Allan Meltzer's _A History of the Federal Reserve, Volume 2, Book 1; Books 1951-1969_. 

Milton Friedman discussed Penn Central and Franklin National:  

http://hoohila.stanford.edu/friedman/ecs.php

Soon all Friedman's op-ed pieces (and almost everything else he wrote) will be searchable on the Hoover website. 

I also recall a handwritten letter from Friedman to Burns on these topics (in the Burns archives but not in the Friedman archives).  

RL

----- Original Message -----
From: "Onur Ozgode" <[log in to unmask]>
To: [log in to unmask]
Sent: Friday, 13 December, 2013 10:41:23 PM
Subject: [SHOE] Question on the Federal Reserve's Financial Emergency Program

Dear all,

I have question with regard to the origins of the Federal Reserve's
financial emergency program in the 1970s. I came across a reference to this
program when I was reading the testimony of Fed Chairman Arthur Buns in the
Congressional hearings on the New York City Default. Burns refers to a
financial emergency program based on the lender of last resort practice
through the discount window. He says it was started in 1970 and was used in
a series of "financial emergency" situations that threatened the financial
system, including the Penn Central and Franklin Natinoal bailouts in 1970
and 1974 respectively.

I was wondering if anyone has written specifically on this program in the
Fed.

Thanks in advance,

-- 
Onur Özgöde

Ph.D. Candidate, Sociology
Columbia University