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Economy / Oil Prices / Federal Reserve Board #40737

ABC Evening News for Thursday, Nov 11, 1976
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(Studio) State Department spokesperson says today United States and other industry ntns. working together to prevent increase in price of oil, when oil production cntrys. meet next mo. to consider such move. In DC, Federal Reserve Board Chairperson Arthur Burns notes economy impact increase could have on United States and other ntns.
REPORTER: Barbara Walters

(DC) Burns reads statement with regard to economy growth rate and limits on circulating cash and checking account deposits to Senator Banking Committee [Committee chairperson Senator William PROXMIRE - says Burns seems to be saying expansion needed but board won't help much.] [BURNS - says shortage in country not of money, but willingness to use it; says policy suggested would make shortage multiply.] Statement means new administration and Congress will have to tackle economy on own without help from board, as it is independent.
REPORTER: Dan Cordtz

Cordtz, Dan;
Walters, Barbara

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