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June 17, 1970, Economic Policy Speech

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THE WHITE HOUSE WASHINGTON June 15, 1970 INFORMATION Economic Speech MEMORANDUM FOR THE PRESIDENT Herewith the latest draft of the Economic Speech reflecting your desires that it be shorted significantly. You will note on the bottom of page 5 the beginning of a sentence in which you refer to an assurance from the Chairman of the Federal Reserve System there will be no "lack of liquidity. It Paul McCracken would have preferred: "The Board of Governors of the Federal Reserve System has assured me of their intention not to allow the orderly expansion of the economy to be endangered by a shortage of liquidity." I feel that it would have been difficult to get an assurance from the entire Board. You may wish to discuss the language in the draft, perhaps the McCracken proposal, with Arthur Burns when you meet with him this afternoon. PMD Flanigan Attachment

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