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Henderson Daily Dispatch
Henderson, Vance County, North Carolina
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Marriner S. Eccles, Federal Reserve chairman, testified in Washington on Feb. 25 before the House Banking Committee, opposing wage hikes without profit gains and rejecting lifting OPA price ceilings, likening it to skipping smallpox vaccination.
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Washington, Feb. 25 - (AP) Marriner S. Eccles, Federal Reserve System chairman, said today wage increases can be justified "only by paying them out of increased profits not by increased prices." Appearing before the House Banking Committee, Eccles disagreed with the position of the National Association of Manufacturers that OPA price ceilings should be lifted at this time and prices, through increased production, would soon find their level. "It is like arguing against vaccination, that it is better to chance getting cured from smallpox than to take precautions," he said.
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Domestic News Details
Primary Location
Washington
Event Date
Feb. 25
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Event Details
Marriner S. Eccles, Federal Reserve System chairman, testified before the House Banking Committee, stating that wage increases are justified only by increased profits, not by higher prices. He opposed the National Association of Manufacturers' call to lift OPA price ceilings, arguing that prices would not self-regulate through production and comparing it to avoiding vaccination against smallpox.