are indebted to Miss Susan Steiner of the Federal Reserve Board staff for assistance in the preparation of this paper.