Full text of Committee on the History of the Federal Reserve System : Federal Reserve Board : Organization Charts, Entry 168, Box 6, Folder 7

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ia
•• 1943

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
EXERCISES POWERS PRESCRIBED IN THE FEDERAL RESERVE ACT
AND RELATED LEGISLATION

CHAIRMAN
VICE CHAIRMAN
ACTS IN ABSENCE OF CHAIRMAN

SECRETARY
Serves as Chtef Administrative Officer
of the Board in its relations with the
Federal Reserve Bonks, and as Secretary
E i Ofticio of the Federal Open Market

Board Eiercises general supervision
over activities of the Secretary's Office.

1
DIVI3I0N OF
RESEARCH AND STATISTICS

LEGAL DIVISION
Advises the Soord regordmg legal qu<

OFFICE OF THE SECRETARY
Conducts otficioi correspondence of the
Boord Prepares minutes covering the
proceedings of the Boord ond a record
of actions taken by the Board and the
Federal Open Market Committee on mot-

Keeps Boord info<

posses upon legal aspects of motti
rung before The Board Prepare
Federoi Reserve Bonks

opinions ond other legal papers. Preparei
lyxes ond reports to the Boord on pendi on banking and related
sub|i
low
Reserv
tht Ftde

loting to the Board's budget, accounting,
ond poy roll*: purchase, custody and

rently interprets devtloprr
duct ion and distribution o

m regarding hti
involving Fed-

penditures by the Board
of view. Also keeps the Boord rdvised
velopn

btfort tht Boord
' ond optration

coordination of policies ond proctices
Reviews the activities of the ouditlng deportments of the Reserve Banks ond por-

phone, telegraph, moil, duplicating, filing,
ond messenger service i ond the operation ond maintenance of the Board s

relt as m bonking. <
of payments. Moki

ve Banks inforr
i o+ general int<

D I V I S I O N OF
BANK O P E R A T I O N S

DIVISION OF EXAMINATIONS

id. Hos responsibility

Handles dis-

Ftdtri
System, (b) consolidations, mergers, out
of-town branches, etc , involving Stole
member banks, (c) holding compony at
Miates for voting permits, (d) notionol
bankt
other grants of authority' Rtvitws rt -

R t i t r . t Ba

i and

of dtbitt to individual occountt by banki
tn about 330 ItOdtng citttl, tht auarttrly Mtmbtr Bank Call Rtport. ond bank-

and the Boards Annuol
annual rtportt tubmitltd by. holding
company affihaf««- (3) E«omints corpor

Report
ge of the Board's gen-

(«) I
ci«« and proct
QOrding. suptn

DIVISION OF
SECURITY LOANS
m deols with administrative matters
i out of th« Board's responsibilities
Securities Exchange AC of 1934,
include "margin requirements,'
ition T. and Regulation u Since
1940, however, this division hos
occupied chiefly with the study of
*er Credit ond. since me Pretidenrt
titled "Regulation of Con
Credit,"
ond effective during the r
t emergency dedored by the Presidi
May 27,
1941, with the preparation, mteri

ADMINISTRATOR
WAR

nd of m«mb«r bonks

iroon
Ftdtral Rtstrvt Act. ond. <tn*n dirtel
by th« Board, corporations operating
dtr agrttmtnts with tht Boord made
occordonct «ith MCtion 25 of tht At

LOANS

FOR

COMMITTEE

Division deals with administrative matters
arising out of the Boord s responsibilities under Executive Order No 9M2, mcludtng the Board's Regulation v.*War
Financing.' This work comprises facilitating ond coordinating the operations of
gents of the Wor Deportment. Navy De-

DIVISION OF
PERSONNEL ADMINISTRATION
Boord's staff. Dial
matttrs ptrloi nmg to tht Boord s
gonizoti'on ond mo! ttr!L cofning btf<
tht Boo rd ptrlloimng t o tht ptrson
of tht 1
and encourages the
ecutive Development I
Reserve Banks Open

i . ad«i
iry poll

OFFICE OF
FISCAL AGENT
Collects ond depose oil moneys and funds
receivable by the Board ond mokes payment
of eipenses ond other disbursements of the
Boord. Maintain* records of the Boord's
cosh recopts and disbursements ond certain Subsidtory general ledger occounts

nesses engaged m work necessary, appro*
of the wor.

>er Credit) effective Septemi

JANUARY

(Note: Origins! chert filed in drafting roojn -




2/6/42

FOR FILES
H. B. Wolcott

15, 1 9 4 3

•D IB FILES SECTIOH

JAN

BOARD OF GOVERNORS OF THE FEDERAL RESERVE

9 1943

SYSTEM

EXERCISES POWERS PRESCRIBED IN THE FEDERAL RESERVE ACT
AND RELATED LEGISLATION.

SECRETARY
Performs such duties as may be assigned
to him by the Chairman or by the Board.
Serves as Chief Administrative Officer of
the Board <n its relations with the divisions
of its staff and with the Federal Reserve
Bonks. Eiercises general supervision over
activities of th« Secretary's Office

OFFICE OF THE
SECRETARY

DIVISION OF
RESEARCH AND STATISTICS

OFFICE OF
GENERAL COUNSEL

Conducts official correspondence of the
Boord.
d posses upon legal aspects of matters j
mmg before the Board. Prepares com- i
jnicotions involving legal questions, ond I
tmons and other legal papers. PreI
res proposed amendments to the low; j
alyzes and reports to the Board an
|

of laws relating to the Federal Reserve
System and digests of state taws on cersemmotes among counsel for Federal
Reserve Banks information regarding htigotior of general interest mvotvmg Federal
Reserve Banks ond consults with ond renders ossistonce to Federal Reserve Bank
counsel m more important litigation.




I
I
|
|
I

of credit policy.
Exercises supervision
over similar work ot the twelve Federal
Reserve Banks.
Prepares statistics ond
charts and currently interprets developments in production and distribution of
the course of prices, os well as in booking, consumer credit, capital markets, ond
international balance of payments. Mokes
special studies of fiscal and other economic problems from the monetary point
of view. Also keeps the Board advised
of principal fmoncial and economic developments abroad
H O * responsibility
for most of the content of the Federal
Re*erve Bulletin and for preparation of
the Board's onnuol reports, and has supervision over monthly reviews of the
twelve Federol Reserve Banks
Has
charge of the Board** general library.

DIVISION OF
SECURITY LOANS
Division dtals with administrative (not*
ters anting out of Boord s resposibilities undtf Securities E«chonge Act
of 1934 which include ~morgm requirements'*. Regulation T. ond Regutotion U
Since l a t l in 1 9 4 0 . however.
this Division hos been occupied chiefly with the study of Consumer Credit
and since the Presidents Eiecutwe
Order of August 9 1941. entitled
"Regulation of Consumer Credit*.* ond
effective during the notionol emerMoy 2 7 1941 »ith fhe preparation, mterpretotion. ond administration of
Regulation W (Consumer Credit) effective September I 1941

Prepares minutes covering the

octions token by the Boord and the federal
Open Market Committee on matters of
policy. Administers matters relating to
the Board's personnel ond payroll, supplies ond equipment, telephone and telegraph, purchasing, accounting, budget, moil,
duplicating, filing, and messenger service.
as well as the operation and maintenance
of the Board's building and grounds.
Conducts administrative audit of vouchers covering expenditures by the Board.

ADMINISTRATOR FOR
WAR LOANS COMMITTEE
DIVII

ters onsmg out of the Boards resp
sibthties under E<ecutive Order No
9112. including the Board's Regulotx
V. 'War Finoncing"
This work corr
prises facilitating and coordinating
serve Banks as fiscal agents of the
War Deportment. Novy Department,
or guoranteemg loons to businesses
engaged in work necessary, oppropnate or convenient for the prosecution
of the war

DIVISION OF
EXAMINATIONS

DIVISION OF
BANK OPERATIONS

Exonnines Federol Reserve Banks, corporations organized under Section 25(o) of
Federal Reserve Act. ond. when directed
by the Boord, corporations operating
under agreements with the Board mode
with Section 25 of the Act.
Analy;
mendations to the Board on, applications
ond data regordtng (I) Stote banks for
membership m the Federol Reserve System, (2) holding company affiliates for
voting permits, (3) notional bonks for
trust powers. (4) consolidations, mergers,
etc., involving State member banks.
Reviews reports of examination of State
member banks. Reviews and follows the
examination and supervisory activities of
the Federol Reserve Banks with a view
to furthering coordination of policies
and proctices under the general policies
of the Board. Reviews the activities of
the auditing departments of the Reserve
Banks.
Prepares and reviews communications regarding such matters.

Handles matters commg before the Boord
relotmg to tne condition, operation, and
personnel of the Federal Reserve Bonks.
Operates Interdistnct Settlement Fund
and maintains books ond records thereof.
Prepares production schedules for printing Federol Reserve notes, and supervises
distribution of other currency among the
Federal Reserve Bonks. Prepares for
publication the weekly condition statements
of the Federal Reserve Bonks and of
obout 4 0 0 reporting member banks m
leading cities, the monthly statement of
debtts to individual accounts by bonks >n
about 3 3 0 leading c'ties, the quarterly
Member Bank Call Report, ond bonking
statistics published m the Federal Reserve
Bulletin and the Board's annual reports.
Obtoins, examines and tabulates reports
of Federal Reserve Banks relating to their
personnel, eormngs. expenses, condition
and operations and of member banks relating to their condition, earnings and expenses. Acts as Technical Advisor to Board's
War Loons Committee.
Maintains a record of oil bonks ond branches in the United
States and of chonges m the status thereof, and compiles data with respect to the
organization, consolidation, suspension
ond liquidation of member and nonmember banks, bank branches, off ihates, e t c
Compiles statistics of money in circulation, including data on kinds and denominations thereof.

OFFICE OF
FISCAL AGENT
and deposits oil moneys and
iceivable by the Board ond

funds
rake
other disbursements of the Boord.
Maintains records of the Board's cos
receipts and disbursements and certai
subsidiary general ledger accounts

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
EIEKISES POtXM MESCtliE* I I THE FEDERAL KESEME « T
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NATTERS Of P O L I O .

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OfflCIAL

m E ' A « S «I«U'ES
CevEDKC ' » E 1!OC[COI<CS Of
THE BOARD A«t> > »ECO«O Oi » C T I O W 'AKfll l> THE

*

iSSES UPOa LEGAL ASPICTS Of MATTERS COM
BEFORE 'HE BOARD. PREPARES COMMJa'CAT I M S IRItviK

OFFICE Of FIKM. »«E»T

OFFICE OF TNE SECKTMY

OFFICE OF K H E U L CMMSEl
'VISES

THE BOARD'S

B< 'HE

Of fCOCRAl RESERVE
THE

(OARO.

l<Hj C£DERAL
RESERVE
BARKS ARP C0RSUDS
I ARP RERDECS ASSISTAUCE ' C E O f R A . RESERVE

Division OF EIU*I»TIOIS

DlVISION OF t E S E ' K H MO STATISTICS
iAHOLES MATTERS COMlaC BEfORE
*.

COMMERCE.

VE A 9EAR laO
El£RCISES

AGRICULTURE.

OR FORMULA' IOa

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ANN-AL




RESERVE BARKS A
REPORTS.

COaOI'IOa.

OPCRA'loa.

SET'LEMER'

FU«P

Aaj

OPERATES

MAiaTAlRS

laTER-

BOOKS

RO RECORDS 'H£»£ Of .PREPARES PRODUCTIOR SCHEDFEDCRAL RESERVE
a o T £ S . AaD
UPERVISIS OISTRIBUTIOR Of O'«£R CURREaO AMOUG
nf 'EOERAL RESERVE BARKS. PREPARES 'OR P U B L I ' H C »EEKL> c o a o i ' i o a

s'ATEMta's

Of T B £

FEDERAL DESERVE SAaKS AaD Of ABOUT >00 REPORTMEMBEB BARKS IN LEAOiaC C I ' I E S . T H£ W t K L >
TEMENT OF IXBITS TO l a o i v l O u A . ACCOUaTS Bv
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LL R£POR T .ARO B A R K I K STATISTICS
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ING

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, V RAT'ORAL BAa<S FOR 'RUST POWERS
S O l l O A T l o a S . MERGERS. E T C . , IRVOLV
MEMBER BABKS.
REVIEBS REPORTS OF t
Of S ' A T f MEMBER (ARKS.
REVIEWS A
THE E J A M i a A ' l o a AHO SuPtRVISORT A C U I T I E S Of
THE fEDERAL RESERVE BARKS K I T H
THERING

HEWS

COOROIRATIOR Of P O L I C I t S

THE

ACTIVITIES

Of

AaC

PRACTICES

POLICIES Of THE BOARD.
TH£ AuDITlaG

MEaTS OF T H £ RESCDVE BARKS.

AaO E l -

S'ATES A«D Of

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SERVE ACT. AaD
CORPORATORS Oi
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Sf'TEMEl SO, KM

J. C. BRENNAN

\

THE TTZlbJd. EISPTI BCAlT
<•"
Adalnlsters th* Federal Stttrve l e t of December 2?. 151?. • • eiended. l i t r e If • ( I
general eupenrlalon over the twelve Federal reserve teak*. including th«tr open
aarktt opera Mont. It* povert laclad* th« review and deteralaatloa of thatr d l t eejunt rattt; the examination of tuch banks; and rupervltlon of tht lteue and retiret of Federal reserve notet. It apnolate thra* of tba alna dlrectore of aach
Federal reeerve bank; deelgnatee oca of tha thraa aa Chairman and Federal Beeerve I
agent! and apnrovot aalarlaa of offleara aad etjployttt of tuch baake. It aatttt
j
o tha establishment and discontinuance of branchee and agenelea of Federal reserve bank* anJ ap'olnt* eartaln dlrtetori of aach branch. It preeerlbet condition* of saaberehlp In tba Federal Raservs Sytteo. f State banks and trust comaslea; pa*a** upon applications of national bank* fo Da rail
abllah foreWn
{breeches; grante truat powers to national banks; pa ••as upon reductions In capital
atoet of national banks; and latue* penult* under he provisions of tba Clayton
:Act relating to Interlocking bank directorate*. I auparrlaas corporations en•gaged In International aad foreign banking wtleh a •• craatad under Federal la* or
la the stock of which national bank* ara perxltteJ to lnTaat; and carrla* on otbar
jactlvltlee.

B3<
Inforaatlon alth regard to tae
noaber and aalarlas of tha Beard's
eeployees Is oaltted. for tha raaaoa
that such •sipleyeee art not la tba
classified c i v i l sarrlea and their
aalarlas. aa wall aa athar eapeaaes
of tba Board, ar* paid fro* faada
obtalaad through asseesaenta apes tk*
Federal reeerve banks aad aat by
Congressional appraarlattaaa.

I!
OF THI SCABS
Active executive offlcar of tha Board.
Presides at a l l aeetlngs of tha Board, In tha
absence of the Saeratary of tha Treasury, atio Is
a a«abar ex-offlclo and Chalnaji. Bat ganrral
charts of tha *i*cutlT« and routine business of
tha Board not otheralaa (pacifically asalgnad and
exercises supervision over tht staff of the
Beard.

AISISTAW TO THE 30T1MD1
Parforaa tuch duties aa
aay be assl(nad to bla by tha
Oorarnor of tba Board.

Of THI
Perform* such dutlaa aa aay ba assigned
I to hla by tha OoTarsor
I or by tha Board.

OfFlCI OF Tig SICBITABT
Cellaets aad davoslts a l l
Kiaalnes tha federal reserve
bank*, their tranche* and agencies
rwelTabl* by Board with
and exaalnee corporations orjanTreasurer af tTaltad ttatea, la
Isad onder Section ?5(a) of Fed• apodal faad aaUbllahad aa
eral lecerre Act aad thooe operath* books af taa Traasnrar for
ting under agreeaant alth Federal
Fadaral Be**rr* Board. Makas
leserre Board In accordance >lth
| ssyaaat af aspanaas aad other
•action 25 of Act. Prepares deI dltavraaaaat* of Board upon
[ proper wacbert oat of aoncys i tailed resorts thereon. Bevlev*
a4*macad to hla by raajulaltloa I reports of exaalaatleaa of
national baakt by Coaptrolltr of
and warrant out of special fund
Currency and of state aaaber
aad placed to bis o f f i c i a l crebank* ay l U t i banking authorities
d i t . Prepare a foarterly
and Federal raserre banks. Preaeefaat for aabatlttlon-to
paraa reports on applications of
Oaaaral Accounting Office.
state banks for aaabarshlp In tht
• a t a u i a a bod«ot racorda and
Federal
leaerre (yttaa and
••halts aoathly reports tharaoa
applications of national banks
to Board.
for trust povers. Alto praparaa
reports to Federal laeerre Board
rrcardlnc eonaolldatlona,
aargars. e t c . , larolTlnc 'stats
bank aaaibers. which asty affect
their aaabershlp la tha Federal
•eoerrt Systta. Drafta
coaannlcatlona to Fad*raj reterre banks aad aaaaar baakt ra(ardlac tha rarlooa aattars




Coxplles, analyses and Interprets s t a t i s t i c s sertalnla^ to
(1) condition, operations, earxings sad *ican*es of tha Federal
raservs baoca; (2) condition.
earnings and expenses of aeaber
banks; ( ) ) bank suspensions, consolidations, organliatlons.
branch**, group*, chain*, e t c . ,
aad (It) miscellaneous Information
relating to Federal raservs banks
an! aecber aad nons-ester banks.
Prepares for publication ths
weekly condition statexrnts of
tha Federal reserve banks aca of
about U50 reporting aeaber banks
In leading c i t i e s , the weekly
statement of bank debits to ln! dividual accoucts by banks in ?6b
leading c i t i e s , the quarterly
Keaber Bank Call Baport. and the
s t a t i s t i c s published in tha Federal Beserve Bulletin and tha
Board's Annual Reports relating
to the condition and operations
of Federal reserve aad
banks.

Prepares r.lnV.'S i s v e r i a j tha
proceellags of tha Boari aai cond'jeta o f f i c i a l corraar>ondencs of
the Boari. Opratet Soli S e t t l e aent f-jed anJ L^latals* boo** and
racorls thereof. Hancle* oriert
for printing of Federal ree»rve
notes and aalatalat Joint custody
of suprly of onlssual aote* at
Bureau of Sn<ravlac and Prlatln^.
Supervises d l s t r l t u t l o n of
currency aaon/j Ftderal retervt '•
banka, orltrln^ sMparritt of Ftderal ratervt notes by Comptroller
of the Currency and of fnlttd
Statea ittuat by Treasurer of tha
United Statea. Adalnlaters
aatt*rs relatlac to Boari'e personnel and payroll, apace,
•upollss, tqul?«ent, telepnona,
telegraph, s a i l , dupllcatlae.
f i l i n g and aeteeager servlcs.
Conducts adalnUtrstlve audit of
vouchers covering expenditures
by tba Boari. Handle. Iletrlbutlon of Federal laeerre Bulletin
and other publications of Board.
Maintain* record of oolilag* of
Federal ressrve bank stock by
aaaber banks and changes therein.

Keeps Board iafoned of develot>o»nt i in business and financial
s
l
t
j
a t .on that
;
t h t ^ave a bearingg on
l
fonaul itlon of credit oolUy.
Kxercl IOS supervision over s t a l lar wo
lr
at t.'« twelve Federal reaerve banka. Coaplles tables and
prepares charts and Interpretative^
tent on production and distribution of c o m o U t l e a , on eonloyaent, payrolls, and the course of
prices, as well at on the course
of banking develocatnta. j o l i
aoveaents, and tha foreign exchamcas. Also keeps the Board
advised of principal financial
and econonlc develooaests abroad.
Has charts of publication of Federal Beserve Bulletin and supervision ovtr xonthly reviews of
the twelv* Federal reserve banks
and preparee aaterlal for
;
Board's Annual leports.

Advises tha Board, or aay • • * ber thereof, regarding local
qaeetlont arltlnr la the conduct
of l t t butlnett. Prepare*
coemwleatlons Involving legal
iraestloos aad, also oelnlons.
regulations, rulings, t o r n aad
other ltgal capers. Reviews general correspondence. Preparee
proposed aaandaents to tha law;
analyst* and reports to Board on
oeadlag legislation on banking
and related subjects; and prepare
dlgttts'of State lawe on certain
banking subject*. Prepares resorts on apcllcatloaa for Inter- '
locking directorate* between banks!
undtr Clayton AnMtrutt Act;
paatet upon legal aspecte ef
applications of national banks foi
trust powers aad of State bank*
for aaaberahlp la the Federal Be•erve Syttea; aad pattet ipon
legal atpecta of or«anlsatloa af
corporations under Federal law to
eogage In International or
foreign baakln*. Collects aad
dlssealaates aaong couaael for
Federal reeerve bank* lnforaattoa
regarding ca**t of general Intereat lavolviag Federal reeerve
baakt aad consults with aad readers assistance to Federal raterve bank couneel la aara
tant lltlgatloa.

Tarlflet by aetoal aaaat
lover halvet of Federal reserve
notes sent to taahlngton far redee? t Ion. Arranget with Baream
of Bagravln* aad Prlatinc far
ahlpaantt of Federal reeerve
aotes to Federal reaerre kaaka
aad arrange* aad aalatalas
racorda ef laaaraaoe. atelatalaa
record* af prlntlags, aalpaaato.
latuea aad radasBtlaat t f Federal
reeerve note*. ( I h l l t tat axpeat t t of this dlvitloa are defrafta
oat of the funds of the Federal
Bettrvt Board, l t t direct tnepar
vision, under tba la*, recta
|with tht Comptroller af 9m
Currency whose outlet la aatjaaa
tloa with tba Federal n i a r t a
aata eurrency are diMaavajaa
tarvugk the d i v i d e * . )

192,0

T—'

Attnrds a l l ^-oetlrrc
Board aor! ><r rr rp-^rd thpre
p'- a s s i s t s ' ovornnr and "em
bers of ?oana lr. a.!~lr.iEtratlon of rrrnral I--.! ness ar.d
oorres-ondenoe : unuer direction of oovernor surervises
office.
Justodlan of s e a l .

o]-«cial dutlea t o be U»S1PT.ed by the Board,
fierreacnts
Governor In varlou* niatter»
ir.volvlnr o o i t a o t with a l l UlViSlODB.

Uleburslr.r officer; eEti-x.*rc
ez7er.se> o.nd collictu ussess:-»nts on Feaeral I*serve W

ers and d l s • of Secretary
e or d i s a b i l i t y :
other duties as
ied to hln by the
Spcretary. : .'ulnae rve t o s 1 • 1 on t
o barks.

aivi-io:: OF

=

(Flo Id)

yp.Jcral
in JV.ii
er.'.or ^tatie
nl ..c • 'untrj1t

r

I? " n i l t '

-r.-^lvV

jtctietical

Statist! .Ml
count^i.t 'O nCTJ.1 «.BBl«tc. rt

.r- ~;.rt tire

/.BBt.>i-1 Statistical

<

ataUsti -:.l
Jlrrkfc

l btonof.& ?; T l M

1

r>-"fi OP A s -

si start
T :ik.7;-"l8ts
1 J t f r - , -arher

I

1 "ai 1 •

I
I

:itrv

•v

Aerator"
i : rrforrsrr

Tatulatlnr
Section

a!" Soction

is t ...rsctr.t

lbticul
*=* our.tcw.t
Sti-lit

1 Gtor.orraT^e r

I

C» r .

•-

a~lr.T'Brett!

1

i 1P

.' ,.rr* .' ai 1 '
Vilp Jl«r>F

1 ".-Tlst
l "lneofrarh

1 GtProp.JlPrV
1

nv

r--

<.eEtorr.
Fcrce

p r :i». «.:
£f?Pr'71"

•!n--Mr;
L i.6i,t.F.R.
Kxi-rsl nc rs
IAISO av^ilaVle r-T F.
ri.3a!:k exurelnttlon

4 ..set .K.
R.Kxar1 ne re

1
1
1
I
I

U)

tat l i t i c a l
IV.
3 Jonj tomet pr Ojrs.

Ilarnirir and
di rP3t tnr
of e t a t l s tlckl norV
for ?ourd:
I.outln*

"r*>iar.itlor. of
urd re^ortB: r
sreolul - ffldi




Onl l e c t i o n , r l . i s r l f i c:>t)ir. ar.alrsls and
lnterrrntat 1 in of rPru
l a - it.ri' s'-pcfal data
r c l a t i n r to tr« aondlt l o r of ".V. U.vctrr.J."('
t o touslrOBS ar<1 otrpr
bar.Urr arrt 1'oslr.oes
Bltuation.
L'fecial lnvestlratiors
Lxi rcrrr-xs *n torljB
rrfrrrcu t.v '".r.Ejurd.
r
reT4iri»tlor, of ntiterial for the T.?..Bulletin

Hold 8««ttlPr»rt and
T
rpraratlon o f -l8CP

r of Voo>^ ind recinis Ino1d»rt
:r. rtr.* ! ftjl is ar; statr-*nts.

Cpppral s u ' « n l ? i o n o* c > r . j . . . - : .
i ,-x r '"oroe of thn Secretary'3 3ffice.
'"rfraration of noy r o l l s . »oiichnrs- record for •-alntalnlrr administrative check on exT
Jxibsorirtior.s t^ S u l l r t l r ar.rt i^ar.r).lets.
! reparation of - i s c p l l a r e o u s statnr-r-irs.
ou»«rv!siic of n a i l . p»rteral f i l e s , n a l l l n r l i s t s , ste::cil work. »ereonal history ai;.i
tlnvp records of enfloypes.

£
>"uro.\aEO, custody and distribution of s u j j l i e s and e q u i i n e r t , and naintenar.oe of rcorr
thereof.

.

I

Sui*rviBion of jrlntlnn^nd r"blleatflon matters: Federal .eaorvr bulletin, circulars,
records and forr.s.
inaexinc: Federal Itoscrve Bulletin. •>••

Operutlons in connection with n '
notes.
Oorresrondenoe concarnlnf rurchase o'

< ofraph l e t t e r s . : lsoellaneous.

Heser»e n o t e s and Federal Keserve bank
"Jeral KPeerie bank n o t f e .

P r e r a r a t l o n o ' r.limtpo of Eoard o e e t l n r s , under d l r p s t i n i ! •->«" tt • L.ccrp
ence l n o l d e n t t h e r e t o .
' ) f f l c e u s s i s t i i r . t d u t i e s and n l s o e l l a f i m u s stPr.orra'-hlc v.r—',-.
I n d e i l r r o f rnlroitrs of Board rfleetlnrp.

nnal;.'ris of <•
for:
1. Veirbers' 1 r •
T. 'harjfps in Bto.^V3 . ''iduciar;.' rowers
1. "ovw>r ir agcert
UT> to r . . .
! reraratlos of .lati. f^fur l i s t .
.orifioatlon jf balarofs
in fold settlement funu.
B
Analysis of rei^orts of
ariinutlon of oer.ber
ute t:inks.
Follow up oorre*]onderce
l lnf^ t l t i
exaninatlons of T.?..
Batiks.
•>ui-it ami t r a n s i t ratters - consideration of
r e t o r t s , methods and Infroverrpnts.
Special lnvestlfutione
ai.u sv.rvpye.
Telatlonc with ficM Mam.lnlm* force.
>latlor.e with eyurli.ers
ai-.a Oepts.of exu-.lsutlor. In ".r..3iJil'».
orvlfn Vat'Vliir jorTnra
• i 1:; e x a r i n i t l o n s . ' e t c .
^onsiJeratior. of,ami reTirts uyon.rruct i c a l
q-.iPstlo.ns.
r
a r t l c i t a t i o n in V.F..
bucv exu.-'.natlo.-n.
uctody of rorortr sf exMirlratlan of T.?..Banks.

2»jj-lr.i.tio!i of !'.:•..
Eariks ar.u branches.

Attends a l l
Board and Vf
r Assistant Jounsel

duties to be asslpnthe Board, itarre&cntt
or In various natters
lnr ooitkot with a l l iil

bers of ?oara ir. a-:~l
tion n' (TrTa: r ' :oorres-or.der.oe t u:.uer
tion of Governor sure
o f f i c e . Juitodlan of

rslnr Officer; ertl-.atrs
e• and collects assesson Feueral Tia serve bar

wers and d l s s of Jeoretary
e or disability:
other duties as
ed to hlo by the
Secretary. I*.
serve Tosition
serve

31 Vial OK 0!' RETORVU

DIVIJIO:: CF
AEALYSI5 * HE

e serve .-.
l r . Zl.urtT
lir.

er.Ier J t a t l s t i
•>1 ..c : >unt.'j:t

Yo'-V r*Tor»1
t»P - lrr.(!
i.rt t l r f r
n-.prs !« "
rV

1 litatlBtioal
'lory

L ,>6t,t.F.R.
Kx trainers
Also av^ilc r-r F.
ai:k exami nut i on
rorV '

1 jtor.Of.4 ?;yli.t

•atulatinr
Section

riarnlrr and
direitlnr
of s t a t i s t i c a l "orV
'or 3ourd:

-tiitiOtiCJcotion

r»far;»tlor. of st&tecnrts
fc-r.d reports:
sr«olal - ir!fcrllar.rnug.




(v!f.)f - l v . j

,
tfloat 1 r>r. ar.al vs I s and
lnterrrntat 1 on of rnru
lar an' s o c i a l data
rclatinr to thf oindltlf>r of "'.I-.!j;.'etrr.£.-(•
to business ard other
3Ot:<!1t.lons
rr Jirrf
In\e8tlrat.iors
urd rer^-'-ts on tor i JB
rrfrrrcu l.v T'.p.EJani.
r
re]i».riitiori of r*terial for tlie V.F..Bulletin

Cold s«»t*,ler»nt and Vperlnr o*" VooVr ind rec^niii ino 1
* rrrur»tlon of rlscellar^^^s *tat 1 rttjes ard statr->«»nt;

for:
1. Verters- I r
T. Jhanpes in
3.
ry
'.. "ovwr t." agcert

su»*irl*1on o* cl^rlsal and M'swupfr rDrc.e of thn Jooretarj*'s Office.
rr»>aratlon of ray r^lls . vot'cMrs- rej^rd f<ir "-al ntalnlrr adirlrj ntrative aheck on

UT) t O 1 " j .

ret«rutl03 of >lata for
par l i s t .
f c a t i o n of
in fold settler.«nt funu

.s tr- Sullrtir and "ar:r>.let8.
! reparation r,r -lscellareous
of r a i l . r»norul f i l e s , r a l l l n r l i s t s , stencil work, tersonal history un
tliw rosords of
lJuro>ia6O, custody and Jlstributlon of eufflles and equljner.t, and nainterAnoo of reoo
thereof.

.

2.

i»ui*rvl Blon Of jrlntlnf: and rufclleatrlon ^*tters: Federal ;esorvc bulletin, circulars,
records and forrs.
lreraratlcn of co;y for fublication.
inaeslnr: Federal iloscrve bullctli!. 'herarts, T'lrjeorraph l e t t e r s , : lsoellaneous.
E
Oyerutlor.s In connection ulth noto leeues: KeJeral Hesenre notes and Federal Reserve bank
notes.
vorresTx>ndenoo conoernlnr rurahase of collateral for Federal linserve bank notes.
Preturatlon o r mimitee of Soarc •
ence Incident thereto.
Office a»sl«tant duties and nlscellapru;s atrj.o. ; y ! , [ ; ...^>.
Indeilrr of itlnutrs of Board n»etiKrp.

;

of rerorts of
of ner.ber
jtate tanks.
ollor ap aorresi^nder.co
ur.n lnvct>tlf>tlons r on
oxaolnations of r.. (.

.uult and transit ratters - consideration of
reports, nethods and lnj-roverents.
ipt'Cial lnvestifatione
ai.u surveys .
> l a t l o n t nith f i e l i exairlnlnr force.
delations with eyurli.erE
ai:J Depts.of exur.lnatlon In ".r..B«JiVs.
'oreifn
\iarV 1 ::r 20rt'">ra
4
i i:: exarinatlcns.'etc.
:onsiderktior of.unii reTorts U]-on,rractical
questions.
I.J-

rritr;natlors.
• of mrortc 3f ex' ion of T.V..Banks.
. -. <\-ir r\r\d forer-.

;: o f '•'.'.<..

Banks ar.d brk:.ctes

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
tXERCISES
FEDERAL
ASSISTANT TO THE BOARD.
S t D V t S AS A S S T . S t C R t l A H V o f T M t
MOIRAI
OPIH
M»»«l !
I'OMMITTIE

RFSERVE

POWERS PRESCRIBED
ACT AND R t L A T L O

I N THE
LEGISLATION

NOV 181953

ACTIVE EXECUTIVE OFFICER OF THE BOARD

ASSISTANT TO THE CHAIRMAN.
OPiN U«»«tl COMMIMtt
ECONOMIC ADVISER.
SIHvl '. »'. llONOMIST OF TMl
FEDERAL i l f K MAXHt 1 U M M I T t t t
LEGISLATIVE COUNSEL.

S e r v e s as C h i e f A d m i n i s t r a t i v e O f f i c e r of t h e
Board i n i t s r e l a t i o n s w i t h the d i v i s i o n s o f
i t s s t a f f and w i t h t h e F e d e r a l Reserve Banks.
Performs other d u t i e s assigned to hi
C h a i r m a n or t h e B o a r d .
Exercises general
s u p e r v i s i o n over a c t i v i t i e s of the S e c r e t a r y ' s
Office.

LEGAL DIVISION

DIVISION OF
RESEARCH AND STATISTICS

Advises and assists the Board with respect to
legal Batters a r i s i n g in the conduct of i t s
business, including questions regarding the
powers and functions of the Board, the Federal
Reserve Banks, and member banks arising under
the Federal Reserve Act and related s t a t u t e s .
Prepares regulations, interpretations, orders,
opinions, correspondence, and other documents
of a legal or semi-legal c h a r a c t e r .
Drafts
proposed legislation and »n*\yzet and prepares
reports on pending l e g i s l a t i o n with respect
t o banking and r e l a t e d s u b j e c t s .
Prepares
• a t e r i a l for Board's Loose Leaf Service and
c e r t a i n compilations of banking laws.

Keeps t h e Board i n f o r m e d o f c u r r e n t and p r o s p e c t i v e economic and f i n a n c i a l
developments
in t h e domestic f i e l d w i t h a view to the
f o r m u l a t i o n o f c r e d i t and m o n e t a r y p o l i c y .
P r e p a r e s s t a t i s t i c s and c h a r t s f o r u s e i n
a n a l y z i n g developments and f o r p u b l i c a t i o n and
p r e s e n t a t i o n to various groups.
C a r r i e s on
r e s e a r c h i n such m a j o r f i e l d s as p r o d u c t i o n ,
distribution, prices, national
income and
e x p e n d i t u r e s , e m p l o y m e n t and w a g e s ,
fiscal
p r a c t i c e s and p o l i c i e s , b a n k i n g ,
capital
m a r k e t s , consumer and r e a l e s t a t e c r e d i t and
agriculture.
Makes s p e c i a l s t u d i e s of moneyf l o w s , consumer f i n a n c e s and b u y i n g p l a n s and
other s u b j e c t s of p a r t i c u l a r
i n t e r e s t from
time to t i m e .
Works w i t h t h e r e s e a r c h d e p a r t m e n t s o f t h e F e d e r a l R e s e r v e Banks i n
connection with their s t a t i s t i c a l
reports
and economic a n a l y s e s .
Maintains working
arrangements w i t h research s t a f f s in other
Government a g e n c i e s and w i t h p r i v a t e r e s e a r c h
organizations.
Maintains the Board's general
library.
Has r e s p o n s i b i l i t y f o r much of t h e
m a t e r i a l p u b l i s h e d in the F e d e r a l Reserve
B u l l e t i n , t h e F e d e r a l Reserve C h a r t Books, and
t h e B o a r d ' s Annual R e p o r t .
P a r t i c i p a t e s in
t h e d e v e l o p m e n t of background i n f o r m a t i o n f o r
and r e p o r t s t o C o n g r e s s i o n a l C o m m i t t e e s .

DIVISION OF
PERSONNEL ADMINISTRATION

DIVISION OF
ADMINISTRATIVE SERVICES

Oirects the Board's personnel program to provide for the employment, development, maintenance, and e f f e c t i v e u t i l i z a t i o n of the human
resources e s s e n t i a l to e f f i c i e n t o p e r a t i o n ;
develops personnel policies and practices to
maintain a work environment conducive to maxiproductiveness and to provide for basic
human needs to the end that a satisfying t o t a l
work adjustment may be achieved.

Serves as central machine t a b u l a t i n g , d u p l i cating, communications, transportation, building
management, and service unit of Board.

Incident to the above, performs many detailed
operations, such as maintenance of individual
personnel records, leave records, and superv i s i o n of the Board's health program.
F a c i l i t a t e s the administration of the Federal
Reserve Bank employee and o f f i c e r s a l a r y
plans, the appointment of directors, and other
personnel programs of the Federal Reserve
Banks.




Plans and executes mechanical (IBM) processing
of s t a t i s t i c a l , accounting and records data.
D i s t r i b u t e s Board p u b l i c a t i o n s and handles
correspondence r e l a t i n g t h e r e t o .
Proofreads
p r i n t e r ' s copy of material for Federal Reserve
B u l l e t i n , e t c . Purchases and d i s t r i b u t e s
supplies and equipment, and awards contracts.
Performs p r i n t i n g and mimeograph work; maintains mailing l i s t s ; receives and dispatches
a l l mail. Operates c a f e t e r i a , private dining
rooms and snack b a r ; t e l e g r a p h f a c i l i t i e s
(Board's s t a t i o n on Federal Reserve Leased
Wire Network); telephone switchboard; garage
and Board's automobiles; interdivis ion stenographic and messenger s e r v i c e .
Operates,
protects and maintains building and grounds.

OFFICE OF THE SECRETARY
Clears and conducts o f f i c i a l correspondence of
the Board.
Prepares minutes covering the
proceedings of, and a record of policy actions
t a k e n b y , the Board and the Federal Open
Market Committee. Maintains docket of matters
awaiting action by the Board. Exercises supervision over the o f f i c i a l records of the Board
and the Federal Open Market Committee. Gives
special a t t e n t i o n to general correspondence
from the p u b l i c .

DIVISION OF EXAMINATIONS
(1) Examines the Federal Reserve Banks. Reviews bank examination and supervisory act i v i t i e s of the Reserve Banks, and participates
in conferences, to f u r t h e r coordination of
policies and practices. Reviews the a c t i v i t i e s
of the audit departments of the Reserve Banks
and p a r t i c i p a t e s in conferences of auditors.
(2) Analyzes, and prepares reports with recommendations to the Board on, applications and
data regarding ( a ) State banks for membership
in the Federal Reserve System, (b) c o n s o l i dations, mergers, establishment of branches,
e t c . , involving State member banks, (c)holding
company a f f i l i a t e s for voting permits, ( d )
n a t i o n a l banks for t r u s t powers, and ( e )
c e r t a i n other grants of a u t h o r i t y .
Reviews
reports of examination of State member banks
and reports of examination o f , and annual r e ports submitted by, holding company a f f i l i a t e s .
( 3 ) Examines c o r p o r a t i o n s organized under
section 2S(a) of Federal Reserve Act, corpor a t i o n s operating under agreements with the
Board made in accordance with section 25 of
the Act, and foreign branches of State member
banks and such c o r p o r a t i o n s .
( 4 ) Follows
developments in banking policies and practices,
advises the Board regarding supervisory p o l i c i e s and procedures, and maintains l i a i s o n
with other Federal supervisory agencies r e garding individual banks and general banking
matters.

DIVISION OF BANK OPERATIONS
Handles matters r e l a t i n g t o operations of
Federal Reserve Banks, and to condition, earnings, and expenses of Federal Reserve Banks,
member banks, and the banking structure generally.
Obtains, compiles, analyzes, and maintains reports, s t a t i s t i c s , and records required
f o r t h i s purpose, i n c l u d i n g s t a t i s t i c s re
V-loans. Maintains l i a i s o n with Treasury re
f i s c a l agency operations of Federal Reserve
Banks.
A c t i v i t i e s include those incident t o :
(1) Analysis of Reserve Bank budgets, expense
r e p o r t s , and p r o f i t and loss accounts; f i e l d
surveys of Reserve Bank Operations with part i c u l a r reference to operating c o s t f .
(2) Preparation of various statements, such
as weekly Federal Reserve and member bank
condition statements, bank debits, Member Bank
Call Report, monthly all-bank condition statement , and Par L i s t .
(3) Analysis of member bank reserves, earnings, and expenses; analysis of the banking
structure.
1%) Operation of I n t e r d i s t r i c t Settlement
Fund; production schedules for printing Federal
Reserve notes; d i s t r i b u t i o n of currency among
Reserve Banks.
(5) Real location of securities in the System
Open Market Account; Reserve Bank b u i l d i n g
projects.

DIVISION OF INTERNATIONAL FINANCE

OFFICE OF DEFENSE LOAMS

OFFICE OF THE CONTROLLER

economic developments in the i n t e r n a t i o n a l
f i e l d , with p a r t i c u l a r reference to i n t e r n a t i o n a l f i n a n c i a l p o l i c i e s of the United
States and to foreign developments affecting
the U. S. economy. Carries on research on
these matters.
Is responsible for ( I ) staff
operations in connection with the supervision
o f the f o r e i g n o p e r a t i o n s of the Federal
Reserve Banks, (2) maintenance of the contacts
of the Board w i t h the s t a f f s of the State
and Treasury Departments, and other U. S.
Government agencies on matters r e l a t i n g to
i n t e r n a t i o n a l f i n a n c e , ( 3 ) maintenance of
o p e r a t i n g contacts with domestic banks and
other unofficial agencies in the area of international finance, (n) maintenance of contacts
of the Board with foreign central b » n k » «nd
foreign governments in this area, and (5) staff
operations in connection with the memberthip
of the Chairman of the Board of Governors in
his statutory role as a member of the National
Adv i sory CounciI.

Has r e s p o n s i b i l i t y for administration of act i v i t i e s of the Board of Governors in connection with the V-loan program under which
c e r t a i n Government procurement a g e n c i e s ,
through the Federal Reserve Banks as f i s c a l
a g e n t s , guarantee defense production loans
made by private financing i n s t i t u t i o n s pursuant to the Defense Production Act of I960,
as amended, Executive Order 10480 of August IH,
1953, and the Board's Regulation V. Receives
from the Federal Reserve Banksal I applications
for such guarantees and other correspondence
in connection therewith and transmits them to
appropriate guaranteeing agencies and s i m i l a r l y transmits to the Federal Reserve Banks
authorizations for guarantees, i n s t r u c t i o n s ,
and other advice received from the guaranteeing agencies. Participates in the deliberations of the Contract Finance Committee of
the Dept. of Defense in matters pertaining to
the V-loan program. Maintains close l i a i s o n
with the guaranteeing agencies and the Federal
Reserve Banks in c a r r y i n g out the above
f unct i ons.

Responsible for the receipt and disbursement
of the Board's funds and the formulation and
execution of its budget. Maintains Board's
books of account, and prepares periodic f i nancial statements. Reviews expenditures and
conducts appropriate internal audits. Makes
studies and analyses of operations. Prepares
payrolls and maintains r e l a t e d records. Determines the assessments upon the Federal
Reserve Banks for the Board's eipenses and
for pro rata cost of leased wire operations;
and handles reimbursement to the Treasury
Department for p r i n t i n g , i s s u i n g , and r e demption of Federal Reserve notes.

NovomtU- 1953

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
EXERCISES POWERS PRESCRIBED
FEDERAL

RESERVE

4CT AND RELATED

CHAIRMAN
ACT I Vt fcKtCUTlVt 0 ' f I C 8 •

IN

THE

LEGISLATION

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Of T Ht 0 0 * NO

Serves as C h i e f A d m i n i s t r a t i v e O f f i c e r of the
Board in i t s r e l a t i o n s w i t h the d i v i s i o n s of
i t s s t a f f and w i t h the Federal Reserve Banks,
and as S e c r e t a r y of t h e F e d e r a l Open M a r k e t
Comn i t t e e .
P e r f o r m other d u t i e s assigned to
h m by the Chairman or the Board.
Eiercises
g e n e r a l s u p e r v i s i o n over a c t i v i t i e s of the
Secretary's Office.

LEGAL DIVISION

D I V I S I O N OF
RESEARCH AND S T A T I S T I C S

OFFICE OF THE SECRETARY

DIVISION OF EXAMINATIONS

Advises and a s s i s t s the Board w i t h r e s p e c t t o
l e g a l > a t t e r s a r i s i n g in tne conduct o f i t s
b u s i n e s s , e i c e p t i n g those n a t t e r s assigned t o
the O f f i c e of the S o l i c i t o r .
Prepares regul a t i o n s , r u l i n g s , o r d e r s , o p i n i o n s , and c o r r e spondence or o t h e r documents o f a l e g a l or
semi-legal character.
D r a f t s proposed l e g i s l a t i o n and a n a l y z e s and keeps the Board i n f o r a e d w i t h r e s p e c t to pending l e g i s l a t i o n on
b a n k i n g and r e l a t e d s u b j e c t s .
P r e p a r e s mat t r i a l f o r B o a r d ' s Loose L e a f S e r v i c e , comp i l a t i o n s o f laws r e l a t i n g t o t h e F e d e r a l
Reserve System, and d i g e s t s of S t a t e laws on
c e r t a i n banking s u b j e c t s .

Keeps the Board informed of c u r r e n t and p r o s p e c t i v e economic and f i n a n c i a l developments
i n t n e d o m e s t i c f i e l d w i t h a view to the
f o r m u l a t i o n of c r e d i t and m o n e t a r y p o l i c y .
P r e p a r e s s t a t i s t i c s and c n a r t s f o r use in
a n a l y z i n g developments and for p u b l i c a t i o n and
p r e s e n t a t i o n to v a r i o u s g r o u p s .
C a r r i e s on
r e s e a r c h in such major f i e l d s as p r o d u c t i o n ,
d i s t r i b u t i o n , p r i c e s , n a t i o n a l income and
e i p e n d i t u r e s , employment and w a g e s , f i s c a l
p r a c t i c e s and p o l i c i e s , b a n k i n g ,
capital
m a r k e t s , consumer and r e a l e s t a t e c r e d i t and
agriculture.
Makes s p e c i a l s t u d i e s of moneyf l o w s , consumer f i n a n c e s and buying p l a n s and
o t h e r s u b j e c t s of p a r t i c u l a r i n t e r e s t from
time to t i m e .
Works w i t h the r e s e a r c h d e p a r t m e n t s o f t h e F e d e r a l R e s e r v e Banks in
connection w i t h t h e i r s t a t i s t i c a l r e p o r t s and
economic a n a l y s e s .
M a i n t a i n s working a r r a n g e ments w i t h research s t a f f s in other Government
a g e n c i e s and w i t h p r i v a t e r e s e a r c h o r g a n i zations.
M a i n t a i n s the Board's general l i b r a ry.
Has r e s p o n s i b i l i t y f o r much of t h e mat e r i a l published in the Federal Reserve B u l l e t i n , the Federal Reserve Chart Books, and the
B o a r d ' s Annual R e p o r t .
P a r t i c i p a t e s in t h e
development of background i n f o r m a t i o n f o r and
r e p o r t s to Congressional Committees.

C l e a r s and conducts o f f i c i a l correspondence of
the Board.
Prepares minutes covering the p r o c e e d i n g s o f , and a r e c o r d of p o l i c y a c t i o n s
taken by, the Board and the Federal Open Market
Committee.
M a i n t a i n s docket of matters a w a i t ing a c t i o n by the Board and e i e r c i s e s s u p e r v i s i o n over the o f f i c i a l records of the Board.
R e v i e w s b u d g e t and e x p e n s e s of Board and
s e r v e s as budget o f f i c e .
Gives s p e c i a l a t t e n t i o n t o g e n e r a l c o r r e s p o n d e n c e from the
p u b l i c i n c l u d i n g p a r t i c u l a r l y requests for
i n f o r m a t i o n on economic, monetary, and banki ng quest i o n s .

( l ) Examines the Federal Reserve Banks.
Rev i e w s bank e x a m i n a t i o n and s u p e r v i s o r y a c t i v i t i e s of tne Reserve Banks, and p a r t i c i p a t e s
i n c o n f e r e n c e s , to f u r t h e r c o o r d i n a t i o n o f
p o l i c i e s and p r a c t i c e s . Reviews the a c t i v i t i e s
of the a u d i t departments of the Reserve Banks
and p a r t i c i p a t e s in c o n f e r e n c e s of a u d i t o r s .
( 2 ) Analyzes, and prepares r e p o r t s w i t h recommendations to the Board o n , a p p l i c a t i o n s and
d a t a r e g a r d i n g ( a ) S t a t e banks for membership
in the F e d e r a l Reserve System, ( b ) c o n s o l i d a t i o n s , mergers, o u t - o f - t o w n branches, e t c . ,
i n v o l v i n g S t a t e member b a n k s , ( c ) H o l d i n g
company a f f i l i a t e s f o r v o t i n g p e r m i t s , ( d )
n a t i o n a l banks f o r t r u s t p o w e r s , and ( e )
c e r t a i n o t h e r g r a n t s of a u t h o r i t y .
Reviews
r e p o r t s of e x a m i n a t i o n of S t a t e member banks
and r e p o r t s of examination o f , and annual r e p o r t s submitted by, holding company a f f i l i a t e * .
( 3 ) Examines c o r p o r a t i o n s o r g a n i z e d under
s e c t i o n 2 5 ( a ) o f F e d e r a l Reserve A c t , c o r p o r a t i o n s o p e r a t i n g under agreements w i t h t h e
Board made in accordance w i t h s e c t i o n 25 o f
the A c t , and f o r e i g n branches o f S t a t e member
b a n k s and such c o r p o r a t i o n s .
(H) Follows
developments in banking p o l i c i e s and p r a c t i c e s ,
advises the Board r e g a r d i n g s u p e r v i s o r y p o l i c i e s and p r o c e d u r e s , and m a i n t a i n s l i a i s o n
w i t h other Federal supervisory agencies r e g a r d i n g i n d i v i d u a l banks and g e n e r a l banking
matters.

DIVISION OF
PERSONNEL ADMINISTRATION

DIVISION OF
ADMINISTRATIVE SERVICES

OFFICE OF THE SOLICITOR

S e r v e s as c e n t r a l a c c o u n t i n g , machine t a b u l a t i o n , d u p l i c a t i n g , communications, t r a n s p o r t a t i o n , b u i l d i n g management, and s e r v i c e
u n i t of B o a r d .
C o l l e c t s funds r e c e i v a b l e ,
makes a u t h o r i z e d d i s b u r s e m e n t s , and m a i n t a i n s
Board's books of a c c o u n t .
Prepares pay r o l l s
and keeps r e l a t e d r e c o r d s .
Plans and executes
m e c n a n i c a l ( I B M ) p r o c e s s i n g of s t a t i s t i c a l ,
a c c o u n t i n g and r e c o r d s d a t a .
Distributes
Board p u b l i c a t i o n s and handles correspondence
relating thereto.
P r o o f r e a d s p r i n t e r ' s copy
of m a t e r i a l for Federal Reserve B u l l e t i n , e t c .
Purchases and d i s t r i b u t e s s u p p l i e s and e q u i p ment: and awards c o n t r a c t s .
Performs p r i n t i n g
and mimeograph work; m a i n t a i n s m a i l i n g l i s t s ;
r e c e i v e s and d i s p a t c h e s a l l m a i l .
Operates
c a f e t e r i a , p r i v a t e d i n i n g rooms and snack b a r ;
t e l e g r a p h s w i t c h i n g c e n t e r (System leased
w i r e s ) ; t e l e p h o n e s w i t c h b o a r d ; g a r a g e and
Board's automobiles; i n t e r d i v i s i o n stenog r a p h i c and messenger s e r v i c e .
Operates,
p r o t e c t s and m a i n t a i n s b u i l d i n g and g r o u n d s .

The O f f i c e of the S o l i c i t o r has the r e s p o n s i b i l i t y f o r the r e p r e s e n t a t i o n of the Board in
a l l l i t i g a t i o n to w h i c h the Board may be a
p a r t y and f o r the i n s t i t u t i o n and conduct o f
a l l formal proceedings by or on b e h a l f o f the
Board t o e n f o r c e p r o v i s i o n s of law or of the
Board's r e q u l a t i o n s .
The S o l i c i t o r has a l s o
been d i r e c t e d t o c o n t i n u e to handle questions
a r i s i n g in connection w i t h the proposed l e g i s l a t i o n r e l a t i n g t o t h e r e g u l a t i o n of bank
h o l d i n g c o m p a n i e s , under the d i r e c t i o n and
s u p e r v i s i o n of the Board and in c o l l a b o r a t i o n
w i t h the Genera) Counsel.

Serves as the Board's central personnel unit
for recruitment, investigation, and classification of personnel, as well as the general
administration of personnel policies. Maintains personnel and leave records, handles retirement matters, and supervises the emergency
medical room.
Handles matters pertaining to personnel, salary
administration, and appointment of directors
of the Federal Reserve Banks.




DIVISION

OF

INTERNATIONAL

FINANCE

Keeps Board advised of p r i n c i p a l f i n a n c i a l and
economic d e v e l o p m e n t s in t h e i n t e r n a t i o n a l
f i e l d , w i t h p a r t i c u l a r r e f e r e n c e to i n t e r n a t i o n a l f i n a n c i a l p o l i c i e s of the U n i t e d
S t a t e s and to f o r e i g n developments a f f e c t i n g
t h e U. S. economy.
C a r r i e s on r e s e a r c h on
these m a t t e r s .
Is r e s p o n s i b l e for ( I )
staff
o p e r a t i o n s in c o n n e c t i o n w i t h the s u p e r v i s i o n
o f the f o r e i g n o p e r a t i o n s of the F e d e r a l
Reserve Banks, ( 2 ) maintenance of the c o n t a c t s
o f the Board w i t h the s t a f f s o f the S t a t e and
T r e a s u r y D e p a r t m e n t s , MSA, and o t h e r U. S.
Government a g e n c i e s on m a t t e r s r e l a t i n g t o
i n t e r n a t i o n a l f i n a n c e , ( 3 ) m a i n t e n a n c e of
o p e r a t i n g c o n t a c t s w i t h d o m e s t i c banks and
other u n o f f i c i a l agencies in the area of i n t e r n a t i o n a l f i n a n c e , ( t ) maintenance of c o n t a c t s
o f t h e Board w i t h f o r e i g n c e n t r a l banks and
f o r e i g n governments in t h i s a r e a , and ( 5 ) s t a f f
o p e r a t i o n s in c o n n e c t i o n w i t h the membership
of the Chairman of the Board of Governors in
h i s s t a t u t o r y r o l e as a member of the N a t i o n a l
Advi sory C o u n c i I .

DIVISION OF BANK OPERATIONS
Handles

matters

relating

to

operations

of

i n g s , and expenses of F e d e r a l Reserve Banks,
member banks, and the banking s t r u c t u r e generally.
O b t a i n s , c o m p i l e s , a n a l y z e s , and maint a i n s r e p o r t s , s t a t i s t i c s , andrecords r e q u i r e d
f o r t h i s purpose, i n c l u d i n g s t a t i s t i c s re
V-loans.
A c t i v i t i e s include those i n c i d e n t to
a n a l y s i s o f R e s e r v e *-ank b u d g e t s , expense
r e p o r t s , and p r o f i t and toss a c c o u n t s ; f i e l d
surveys o f Reserve Bank o p e r a t i o n s w i t h p a r t i c u l a r r e f e r e n c e to o p e r a t i n g c o s t s : p r e p a r a t i o n of v a r i o u s s t a t e m e n t s , such as weekly
F e d e r a l Reserve and member bank s t a t e m e n t s ,
bank d e b i t s . Member Bank C a l l R e p o r t , monthly
" a l l - b a n k " c o n d i t i o n s t a t e m e n t , and Dar l i s t :
o p e r a t i o n o f I n t e r d i s t r i ct S e t t l e m e n t Fund;
p r o d u c t i o n schedules for p r i n t i n g Federal
Reserve n o t e s ; d i s t r i b u t i o n of currtnci
aa>ong
Reserve Banks; r e a l l o c a t i o n of s e c u r i t i e s in
System Open Market Account: Reserve Bank b u i l d ing p r o j e c t s ; a n a l y s i s o f member bank r e s e r v e s ,
e a r n i n g s , expenses, and o p e r a t i n g r a t i o s ; and
a n a l y s i s of the Banking s t r u c t u r e , i n c l u d i n g
b r a n c h , g r o u p , and chain b a n k i n g .
Maintains
l i a i s o n w i t h Treasury r e f i s c a l agency o p e r a t i o n s of Federal Reserve Banks.

DIVISION OF SELECTIVE CREDIT REGULATION
Provides the Board w i t h i n f o r m a t i o n and advice
c o n c e r n i n g q u e s t i o n s of c r e d i t p o l i c y
in
s e l e c t e d f i e l d s and has the r e s p o n s i b i l i t y for
a d m i n i s t r a t i o n of the B o a r d ' s R e g u l a t i o n V
r e l a t i n g t o d e f e n s e p r o d u c t i o n l o a n s , Regul a t i o n H r e l a t i n g to consumer c r e d i t and Regul a t i o n X r e l a t i n g to r e a l e s t a t e c r e d i t .

February 1952

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
EXERCISES POWERS PRESCRIBED IN THE
FEDERAL RESERVE ACT AND RELATED LEGISLATION
CHAIRMAN
ACTIVE EXECUTIVE OFFICER or THf BOAMD

SECRETARY
Serves as Chief Administrative O f f i c e r of the
Board in its relations with the divisions of its
staff and with the Federal Reserve Banks, and as
Assistant Secretary of the Federal Open Market
Committee.
Performs other duties assigned to
him by the Chairman or the Board.
Exercises
g e n e r a l s u p e r v i s i o n over a c t i v i t i e s of the
Secretary's Office.

LEGAL

DIVISION

Advises and a s s i s t s the Board w i t h respect t o
l e g a l M a t t e r s a r i s i n g in the conduct of i t s
b u s i n e s s , excepting those matters assigned to
the O f f i c e of the S o l i c i t o r .
Prepares r e g u l a t i o n s , r u l i n g s , o r d e r s , opinions, and c o r r e spondence or o t h e r documents of a l e g a l or
semi-legal character.
D r a f t s proposed l e g i s l a t i o n and analyzes and keeps the Board informed
w i t h respect to pending l e g i s l a t i o n on banking
and r e l a t e d s u b j e c t s .
Prepares m a t e r i a l f o r
Board's Loose Leaf Service, compilations of laws
r e l a t i n g to the F e d e r a l Reserve System, and
digests of State laws on c e r t a i n banking subjects.

D I V I S I O N OF
PERSONNEL ADMINISTRATION
Serves as the Board's central personnel unit for
r e c r u i t m e n t , i n v e s t i g a t i o n , and c l a s s i f i c a t i o n
of p e r s o n n e l , as w e l l as the general a d m i n i s t r a t i o n of personnel p o l i c i e s .
Maintains p e r sonnel and leave r e c o r d s , handles r e t i r e m e n t
a t t e r s , and supervises the emergency medical

Handles matters p e r t a i n i n g to personnel, s a l a r y
a d m i n i s t r a t i o n , and appointment of d i r e c t o r s of
t h e F e d e r a l Reserve Banks.




D I V I S I O N OF
R E S E A R C H AND S T A T I S T I C S
Keeps Board informed of developments in i n dustry, commerce, a g r i c u l t u r e , and finance with
a view to f o r m u l a t i o n of c r e d i t and monetary
policy.
Prepares s t a t i s t i c s and c h a r t s and
currently interprets developments in production
and d i s t r i b u t i o n of commodities, employment,
income, expenditures, savings, and the course
of p r i c e s , as w e l l as in b a n k i n g , consumer
c r e d i t and c a p i t a l m a r k e t s .
Makes s p e c i a l
studies of f i s c a l and labor problems from the
monetary point of v i e w . Works w i t h research
departments of Federal Reserve Banks on similar
problems. Has r e s p o n s i b i l i t y for most of the
contents of the Federal Reserve B u l l e t i n and
the Board's Annual Report.
Has charge of the
Board's general
library.

OFFICE OF THE SECRETARY

D I V I S I O N OF EXAMINATIONS

D I V I S I O N OF BANK OPERATIONS

Clears and conducts o f f i c i a l correspondence of
the Board. Prepares minutes covering the proceedings o f , and a r e c o r d of p o l i c y a c t i o n s
taken by, the Board and the Federal Open Market
Committee. Maintains docket of matters awaiting
a c t i o n by the Board and exercises supervision
over the o f f i c i a l records of the Board. Gives
s p e c i a l a t t e n t i o n to general correspondence
from the public including p a r t i c u l a r l y requests
for information on economic, monetary, and banking questions.

( I ) Examines the Federal Reserve Banks. Reviews
bank examination and supervisory a c t i v i t i e s of the
Reserve Banks, and participates in conferences, to
further coordination of policies and practices. Reviews the a c t i v i t i e s of the audit departments of
the Reserve Banks and participates in conferences
of auditors. ( 2 ) Analyzes, and prepares reports
with recommendations to the Board on, applications
and data regarding (a) State banks for membership
in the Federal Reserve System, (b) consolidations,
mergers, out-of-town branches, e t c . , involving State
member banks, (c) holding company a f f i l i a t e s for
voting permits, (d) national banks for trust powers,
and ( e ) certain other grants of authority. Reviews reports of examination of State member banks
and reports of examination o f , and annual reports
submitted by, holding company a f f i l i a t e s .
(3)Examines corporations organized under section 25(a)
of Federal Reserve Act, and, when directed by the
Board, c o r p o r a t i o n s operating under agreements
with the Board made in accordance with section 25
of the Act. ( 4 ) Follows developments in banking
p o l i c i e s and practices, advises the Board regarding
supervisory policies and procedures, and maintains
l i a i s o n with other Federal supervi sory agencies r e garding individual banksand general bank ing matters.

H a n d l e s m a t t e r s r e l a t i n g to o p e r a t i o n s of
Federal Reserve Banks, and to c o n d i t i o n , e a r n i n g s , end expenses of F e d e r a l Reserve Banks,
member banks, and the banking s t r u c t u r e generally.
Obtains, compiles, a n a l y z e s , and M a i n tains r e p o r t s , s t a t i s t i c s , and records required
f o r t h i s purpose.
A c t i v i t i e s i n c l e d e those
i n c i d e n t to a n a l y s i s of Reserve Bank budgets,
expense r e p o r t s , and p r o f i t and loss accounts;
f i e l d surveys of Reserve Bank operations w i t h
p a r t i c u l a r reference to operating coste; prepar a t i o n of v a r i o u s s t a t e m e n t s , such as weekly
F e d e r a l Reserve and member bank s t a t e m e n t s ,
bank d e b i t s , Member Bank C a l l Report, Monthly
' a l l - b a n k " c o n d i t i o n statement, and par l i s t ;
o p e r a t i o n of I n t e r d I s t r i c t S e t t l e m e n t Fund;
p r o d u c t i o n schedules for p r i n t i n g Federal
Reserve n o t e s ; d i s t r i b u t i o n of currency among
Reserve Banks; r e a l l o c a t i o n of s e c u r i t i e s in
System Open Market Account; Reserve Bank b u i l d ing p r o j e c t s ; analysis of meaber bank reserves,
e a r n i n g s , expenses, and o p e r a t i n g r a t i o s ; and
a n a l y s i s of the banking s t r u c t u r e , i n c l u d i n g
branch, group, and chein banking.

DIVISION OF
ADMINISTRATIVE SERVICES
S e r v e s as c e n t r a l b u d g e t a r y , p r o c u r e m e n t ,
d u p l i c a t i n g , communications, space c o n t r o l , and
service unit of Board. Prepares master budget,
c o l l e c t s funds r e c e i v a b l e , makes a u t h o r i z e d
disbursements, a u d i t s vouchers and maintains
Board's books of account.
Prepares pay r o l l s
and keeps r e l a t e d r e c o r d s .
Handles f i s c a l
m a t t e r s r e l a t i n g t o group i n s u r a n c e , e t c .
P l a n s , prepares and executes the mechanical
(IBM) processing of s t a t i s t i c a l data and oart i c i p a t e s in t h e d e v e l o p m e n t of s t a n d a r d
System programs.
D i s t r i b u t e s Board p u b l i c a t i o n s and handles correspondence r e l a t i n g
thereto.
Proofreads and prepares p r i n t e r ' s
copy of material for Federal Reserve B u l l e t i n ,
etc.
Purchases and d i s t r i b u t e s supplies and
equipment: and awards c o n t r a c t s for s p e c i a l
services.
Performs p r i n t i n g and mimeograph
work; m a i n t a i n s m a i l i n g l i s t s ; r e c e i v e s and
dispatches a l l m a i l .
Operates c a f e t e r i a ,
p r i v a t e dining rooms and snack b a r ; t e l e g r a p h
switching c e n t e r ; telephone switchboard; autom o b i l e s ; i n t e r - d i v i s ion page s e r v i c e ; and
s p e c i a l s t e n o g r a p h i c and messenger s e r v i c e .
Operates and maintains b u i l d i n g and grounds.

OFFICE OF THE SOLICITOR
ihe Office of the S o l i c i t o r has the r e s p o n s i b i l i t y for the r e p r e s e n t a t i o n of the Board in
• 1 1 l i t i g a t i o n t o which the Board may be a
P«rty and for the i n s t i t u t i o n and conduct of a l l
formal proceedings by or on behalf of the Board
to enforce provisions of law or of the Board's
r e q u l a t i o n s . The S o l i c i t o r has a l s o been d i rected to continue to handle questions a r i s i n g
"> connection w i t h the proposed l e g i s l a t i o n
• • e l a t i n g to the r e g u l a t i o n of bank h o l d i n g
C0
. * P a n i e » . under the d i r e c t i o n and supervision
° T the Board and in c o l l a b o r a t i o n w i t h t h e
Genera! Counsel.

DIVISION

OF

INTERNATIONAL

FINANCE

Keeps Board advised of p r i n c i p a l f i n a n c i a l and
economic developments in the i n t e r n a t i o n a l
f i e l d , with particular reference to i n t e r national f i n a n c i a l policies of the United States
and to foreign developments a f f e c t i n g the U. S.
economy. Carries on research on these m a t t e r s . !
Is responsible for ( I ) s t a f f operations in con- j
n e c t i o n w i t h the s u p e r v i s i o n of the f o r e i g n :
operations of the Federal Reserve Banks under!
Section I I , paragraphs (e) and (g) of the federa l Reserve Act, ( 2 ) maintenance of the contacts!
of the Board w i t h the s t a f f s of the State and
T r e a s u r y D e p a r t m e n t s , E C * , and o t h e r U. S.
Government a g e n c i e s on m a t t e r s r e l a t i n g t o
i n t e r n a t i o n a l f i n a n c e , 13) maintenance of oper- ;
a t i n g c o n t a c t s w i t h domestic banks and other
u n o f f i c i a l agencies in the area of international
f i n a n c e , (•> ) maintenance of c o n t a c t s of t h e !
I Board w i t h f o r e i g n c e n t r a l banks and f o r e i g n
(governments in t h i s a r e a , and ( 5 ) s t a f f operations in connection with the membership of t h e !
C h a i r m a n of the Board of Governors in h i t
s t a t u t o r y r o l e as a member of the N a t i o n a l
A d v i s o r y Counc i 1 .

July

1950

REC'D IN FILES SECT1,

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

EXERCISES POWERS PRESCRIBED IN THE
FEDERAL RESERVE ACT AND RELATED LEGISLATION
ACTIVE

EXECUTIVE

OFFICER OF THE BOARD

S e r v e s as C h i e f A d m i n i s t r a t i v e O f f i c e r o f t n e
Board in i t s r e l a t i o n s w i t h the d i v i s i o n s of i t s
s t a f f and w i t h t n e Federal Reserve Banks, and as
A s s i s t a n t S e c r e t a r y o f t h e F e d e r a l Open Market
Committee.
Performs other d u t i e s assigned t o
him by t h e C h a i r m a n or t h e B o a r d .
Exercises
g e n e r a ! s u p e r v i s i o n over a c t i v i t i e s of t h e
Secretary's Office.

LEGAL

DIVISION

A d v i s e s and a s s i s t s t h e B o a r d w i t h r e s p e c t t o
l e g a l n a t t e r s a r i s i n g in t h e conduct o f i t s
b u s i n e s s , e x c e p t i n g those matters assigned t o
the O f f i c e of the S o l i c i t o r .
Prepares regul a t i o n s , r u l i n g s , o r d e r s , o p i n i o n s , and c o r r e s p o n d e n c e o r o t h e r d o c u m e n t s o f a l e g a l or
semi-legal character.
D r a f t s proposed l e g i s l a t i o n and a n a l y z e s and keeps t h e Board informed
w i t h r e s p e c t t o p e n d i n g l e g i s l a t i o n on b a n k i n g
and r e l a t e d s u b j e c t s .
Prepares material for
B o a r d ' s Loose Leaf S e r v i c e , c o m p i l a t i o n s o f laws
r e l a t i n g t o t h e F e d e r a l Reserve System, and
d i g e s t s o f S t a t e laws on c e r t a i n b a n k i n g s u b j e c t s .




I

D I V I S I O N OF
RESEARCH AND S T A T I S T I C S
Keeps Board i n f o r m e d o f d e v e l o p m e n t s i n i n d u s t r y , commerce, a g r i c u l t u r e , and f i n a n c e w i t n
a v i e w t o f o r m u l a t i o n o f c r e d i t and m o n e t a r y
policy.
P r e p a r e s s t a t i s t i c s and c h a r t s and
c u r r e n t l y i n t e r p r e t s developments i n p r o d u c t i o n
and d i s t r i b u t i o n o f c o m m o d i t i e s , e m p l o y m e n t ,
i n c o m e , e x p e n d i t u r e s , s a v i n g s , and t h e c o u r s e
o f p r i c e s , as w e l l a s i n b a n k i n g , c o n s u m e r
c r e d i t , c a p i t a l m a r k e t s , and i n t e r n a t i o n a l b a l ance o f payments.
Makes s p e c i a l s t u d i e s o f
f i s c a l and l a b o r p r o b l e m s f r o m t h e m o n e t a r y
ooint of view.
A l s o keeps t h e Board a d v i s e d o f
p r i n c i p a l f i n a n c i a l and economic d e v e l o p m e n t s
abroad w i t h p a r t i c u l a r r e f e r e n c e t o t h e i n t e r n a t i o n a l f i n a n c i a l p o l i c i e s o f t h e U. S. Government.
Works w i t h r e s e a r c h d e p a r t m e n t s o f F e d e r a l R e s e r v e Banks on s i m i l a r p r o b l e m s . Has
r a . n n n < i h i i i t v f o r most o f t h e c o n t e n t s o f t h e
r e s p o n s i b i l i t y Tor most OT ine c o n w r m ui i"<=
F e d e r a l Reserve B u l l e t i n and t h e B o a r d ' s Annual
Report.
Has c n a r g e o f t h e B o a r d ' s g e n e r a l
1 i brary.

0 1 V I S I O N OF
PERSONNEL A D M I N I S T R A T I O N
Handles matters p e r t a i n i n g to p e r s o n n e l , s a l a r y
a d m i n i s t r a t i o n , and a p p o i n t m e n t o f d i r e c t o r s o f
the Federal Reserve Banks.
Serves as t h e B o a r d ' s c e n t r a l p e r s o n n e l u n i t f o r
r e c r u i t m e n t , i n v e s t i g a t i o n , and c l a s s i f i c a t i o n
o f p e r s o n n e l , as w e l l as t h e g e n e r a l a d m i n i s t r a t i o n of personnel p o l i c i e s .
Maintains pers o n n e l and l e a v e r e c o r d s , h a n d l e s r e t i r e m e n t
m a t t e r s , and s u p e r v i s e s t h e emergency m e d i c a l

OFFICE

OF THE SECRETARY

C l e a r s and c o n d u c t s o f f i c i a l c o r r e s p o n d e n c e o f
the Board.
P r e p a r e s minutes c o v e r i n g the p r o c e e d i n g s o f , and a r e c o r d o f p o l i c y a c t i o n s
t a k e n b y , t h e Board and t h e F e d e r a l Open Market
C o m m i t t e e . M a i n t a i n s docket o f m a t t e r s a w a i t i n g
a c t i o n by t h e B o a r d and e x e r c i s e s s u p e r v i s i o n
over t h e o f f i c i a l r e c o r d s o f t h e B o a r d .
Gives
s p e c i a l a t t e n t i o n t o general correspondence
from t h e p u b l i c i n c l u d i n g p a r t i c u l a r l y r e q u e s t s
f o r i n f o r m a t i o n on economic, m o n e t a r y , and banking q u e s t i o n s .

D I V I S I O N OF
ADMINISTRATIVE SERVICES
Serves as c e n t r a l b u d g e t a r y , procurement, d u p l i c a t i n g , c o m m u n i c a t i o n s , space c o n t r o l , a n d
s e r v i c e u n i t o f B o a r d . P r e p a r e s master budget.
C o l l e c t s f u n d s r e c e i v a b l e , makes a u t h o r i z e d
d i s b u r s e m e n t s , and m a i n t a i n s B o a r d ' s books o f
account.
P r e p a r e s pay r o l l s and keeps r e l a t e d
records.
A u d i t s o p e r a t i o n s o f c a f e t e r i a and
concessions.
D i s t r i b u t e s Board p u b l i c a t i o n s
on a p a i d , e x c h a n g e , or c o m p l i m e n t a r y basis and
handles
correspondence r e l a t i n g
thereto.
P r o o f r e a d s a n d p r e p a r e s p r i n t e r ' s copy o f
m a t e r i a l f o r Federal Reserve B u l l e t i n , e t c .
P u r c h a s e s , s t o r e s , and d i s t r i b u t e s supplies and
e q u i p m e n t ; and awards c o n t r a c t s f o r special
services.
Performs o f f s e t p r i n t i n g , Photostat,
m i m e o g r a p h , and a d d r e s s o g r a p h w o r k ; m a i n t a i n s
m a i l i n g l i s t s ; r e c e i v e s , d i s t r i b u t e s , and d i s patches a l l m a i l .
Operates c a f e t e r i a , private
d i n i n g r o o m s , a n d s n a c k b a r ; IBM e q u i p m e n t *
t e l e g r a p h s w i t c h i n g c e n t e r ; t e l e p h o n e sw i t c h b o a r d ; m a i n t e r m i n a l o f p n e u m a t i c tube systemp a s s e n g e r a u t o m o b i l e s and d e l i v e r y s e r v i c e ' ;
i n t e r - d i v i s i o n page s e r v i c e : and s p e c i a l s t e n o g r a p h i c and messenger s e r v i c e .
Also operates
and m a i n t a i n s B o a r d ' s b u i l d i n g and grounds
i n c l u d i n g a l l m e c h a n i c a l e q u i p m e n t , such a s
elevators, air conditioning, etc.

DIVISION

OF E X A M I N A T I O N S

DIVISION

( I ) Examines t h e Federal Reserve Banks.
Reviews
bank e x a m i n a t i o n and s u p e r v i s o r y a c t i v i t i e s o f t h e
Reserve Banks, and p a r t i c i p a t e s in c o n f e r e n c e s , t o
f u r t h e r c o o r d i n a t i o n o f p o l i c i e s and p r a c t i c e s . Rev i e w s t h e a c t i v i t i e s of t h e a u d i t d e p a r t m e n t s o f
t n e Reserve Banks and p a r t i c i p a t e s in c o n f e r e n c e s
of a u d i t o r s .
( ? ) A n a l y z e s , and p r e p a r e s r e p o r t s
w i t h reconmendations t o t h e Board o n , a p p l i c a t i o n s
and d a t a r e g a r d i n g ( a ) S t a t e banks f o r membership
in t h e F e d e r a l Reserve System, ( b ) c o n s o l i d a t i o n s ,
mergers, out-of-town branches, e t c . , i n v o l v i n g State
member banks, ( c ) h o l d i n g company a f f i l i a t e s f o r
v o t i n g p e r m i t s , ( d ) n a t i o n a l banks f o r t r u s t powers,
and ( e ) c e r t a i n o t h e r g r a n t s o f a u t h o r i t y . Reviews r e p o r t s o f e x a m i n a t i o n of S t a t e member banks
and r e p o r t s o f e x a m i n a t i o n o f , and annual r e p o r t s
s u b m i t t e d b y , h o l d i n g comoany a f f i l i a t e s .
(3)Examines c o r p o r a t i o n s o r g a n i z e d under s e c t i o n 2 5 ( a )
of F e d e r a l Reserve A c t , a n d , wften d i r e c t e d by t h e
B o a r d , c o r p o r a t i o n s o p e r a t i n g under agreements
w i t h t h e Board made in accordance w i t h s e c t i o n 25
of t h e A c t . ( 4 ) Follows developments in banking
p o l i c i e s and p r a c t i c e s , a d v i s e s t h e Board r e g a r d i n g
s u p e r v i s o r y p o l i c i e s and p r o c e d u r e s , and m a i n t a i n s
l i a i s o n w i t n o t h e r Federal s u p e r v i s o r y agenc ies r e g a r d i n g i n d i v i d u a l banks and g e n e r a l bank ing m a t t e r s .

OFFICE

OF BANK

OPERATIONS

Handles matters r e l a t i n g to operations of
F e d e r a l R e s e r v e B a n k s , and t o c o n d i t i o n , e a r n i n g s , and e x p e n s e s o f F e d e r a l R e s e r v e B a n k s ,
member b a n k s , and t h e b a n k i n g s t r u c t u r e g e n e r ally.
O b t a i n s , c o m p i l e s , a n a l y z e s , and m a i n t a i n s r e p o r t s , s t a t i s t i c s , and r e c o r d s r e q u i r e d
for this purpose.
A c t i v i t i e s include those
i n c i d e n t t o a n a l y s i s o f R e s e r v e Bank b u d g e t s ,
e x p e n s e r e p o r t s , and p r o f i t and l o s s a c c o u n t s ;
f i e l d s u r v e y s o f R e s e r v e Bank o p e r a t i o n s w i t h
p a r t i c u l a r reference to operating costs: prepar a t i o n o f v a r i o u s s t a t e m e n t s , such as w e e k l y
F e d e r a l R e s e r v e and member bank s t a t e m e n t s ,
bank d e b i t s . Member Bank C a l l R e p o r t , m o n t h l y
" a l l - b a n k " c o n d i t i o n s t a t e m e n t , ana par l i s t ;
o p e r a t i o n of I n t e r d i s t r i c t S e t t l e m e n t Fund;
production schedules f o r p r i n t i n g Federal
R e s e r v e n o t e s ; d i s t r i b u t i o n o f c u r r e n c y among
Reserve Banks; r e a l l o c a t i o n of s e c u r i t i e s in
System Open M a r k e t A c c o u n t ; R e s e r v e Bank b u i l d ing p r o j e c t s ; a n a l y s i s o f member bank r e s e r v e s ,
e a r n i n g s , e x p e n s e s , and o p e r a t i n g r a t i o s ; and
a n a l y s i s of the banking s t r u c t u r e ,
including
b r a n c h , g r o u p , and c h a i n b a n k i n g .
D e a l s w i t h a d m i n i s t r a t i o n o f R e g u l a t i o n W.

OF THE S O L I C I T O R

The O f f i c e o f t h e S o l i c i t o r h a s t h e r e s p o n s i b i l i t y f o r t h e r e p r e s e n t a t i o n of t h e Board in
a l l l i t i g a t i o n t o w h i c h t h e B o a r d may be a
p a r t y and f o r t h e i n s t i t u t i o n and conduct o f a l l
f o r m a l p r o c e e d i n g s by or on b e h a l f o f t h e Board
t o e n f o r c e p r o v i s i o n s o f law or o f t h e B o a r d ' s
regulations.
The S o l i c i t o r has a l s o been d i r e c t e d tq, continue to handle questions a r i s i n g
in c o n n e c t i o n w i t h t h e proposed l e g i s l a t i o n
r e l a t i n g t o t h e r e g u l a t i o n o f bank h o l d i n g
c o m p a n i e s , under t h e d i r e c t i o n and s u p e r v i s i o n
o f t h e Board and i n c o l l a b o r a t i o n w i t h t h e
G e n e r a l Counsel .

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
EXERCISES POKERS PRESCRIBED IN THE
FEDERAL RESERVE ACT AND RELATED LEGISLATION
CHAIRMAN
ACTIVE

EXECUTIVE

VICE CHAIRMAN

OFFICER OF THE BOARD

ACTS IN ABSENCE OF CHAIRMAN

SECRETARY
S e r v e s as C h i e f A d m i n i s t r a t i v e O f f i c e r o f t h e
Board in i t s r e l a t i o n s w i t h the d i v i s i o n s of i t s
s t a f f and w i t h t h e Federal Reserve Banks, and as
A s s i s t a n t S e c r e t a r y o f t h e Federal Open Market
Committee.
Performs other duties assigned to
him by t h e C h a i r m a n or t h e B o a r d .
Exercises
g e n e r a l s u p e r v i s i o n over a c t i v i t i e s of the
Secretary's Office.

LEGAL

DIVISION

A d v i s e s and a s s i s t s t n e Board w i t h r e s p e c t t o
l e g a l n a t t e r s a r i s i n g in the conduct of i t s
business.
Prepares regulations,
rulings,
o r d e r s , o p i n i o n s , and c o r r e s p o n d e n c e or o t h e r
document* of a l e g a l or s e m i - l e g a l c h a r a c t e r .
H a n d l e s l i t i g a t i o n i n v o l v i n g t h e Board and t h e
c o n d u c t o f h e a r i n g s b e f o r e the B o a r d ; and c o n s u l t s w i t h and r e n d e r s a s s i s t a n c e t o F e d e r a l
R e s e r v e Bank c o u n s e l i n c o n n e c t i o n w i t h l i t i g a t i o n i n v o l v i n g Federal Reserve Banks. P r e p a r e s d r a f t s o f proposed amendments t o t h e l a w ,
a n a l y z e s and keeps t h e Board i n f o r m e d w i t h r e s p e c t t o p e n d i n g l e g i s l a t i o n on b a n k i n g and
r e l a t e d s u b j e c t s , prepares m a t e r i a l for Board's
Loose Leaf S e r v i c e , and p r e p a r e s c o m p i l a t i o n s of
laws r e l a t i n g t o t h e F e d e r a l Reserve System and
d i g e s t s o f S t a t e laws on c e r t a i n b a n k i n g s u b jects.




Dl V I S I O N

D l V I S I O N OF
RESEARCH AND S T A T I S T I C S
Keeps B o a r d i n f o r m e d o f d e v e l o p m e n t s i n i n d u s t r y , commerce, a g r i c u l t u r e , and f i n a n c e w i t h
a v i e w t o f o r m u l a t i o n o f c r e d i t and m o n e t a r y
policy.
P r e p a r e s s t a t i s t i c s and c h a r t s and
c u r r e n t l y i n t e r p r e t s developments i n p r o d u c t i o n
and d i s t r i b u t i o n o f c o m m o d i t i e s , e m p l o y m e n t ,
i n c o m e , e x p e n d i t u r e s , s a v i n g s , and t h e c o u r s e
o f p r i c e s , as w e l l as i n b a n k i n g , c o n s u m e r
c r e d i t , c a p i t a l m a r k e t s , and i n t e r n a t i o n a l b a l ance o f D a y m e n t s .
Hakes s p e c i a l s t u d i e s o f
f i s c a l and l a b o r p r o b l e m s f r o m t h e m o n e t a r y
point of view.
Also keeps t h e Board a d v i s e d o f
p r i n c i p a l f i n a n c i a l and economic d e v e l o p m e n t s
abroad w i t n p a r t i c u l a r r e f e r e n c e t o t h e i n t e r n a t i o n a l f i n a n c i a l p o l i c i e s o f t h e U. S. Government.
Works w i t h r e s e a r c h d e p a r t m e n t s o f F e d e r a l R e s e r v e Banks on s i m i l a r p r o b l e m s . Has
r e s p o n s i b i l i t y f o r most o f t h e c o n t e n t s o f t h e
F e d e r a l Reserve B u l l e t i n and t h e B o a r d ' s Annual
Report.
Has c n a r g e o f t h e B o a r d ' s g e n e r a l
1ibrary.

OF S E C U R I T Y

LOANS

P r o v i d e s t h e Board w i t h i n f o r m a t i o n and a d v i c e
c o n c e r n i n g q u e s t i o n s o f c r e d i t p o l i c y in s e l e c t e d f i e l d s and d e a l s w i t h a d m i n i s t r a t i v e
m a t t e r s a r i s i n g under t h e B o a r d ' s R e g u l a t i o n s T
Regulation

W relating

t o consumer

credit.

OFFICE

OF THE SECRETARY

C l e a r s and c o n d u c t s o f f i c i a l correspondence o f
the Board.
P r e p a r e s m i n u t e s c o v e r i n g the p r o c e e d i n g s o f , and a r e c o r d o f p o l i c y a c t i o n s
t a k e n b y , t h e Board and t h e Federal Open Market
Committee. M a i n t a i n s docket of m a t t e r s a w a i t i n g
a c t i o n by t h e Board and e x e r c i s e s s u p e r v i s i o n
over t h e o f f i c i a l r e c o r d s o f the B o a r d .
Gives
s p e c i a l a t t e n t i o n to general correspondence
from t h e p u b l i c i n c l u d i n g p a r t i c u l a r l y requests
f o r i n f o r m a t i o n on economic, monetary and banki ng q u e s t i o n s .

D I V I S I O N OF
PERSONNEL A D M I N I S T R A T I O N
Serves as c e n t r a l personnel u n i t of t h e Board's
staff.
D e a l s w i t h personnel matters p e r t a i n i n g
t o t h e B o a r d ' s o r g a n i z a t i o n and i i a t t e r s coming
b e f o r e t h e Board p e r t a i n i n g t o t h e personnel o f
the Federal Reserve Banks.
F o l l o w s and e n c o u r a g e s t h e w o r k i n g o f t h e E x e c u t i v e Development P l a n i n t h e Federal Reserve Banks.
Opera t e s the emergency medical room.

DIVISION

OF E X A M I N A T I O N S

( I ) Examines the Federal Reserve Banks.
Reviews
bank e x a m i n a t i o n and s u p e r v i s o r y a c t i v i t i e s o f t h e
Reserve Banks, and p a r t i c i p a t e s in c o n f e r e n c e s , t o
f u r t h e r c o o r d i n a t i o n o f p o l i c i e s and p r a c t i c e s . Reviews t h e a c t i v i t i e s o f the a u d i t i n g departments o f
the Reserve Banks and p a r t i c i p a t e s in conferences
of a u d i t o r s .
( 2 ) A n a l y z e s , and prepares r e p o r t s
w i t h recommendations t o the Board o n , a p p l i c a t i o n s
and d a t a r e g a r d i n g ( a ) S t a t e banks f o r membership
in t h e Federal Reserve System, ( b ) c o n s o l i d a t i o n s ,
m e r g e r s , o u t - o f - t o w n branches, e t c . , i n v o l v i n g S t a t e
member banks, ( c ) h o l d i n g company a f f i l i a t e s f o r
v o t i n g p e r m i t s , ( d ) n a t i o n a l banks f o r t r u s t powers,
and ( e ) c e r t a i n o t h e r g r a n t s of a u t h o r i t y . Reviews r e p o r t s of examination o f S t a t e member banks
and r e p o r t s o f examination o f , and annual r e p o r t s
s u b m i t t e d b y , h o l d i n g company a f f i l i a t e s .
(3)Examines c o r p o r a t i o n s o r g a n i z e d under s e c t i o n 2 5 ( a )
of F e d e r a l Reserve A c t , and, when d i r e c t e d by the
Board, c o r p o r a t i o n s o p e r a t i n g under agreements
w i t h t h e Board made in accordance w i t h s e c t i o n 25
of t h e A c t . (•>) F o l l o w s developments in banking
p o l i c i e s and p r a c t i c e s , advises t h e Board r e g a r d i n g
s u p e r v i s o r y p o l i c i e s and p r o c e d u r e s , and m a i n t a i n s
l i a i s o n w i t n other Federal supervi sory agencies r e g a r d i n g i n d i v i d u a l banksand general bank ing m a t t e r s .

DIVISION

OF BANK

OPERATIONS

Handles m a t t e r s coming b e f o r e the Board r e l a t i n g
t o t h e c o n d i t i o n , o p e r a t i o n s , e a r n i n g s , and
expenses of the Federal Reserve Banks, o f member
b a n k s , and o f t h e b a n k i n g s t r u c t u r e g e n e r a l l y .
Operates I n t e r d i s t r i c t S e t t l e m e n t Fund. P r e pares p r o d u c t i o n schedules f o r p r i n t i n g F e d e r a l
R e s e r v e n o t e s , and s u p e r v i s e s d i s t r i b u t i o n o f
o t h e r p a p e r c u r r e n c y among F e d e r a l R e s e r v e
Banks.
Makes f i e l d s u r v e y s of o p e r a t i o n s o f
F e d e r a l Reserve Banks w i t h p r i n c i p a l r e f e r e n c e
to ooerating costs.
Obtains r e p o r t s from
F e d e r a l R e s e r v e Banks and member b a n k s and
compiles data r e l a t i n g to their earnings, expenses and c o n d i t i o n .
M a i n t a i n s a record of
changes in t h e s t a t u s o f a l l banks and branches
in t h e U n i t e d S t a t e s , i n c l u d i n g bank groups and
c h a i n s , and c o m p i l e s r e l a t e d d a t a .
Issues the
Par L i s t .
P r e p a r e s schedules d e t e r m i n i n g p e r i o d i c r e a l l o c a t i o n o f s e c u r i t i e s i n t h e System
Open M a r k e t A c c o u n t .
Handles m a t t e r s r e l a t i n g
to loans guaranteed by the Federal Reserve Banks
u n d e r R e g u l a t i o n V.
A s s e m b l e s and a n a l y z e s
r e g u l a t i o n s , s t a t i s t i c s , and o t h e r p e r t i n e n t
d a t a on Gl l o a n s and g u a r a n t e e d l o a n s i n g e n -

D I V I S I O N OF
ADMINISTRATIVE SERVICES
S e r v e s as t h e c e n t r a l b u d g e t a r y , p r o c u r e m e n t ,
d u p l i c a t i n g , communications and s e r v i c e u n i t o f
the Poard and a d v i s e s and a s s i s t s t h e Board w i t h
r e s p e c t t o such m a t t e r s .
Also p e r f o r m s v a r i o u s
administrative functions including the disbursement o f and a c c o u n t i n g f o r B o a r d f u n d s , t h e
d i s t r i b u t i o n o f B o a r d p u b l i c a t i o n s and t h e
o p e r a t i o n o f t h e B o a r d ' s b u i l d i n g and o t h e r
fac i 1 i t ies.

JANUARY, 1947

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
EXERCISES
FEDERAL

RESERVE

POWERS
ACT

PRESCRIBED

AND

RELATED

IN T H E
LEGISLATION

VE EXECUTIVE OFFICEf-

VICE CHAIRMAN

Serves as Chief Admin i strati ve Officer of the Board
in its relations with the divisions of its staff
and with the Federal Reserve Banks, and as Secretary Ex Officio of the Federal Open Market Committee. Performs other duties assigned to him by
the Chairman or the Board. Exercises general supervision over activities of the Secretary's Office.

L E G A L D l V I S ION
Advises the Board regarding legal quest ions arising
in the conduct of its business and passes upon
legal aspects of matters coming before the Board,
unications involving legal questions
and opinions and other legal papers. Prepares
proposed amendments to the law; analyzes and reDorts to the Board on pending legislation on banking and related subjects: and prepares compilations
of laws relating to the Federal Reserve System
and digests of State laws on certain banking subjects. Collects and disseminates among counsel
for Federal Reserve Banks information regarding
litigation of general interest involving Federal
Reserve Banks and consults with and renders assistance to Federal Reserve Bank counsel in more important matters.

DIVISION

OF S E C U R I T Y

LOANS

Provides tne Board with information and advice concerning questions of credit policy in selected
fields and deals withadministrative matters arising under the Board's Regulations T and U relating
to security-market credit and Regulation W relating to consumer credit.




D I V I S I O N OF
RESEARCH AND STATISTICS
Keeps Board informed of developments in industry,
commerce, agriculture, and finance with a view
to formulation of credit and monetary policy.
Prepares statistics and charts and currently interprets developments in production and distribution of commod it ies, employment, pay rolls, and the
course of prices, as well as in banking, consumer
credit, capital markets, and international balance
of payments. Makes special studies of fiscal and
labor problems from the monetary point of view.
Also keeps the Board advised of principal financial
and economic developments abroad. Works with research departments of Federal Reserve Banks on
similar problems. Has responsibility for most of
the contents of the Federal Reserve Bulletin and
the Board's Annual Report. Has charge of the
Board's general library.

ADMINISTRATOR

FOR WAR LOANS

Division deals with administrative matters arising
out of the Board's responsibilities under Executive Order No. 9112, the Contract Settlement Act
of I9UH, and the Board's Regulation V, "War Financing." This work comprises facilitating and coordinating the operations of the Federal Reserve
Banks as fiscal agents of the War Department, Navy
Deoartment, and Maritime Commission in making or
guaranteeing loans to businesses engaged in work
necessary, appropriate or convenient for the prosecution of the war.

O F F I C E OF T H E SECRETARY
Clears and conducts official correspondence of the
Board. Prepares minutes covering the proceedings
of, and a record of policy actions taken by, the
Board and the Federal Open Market Committee. Maintains docket of matters await ing act ion by the Board
and exercises supervision over the off icial records
of the Board. Gives special attention to the relationships of the Board with foreign banks and bankers
and other foreign representatives and individuals,
to the foreign activities of the Federal Reserve
Banks under Regulation N, and to general correspondence from the public including particularly
requests for information on economic, monetary and
bank ing quest ions.

D I V I S I O N OF E X A M I N A T I O N S
(I) Examines the Federal Reserve Banks. Reviews
bank examination and supervisory activities of the
Reserve Banks, and participates in conferences, to
further coordination of policies and practices . Reviews the act ivit ies of the auditinq departments of
the Reserve Banks and participates in conferences
of auditors. (2) Analyzes, and prepares reports
with recommendations to the Board on, applications
and data reqarding (a) State banks for membership
in the Federal Reserve System, (b) consolidations,
mergers, out-of-town branches, etc., i nvolving State
member banks, (c) holding company affiliates for
voting permits, (d) nat ional banks for trust powers,
and (e) certain other grants of authority. R e views reports of examination of State member banks
and reports of examination of, and annual reports
submitted by, holding company affiliates. (3) Examines corporations organized under sect ion 25 (a)
of Federal Reserve Act, and, when directed by the
Board, c o r p o r a t i o n s operating under agreements
with the Board made in accordance with section 25
of the Act. (1) Follows developments in banking
nolicies and practices, advises the Board regarding
supervisory policies and procedures, and maintains
liaison with other Federal supervisory agencies regarding individual banks and general banking matters.

DI V I S I O N OF
PERSONNEL
ADMINISTRATION
Serves as central personnel unit of the Board's
staff. Deals with personnel matters pertaining
to the Board's organizat ion and matters coming before the Board pertaining to the personnel of the
Federal Reserve Banks. Follows and encourages the
working of the Executive Development Plan in the
Federal Reserve Banks. Operates tne emergency medical room.

D I V I S I O N OF
ADMINISTRATIVE SERVICES
Performs administrative services for the Board:
including budgetary and accounting work, such as
preparing master budget, keeping books of account,
auditing vouchers, and preparing pay rolls; conducting War Bond drives;procuring, storingand distributing supplies, furniture, equipment, forms,
and publications: proof reading and preparing for
printer copy for Federal Reserve Bulletin, LooseLea f Service, Annual Repor t, and other publications;
dupl icat i n g — o f f-set orinting, ohotostatand mimeograph; m a i l i n g — r e c e i v i n g and dispatching: communicat ions—operat ion of telegraph switching turret
of Federal Reserve leased wire system, telephone
switchboards, pneumatic tube system, and interdivision messenger service; transportation—operation of automobiles, pick-up and delivery service;
space control; and operation and maintenance of
Board's cafeterias, building and grounds.

D I V I S I O N OF BANK O P E R A T I O N S
I
Handles matters coming before the Board relating
to the condition and operation of the Federal Reserve Banks. Operates Interdistrict Settlement
Fund and m a i n t a i n s books and records thereof.
Prepares production schedules for printing Federal
Reserve n o t e s , a n d supervises distribution of
other currency among the Federal Reserve Banks.
Prepares for publ icat ion the weekly condition statements of the Federal Reserve Banks and of about
400 reporting member banks in leading cities, the
monthly statement of debits to individual accounts
by banks in about 330 leading cities, the Member
Bank Call Report, and banking statistics published
in the Federal Reserve Bulletin and the Board's
annual reports. Obtains, examines, and tabulates
reports of Federal Reserve Banks relating to their
earnings, expenses, condition and noerations, and
of member banks relating to their condition, earnings, and expenses. Maintains a record of all
banks and branches in the United States and of
changes in the status thereof, and compiles data
with respect to the organization, consolidation,
suspension and Iiquidation of member and nonmember
banks, bank branches, affiliates, etc. Compiles
statistics of money in circulation, including data
on kinds and denominations thereof.

O F F I C E OF F I S C A L

AGENT

Collects and deposits all moneys and funds receivable by the Board and makes payment of expenses and
other disbursements of the Board. Maintains records of the Board's cash receipts and disbursements
and certain subsidiary general ledger accounts.

April I, I9H5

EOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
tXtKCl^tS POWERS PRESCRIBED IN THt
FFDERAL RESERVE ACT AND RELATED LEGISLATION

VICE CHAIRMAN

Serves as Chief Administrative Off icer of the Board
in its relations with the divisions of its staff
and with the Federal Reserve Banks, and as Secretary Ex Officio of the Federal (teen Market Committee. Performs other duties assigned to him by
the Chairman or the Board. Exercises general supervision over activities of the Secretary's Office.

|
LEGAL DIVISION
Advises the Board regarding legal quest ions arising
i in tne conduct of its business and oasses upon
legal aspects of matters coming before the Board.
Preoares communications involving legal quest ions,
and opinions and other legal papers. Prepares
proposed amendments to the law; analyzes and reports to the Board on pending legislation on banking and related subjects: and prepares compilations
of laws relating to the Federal Reserve System
and digests of state laws on certain banking subjects. Collects and disseminates among counsel
for Federal Reserve Banks information regarding
litigation of general interest involving Federal
Reserve Banks and consults with and renders assistance to Federal Reserve Bank counsel in more important matters.

DIVISION

OF SECURITY

01 V I S I O N OF
RESEARCH AND STATISTICS
Keens Board informed of developments in industry,
commerce, agriculture, and finance with a view
to formulation of credit and monetary policy, j
Prepares statistics and charts and currently in-j
terprets developments in production and distribution of commodities, employment, payrolls, and the
course of prices, as well as in banking, consumer
credit, capital markets, and international balance
of oayments. Makes special studies of fiscal and
labor problems from the monetary point of view.
Also keeps the Board advised of principal financial
and economic developments abroad. Works with research departments of Federal Reserve Banks on
similar problems. Has responsibility for most of
the contents of the Federal Reserve Bulletin and
the Board's Annual Report. Has charge of the
Board's general library.

LOANS

Provides the Board with information and advice concerning
questions of credit policy in selected fields and deals
with administrative matters arising under the Board's Regulations T and U relating to security-market credit and
Regulation W relating to consumer credit.




O F F I C E OF T H E S E C R E T A R Y
Conducts official correspondence of the Board.
Preoares minutes coverina tne proceedings of the
Board and a record of actions taken by the Board
and the Federal Ooen Market Committee on matters
of policy. Administers matters relating to the
Board's budaet, accounting and pay rolls; nurchase, custody and issue of S U D P I i e s and equipment:
telephone, telegraph, mail, duplicating, filino,
and messenger service: and the operation and maintenance of the Board's cafeteria, building and
grounds. Conducts administrative audit of vouchers
covering exoenditures by tne Board. Handles the
printing and distribution of Federal Reserve Bulletin and other publications of tne board.

A D M I N I S T R A T O R FOR
WAR L O A N S C O M M I T T E E
Division deals witn administrative matters arising out of
the Board's responsibi 1 i t ies under Executive Order No. 9112,
the Contract Settlement Act of 19>*i», and the Board's Regulation V, "War Financing." Thiswork comprises facilitating and coordinating the operations of the Federal Reserve
Banks as fiscal agents of the War Department, Navy Department, and Maritime Commission in making or guaranteeing
loans to businesses engaged in work necessary, appropriate
or convenient for the prosecution of the w a r .

D I V I S I O N OF E X A M I N A T I O N S
(l) Examines the Federal Reserve Banks. Reviews
bank examination and supervisory activities of the
Reserve Banks, and participates inconferences, to !
further coordination of policies and practices. Re- ]
views the activities of the auditinq departments of
the Reserve Banks and participates in conferences
of auditors. (2) Analyzes, and prepares reports
with recommendations to the 8oard on, applications
and data reqarding (a) State banks for membership
intheFederal Reserve System, (b) consolidations,
mergers, out-of-town branches, etc., involving State
member banks, (c) holding company affiliates for
voting oermits, (d) national banks for trust powers,
and (e) certain other grants of authority. Reviews reports of examination of State member banks
and reports of examination of, and annual reports
submitted by, holding company affiliates. (3) Examines corporations organized under section 25 (a) '
of Federal Reserve Act, and, when directed by the
Board, c o r p o r a t i o n s operating under agreements
with the Board made in accordance with section 25
of the Act. (4) Follows developments in banking
noticies and practices, advises the Board regarding
supervisory policies and procedures, and maintains
liaison with other Federal supervisory agencies re-

DI V I S I ON OF
PERSONNEL ADMINISTRATION
Serves as central personnel unit of the Board's staff.
Deals with Personnel matters pertaining to the Board's organization and matters coming before the Board pertaining
to the personnel of the Federal Reserve Banks. Follows
and encourages the working of the Executive Development
Plan m the Federal Reserve Banks. Operates the emergency
medical room.

DIVISION OF BANK OPERATIONS
Handles matters coming before the Board relating
to the condition and operation of the Federal Reserve Banks. Operates Interdistrict Settlement
Fund and m a i n t a i n s books and records thereof.
Prepares production schedules for orinting Federal
Reserve n o t e s , a n d supervises distribution of
other currency among tne Federal Reserve Banks.
Preoares for publ ication the weekly cond it ion statements of the Federal Reserve Banks and of about
100 reporting member banks in leading cities, the
monthly statement of debits to individual accounts
by banks in about 330 leading cities, the Member
Bank Call Report, and bank ing statistics published
in the Federal Reserve Bulletin and the Board's
annual reports. Obtains, examines, and tabulates
reports of Federal Reserve Banks relating to their
earnings, expenses, condition and operations and
of member banks relating to their condition, earnings, and expenses. Maintains a record of all
banks and branches in the United States and of
changes in the status tnereof, and compiles data
with respect to the organization, consolidation,
suspension and 1iquidation of member and nonmember
banks, bank branches, affiliates, etc. Compiles
statistics of money in circulation, including data
on kinds and denominations thereof.

O F F I C E OF F I S C A L

AGENT

Collects and deposits all moneys and funds receivable by
the Board and makes payment of expenses and other disbursements of the Board. Maintains records of the Board's cash
receipts and disbursements and certain subsidiary general
ledger accounts.

BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
EXERCISES SUPERVISORY POWERS PRESCRIBED IN THE
FEDERAL RESERVE ACT AND RELATED LEGISLATION
SEE ACCOMPANYING STATEMENT

net

cmw

Cxr-else* poeer* u d discharges
dutli. ••: Cbalrsan In i t M O o
Usability it l i t t e r .

ACMT* executive orric

PerforB sueb duties •» aay
b* »«*lgn*d to U>«B by tha
Chal

Pe*-fora* auch dutla* «• • ; be assigned
t- his. by lb« Chairman or by the Board.

Conduct* official correspondence of the Bwrd. Pre, r f alnutes covering U* frocewM-.-. .>' t! » ?->erd
•ud « record of i c U i n i taken by tba HM.n: anc tha
t •tiers! Open laxkrt Goamlttee oo aaUvra of r o l l c y .
Administers eatters relating to tha Board'* pereomtel
and payroll, *paca, *uppli*s and equlpaent, telephone
and telegraph, aaU, duplication, f l l l i . ( l and aa«aanK*r n r r l c t . Conduct* adBlnlrtratlra audit of m e k ar* cov«rlD( axpaodltura* bj tha Board. Band-las dl*tritutloB of Fadaral Raaarrt Bull at Ir asd otbrr publication* of the Board.

Colacta sad deposits all sonsy* and fends
r e o ! Table by the Board and aejfs* payaent
of expenses and otbar dlrtwu tenants of Board.
Maintains racerd* of Beard'* accounts.

„ ,
tha i*a*lj ooarflU
I of tba Padaral ra*a«-*a baoJca and of
rtl
r a«nt« in laadlaj
f ban* daklt* to
lodlrldkial acoouita hy :*nk* lo tbovil fTC laadin« c l t i a * . tba cuaarVar^ *«ib«r taut Call laport, and tba r u t l r t l c . publl*bad tr. tha Pad• i i a l i a t U and tha Beard'* Animal
Import* ral»t!.n« to Fadaral r»*arr» and aaatkar
and aoaataaber bank*. Coaplla*, analyse* and
Lcterprat* raport* aad ( t a t i i t l c * and prvparaa
l&atntrttoo* r*l»tin| to thrlr caapllatlon partaUlr.f to (II eondltleo, operation*, peraoasal,
aaj-nit«» and expanse* of the fad arm: r»e«i n
aarJI*; (t) oondt'lTO, aarnUj* and aryemae of
eeaker bank*; '!> o r f a a l u t i e n , cocao 1 Idatloa,
« M o a asil U;uldatlce of BeBber aad BOB•- ban**; (4) beat bracche*. a f f i l i a t e * ,
; ' I ! eoray in clreulatlcr.. Operate*
I Iirtar-ilatrtct SvttleaeDt Puad and ealrtair.*
u.rA* therecf. Pre»^ rrt produci t l o c aetiadulaa for (,rlr.U/)r or tI oota*. Soperrlte* 4tatrlbutlon '•? currancy to i




vmsion

or "FtKB'lSliW

FXsalns* Federal reserve bank*, corporations
organised under Section fi(a) of federal Rssarve Act, and, after* directed by the Board,
corporation* operating under agreements eltfi
the Board sade In aecordaoce elth 5«<tlor fi
of tha Act. Participates, when dlrectnd by
the Board, lo examination* of aasber banks
or banka applying for aeabershlp. Analyses,
and prepare* report* to the Board on, applications and data regarding (1) State bank*
for aasbershlp In the federal Reserve Systea
(T) boldlr.j coapaoy a f f i l i a t e * for voting
f-*ralts, (!) rational bank* for trust f-"»ers
(«) consolidations, aergere, e t c . , lnvolrltf
State aaaber banks. Reviews reports of *»u l u t l o n of ;t_.t. aaafcar ban**.
Drafts

OTncr of cgnyn. comtFi

nmsion of RPIAJCB M grATigrics

Advises the Board regarding legal questions
arising in the conduct of It* buslr.sss and
passes upon legal aspects of setter* cxavlnf
before tba Board. Prepares coaaunlcations
involving legal question*, and oplrloos and
othsr legal paper*. Prepares proposed aaendeerta to the last analyses and reports to
Board on pending legislation oo banking and
related subjsct*; and prepare* coaplUt'.on*
of l*e* relatir.* to the Federal Raserv* : yets* and dl«ast« of State lees oo cerULr.
banting subjects. Collects and dlssealr.ates
aaong counsel for Federal ressrve banks loforaatlon rt.»arri!r,g litigation of general
Irtereat Invnlrlr.f federal reserve bankr rnd
consults »itl »n.f renders aaalrtanea to

Keep* Board Informed of darelopsenta in
buaioe** and financial altuatloo that ha
a bearing oo foraulatloo of credit policy.
Exerclae* auperrlalon over alsilar w r t at
the teelra federal resarrr bank*. Caas41e*
tab la* and prepare* chart* and interpretative text OD production and dlatributlon of
conr <1!tl*», >-« eaplojaent, payrolla, and
U i courre of price*, a* e e l l • • on the
cour** of baaklr.f daralopsaota, gold ao*eaectr, and tha forelfD exchang*a. Also
keep* th* Board ad-rlaari of fr'.oclpal financial and eronaalr develepmerta akroad. Ra*
charge of lutlicatloa of federal Reaerre
BulletU and auperrlaioB tmt k « J i l ) rerteef of tha t e e l n federal re*err» beek*
anrt prepare* aater'.il for Bo<rd'r annual
Reports. BalrUln* tha Board'* bualsese an
financial library.

Carries e> a e t l r l U e e arlaU« trm
earUia preTlalase ef tae BaoerlUes
— - — r *<* of 1>M ehlch antiterlias
the Beard Vo regal* ta, by fliljag
•argia raqalr e a i t a and otaaratse,
the aaouBt or eredlt that say We attended and aaletalsed a? broker a,
sank*, and otaar* for t i e purpose of
parcba'lng or earry-Uc seeuritlee.

BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
EXERCISES SUPERVISORY POWERS PRESCRIBED IN THE
FEDERAL RESERVE ACT AND RELATED LEGISLATION

net auiwu>
IX.-claw powara and dlachai-gaa
dvitl>
' Caalraaa la i t m r t or
UaablUt, >f i i ' l t r .
UC. T, TW ClUIWtf
Far fora aurb dutiaa •• aa
llf»«d V- tbaa bj t-

•aj ba ••«l4n«d
or by tba Board.

omci ?r risen ACBT

I ot*«r dl
I t l c U l M raeorda of Board1

aad rand*
a p«j»ar.t
ta of Board.

l*la»ai aa far paakllaitloe tka aaatl/ aaaaUUoa
atataaiaaia af lava fadanl r
-.-^- -- akaut 400 i»aailla« aaaair I
_
.
altlaa, tka n a t i j at«ta»«B« ?f baa* dafelt* ta
Laaj cltlaa, taa fm\m-\j
Iwaar Back Call Eaa»rl, aad tfca r u t l a t l c a purlltbad te tba fadarmi laaai n BaXlatlja aad taa Baard'a inrmaj
bar baafca. Coapllaa, aaal;*aa a/td
I UVarprvO 'aporta aad l U C i t l c i aad ^aparaa
la*-trarttooa raL»tU| to I W r cosellat'.;e p
:
ooodltl'c »»ari'uoa
»
,
pparan—
a of tka fadarai laaai n
aaodt'l-ai, aamlrft aad M|iajim of
la; ': 9T(aalut!an, eoaaclloatloa.




*. afftlUtaa,
. Oparataa
u d aalrta'.ra

Conduct* official mi i aa^aid
, r' aloulaa co*arl£f U
I • record of •cUoea
adalolatvra u t t e r * r*UUL« to th« Board'a paraoraiaJ
and pajroU, apaca, aayellaa and aqulpaast, talapfwr.
and talafrapfc, aaU, ttupllc.t'.tm, f l i l r t , and aaaaar.
far a«-rira. Condurtt adBlclctrmtl** audit or *o«cbara coT«rlc« azpapdituraa tj tna Board, lawllaa dlatritutloc r>r Fadarai **»arn SuiiatU aad ovkrr pufcHcatl-na of th» Board.

?mcr ;r cannu. oxnii
teaalraa Padaral ra»i n baoAa, corporatlroa
i r a u l t a d uadar Sactloa fi(a) of Parian! Raaarr* i t , uvi, whan dtrart
orpcratlica oparatlDf isdar afraa»aBta vlth
taa Board aada In aerordaaca vitb . V t l r '.I
of tha l e t . Partlclpataa, atwaa dlr». t«d b/
tha Board, In *uaLn<tloa« of aaabar banka
ar kanta applrLag for aaaaarar.lp. loaljtaa,
and pravaraa rvporta to tha Board an, applleatlona aad data rafardlr| (1) Stata kaota
for aaabaraUp 1c tna Paoara. lUaam S/ataa,
(I, holdUf icai^cj afflllataa for »otlr^
Ua, (?) utl->nal baAta for ti
(•) oor.af.H.t- r , , a«r(«ri. a t r . , In
^tata aaaear bar.ta. Ra>«la«a rvporta of aiaalf^tlnr. .f : i > t . aaatar tajUa. Draft a

Advlaaa tha Boa
arl«la« U tha eoodurt of lta tuatraaa and
paaaaa upm . i p i aapatrta of aattara eaml£«
baftra tba Board. PTaparaa 11— ml i ill mi
Ut*olrlC4 laajai quaatlcna, aad "plr.loot and
othar lafal papara. Praparaa propoaad aaandaarta te tfea laai analjaaa and raporta to
Board oa paadLbj laflal.tloa ss bacUji« and
raUtad aukjacta; and praparaa c<mfll«f.^r.a
of l i t i raJat'.r^ tc tha PadaraJ Raaam . yataa aad dl«aat> ,r S u t a lava on earUU.
kar^ln( •kfcjacta. Collarta asd dlaaaalf.ata*

Board Uforaad of aaj*alepBarta la
a baartoc on forajulatlj
Exarclaaa auparoaloa o«ar alal.ar
tna taai^a Padaral ra
tafclaa aad f.rf»r»» rnarta tn.: uimrvrwU
tlva U i t oa produrtlon aad dirtrlKrtlon of
.onr .".tlaa, -« mflaymt,
payroUa, and
ti • ' * r n of pa-lcaa, aa amil aa on taa
aantr, aao tha foralja aiel-aaj*! »:a>kaapa tba Board advtaad if fr'nclpa: riaanclaJ and aronoalr daxait
irharfa of .utltcatloo of Pad
atu and auparrtalaa o»a
•r of tha t»alT» Padara: raaar** karla
n.« traparaa a.t«r il for Po. rJ'f » — I

Carrlaa aa M t l r l U w —. ^ - - ~.
— l a l i pra«tataBa aX tka laamittlaa
4 aklrk urtaarltaa
aarfU raajmlriaata aad aikaaalaa.
taadad aad aaUtalaad »j
krokar
k» krokara.

1935
Among the principal duties of the Federal Reserve Board in the administration of the
Federal Reserve Act of December 25, 1913, as amended, are the exercise of general sui/erTision over the Federal reserve banks, including their open aarket operations; the formulation, in cooperation with the Federal reserve hanks, of credit policies; the review
and determination of the discount rates of Federal reserve banks; supervision of the
issuance and retirement by Federal reserve banks of Federal reserve notes and Federal
reserve bank notes; and special supervision over all relationships and transactions of
Federal reserve banks with foreign banks or bankers. It is also authorized to examine
Federal reserve banks. It appoints three of the nine directors of each Federal reserve
bank; designates one of the three as Chairman and Federal Reserve Agent, and approves
salaries of officers and employees o* such banks. It passes upon the establishment
and discontinuance of branches and agencies of Federal reserve banks, and appoints certain directors of each branch. It prescribed conditions under which State banks and
trust companies are admitted to membership in the Federal Reserve System and limits
by regulation the rate of interest which may be paid by member banks on time and savings deposits. It grants trust powers to national banks, and passes upon reductions
in capital stock of national banks and upon applications of national banks for permission to establish foreign branches or to invest in the stock of banks or corporations engaged in international or foreign banking. It supervises corporations engaging In international and foreign banking which are created under Federal law. It is
authorized to issue permits under the provisions of the Clayton Act relating to interlocking bank directorates and under Section 52 of the Banking Act of 1955 covering certain relations between member banks and organizations dealing in securities, and to
Issue voting permits to holding company affiliates of member banks entitling them to
vote the stock of such banks which they crnn or control. It has power to remove officers and directors of member banks for continued violations of law or unsafe or unsound
practices in conducting the business of such banks, and may suspend member banks from
use of credit facilities of Federal Reserve System for making undue use of bank credit
for speculative purposes or for any other purpose inconsistent with the maintenance of
sound credit conditions. For the purpose of preventing the excessive use of credit for
the purchase or carrying of securities, it is authorized to regulate the amount of credit that may be extended and maintained on any security (with certain exceptions) registered on a national securities exchange. It promulgates regulations pursuant to provisions of the Federal Reserve Act, and carries on other activities.

GOVBaOR Cf THE BOARD

VICE GOVERHOR
rs and discharges
duties of Governor In absence or
disability of latter.

Active executive officer of the Board. In the
absence of the Secretary of the Treasury at meetIngs of the Board, the Governor presides. He has
general charge of the executive and routine business of the Board not otherwise specifically assigned, and exercises supervision over the Board's
staff.

ASSISTANT TO THE C
Performs such duties z.t aay
be assigned to him by the Governor of the Board.

Performs such duties as
may be assigned to hlx by
the Governor or by the
Board.

OFFICE Of FISCAL AGFJT
Collects and deposits all
moneys and funds receivable
by the Board with a F«deral
reserve bank designated by
the Board for the purpose,
in a special fund established
on the books of such Federal
reserve bank for the Federal
Reserve Board. Hakes paynts of expenses and other
dlsburseaents of Board upon
proper vouchers out of moneys
advanced to hi« by requisition out o* such fund and
placed to M s official credit ri*>. designated Federal
rocerve bank. Maintains




SIOB OF EXAMINATIOHS
Examines Federal reserve banks, their
tranches and agencies, corporations orjarized under Section 25(a) of Federal
Reserve Act, and corporations operating
under agreenent *ith Federal Reserve
Board In accordance with Section 25 of
the Act. Participates upon request of
the Board in examination of member bankc
or banks applying for membership. Prepares reports on a plications of (1)
State banks for membership in the Federal Reserve Systen, (2) holding company af""iliates for voting permits,
(?) national banks for trust powers,
(4) national banks for reduction in
capital stock, (5) individuals for permits under the Clayton Act. Pevle«E
analyser of reports of examination of
State member banks. Prepares reports
regarding consolidations, mergers, etc.,
involving State member banks, anc' regarding certification of such banks to
the Federal Deposit Insurance Corporation under Section 12E of Fwieral Reserve Act. Drafts conmunlcations regarding the various BatterE enumerated.

DIVISION C£ RESEARCH AMD STATISTICS
Prepares for publication the weekly conditic
statements of the Federal reserve banks and of
about 550 reporting member banks in leading
cities, the weekly statement of bank debits to
Individual accounts by banks in about £70 leading cities, the quarterly Member Bonk Call Report, and the statistics published in the Federal Reserve Bulletin and the Board's Annual
Reports relating to Federal reserve and member
and nonmember banks. Compiles, analyzes and
interprets statistics pertaining to (1) condition, operations, earnings and expenses of
the Federal reserve banks; (2) condition, earnings and expenses of member bonks; (5) organization, consolidation, sucpencion and liquidation of aember and nonmenber banks; (4) bank
branches, affiliates, etc.; (£) money in circulation. Maintains record of holdings of Federal reserve bc.nk stock by aenb = r banks and
changes In such holdings. Operates Gold Settlescnt Fund and maintains books and records
thereof. Prepares production schedules for
printing of Federal reserve notes and Federal
r e s r v e bank notes. Supervises distribution
o*" currency to Federal reserve banks.

Prepares minutes covering
the proceedings of the Board
•xnd conducts official correspondence of the Board.
AdniniEters matters relating to Board's personnel and
payroll, space, supplies,
eoulpoent, telephone, telegraph, mall, duplicating,
filing and nessenger service. Conducts administrative audit of vouchers covering expenditures by the Board.
Handles distribution of Federal Reserve Bulletin and
other publications of Board.

Keeps Board informed of developments in business and financial
situation that have a bearing on
formulation of credit policy. Exercises supervision over similar
"ork at the twelve Federal reserve
banks. Compiles tables and prepares charts and interpretative
text on production and distribution of connodities, on employment, payrolls, and the course
of prices, as well as on thp
course of banking developments,
iTold movements, and the foreign
exchanges. Also keeps the Board
advised of principal financial
and economic developments abroad.
Has charge of publication of Federal Reserve Bulletin and supervision over monthly reviews of
the twelve Ffvieral reserve banks
and prepares material for Board's
Annual Reports. Maintains the
Board's business and financial
library.

OFFICE OF GEBSRAL CqOTSEL
Advises the Board, or any member thereof,
regarding legal questions arising in the
conduct of its business. Prepares comemnications Involving legal questions, and also
opinions, regulations, rulings, forms and
other legal papers. Reviews general correspondence. Prepares proposed amendments
to the law; analyzes and reports to Board
on pending legislation on banking and related subjects; and prepares digests of
State laws on certain banking subjects.
Passes upon legal aspects of applications
of national banks for trust powers, applications for reductions In capital stock of
national banks, applications of State banks
for membership in the Federal Reserve System, applications of holding company affiliates of meaber banks for peralts to
vote stock in such banks, and applications
for interlocking directorates between banks
•airier Clayton Antitrust Act, and upon l«gal
r»sp»»cts of organization of corporations under
Federal law to engagp in international or foreign banking. Prepares reports on applications covering relationships of member banks
with dealers in securities. Collects and
disseminates among counsel for Federal reserve banks information regarding cases "
general Interest involving Federal rese*. c
banks and consults with and renders assistance to Federal reserve bank counsel in
more important llllgutlou.

ISSUE AMD RED
Verifies by actual count of
halves Federal reserve notes
and Federal reserve bank notes
sent to Washington for redemption. Arranges with Bureau of
Engraving and Printing for shipments of Federal reserve notes
and Federal reserve bank notes
to Federal reserve banks and arranges and maintains records of
insurance. Maintains records of
printings, shipments, issues and
redemptions of Federal reserve
notes and Federal reserve bank
notes, (while the expenses of
this division are defrayed out
of the funds of the Federal Reserve Board, its direct supervision, under the law, rests with
the Comptroller of the Currency.)

DIVISIOM OF SECURTTT LOAMS
Carries on activities arising from certain provisions of
the Securities Exchange Act of
1974 which authorize the Board
to regulate the amount of credit
that may be extended and 3alntr-ined by brokers and others
for the purpose of purchasing
or carrying securities.

4/J2/33
te Resolution
At 72nd Congress, adopted Feb. 8, 1933 requesting detailed statement covering functions and operations of
rious Government departments and establishment**
For correspondence • SEEj 210*oL

Administers the Federal Ret err* Act of Decwber 23. 1913. • • Mended. Exercises
general supervision over the twtlri Fedsrsl reserve banks, including their open market operations. I t s powers include the review and determination of their discount
rates; the examination of such banks; and supervision of the issuance of currency by
them. I t atvoolats three of tee nine directors of each Federal reserve bank; deeignates one of the three as Chairmn and Federal Reserve Agent; and approves salaries
of officers and employees of such banks. It oasses upon the establishment and d i s continuance of branches and agencies of Federal reserve banks and a-jDoints certain
directors of each branch. I t prescribes conditions of .uembersaip in the Federal Reserve System of State banks and trust companies; passes unon a plications of national
banks for permission to establish foreign branches; grants trutt powers to national
banks; passes upon reductions in capital st^ct of national banks; and Issues permits
under the provisions of the Clayton Act
It supervises corporations engaged in ii
created under Federal law or in the stock of «hich national banks are permitted to
Invest; and carries on other a c t i v i t i e s .

GOVfcftHOS OF Tfffi BOARD
A c t i v e e x e c u t i v e o f f i c e r of t h e Board. P r e s i d e s
at a l l meetings of the Soari, In tae absence of the
S e c r e t a r y of the Treasury, »ao I t a member e x - o f f l c i o
and Chairman. Hat general charge o f t h e e x e c u t i v e
and r o u t i n e b u s i n e s s of the Board not o t h e r w i s e
s p e c i f i c a l l y assigned and e x i r c l s e s supervision over
the s t a f f of the Board.

be assigned t o him by the Governor of the Board.

SSCRSTAaT 0? THE BOARD
Performs rich duties
as may be assigned to him
by the Governc- or by the
Board.

ISIOI or 2
C o l l e c t s aad depoelts a l l
moneys r e c e i v a b l e by Board
with Treasurer of United
S t a t e s , In a s p e c i a l fund
e s t a b l i s h e d on the books o f
the Treasurer f o r Federal
l > s e r v e Board. Makes oaya e a t o f expenses aad other
disbursements of Board upon
proper voucher* oat of
moneys advanced to h l a by
r e q u i s i t i o n and warrant oat
of s p e c i a l fond aad • l a c e d

to his official credit. Prepares quarterly account for
submission to General Accounting Office. Maintains
todget records and subalts
monthly reports thereon to
Board.

Xzaalnet the Federal reserve
banks, their branches and agencies
and ezaaines corporations organised under Section 25(a) of Federal Reserve Act and those operating under agreement with Federal
Reserve Board in accordance with
Section 25 of Act. Prepares detailed reports thereon. Bevlews
reports of exaainations of
national banks by Comptroller of
Currency and of state member banks
by state banking authorities and
Federal reserve banks. Prepares
reports on applications of state
banks for membership In the Federal Reserve Syttem and applications of national banks for trust
powers. Also prepares reports to
Federal Reserve Board regarding
consolidations, mergers, e t c . .
Involving state bank members,
which may affect their membership
In the Federal Beeerve System.
Drafts communications to Federal
reserve banks and member banks
regarding the various matters
smsaeratcd.

:li:XL-.CH

Compiles, analyses and interprets
s t a t i s t i c s pertaining to (1) condition, operations, earnings and exnenees of the Federal reserve banks;
(2) condition, earnings and expenses
of member banks; (3) bank suspensions,
consolidations, organisations,
branches, groups, chains, e t c . , and
(U) miscellaneous information relating to Federal reserve banks and
member and nonmember banks.
Prepares for publication the weekly
condition statements of the Federal
reserve banks and of about U25 reporting member banks in leading c i t i e s ,
the weekly statement of bank debits
to Individual accounts by banks in
about 265 leading c i t i e s , the quarterly Member Bank Call Report, and the
s t a t i s t i c s published in the Federal
Reserve Bulletin and the Board's
Annual Reports relating to the condition and operations of Federal reserve and member banks.
Maintains record of holdings of
Federal reserve bank stock by member
banks and changes tmrein.
Operates (told Settlement Fund and
lntains books and records thereof,
ndles orders for printing of Fed- ,
• r»i

r.-iin;

i~t«>« »uvl ?*d«ral

reserve;

bank notes and maintains Joint custody of eurrplY of unissued notes at
Bureau of Engraving and Printing.
Supervises distribution of currency
among Federal reserve banks, ordsrlng
shipments of Federal reserve notes
!
and Federal reserve bank notes by
;
Cornet roller of the Currency and of ;
United States issues by Treeturer of !
tre United States.
i

April 12. 1933



proceedings of t*« Board and conducts official correspondence of
the Board.
Administers xatters r e l i t l n g
to Board's personnel and payroll,
space, supplies, equipment, t e l ephone, telegraoh, mail, duplicating, f i l i n g and messenger
service. Conducts administrativ
pendltures by the Board.
Handles distribution of Federal
Reserve Bulletin and other trabllcations of Board.

4S

Keeps Board informed of development* in business and financial
situation that have a bearing on
formulation of credit policy.
Xzercises supervision over similar work at the twelve Federal
reserve banks. Compiles tables
and prepares charts and Interpretative text on production and
distribution of commodities, on
employment, payrolls, and the
course of crlcet, as well as on
the course of banking developments, gold iirrv events, and the
foreign exchanges. Also keeps
the Board advised of principal
financial and economic developments abroad. Has charge of
publication of Federal Reserve
Bulletin and supervision over
monthly reviews of the twelve
Federal reserve banks and prepares material for Board's
Annual Reports.

Advisee the Board, or any mom
ber thereof, regarding legal
questions arising In the eonduct of i t s business. Prepares
communications Involving legal
questions, and, also opinions,
regulations, rulings, forme and
other legal papers. Reviews
general correspondence. Prepares proposed amendments to
the law; analyses and reports
to Board on pending legislation
on banking and related subjects;
and prepares digests of State
laws on certain banking subject!
Prepares reports on application!
for interlocking directorates
between banks under Clayton
Antitrust Act; passes upon
legal aspects of applications
of national banks for trust
powers and of State banks for
membership in the Federal Reserve System; and passss upon
legal asTMCts of organisation
of corporations under Federal
law to engage in international
or foreign banking. Collects
and_disseminates among counsel
formation r«gardlng casee of
general Interest involving Federal reserve banks and consults
with and renders assistance to
Federal reserve bank counsel in
nore Important l i t i g a t i o n .

Terlfles by aotoal eouat af
halves Federal reserve no tec
Federal reserve tank aetec scat
to Washington for redeem)tlem. ''
Arranges wita Bureau of ~
'
and Printing for shipments cf
Federal reserve notes cad F
reserve bank no tee to Federal r e serv- *-—•-maintains records of 1
Maintains records of print1
shipments. Issues and riismytleaa
of Federal reserve no tee ana Federal reserve bank notes, ( l a l l e
the expenses of this dlvlsioa
are defrayed out of the funds of j
the Federal Reterre Board, i t s
direct supervision, under the l a
rests with the Comptroller of the
Currency.)

THE FEDERAL RESERVE SYSTEM
The Federol Reserve Act, enocted by Congress on December 23,1913, established the Federal Reserve System.
Provision is made in the statute for the Board of Governors, the 12 Federal Reserve Bonks ond their branches, the Federal Open Market Committee, the member banks, ond the Federal Advisory Council, which hove the relotionskips indicated
below. Statutory relationships are shown by solid lines and informal relationships are shown by broken lines.

FEDERAL
OPEN MARKET COMMITTEE

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
L l i C o m p o s e d of seven m e m b e r s , e a c h a p p o i n t e d by t h e P r e s i d e n t
ana c o n f i r m e d by t h e S e n a t e f o r a t e r m of 14 y e a r s . E x e r c i s e s
pfiv^ers p r e s c r i b e d in t h e F e d e r a l R e s e r v e A c t a n d r e l a t e d leg is la'tfbn. It is an i n d e p e n d e n t agency of t h e F e d e r a l G o v e r n m e n t ,
and* is not a p a r t of t h e T r e a s u r y or any o t h e r G o v e r n m e n t
d e p a r t m e n t . It r e p o r t s d i r e c t l y to C o n g r e s s and its f u n d s are
dert-ved f r o m a s s e s s m e n t s on the R e s e r v e B a n k s . I t s p r i m a r y r e s p o n s i b i l i t i e s a r e m a i n t e n a n c e , to t h e e x t e n t of i t s a u t h o r i t y ,
of sound b a n k i n g and c r e d i t c o n d i t i o n s , a n d s u p e r v i s i o n of F e d eral Reserve Banks and member banks.

Composed of members of Boord of Governors and five representatives selected by
the Reserve Banks annually. Meets in Washington at least four times each year for tke purpose of determining System open market
policies- Reserve Banks are required to enInformation gage in open market operations directed by
the Committee and these directions ore issued directly to the Federol Reserve Banks
or through the executive committee of the
Open Market Committee. Transactions arranged by the executive committee for System account are executed by the New York
Reserve Bonk as agent.

Advice and
recommendation

t

FEDERAL ADVISORY COUNCIL
Composed of one member from each
Federal Reserve district selected annually by
board ot directors of the Federal Reserve Bank.
Meets ot least four times each year in Washington. Hos power to confer directly with the
Board of Governors on business conditions, to
make representations concerning matters within jurisdiction ot the Board, and to moke recommendotions reqording the affairs of the
Reserve System. Executive committee consists of six members. Council has paid porttime Secretory.

EXECUTIVE
COMMITTEE

;
:

Consultation and
recommendation

I

!
An informal organization of the Chairmen
of the 12 Federal Reserve Banks for the purpose of considering, and making suggestions
and recommendations with respect to, matters
of interest to the System from the standpoint
of the Chairmen in their dual capacity as Chairmen of the boards of directors of the Reserve
Banks and as the statutory agents of the
Board of Governors at the Reserve Banks.Conference meets once or twice a year in Wash ington or elsewhere. Executive committee,consisting of three Chairmen, prepares agenda and
makes other necessary arrangements for meetings of Conference.

I
Information

PRESIDENTS' CONFERENCE
Consultation and
recommendation "

An informal organization of the Presidents
of the 12 Federal Reserve Banks for purpose
of enabling the Presidents to confer on all
matters of System policy, administration, and
operation, and to make recommendations
with respect to these matters. Conference has many committees consisting of
Presidents and other officers of Reserve
Banks to study, and make reports and
recommendations to the Conference on,
problems arising in the System's operations.

Supervisory and
regulatory relations

Consultation and
recommendation

i

Composed of
three members of
the Board of Governors ond two Presidents who are
members of the Federal Open Market
Committee.

I

CHAIRMEN S CONFERENCE




i

Consultation and recommendation

Consultation and
recommendation

Directions re open
market operations

Y
THE TWELVE

FEDERAL RESERVE BANKS

The continental United States is divided into 12 Federal Reserve districts with a Federal Reserve Bank in each district. Each Bank is
under the immediate supervision and control of a board of nine directors. The three Class A and the three Class B directors are elected
by the member banks, and the three Class C directors, one of whom is Chairman and another Deputy Chairman, are appointed by the Board of
Governors. Chief executive officer of the Bank is the President, appointed by the board of directors with approval of the Board of
Governors for a term of five years, and all other executive officers and all employees are directly responsible to him. The First Vice
President is appointed in the same manner and serves as chief executive officer in the absence of the President.
The Reserve Banks are the principal medium through which the credit policies and general supervisory powers of the System are
exercised; they perform for member banks many of the services which member banks perform for the public; and they are fiscal agents,
depositaries, and custodians for the United States Treasury and other Government agencies.
The Federal Reserve Banks maintain 2 4 branches in principal cities of the United States as shown below. These branches
perform for their districts most of the routine functions performed by the head office. Subject to regulations of the Board,
and general supervision by the board of directors of the parent Reserve Bank, each branch is under the immediate supervision of a board of five or seven directors, a majority of whom are appointed by the board of directors of the Reserve
Bonk and the remainder by the Board of Governors.
Federal Reserve Bank of:
Boston New York Philadelphia Cleveland
Branch:
Branches:
Buffalo
Cincinnati
Pittsburgh

Richmond Atlanta
Chicago St. Louis
Branches: Branches:
Branch: Branches:
Branch:
Baltimore Birmingham Detroit Little Rock Helena
Charlotte Jacksonville
Louisville
Nashville
Memphis
New Orleans

San Francisco
Kansas Citv
QflUflS
Branches:
Branches:
Branches:
Los Angeles
Denver
El Paso
Portland
Oklahoma City Houston
San Antonio Salt Lake City
Omaha
Seattle

Services and
supervision

MEMBER BANKS
All national banks in the respective districts are required by low to be
members of the Federal Reserve System, ond eligible state banks and
trust companies may be admitted to membership upon approval ot the
Board of Governors.
Each member bank is required by law to hold stock of its Federal
Reserve Bank in on amount equal to 3 per cent of the member bank's
capital and surplus. This stock can not be sold, transferred or hypothecated. Each member bonk is also required to maintain its legal reserves
with its Federal Reserve Bank
Nonmember banks which mointoin adequate balances at the Reserve Bank
of the district may make use of the check clearing and collection system of the
Federal Reserve Bonks.

November 1953

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
EXERCISES POWERS PRESCRIBED IN THE
FEDERAL RESERVE ACT AND RELATED LEGISLATION
CHAIRMAN

ASSISTANT TO THE BOARD.

ACTIVE EXECUTIVE OFFICER OF THE BOARO

ASSISTANT TO THE CHAIRMAN.
ECONOMIC ADVISER.
FEOERAL OPE

LEGISLATIVE COUNSEL.

SECRETARY
Serves as Chief A d m i n i s t r a t i v e O f f i c e r of the
Board in i t s r e l a t i o n s w i t h the d i v i s i o n s of
i t s s t a f f and with the Federal Reserve Banks.
Performs other d u t i e s assigned t o him by the
Chairman or t h e B o a r d . E x e r c i s e s g e n e r a l
supervision over a c t i v i t i e s of the S e c r e t a r y ' s
Office.
DIVISION OF
RESEARCH AND STATISTICS

LEGAL DIVISION
Advises and assists the Board with respect to
legal Matters a r i s i n g in the conduct of its
business, including questions regarding the
powers and functions of the Board, the Federal
Reserve Banks, and member banks arising under
the Federal Reserve Act and related statutes.
Prepares regulations, interpretations, orders,
opinions, correspondence, and other documents
of a legal or semi-legal c h a r a c t e r .
Drafts
proposed legislation and analyzes and prepares
reports on pending l e g i s l a t i o n with respect
to banking and r e l a t e d s u b j e c t s .
Prepares
• a t e r i a l for Board's Loose Leaf Service and
c e r t a i n compilations of banking laws.

Keeps the Board informed of c u r r e n t and p r o s p e c t i v e economic and f i n a n c i a l developments
in t h e d o m e s t i c f i e l d w i t h a v i e w to t h e
f o r m u l a t i o n of c r e d i t and monetary p o l i c y .
P r e p a r e s s t a t i s t i c s and c h a r t s f o r use i n
analyzing developments and for p u b l i c a t i o n and
p r e s e n t a t i o n to v a r i o u s groups.
C a r r i e s on
research in such major f i e l d s as p r o d u c t i o n ,
d i s t r i b u t i o n , p r i c e s , n a t i o n a l income and
e x p e n d i t u r e s , employment and wages, f i s c a l
p r a c t i c e s and p o l i c i e s , b a n k i n g , c a p i t a l
markets, consumer and r e a l e s t a t e c r e d i t and
a g r i c u l t u r e . Makes s p e c i a l studies of moneyf l o w s , consumer finances and buying plans and
o t h e r s u b j e c t s of p a r t i c u l a r i n t e r e s t from
time t o t i m e . Works w i t h the r e s e a r c h d e p a r t m e n t s of t h e F e d e r a l Reserve Banks in
connection with t h e i r s t a t i s t i c a l reports
and economic a n a l y s e s .
Maintains working
a r r a n g e m e n t s w i t h r e s e a r c h s t a f f s in o t h e r
Government agencies and w i t h p r i v a t e research
o r g a n i z a t i o n s . Maintains the Board's general
library.
Has r e s p o n s i b i l i t y for much of t h e
m a t e r i a l p u b l i s h e d i n t h e F e d e r a l Reserve
B u l l e t i n , the Federal Reserve Chart Books, and
the B o a r d ' s Annual R e p o r t .
Participates in
the development of background information f o r
and r e p o r t s t o Congressional Committees.

DIVISION OF
PERSONNEL ADMINISTRATION

DIVISION OF
ADMINISTRATIVE SERVICES

Directs the Board's personnel program to provide for the employment, development, maintenance, and effective U t i l i z a t i o n of the human
resources essential to e f f i c i e n t operation;
develops personnel policies and practices to
maintain a work environment conducive to maximum productiveness and to provide for basic
human needs to the end that a satisfying total
work adjustment may be achieved.

Serves as central machine t a b u l a t i n g , d u p l i cating, communications, transportation, building
management, and service unit of Board.

Incident to the above, performs many detailed
operations, such as maintenance of individual
personnel records, leave records, and supervision of the Board'* health program.
vf. l-;
F a c i l i t a t e s the administration of the Federal
Reserve Bank employee and o f f i c e r s a l a r y
plans, the appointment of directors, and other
personnel programs of the Federal Reserve
Banks.




nd Board's automobiles; interdiviston steno
g rraphic
a p h i c and
and messenger s e r v i c e .
Operates
Operates
p r o t e c t s and maintains b u i l d i n g and grounds
r nt Ar^t •

mnA

mi i n t *

in<

k i i ! til i n .

.

•• J

•• v «••«*<•'*

OFFICE OF THE SECRETARY
Clears and conducts o f f i c i a l correspondence of
the Board.
Prepares minutes covering the
proceedings of, and a record of policy actions
t a k e n by, the Board and the Federal Open
Market Committee. Maintains docket of matters
awaiting action by the Board. Exercises supervision over the o f f i c i a l records of the Board
and the Federal Open Market Committee. Gives
special a t t e n t i o n to general correspondence
from the public.

DIVISION OF EXAMINATIONS
( 1 ) Examines the Federal Reserve Banks. Reviews bank examination and supervisory act i v i t i e s of the Reserve Banks, and participates
in conferences, to f u r t h e r coordination of
policies and practices. Reviews the a c t i v i t i e s
of the audit departments of the Reserve Banks
and p a r t i c i p a t e s in conferences of auditors.
(2) Analyzes, and prepares reports with recommendations to the Board on, applications and
data regarding (a) State banks for membership
in the Federal Reserve System, (b) consolid a t i o n s , mergers, establishment of branches,
e t c . , involving State member banks, (c)holding
company a f f i l i a t e s for voting permits, ( d )
n a t i o n a l banks for t r u s t powers, and ( e )
c e r t a i n other grants of a u t h o r i t y .
Reviews
reports of examination of State member banks
and reports of examination of, and annual r e ports submitted by, holding company a f f i l i a t e s .
( 3 ) Examines corporations organized under
section 25(a) of Federal Reserve Act, corpor a t i o n s operating under agreements with the
Board made in accordance with section 25 of
the Act, and foreign branches of State member
banks and such c o r p o r a t i o n s .
(H) Follows
developments in banking policies and practices,
advises the Board regarding supervisory p o l i c i e s and procedures, and maintains l i a i s o n
w i t h other Federal supervisory agencies r e garding individual banks and general banking
matters.

DIVISION OF BANK OPERATIONS
Handles matters r e l a t i n g to operations of
Federal Reserve Banks, and to condition, earnings, and expenses of Federal Reserve Banks,
member banks, and the banking structure genera l l y . Obtains, compiles, analyzes, and maintains reports, s t a t i s t i c s , and records required
f o r t h i s purpose, including s t a t i s t i c s re
V-loans. Maintains l i a i s o n with Treasury re
f i s c a l agency operations of Federal Reserve
Banks.
A c t i v i t i e s include those incident t o :
(1) Analysis of Reserve Bank budgets, expense
r e p o r t s , and p r o f i t and loss accounts; f i e l d
surveys of Reserve Bank Operations with part i c u l a r reference to operating costs.
(2) Preparation of various statements, such
as weekly Federal Reserve and member bank
condition statements, bank debits, Member Bank
Call Report, monthly all-bank condition statement, and Par L i s t .
(3) Analysis of member bank reserves, earnings, and expenses; analysis of the banking
structure.
( » ) Operation of I n t e r d i s t r i c t Settlement
Fund; production schedules for printing Federal
Reserve notes; distribution of currency among
Reserve Banks.
(5) Real location of securities in the System
Open Market Account; Reserve Bank b u i l d i n g
projects.

DIVISION OF INTERNATIONAL FINANCE

OFFICE OF DEFENSE LOANS

OFFICE OF THE CONTROLLER

Keeps Board advised of principal financial and
economic developments in the i n t e r n a t i o n a l
f i e l d , with p a r t i c u l a r reference to i n t e r n a t i o n a l f i n a n c i a l p o l i c i e s o f the United
States and to foreign developments a f f e c t i n g
the U. S. economy. Carries on research on
these matters.
Is responsible for ( I ) s t a f f
operations in connection with the supervision
o f the f o r e i g n o p e r a t i o n s of the Federal
Reserve Banks, (2) maintenance of the contacts
of the Board with the s t a f f s of the State
and Treasury Departments, and other U. S.
Government agencies on matters r e l a t i n g to
i n t e r n a t i o n a l f i n a n c e , ( 3 ) maintenance of
operating contacts with domestic banks and
other unofficial agencies in the area of i n t e r national finance, (*) maintenance of contacts
of the Board with foreign central banks and
foreign governments in this area, and (5) s t a f f
operations in connection with the membership
of the Chairman of the Board of Governors in
his statutory role as a member of the National
Advisory Council.

Has r e s p o n s i b i l i t y for administration of act i v i t i e s of the Board of Governors in connection with the V-loan program under which
c e r t a i n Government procurement a g e n c i e s ,
through the Federal Reserve Banks as f i s c a l
a g e n t s , guarantee defense production loans
made by private financing i n s t i t u t i o n s pursuant to the Defense Production Act of 1950,
as amended, Executive Order 10480 of August \H,
1953, and the Board's Regulation V. Receives
from the Federal Reserve Banks a l l applications
for such guarantees and other correspondence
in connection therewith and transmits them to
appropriate guaranteeing agencies and s i m i l a r l y transmits to the Federal Reserve Banks
authorizations for guarantees, instructions,
and other advice received from the guaranteeing agencies. Participates in the delibera t i o n s of the Contract Finance Committee of
the Dept. of Defense in matters pertaining to
the V-loan program. Maintains close l i a i s o n
with the guaranteeing agencies and the Federal
Reserve Banks in c a r r y i n g out the above
functions.

Responsible for the receipt and disbursement
of th« Board's funds and the formulation and
execution of its budget. Maintains Board's
books of account, and prepares periodic f i nancial statements. Reviews expenditures and
conducts appropriate internal a u d i t s . Makes
studies and analyses of operations. Prepares
payrolls and maintains related records. Determines the assessments upon the Federal
Reserve Banks for the Board's expenses and
for pro rata cost of leased wire operations;
and handles reimbursement to the Treasury
Department for p r i n t i n g , i s s u i n g , and r e demption of Federal Reserve notes.

November 1953

OFFICE OF THE SECRETARY -- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

S. R. CARPENTER
S e c r e t a r y of t h e Board
C h i e f A d m i n i s t r a t i v e O f f i c e r o f t h e Board in i t s r e l a t i o n s w i t h t h e d i v i s i o n s o f i t s s t a f f and w i t h t h e Federal
Reserve B a n k s .
Reviews i m p o r t a n t c o r r e s p o n d e n c e and o t h e r
m a t t e r s r e q u i r i n g Board a c t i o n and keeps i n f o r m e d as t o t h e
s t a t u s o f questions r e f e r r e d t o v a r i o u s d i v i s i o n s f o r study
and r e p o r t .
E x e r c i s e s general s u p e r v i s i o n over
activities
of the S e c r e t a r y ' s O f f i c e .
Performs o t h e r d u t i e s assigned
t o him by t h e Chairman o r t h e B o a r d .

MERRITT
SHERMAN
Assistant Secretary

KENNETH A. KENYON
Assistant Secretary

A s s i s t s the Secretary g e n e r a l l y and a c t s as S e c r e t a r y
i n h i s absence.
A t t e n d s meetings of the Board and s t a f f
conferences.
Reviews and c l e a r s Board correspondence and
o t h e r documents prepared in the s e v e r a l d i v i s i ons of the
Board's s t a f f which r e q u i r e Board a c t i o n .
Handles general
correspondence w i t h the p u b l i c .
W r i t e s the minutes of the
Federal Open Market Committee and i t s e x e c u t i v e committee.
Serves as S e c r e t a r y of the Conference of Chairmen of the
F e d e r a l Reserve Banks.
E x e r c i s e s g e n e r a l superv i s i on of
clearing u n i t .
Performs duties of Mr. Kenyon in his absence.

A c t s as S e c r e t a r y i n t h e a b s e n c e o f t h e S e c r e t a r y and
Mr. Sherman.
A t t e n d s and p r e p a r e s m i n u t e s o f m e e t i n g s o f
t h e B o a r d , d i s p o s e s o f m a t t e r s a c t e d upon as d i r e c t e d , and
m a i n t a i n s d o c k e t o f m a t t e r s a w a i t i n g Board a c t i o n .
Serves
as S e c r e t a r y o f t h e S t a f f Group on F o r e i g n I n t e r e s t s .
Has
r e s p o n s i b i l i t y f o r p l a n n i n g programs f o r f o r e i g n v i s i t o r s .
Exercises general s u p e r v i s i o n of f u n c t i o n s i n d i c a t e d below.
P e r f o r m s d u t i e s o f M r . Sherman i n h i s a b s e n c e .

ISO*
CLEARING

UNIT

Jonn C. Brennan
••'•. .

.

General

Assistant

R e c e i v e s and d i s t r i b u t e s t o t h e r e s p e c t i v e d i v i s i o n s
a l l incoming mail addressed t o the Board.
R e c e i v e s and
r e c o r d s a l l l e t t e r s and memoranda p r e p a r e d i n t h e v a r i o u s
d i v i s i o n s f o r p r o c e s s i n g or s i g n a t u r e in S e c r e t a r y ' s O f f i c e .
C l e a r s m a t e r i a l w i t h o t h e r d i v i s i o n s and c i r c u l a t e s i t i n
accordance w i t h i n s t r u c t i o n s .
Prepares f o r m a i l i n g c o r r e spondence s i g n e d i n S e c r e t a r y ' s O f f i c e .




R

RECORDS SECTION
Edna B. Poeopel
Chief
Maintains central f i l i n g unit for a l l o f f i c i a l
files
o f t h e Board and F e d e r a l Open M a r k e t C o m m i t t e e ( o t h e r t h a n
personnel r e c o r d s of i n d i v i d u a l employees).
Receives,
c l a s s i f i e s , and f i l e s such r e c o r d s , and makes them a v a i l a b l e
to authorized persons.
Prepares schedules f o r d i s p o s i t i o n
o f n o n - c u r r e n t r e c o r d s , and m i c r o f i l m s s e l e c t e d r e c o r d s
before destruction.

MINUTES

AND

NDEXING

UN I T

M. El i z a b e t h Jones
Senior Index Clerk
Types and checks minutes of Board and Federal Open
Market Committee.
Prepares indexes t o minutes of Board and
Federal Open Market Committee.
Prepares indexes to Annual
Report of the Board and to Federal Reserve B u l l e t i n .
Answers
authorized requests f o r references from the minutes.

August 1954

LEGAL DIVISION -

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
GEORGE B.

VEST

General Counsel

— Mrs. McColloch
Secretary

FREDERIC

SOLOMON

HOWARD H .
HACKLEY
A s s i s t a n t General Counsel

Assistant General Counsel
- - M r s . Edwards
Secretary

DAVID
Assistant

G.

8.
HEXTER
General Counsel

HOWLAND

CHASE

A s s i s t a n t General Counsel
—Miss Rauber

- - M r s . Colvin
Secretary

—Miss Crosby
Secretary

Secretary
BOARD CONTRACTS

ADMINISTRATIVE PROCEDURE REGULATIONS

AFFILIATES AND HOLDING COMPANY AFFILIATES

BANKERS ACCEPTANCES

CERTAIN LEGISLATIVE PROPOSALS

COLLECTIONS

CURRENCY MATTERS

INTERLOCKING DIRECTORATES

FOREIGN BANKS AND BRANCHES

INTEREST ON DEPOSITS

DOMESTIC BRANCHES

LITIGATION
PROCEEDINGS UNDER SEC. 30 OF BANKING
ACT OF 1933 AND SEC. 9 OF F.R. ACT

FOREIGN RELATIONSHIPS OF F. R. BANKS

LOANS AND DISCOUNTS

FIDUCIARY MATTERS

MARGIN REQUIREMENTS AND BANK LOANS
ON SECURITIES

RESERVES

MEMBER 8ANK EXAMINATION AND

TAX QUESTIONS

SUPERVISION
A l t e r n a t e as t o :

A l t e r n a t e as t o :

DOMESTIC BRANCHES

AFFILIATES AND HOLDING COMPANY
AFFILIATES

MEMBER BANK EXAMINATION AND

RESERVES

A l t e r n a t e as t o :

A l t e r n a t e as t o :

CURRENCY MATTERS

LITIGATION

SUPERVISION

FOREIGN RELATIONSHIPS OF
F.R. BANKS

MARGIN REQUIREMENTS AND BANK
LOANS ON SECURITIES

WILSON

L.

HOOFF

JEROME

Ass i s t a n t Counsel

W.

Assistant

WALTER

SHAY

Counsel

H.

Assistant

YOUNG

S.

E.

Counsel

ROBERT

ENTRIKEN

S.

O'SHEA

Law Clerk

Law Clerk

AFFILIATES AND HOLDING COMPANY AFFILIATES (REG. P)

ADMINISTRATIVE PROCEDURE

BOARD CONTRACTS

MAINTENANCE OF FILES AND LIBRARY OF LEGAL DIVISION

LEGAL RESEARCH

EXAMINATIONS AND CALL REPORTS

COLLECTIONS (REGS. G AND J)

BUSINESS LOANS (REG. S)

FOLLOWING PROGRESS OF LEGISLATION

COMPILATION OF STATE LAWS

FEDERAL REGISTER

CURRENCY MATTERS

CRIMINAL STATUTES

RESEARCH IN LEGISLATIVE HISTORY

PUBLICATIONS

FIDUCIARY HATTERS (REG. F)

FEDERAL REPORTS ACT

DISCOUNTS (REG. A)

COMPILATION OF STATE LAUS

MISCELLANEOUS LEGAL QUESTIONS

INVESTMENT SECURITIES

FOREIGN BANKS AND BRANCHES (REGS. K AND M)

INVESTMENTS IN BANK PREMISES

FOREIGN RELATIONSHIPS OF F.R.

MEMBERSHIP AND DOMESTIC BRANCHES (REG. H)

INTEREST ON DEPOSITS (REG. Q)

PERSONNEL AND RETIREMENT MATTERS

MERGERS AND CONSOLIDATIONS

INTERLOCKING DIRECTORATES (REGS. L AND R)

V-LOANS (REG. V)

PUBLICATIONS
RESERVE BANK DIRECTORS AND BY-LAUS

MARGIN REQUIREMENTS AND BANK LOANS ON
SECURITIES (REGS. T AND U)

RESERVE BANK STOCK (REG.

RESERVES (REG. D)

I)

BANKS (REG. N)

LEGISLATIVE REPORTS
LOANS TO EXECUTIVE OFFICERS (REG. 0)

A l t e r n a t e as t o :
COLLECTIONS
FOREIGN BANKS AND BRANCHES

A l t e r n a t e as t o :
CRIMINAL STATUTES
_..„.

INJ.EREST ON DEPOSITS

' ^ -• INTEJLOCUNG DIRECTORATES




A l t e r n a t e as t o :

FOREIGN RELATIONSHIPS OF
F.R. BANKS

AFFILIATES
DISCOUNTS
MEMBERSHIP AND DOMESTIC BRANCHES

NOTE

- THE

ASSIGNMENTS

INDICATED

ARE FLEXIBLE

AND

ARE

SHIFTED

WHENEVER

CIRCUMSTANCES

REQUIRE.
September I, 1953

DIVISION OF RESEARCH AND STATISTICS

o
us
<

II s

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
RALPH A. YOUNG
DIRECTOR

Ul

I Secretary

o
C.

RICHARD YOUNGDAHL
Assistant Director

(Financial Developments)

GUY E. NOYES
Assistant Director
(Regional Research
and Administration)

I Secretary

R.

Koch,

Chief

KENNETH B. WILLIAMS
Assistant Director

(Economic Research)

(Publications and Research Services)

(Business Developments)

ECONOMIC EDITING
Marie B u t l e r ,
Economist ( E d i t o r i a l )

Economists

I

Clerks

3 Clerks

Economist
Clerk-Stenographer

I Secretary

I Secretary

REGIONAL RESEARCH

6

I

I Secretary

Orvi I le K. Thompson,
Economi st

3

1 Clerk-Stenographer

SUSAN S. BURR
Assistant Di rector

I Secretary

BANKING SECTION
Albert

FRANK R. GARFIELD
Adviser

I

Economist

I
I

Editorial
Clerk

BUSINESS CONDITIONS SECTION
Clayton

Bank loans and investments
Deposits and deposit turnover
Elements analysis
Currency in circulation
Interest rates

Regional research on current
problems
Department store statistics
Research work, technical publications, and research budgets
of the Federal Reserve Banks

Coordination of Division's a c t i v i ties in planning, editorial review and writing for Bulletin,
Annual Report, chart books and
other publications, Current
Comments, special a r t i c l e s , and
special Division reports
Research on Government corporations and credit agencies

Banking structure and earnings

GOVERNMENT FINANCE SECTION
D. C. Mi 1 ler. Acting Chief

DIVISION

I Statistical

Assistant

8 Clerks
Clerk-Stenographer

Industrial production and business
activity
Volume of consumption and trade
Prices and price policy
Commodity stocks
Agriculture
Transportation

RESEARCH LIBRARY

ADMINISTRATION

G e r a l d F. Mi I l e a .
Administrative Assistant

Chief

10 Economists
Clerk

I

Bank reserves

Gehman,

NATIONAL INCOME,
MONEYFLOWS. AND LABOR
SECTION

A l v e r n H. S u t h e r l a n d ,
Chief Librarian

Louis Weiner, Chief
8

Economists

3 Clerks
1

Clerk-Stenographer

I Executive Assistant
I Admini s t r a t i v e C l e r k
I Clerk
6 Clerk-Typists

4 Li b r a r i a n s
3 Li brary
I

National

Assi s t a n t s

Clerk

Income and

Labor

U Economists
2 Clerks
1 Clerk-Stenographer
Moneyflows
Daniel

Government security market
Public debt
Government receipts and expenditures
Fiscal policy and taxation

Division budget and personnel
work

Reference service on books
and current periodicals

Stenographic and clerical
service, messenger service,
and miscellaneous matters

4

H.

Brill,

Economist

Economists

1 Statistical

Assistant

1 Clerk
1 Clerk-Stenographer

GRAPHIC ANALYSIS
Helen R. GrunweI I ,
C h i e f Draftsman
I A s s t . C h f . Draftsman
I Draftsman-Illustrator
4 Draftsmen

BUSINESS FINANCE AND CAPITAL
MARKETS SECTION

Projections of gross national
product
Composition and distribution
of national income
Manpower, wages, and labor relations
Measurement of moneyflows

Paul B. Simpson, Acting Chief

U Economists
4 Clerks
I

CONSUMER CREDIT
AND FINANCES
SECTION
Homer J o n e s , C h i e f

Clerk-Stenographer
Preparation of graphic analysis
material

Consumer C r e d i t
Tynan S m i t h , Economist
7 Economists
Business finance:
plant and equipment expenditures, working capital
needs, corporate profits and
savings, bank loans to
business
Structure of capital markets:
new security issues, investment institutions,
interest rates, security
prices, stock market credit

1 Statistical

Assistant

7 Clerks
2
Work of

the

Clerk-Stenographers

Division

Keeps Board i n f o r m e d of d e v e l o p m e n t s i n i n d u s t r y ,
c u l t u r e , and f i n a n c e w i t h a view t o f o r m u l a t i o n of c r e
policy.
P r e p a r e s s t a t i s t i c s and c h a r t s and c u r r e n t l
l
i
f
i

Real E s t a t e Cred i t
Ramsay Wood, Economist
2

Economists

I

Clerk

Small business problems




Consumer credit and consumer
credit controls
Consumer finances survey:
analysis of income and expenditures, savings, and
liquid and non-liquid assets
Liquid asset holdings
Real estate credit and construction
August 1994

D I V I S I O N OF INTERNATIONAL FINANCE

-

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

ARTHUR W. MARGET.
Di r e c t o r
I Secretary

LEWIS N. DEM8ITZ,
Assistant D i r e c t o r
I Secretary

Administrative Staff
Wendell E. Thome,
Assistant to the Director
I Economist
3 Clerks
I Clerk-Stenographer
International Information Center
Esther G. Crews, Supervisor
I Ass't Supervisor
3 Clerks

Liaison, editor i a l ,
s t a t i s t i c a l , personnel , admin is t r a t i v e and service functions in
the international
field

Financial

Operations

and
Pol icy Sect ion

Arthur B. Hersey,
Chief

3 Economists
2 S t a t i s t i c a l Ass't
I Clerk-Stenographer

2 Economists
I Statistical Ass't
I Clerk-Stenographer

U . S . f o r e ign f inan-

Basic analytic
research in international
trade and finance
and in fiscal
and monetary
polic ies of the
United States
and foreign
Countr ies

c ia1 and monetary
policies

and opera-

t ions .
A c t iv i t ies of the
Nat iona1 Adv i sory
Counc i 1 ,

I nterna-

Fund and

Bank , and Ex p o r t Import
Foreign
of

Bank.

Central and Eastern
European Section

Far Eastern
Section

Latin American
Section

Henry K. Heuser,

J. Herbert Furth,
Chief
3 Economists
I Clerk-Stenographer

Economic and f i n a n c i a l developments
in Western Europe
and the B r i t i s h
Commonwealth (excluding India and
Pakistan)

Chief

3 Economists
I Clerk-Stenographer

Economic and financial developments in
Central and Eastern
Europe and in countries of the Mediterranean Area and
the Near East

Floyd L. Whittington
Chief
2 Economists
I Clerk-Stenographer

(Vacant, Chief)
Ernest C. Olson,
Economist
2 Economists
I Clerk-Stenographer

Economic and financial developments in the Far
East (including
India and Pakistan)

Economic and financial developments
in Latin America

operations

t h e F e d e r a l Re-

serve

System.

Gold and s i lver .
Short-term
movements .

Q3VI3 O3 9\

Western European
and

British Commonwealth
Section

Frank H. Tamagna,
Chief

tional




Special Studies
Section

capital

Work of the Divis ion
Keeps Board advised of principal financial and economic developments in the international field, with particular
reference to international financial policies of the United States and to foreign developments affecting the
U. S. economy. Carries on research on these matters. Is responsible for (I) staff operations in connection
with the supervision of the foreign operations of the Federal Reserve Banks under Section in, paragraphs (e) and
(g) of the Federal Reserve Act. (2) maintenance of the contacts of the Board with the staffs of the State and
Treasury Departments, and other U. S. Government agencies on matters relating to international finance, (3)
maintenance of operating contacts with domestic banks and other unofficial agencies in the area of international
finance, (1) maintenance of contacts of the Board with foreign central banks and foreign governments in this
area, and (5) staff operations in connection with the membership of the Chairman of the Board of Governors in his
statutory role as a member of the National Advisory Council.

3HT
August 1954

DIVISION OF BANK OPERATIONS - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
R. F. LEONARD
Director
Mrs. Smith
Secretary

1

1

JOHN E.
HORBETT
Assistant Director

LOWELL
MYRICK
Assistant Director

Miss Trott
Secretary

Mrs. Ivie
Secretary

MEMBER BANK MATTERS

RESERVE BANK MATTERS

r
Chief, Reserve Bank
Operations Section

Chief, Member Bank Section

John R. Farrel1
Chief, Reserve Bank
Budget and Expense Section
Mrs. Bennett
Clerk-stenographer

Hiss Werner
Clerk-stenographer

"Miss Gris«t
Clerk-stenographer

Reserve Bank:

Bank earnings analyses
of the Section
Banking structure

Historical banking studies

1

M. B. Daniels

Gerald M. Conkling

Bank reserves

1

Accounting manual

V-Loan reports
Raymond J . Collier (TA)
Rita S. Boyer (SA)
1 Clerk-stenographer

Budgets

Par List
Reserve Bank building projects
'01iver Jones (TA)
Marjorie F. Jones (SA)
1 Statistical clerk
1 Clerk-typist
1 Clerk

Expenses
nterest on F. R. notes
Field surveys
Open Market allocations
Special assignments on Reserve
Bank operating matters

Weekly member bank statements
Special assignments (condition.
earnings, reserves, and banking
structure)

Bank debits

Evelyn Bryan (Supv).
2 Statistical clerks

John J . Hurley (A)
David C. Crockett (A)
T. A. Veenstra (A)

John C. Franzoni (TA)
Harold F. Stone (A)
1 Clerk-stenograpner

Reserve Bank condition statements

Fiscal agency matters
Defense planning
John J. Hart (TA)
John N. Kiley (TA)
E. R. Massey (TA)
'Mary M. Ourkan (TA)
W. M. Graham (A)
2 Statistical clerks
1 Clerk-stenographer
1 Clerk-typist

Reserve Bank credit and related items
Esther Conover (Supv)
2 Statistical clerks

Disposition of old records (Reserve
Bank)

Condition statements:
nterdistrict Settlement Fund

Member Bank Call
Real estate credit statistics
Al1 Bank montnly

Currency supply

Common trust fund statistics
*01iver Jones (TA)

l^».,Lanflham (TA)
3 Statistical c l e r k s " ^ !
( i n c l . 1 vacancy)




Director
'Mary M. Durkan (TA)

F. A. Walker (Supv)
Clerk

4^^

*3M
"**m
Reserve Bank:
Discount rates
Bank premises - records
General service
Earnings
*R. E. Sherfy (A)
'Margaret C. Griset (CS)
1 Clerk

Profit and loss
*R. E. Sherfy (A)

TA - Technical Assistant
A = Analyst
Supv = Supervisor
SA = Statistical Assistant
CS = Clerk-stenographer

August 1, 1954

DIVISION OF EXAMINATIONS - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
GEO.

S. SLOAN
Director

Mrs. Bender
Secretary

HENRY BENNER
Assistant Director

Fiduciary Activities of Member
Banks

Investment Securities

Member Bank Applications:
Membership
Branches

Trust Powers of National Banks
-Regulation F
-Applications

Special Studies

Investment in bank premises
Capital

reductions

Mergers, consolidations, e t c .
(Applications w i l l be processed
by Review Examiners)
Inter-Agency Clearance:

Review and analysis of examination reports of state member banks; follow-up
on required supervisory action.
Review of analyses of national bank examination reports.
Evaluation of bank examination and reporting practices; coordination of
examination standards; liaison with reserve bank examination staffs.

Branches
National bank charters
Division Administration:
Personne1
Budget
C. H. Bartz

REVIEW EXAMINERS:
C. N. Griffin
W. J. McClelland
F. W. Troup

DISTRICT
ASSIGNED

GLENN M. GOODMAN
Assistant Director

REVIEW EXAM I NEKS:

Secretary

Foreign Banking Matters
Examination of foreign banking
corporations (sees. 25 and
25(a)), their branches, and
foreign branches of State
member banks.
Applications relating to
foreign banking activities
and establishment of foreign
branches by member banks and
foreign banking corporations,
Reports of foreign banking
corporations .

Bank Holding Companies
Review and analysis of r e -

Examinations of Federal Reserve
Banks

ports of holding company
a f f i l i a t e s and subsidiary
banks; follow-up on required
supervisory a c t i o n .
Applications for voting permits
A. N. Thompson
F. C. Guth, Jr.
H. H. Hagler
J.

N. Lyon

J . M. Poundstone

Personnel Matters
Appointments of examiners for
FRBanks.
Inter-Agency Bank

A. H. LANG
Chief Federal Reserve Exaainer

Anderson
Secretary

Acceptances

Examiner Training Program

J. R. Radford, Jr,
W. D. Smith
J. F. Holahan

C. C. HOSTRUP
Assistant Director

Mrs.

Miss Kropog
Secretary

Hit* Severud
Secretary

Secretary

Real Estate Credit

F. A. NELSON
Assistant Director

R. C. MASTERS
Assistant Director

Senior Examiners:
J. F. Clark
R. W. Cooke
W. D. Dougal
J. T. Kelley
L. M. Schaeffer
J. C. Smith
Examiners:
W. B. Lassen
E. W. Lyster
J. E. McOeary
K. P. Wendt
24 Assistant Examiners
2 Special Asst. Examiners

Reserve Bank examination
reports and audit a c t i v i t i e s

Examinat ion School
H. H. Hagler
Special studies and assignments

Audit of System Open Market Acct.

ASS'T F. R. EXAMINER:




Recording and Stenographic Section
Mrs.
I

Porter
Clerk-stenographer

C. H. Bartz
F. C. Guth, J r .

(Personnel same as Bank Holding Co.)
Field Force Personnel

4 Stenographers
3 Clerk-typists

November I, 1954

DIVISION OF ADMINISTRATIVE SERVICES - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

LISTON P. BETHEA
DIRECTOR

Mary E. Sanders, Secretary

JOSEPH

E.

K E L L E H E R

ASSISTANT DIRECTOR

Ethelyn M. Palmer, Secretary

MACHINE TABULATION AND
TELEGRAPH SECTION

PUBLICATIONS SECTION

PROCUREMENT SECTION

DUPLICATING AND MAIL
SECTION

Davis H. Wilson,
Chief

Elizabeth L. Carmichael,
Chief

Harry E. Kern,
Supervisor

Raymond C. Twomey,
Supervisor

Ida Goodloe,
Supervisor

1 Tabulation Planner
4 Operators (Tabulating
Equipment)
3 Operators (Key Punch)

1
2
1
4
2
1

1
1
2
2

1
1
8
3
1
1
1
4

1 Assistant Supervisor
7 Stenographers

(Telegraph Office)

Publications Clerk
Printing Clerks
Utility Clerk
Clerks
Clerk-Stenographers
Clerk-Typist

(Switchboard)

1 Chief Operator (Telegraph
3 Operators (Telegraph)

Plans, prepares, and executes
the
mechanical
processing by I.B.M equipment of (a) banking and
economic statistics collected by the Board's staff,
the Federal Reserve Banks,
or others for use by the
Board;
(b) pay roll, expense, and budget reports
and related data of the
Board;
(c) daily Interdistrict Settlement clearings; and (d) miscellaneous records.
Provides
technical
assistance
to
staff members ond key enfc
ployees of other Division*
and to System Committees
matters involving mechanical processing of data.
Operates Board's station
of Federal Reserve Leased
Wire System, TWX standby
equipment, and teleprinter,
connecting
with
•€*»<
mercial telegraph and cable
facilities.




Purchasing Assistant
Reservation Clerk
Clerks
Supply Clerks

1 Chief Telephone Operator
2 Telephone Operators

Handles
distribution
of
Board's publications on a
poid, exchange or complimentary basts including
subscriptions for Federal
Reserve Bulletin, Chart
Books, etc., and prepares
correspondence
relating
thereto.
Maintains mailing lists. Proofreods and
prepares copy of material
for Federal Reserve Bulletin, Loose-Leaf Services
and other publications for
printers by editing for form,
style, ond other tvpographraphicoI details.

Si

Purchases,
stores, and
distributes supplies ond
equipment. Secures bids,
proposals and quotations
from open market sources.
Prepares purchase orders
ond bills of lading. Drafts
contracts
for
speciol
services and interviews
salesmen. Maintains inventories of supplies, publications, furniture and equipment.
Makes airline,
railroad and hotel reservations.
Operates main
telephone switchboard.

Assistant Supervisor
Foreman Operator
Operators
Photographers
Bindery Worker
Clerk (Composition)
Senior Mail Clerk
Mail Clerks

Performs
offset
printing, photostat, mimeograph,
addressing
and
mail
functions,
including
lithographic composition and
drafting,
binding
and
trimming, special photographs and charts. Maintains file of Loose-Leaf
Service
circular
letters
to fill requests. Cuts and
maintains
addressing
plates for all moiling lists.
Receives, distributes, and
dispatches all mail including publications and
farms.
Operates main
terminal of Pneumatic Tube
System.

CAFETERIA

STENOGRAPHIC SECTION

Mildred Tydings,
Manager

Performs stenographic work
including the preparation
of stencils for and the distribution of S ond Z letters.
Furnishes secretarial and
stenographic assistance to
Board Members' Offices,
visiting Reserve Bank or
Central Bank officiols and
on occasion to other Divisions of the Board's
staff.

1 Assistant Manager
2 Junior Supervisors
16 Cooks, Bokers,
Cafeteria Helpers
and Laborers
3 Half-time Cafeteria
Helpers

Operates
the
cafeteria,
private dining rooms, and
snack bar, including procurement of food ond supplies.

GUARD FORCE
Louis N. Bertol,
Captain of the Guard
2 Sergeants
11 Guards
4 Elevator Operators
(Garage)
1 Head Chauffeur
5 Chauffeurs

Responsible for protection
of the building. Operates
ouxiliary telephone switchboard evenings and Sundays. Operates elevators,
the Board's automobiles,
and the pick-up and delivery service.

MECHANICAL FORCE
Herbert W. Young,
Mechanical Superintendent
6 Operating Engineers
(include 1 Principal
Operating Engineer,
1 Carpenter, 1 Electrician, 1 Steamfitter,
and 2 General Mechanics)
2 Painters
2 Gardeners

Operates air conditioning
and
heating
systems.
Services
elevators, mechanical
ond electricol
systems,
and
provides
maintenance services for
building and grounds, such
as
carpentry,
painting,
masonry,
marble,
metal
work, lawns ond shrubbery.
Makes minor alterations
and repairs to building,
furniture and equipment.

LABOR FORCE
Sven Johnson,
Foreman of Laborers
2 Assistant Foremen
7 Laborers
14 Charwomen

Cleans interior of building,
including marble, and exterior approaches, walks,
windows, etc., operates
freight
elevator,
and
renders services such as
moving of furniture and
equipment.

MESSENGER SERVICE
Charles R. Norris,
Head Messenger
1 Ass't Head Messenger
14 Messengers

Collects and distributes
mail, reports, etc., on a
regular
schedule
and
speciol request basis to
divisions
and
offices
within the Board's building.
Makes special trips
to other government buildings and elsewhere on
official business as directed.
Services Board
room, conference rooms,
tube stations, and performs miscellaneous tasks
os assigned.

Work of the Division
Performs various administrative functions including the distribution of Board publications and the operation of the Board's building and other facilities.

Also, serves as the central procurement, machine

tabulation, duplicating, communications, and service unit of the Board. Advises and assists the Board
with respect to such matters.

November 1954

OFFICE OF THE CONTROLLER -BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

EDWIN J. JOHNSON
CONTROLLER

Ruth H. Goodyear, Secretary

WORK OF THE OFFICE
Responsible for the receipt and disbursement of the Board's funds and the formulation
and execution of its budget. Maintains Board's books of account, and prepares periodic financial statements. Reviews expenditures and conducts appropriate internal
audits. Makes studies and analyses of operations, including surveys to determine need
for replacements whenever vacancies occur or new positions are f i l l e d . Prepares payrolls and maintains related records, including purchases of U. S. Savings Bonds under
payroll plan and withholdings for income tax. Determines the assessments upon the
Federal Reserve Banks for the Board's expenses and for pro rata cost of leased wire
operations; and handles reimbursement to the Treasury Department for printing, issuing,
and redemption of Federal Reserve notes.

SAMPSON H . BASS
Chief, Fiscal Section
Also serves as Disbursing Officer, and
In absence of the Controller acts in
that capacity.

WAYNE A . POLLARD
Asst. Chief, Fiscal Section

Josephine E. Lai 1 y
Deputy Disbursing Officer
Disbursing
Foreign drafts
Check register
Petty cash fund
Notary Publ ic.

John Kakalec (A)
Budget - preparation and
performance review
Budget reports
Voucher audit, incl. carrier
bills
Journal vouchers
General ledger
Expense ledger
Financial statements
Cafeteria b i l l s receivable
Space maintenance costs.




Supervision of employees indicated
Voucher audit, including travel expenses,
printing, issuing and redemption of
F. R. notes; also, audit of cafeteria
and concessions
System Leased Mire statements
Computation of assessments Board's expenses
Transportation books
Budget - preparation and performance review
Under direction of the Controller participates in surveys of vacant positions,
and in various operational surveys
In absence of Chief, Fiscal Section acts in
that capacity.

Susie T. Oros (AC)

F. A l l i s o n Kramer (AC)
Receives, records and deposits Board's
funds
Receives for Community Chest payments
on pledges
Voucher audit, including payrolls.

Benjamin R. Reading (AC)

Voucher audit
Audit and reconcilement of imprest
funds and inventories
Bank account reconcilements
Tax withholding returns
Contract digest cards
Workmen's compensation insurance
Special assignments
Performance of duties of Miss Lally
and Mrs. Kramer in absence of
either.

Audit of vouchers, printing and
stock requisitions, and cafeteria purchases
Voucher register
Cafeteria ledger
Exercises control over cash
registers.

* K a t h l e e n J . O'Connor

(C)

Reimbursable accounts ledger
Hospitalization schedule-invoice.

* =
A=
AC =
PC=
C=

Joseph H. Hoyle (PC)
"Kathleen J . O'Connor

(C)

Pay rolls and records
Salary computations
Withholding for Hospitalization
Savings Bonds
Income tax
Retirement
Group insurance
Employee earnings statements
Savings bond purchases and
journal
Tax withholding statements M-2
C. S. Retirement System records
Employee numbers master control.

Listed elsewhere
Accountant
Accounting Clerk
Pay Roll Clerk
Clerk

October 15, 195*




OFFICE OF DEFENSE LOANS
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
GARDNER L. BOOTHE
ADMINISTRATOR
Mrs.

Margaret L. Wolfe
Secretary

J . J . CONNELL
ASSISTANT TO ADMINISTRATOR

I

Clerk-Stenographer

Under provisions of the Defense Production Act of 1950 as amended and Executive
Order 10161 dated September 9, 1950, subsequently superseded by Executive Order
10480 dated August 14, 1953, and as set forth in Regulation V, it is the objective of
the Federal Reserve System to facilitate and expedite to the greatest extent possible
the financing of contractors, subcontractors and other persons having contracts or engaged in operations deemed by the guaranteeing agencies to be necessary to expedite
production and deliveries or services under Government contracts for the procurement
of materials or the performance of services for the national defense. The Federal Reserve Banks and their branches act on behalf of the 8 guaranteeing agencies as fiscal
agents of the United States in handling applications and executing guarantee agreements in connection with loans made by private financing institutions to defense contractors and others. All actions and operations of the Federal Reserve Banks pursuant
to the provisions of the Act and Executive Order are subject to the supervision of the
Board of Governors. The Office of Defense Loans is charged with the responsibility
of the administration of this program and maintains close liaison with the guaranteeing
agencies and the Federal Reserve Banks in conducting the Systems' activities in the
program.

October 15, 1954