Oral Answers to Questions — British Army. – in the House of Commons on 7th May 1940.
asked the Chancellor of the Exchequer whether, when preparing our post-war monetary policy, he will examine the reasons for the Council of the United States Federal Reserve Board declaring on three separate occasions last year that low rates of interest have done undeniable economic injury to the United States of America, and have failed to achieve the stated aim, so as to avoid cheap money in peace-time injuring the nation as a whole, and to adjust our policy accordingly?
Conditions in the United States and in this country are of course by no means the same, but the matter will be examined when documents are available. The opinions in question were, I gather, expressed by the Federal Advisory Council, not by the Federal Reserve Board.