George W. Mitchell (#165)

An Inventory of His Personal Papers, 1944-1988
At the John F. Kennedy Library
National Archives and Records Administration

Administrative Information
Biographical Note
Collection Overview
List of Series
Series Description

Administrative Information

Abstract
Papers, 1944-1988
Economist, government official. Member and consultant to the Board of Governors, Federal Reserve System; member Electronic Funds Transfer Commission. Correspondence, meeting notes, speeches, books, notebooks, photographs, printed material.

Access
Open.

Usage Restrictions
According to the deed of gift signed 10 November 2001, copyright of these materials has been assigned to the United States.  Documents in this collection that were prepared by officials of the United States as part of their official duties are in the public domain. Users of these materials are advised to determine the copyright status of any document from which they wish to publish.

Copyright
The copyright law of the United States (Title 17, United States Code) governs the making of photocopies or other reproductions of copyrighted material. Under certain conditions specified in the law, libraries and archives are authorized to furnish a photocopy or other reproduction. One of these specified conditions is that the photocopy or reproduction is not to be "used for any purpose other than private study, scholarship, or research." If a user makes a request for, or later uses, a photocopy or reproduction for purposes in excesses of "fair use," that user may be liable for copyright infringement. This institution reserves the right to refuse to accept a copying order if, in its judgment, fulfillment of the order would involve violation of copyright law. The copyright law extends its protection to unpublished works from the moment of creation in a tangible form. Direct your questions concerning copyright to the reference staff.

Provenance
Received from George W. Mitchell of Arlington, VA, in March 1991 (Acc. 1994-050).

Extent
About 12,400 items (16 linear feet, 8 linear inches ; 19.2 cubic feet)

Classified Items Withdrawn
Selected folders may contain withdrawal sheets where documents containing national security classified information were removed from this collection.

Withdrawn Items
Selected folders may contain withdrawal sheets where documents, in accordance with the donor's deed of gift, were removed from the collection. These include documents, which may be used to injure or harass any living person.

All withdrawn documents have been placed under seal and upon request the Kennedy Library will review any material which has been closed for a period of not less than 2 years for the purpose of opening items which no longer require restrictions. Researchers should consult the reference staff to obtain the appropriate form(s).

Date Opened
March 2002
Series 4. Federal Open Market Committee, opened April 2003

Processed by
Mark Dionne

Revisions
Finding aid updated in April 2003 by Jaimie Quaglino

Encoded by
James M. Roth

The Personal Papers of George W. Mitchell, 1904-1997

Biographical Note

George W(ilder) Mitchell was born 23 February 1904, in Richland Center, Wisconsin, the son of George Ray and Minnie Mitchell. After graduating from the University of Wisconsin in 1925, Mitchell worked as a research assistant at the University of Iowa and the University of Chicago until 1932. In 1933 the Illinois Tax Commission employed him as Director of Research before becoming a member of the Commission the following year. From 1940 to 1942, Mitchell served as Assistant to the Director of Revenue for the State of Illinois. From 1943 to 1950, the Chicago Federal Reserve Bank employed Mitchell while he also worked as a consultant for the Bureau of Internal Revenue. During this time, Mitchell simultaneously served as Director of Finance for the State of Illinois under Governor Adlai Stevenson and was appointed Vice President in charge of research of the Chicago Federal Reserve Bank. In addition to his extensive employment history Mitchell was also a member of the American Economic Association, American Finance Association, and National Committee on Government Finance, Brookings Institution.

In 1961 President John F. Kennedy appointed Mitchell to the Board of Governors for the Federal Reserve System for a term of fourteen years, the last four of which he served as Vice-Chairman. When his tenure with the Federal Reserve System expired Mitchell served as a consultant to the Board of Governors as a member of the Electronic Funds Transfer Commission and as an independent financial consultant until December 1988.

Mr. Mitchell died in 1997 in Arlington, Virginia.

Collection Overview

The Personal Papers of George W. Mitchell document his professional and public service career activities. They are organized into three series, spanning the years 1944 to 1988, and filed alphabetical by subject. The subject series contains material filed by Mitchell's staff and arranged according to subject. These records are divided into two subseries. The first subseries, Federal Reserve System, covers the years 1957 to 1976, and contains material originating from Mitchell's appointment as Director of Finance for Illinois Governor Adlai Stevenson and, more extensively, his appointment by President Kennedy to the Board of Governors for the Federal Reserve System from 1961 to 1976. The second subseries contains material covering the years 1959 to 1988. This material pertains to Mitchell's work as a consultant for the Federal Reserve's Board of Governors as a member of the Electronic Funds Transfer Commission and as an independent financial consultant until his retirement in 1988.

The Correspondence series is arranged chronologically and alphabetical by subject. This material consists mostly of correspondence and memoranda originating from colleagues in various government offices as well as from domestic and international businessmen and economists. Also included in this series are a number of photographs of Mitchell taken with his associates and fellow administrators while he was working for Governor Adlai Stevenson.

The Speech File consists of a collection of speeches and lectures given by Mr. Mitchell between the years 1944 to 1988. The Speech Files also contain related materials including correspondence, financial reports, and academic papers.

Federal Open Market Committee (FOMC) materials consist of correspondence, memoranda, meeting notes (many handwritten by Mr. Mitchell), minutes, and reports. The FOMC held eight regularly scheduled meetings per year, during which members reviewed economic and financial conditions, determined the group’s stance on monetary policy, and assessed any risks in the economic outlook. Materials reflect the ultimate goals of the Committee, which were to foster price stability and sustainable economic growth. Most items consist of typed records.

List of Series

Series Description

Series 1. Subject File.

The Subject File contains material that was filed and labeled by staff members working under George Mitchell. This series is divided into two subseries; the Federal Reserve System, which covers the years Mitchell served on the Board of Governors for the Federal Reserve, 1961-1976, and the Electronic Funds Transfer Commission, which covers the years 1973 to 1989. These records are filed alphabetical by subject. Both these subseries contain typescript and handwritten notes, economic reports and studies, published surveys, conference materials, and letters of correspondence.


Subseries 1.1. Federal Reserve System, 1957-1976.
About 500 items.
Arrangement: alphabetical by subject.

This series contains itineraries and schedules of meetings and conferences with detailed emphasis on the Sixth Conference of Central Bank of Governors of the American Continent, 27-28 April, 1969. There are also Federal Open Market Committee files, which contain numerous handwritten and typescript notes and comments taken at meetings from 1961-1974. These items are dated and filed chronologically. There are several lengthy reports and letters of correspondence from academic advisors and economic experts as well as correspondence from colleagues and government officials. Other reports contain the results of economic surveys and studies, including a detailed record of the Kankakee Study (1957-1964) and numerous files concerning foreign exchange and banking practices with heavy concentration on South American banks. In addition, there are three folders devoted to the issue of legislation and regulation of the gold standard and foreign and domestic exchange.

Subseries 1.2. Electronic Funds Transfer Commission, 1959-1988.
About 1100 items.
Arrangement: alphabetical by subject.

Records cover the years Mr. Mitchell served as a consultant to the Federal Reserve’s Board of Governors as a member of the Electronic Funds Transfer Commission. Contains photographs, schedules, conference materials, research articles, consultant papers by academic and computer experts, amendments to federal regulations, Federal Reserve materials, and group studies and reports on international payment systems.

Series 2. Correspondence, 1965-1988.
About 500 items.
Arrangement: chronological then alphabetical by subject.

Contains office correspondence, journals, memoranda, draft reports, handwritten notes, newsclippings, financial reports, fiscal charts, and photographs. Files also contain correspondence from the White House staff on the issue of foreign banking regulations as well as annual reports to Congress. In addition, there is correspondence, photographs, and related material pertaining to Adlai Stevenson, as well as letters from the Atomic Energy Commission on the subject of artificial gold production, and a copy of the Federal Reserve System’s Goals and Regulations. Researchers should note that the original organization of these records has been retained: the first part of the series is arranged chronologically by year and the second part is arranged alphabetically by subject. Researchers should check in Series 1., for other correspondence.

Series 3. Speech File, 1944-1988.
About 500 items.
Arranged chronological by year.

Speech files contain correspondence, printed material (Urban Land Institute leaflets), economic studies, financial reports, academic papers, and speeches produced and collected by Mr. Mitchell. The material dating from 1944 to 1961 and 1980 to 1988 is organized chronologically by year. The material dating from 1961 to 1979 is organized into one, or two-year chronologically filed sets with a numbered tab attached to the first page of each item in the set. Each set is accompanied by a numbered list, which identifies the title of the item, the organization that sponsored the speech, and the place and date where the speech was held.

Series 4. Federal Open Market Committee, 1961-1980.
About 500 items.
Arrangement: chronological and alphabetical by type.
Opened April 2003.

Federal Open Market Committee files contain notes, minutes, and reports compiled during meetings Mitchell attended as member of  the Committee, 1961-1980. General files contain correspondence regarding Committee activity, 1966 to 1970, as well as printed staff presentations, which are arranged alphabetically. Handwritten and typed notes contain detailed comments taken during meetings from 1961 to 1974. Minutes include typed overviews, outlines and detailed summaries of meetings. Reports of the Committee include two types of publications: Current Economic and Financial Conditions ("green books"), and Current Economic Comment by District ("red books"), 1976-1980. These items are dated and filed chronologically.