2The Daily Tar HeelFriday,-August 30, 1985
Fedleirall foainiks ogp
By MARK POWELL
Business Editor
The I'niicd States 12 Federal Reserve banks are
ignoring a 1977 law that mandates consumer
representation on their boards of directors, according
to a Puke University economist.
Dr. Thomas H. Havrilesky. a professor of
economics at Duke, charges in a study that the U.S.
Federal Reserve banks are not putting consumer
representation on their boards. The 1977 Federal
Reserve Reform Act directed the banks to broaden
the membership of their boards of directors to
represent the public with due, but not exclusive,
consideration to the interests of agriculture, com
merce, industry, the services, labor and consumers.
"Yet since 1977 not a single representative of a
consumer group has been elected or appointed to a
Federal Reserve bank's board," Havrilesky said in
the study.
Arthur Meyers, vice president of the Federal
Reserve Bank of Richmond, disagreed with Havri
lesky s charges.
"What is a consumer?'' Meyers said. "Our entire
board is made up of consumers. We are all
consumers."
Meyers, whose bank covers North Carolina and
five other states in the South, said the board of the
Federal Reserve Bank of' Richmond had three
bankers, two company presidents, one division head,
two partners in law and a president of a labor union.
"We have a broad representation," Meyers said.
"The various segments of society are represented and
certainly all nine members are consumers."
The law requires the Federal Reserve banks to have
board membership that reflects the interests of the
public, including agriculture, commerce, industry, the
services and labor and consumers. Havrilesky found
that representation from these areas have been added
to the boards, but not one consumer representative
has been made a director.
Havrilesky said the majority of board members were
from business, and most of them were from the highest
echelons of business. He said the continued domi
nation of boards by top executives of the United
States' largest corporations led him to feel that the
boards served to protect the Federal Reserve's
prerogatives and advanced the interests of the largest
commercial banks.
The Federal Reserve banks have three classes of
directors, according to Havrilesky. Class A directors
are bankers elected by commercial banks in the
Federal Reserve bank's district. Class B directors are
usually businessmen, elected by commercial banks.
Class C directors, appointed by the Federal Reserve's
Board of Governors, represent public interest groups.
"They ( Federal Reserve banks) probably don't want
people around who will rattle the cage, criticize the
Fed from within," Havrilesky said. "The Federal
Reserve system is nothing more than a very expensive
way of politicizing the nation's monetary policy, while
allowing Congress and the administration to blame
the Fed whenever, the economy comes upon hard
times."
iaboir Day weekend
:"t ISbirairy schedule
Davis Library
Saturday, Aug. 31 9 a.m.-5 p.m.
Sunday, Sept 1 1 p.m.-5 p.m.
Monday, Sept 2 Closed
Undergraduate Library
Saturday, Aug. 31 9 a.m.-5 p.m.
Sunday, Sept 1 Noon-Midnight
Monday, Sept 2 8a.m.-11 p.m.
Prayer vigil for Stewart today
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By RACHEL ORR
Staff Writer
The United Christian Fellowship will
sponsor a prayer meeting in the Pit
Friday for UNC graduate student
Sharon Stewart, who was kidnapped off.
Franklin Street Saturday night.
Rev. Michael Evans, pastor of the
UCF, will lead the meeting from 12:05
to 12:50 p.m. The prayer will ask that
God protect UNC students, said Jerome
Hughes, UCF chairman.
, The idea for a campus-wide prayer
meeting first came to Hughes last
Tuesday evening. "After three or four
hours of prayer I believe God confirmed
my idea," said Hughes, a junior English
major from Baltimore.
"Our group believes Jesus is Lord,
and our church is founded upon the
uncompromised word of God." Hughes
said. "Our prayer will be founded on
the same belief." Y . " '
Hughes cited Mark 1 1:24 as a basis
for the meeting. "God honors the
prayers of those who entrust their hearts
to him," he said.
Hughes said he thought the prayer
meeting would have an immediate and
lasting effect on the campus in general.
For those unable to attend- the
meeting in the Pit, Hughes asked; that
they make a special effort to pray for
Stewart during the noon hour Friday.
A campus organization and church,
the United Christian Fellowship nor
mally meets on Wednesday evenings
and Sunday mornings in the Upend o
Room located in Chase. The 13 year
old group has approximately 40 active
members and is open to any interested
persons.
W. German intelligence chief
Iked over agent's defection
From wire reports
BONN, West Germany - West
German Federal Intelligence Service
chief Herbert Hellenbroich was
dismissed by Chancellor Helmut
Kohl over the defection of a top
intelligence agent last week.
Four supposed East German spies
were arrested in England and Swit
zerland. These arrests were report
edly in connection with the Bonn
scandal that has disturbed the
German administration.
Police battle protestors in S.
Africa
CAPE TOWN, South Africa
Cape Town's worst outbreak in six
weeks came after the government
formally prohibited a planned march
from Cape Town to Pollsmoor
prison in order to demand the release
of jailed black nationalist Nelson
Mandela.
The Cape Town police used shot
guns, whips, rubber bullets and tear
gas Wednesday to battle thousands
of protesters. At least four people
were killed, and 50 people were
wounded.
Conductors refuse to strike
LONDON - Prime Minister
Margaret Thatcher won a victory
over organized labor as rail conduc
tors rejected their union's call for
strike.
The threat of rail paralysis was
ended when conductors voted
against "industrial action." The
union called the vote when plans
news in brie?
were announced to remove conduc
tors on all freight trains and some
passenger trains.
Israelis raid villages
BEIRUT, Lebanon Israeli
forces raided three Moslem villages
in Southern Lebanon, and Syrian
based terrorists claimed a suicide car
bomber which has killed or wounded
60 people at a Christian militia base.
In Tel Aviv, the Israeli military
said the raids were to capture alleged
guerrillas and protect the Northern
Israeli settlements.
The terrorist group, Arab Baath
Socialist Party, sent a BMW filled
with TNT into a South Lebanon
Army base. The SLA, which is
largely Christian, is financed by
Israel.
i
Plan offered to find MIAs
HANOI, Vietnam The Vietna
mese government suggested a two
year plan that would resolve the
whereabouts of over 1,400 Ameri
cans missing in action in Vietnam.
Hoang Bith Son, vice foreign
minister, said Vietnam would wel
come any financial assistance but
had not requested it. .
It could move faster if the U.S.
changed from a hostile attitude to
a friendlier one.
JOB OPPORTUNITY
PART-TIME EMPLOYMENT
UNION TECH CREW
Informational Meeting
For Old and Potential Employees
Wednesday, September 4
5:00 p.m. Memorial Hall
Previous Experience Preferred!
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Teller locations convenient
toUNC-ChapelHill
UNC-ChapelHM
Student Bookstore
Campus
Main
165 E. Franklin Street
University Mall
Willow and Estes Drives
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W riii .nrw i.iriiii
Mchovialeller II
You can bank at Wachovia
Teller H any time of the
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you need is your Wachovia
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With a Teller II nearby and more
than 130 statewide chances are you'll
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more than v,UUU locauons wnerever you see
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CREATIVE SANDWICHES
SOUPS
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THE TRADING POST
106 S. Greensboro St.
Carrboro Beside Wendy's
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o Model Open Daily 12-4 pm
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phone delivery
psfsons
Part or full-time.
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Flexible hours and
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Must have own
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