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Page 6 - The Michigan Daily - Wednesday, December 7, 1983


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Branches of government AP Photo
Snow-covered branches frame the State Capitol Building dome in Lansing
yesterday morning after three inches of snow fell across Michigan. Galoshes
and mittens will be in order for a while as falling temperatures and more
winter weather are expected.
House assails Federal
Reserve's secrecy

WASHINGTON (AP) - A study by
the House Banking Committee released
yesterday assailed as "intolerable in a
democracy" the secrecy that surrounds
the Federal Reserve Board's monetary
policy sessions.
The central bank, the report said,
"has not been authorized to conduct
covert operations in our nation's money
markets, but the Central, Intelligence
Agency would be proud to match the
Fed's record for operating in the
shadows."--,,~
SEVERAL PANEL members took
issue with the sharp tone of the report
and noted the full committee did not
vote to adopt the document, which in-
cludes a disclaimer to that effect on its
cover.
"Objection must be lodged against
the insidious tone of this report.. . I do
not believe it reflects majority sen-
timent on the committee," said Rep.
Stephen L. Neal (D-N.C.), in a dissen-
ting view.
A committee spokesman, who asked
not to be identified, said, however, "It
generally reflects the views of a
majority of the committee."
THE STUDY, put together by the
committee's staff, recommends that
Federal Reserve policy-makers be
more open in their deliberations and
announce certain decisions on

monetary policy as soon as they are
made.
But Federal Reserve Chairman Paul
Volcker, responding to questions
earlier in the week about the report,
said, "You won't get better policy by
conducting monetary policy in a gold-
fish bowl ... . Any attempt to announce
every judgment every time would lead
to more, rather than less, confusion;
more, rather than less, anticipation of
action; and more, rather than less, in-
stability."
The board's policy-makers - the
Federal Open Market Committee -
meet about- eight times a year.. The
minutes: of the meetings aren't made
public until about six weeks later, after
the next meeting. The panel consists of
the seven governors of the Federal
Reserve Board and the presidents of
five of the 12 regional Federal Reserve
Banks.
In those sessions, the Open Market
Committee decides how to control the
supply of money and credit to the
banking system, which indirectly affec-
ts the level of interest rates. The policy-
makers have been maintaining a
modest level of restraint on the money
supply in an effort to keep inflation un-
der control.

Panel proposal would

ease dorm
(Continued from Page 1)
"WE ARE disappointed that in-hall
privileges are lost but we don't think
students will be outraged," Burley said.
"The escalation clause plus accom-
modations for transferring (from one
dorm to another) is a good thing."
STUDENT,
ACCOUNTS
Your attention is called to the
following rules passed by the
Regents at their meeting on
February 28, 1936: "Students
shall pay all accounts due the
University no later than the
last day of classes of each
semester or summer session.
Student loans which are not
paid or renewed are subject
to this regulation; however,
student loans not yet due are
exempt. Any unpaid accounts
at the close of business on
the last day of classes will be
reported to the Cashier of the
University and
"(a) All academic credits
will be withheld, the grades
for the semester or summer
session ;+ ustcmnlerdi l m

switches
Some housing officials are concerned
that the new plan would cause an in-
crease in upperclassmen in some halls
and a flight of returning students from
other halls - a situation that might
leave some halls without sufficient
leadership and role models.
"RHA doesn't share in that concern,"
Burley said.. "Freshman aren't that
immature that they need role models to
that extent."
OTHERS SEE the problem from the
opposite point of view, saying that
freshpersons are the lifeblood of hall
spirit and leadership.
Hugh Scott, president of the West
Quad-Barbour-Newberry Student
Council, said the danger in a dorm like
West Quad would pe a loss of under-
classmen.
"It's the freshmen that set the en-
vironment," he said. "West Quad is
currently enjoying great popularity on
campus; it could become an upper-
classmen hall."
Scott put the planning committee's1
proposal up for a council vote at West
Quad last month and it was rejected,
but he said he personally sees a need to
open the lotteries up.
"YOU SHOULD be able to live
wherever you want and with whomever
you want," Scott said.
Last year, many students complained
they were -cheated by the waiting list
system. After being required to sign

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© 1983

MSL/JRG INC.
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Drawing Dec. 15, 1983. You must be 18 or older to enter You need not be present nor be a Mutual Savings

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Drawing Dec. 15, 1983. You must be 18 or older to enter You need not be present nor be a Mutual Savings
customer to win. Deposit this registration at our Ann Arbor office.
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