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UNITED STATES GOVERNMENT EXECUTIVE OFFICERS President - Franklin D. Roosevelt (re-elected Nov. 1940, inaugurated Jan. 20, 1941) Secretary of Treasury - Henry Morgenthau, Comptroller of Currency Secretary of State Secretary of War Secretary of Navy Secretary of Interior Secretary of Agriculture Secretary of Commerce Secretary of Labor Postmaster General Attorney General - Preston Delano (date of appointment Oct. Cordell Hull Henry L. Stimson Frank Knox Harold L. Ickes Claude R. Wickard Jesse Jones Frances Perkins Frank C. Walker Francis Biddle Jr. (appointed Jan. 1, 1934, served until July 23, 1943) 24, 1938) 1943 January G 0 V E RN M E N T U. S. SENATE Banking and Currency Committee TL WAGNER, Robert F. GLASS, Carter BARKLEY, Alben W. BANKHEAD, 2nd, John H. MALONEY, Francis RADCLIFFE, George L. CLARK, D. Worth DOWNEY, Sheridan MURDOCK, Abe 0 ____________* 78th Congress I G,,B6S^ZL New York Virginia Kentucky Alabama Connecticut Maryland Idaho California Utah TOBEY, Charles W. DANAHER, John A. TAFT, Robert A. THOMAS, John BUTLER, Hugh A. * New Hampshire Connecticut Ohio Idaho Nebraska - - - v-.. 193 January U. S. G OV E RNME NT HOUSE OF IBPBSENTATIVES Banking and Currency Committee 78th Congress STEAGALL, Henry B. SPENCE, Brent FORD, Thomas F. BROWN, Paul PATMAN, Wright BARR, Williap B. GORE, Albert MONRONEY, A. S. Mike LYNCH, Walter A. Alabama Kentucky California Georgia Texas New York Tennessee Oklahoma New York WOLCOTT, Jesse P. GIFFORD, Charles L. CRAWFORD, Fred L. GAMBLE, Ralph A. KEAN, Robert W. SUNMER, Jessie SMITH, Frederick Co KUNKEL, Bohn C. ROLPH, Thomas DEWEY, Charles S. Independent HULL, Merlin Wisconsin Michigan Massachusetts Michigan New York New Jersey Illinois Ohio Pennsylvania California Illinois FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS 1943 Marriner S. M. S. Eccles, Chairman Szymczak John K. McKee Ronald Ransom, Vice Chairman Ernest G. Draper R. M. Evans Lawrence Clayton, Assistant to the Chairman Elliott Thurston, Special Assistant to the Chairman Office of the Secretary Division of Bank Operations Chester Morrill, Secretary Edward L. Smead, Chief Liston P. Bethea, Asst. Secretary J. R. Van Fossen, Asst. Chief S. R. Carpenter, Asst. Secretary J. E. Horbett, Asst. Chief Fred A. Nelson, Asst. Secretary Division of Security Loans Legal Division Carl E. Parry, Chief Walter Wyatt, General Counsel Division of Personnel Administration J. P. Dreibelbis, General Attorney Robert F. Leonard, Director George B. Vest, Asst. General Attorney B. Magruder Wingfield, Asst. General Attornei Division of Research and Statistics Office of Administrator for War Loans Com. E. A. Goldenweiser, Director Edward L. Smead, Acting Administrator Woodlief Thomas, Asst. Director Gardner L. Boothe, II, Asst. Adminis Walter R. Stark, Asst. Director trator Division of Examinations Fiscal Agent Leo H. Paulger, Chief 0. E. Foulk, Fiscal Agent C. E. Cagle, Asst. Chief Josephine E. Lally, Deputy Fiscal Agent B. Pollard, Asst. Chief Digitized for William FRASER :ii f~*. i ~1mER L RESERVE SYSTEM -PEDERAL ADVISORY COUNCIL 1943 District ~. La .(B4 teo ) District No. 2 (New York) District No. 3 (Philadelphia) Chas. ..Spe , Jr. George L. Harrison, Vice President William F. Kurtz District No. 4 (Cleveland) B. G. Huntington District No. 5 (Richmond) Robert V. Fleming District No. 6 (Atlanta) H. Lane Young District No. 7 (Chicago) Edward E. Brown, President District No. 8 (St. Louis) Ralph C. Gifford District No. 9 (Minneapolis) Lyman E. Wakefield District No. 10 (Kansas City) W. Dale Clark District No. 11 (Dallas) Nathan Adams District No. 12 (San Francisco) George M. Wallace Walter Lichtenstein, Secretary FEDERAL RESERVE FEDERAL OPEN MARKET 1943 SYSTEM COMMITTEE Marriner S. Eccles, Chairman Allan Sproul, Vice Chairman William A. Day Ernest G.Draper R. M Evans John K. McKee W. W. Paddock M. J. Fleming W. S. McLarin, Jr. Ronald Ransom M. S. Szymczak Chester Morrill, Secretary S. R. Carpenter, Assistant Secretary Walter Wyatt, General Counsel J. P. Dreibelbis, Assistant General Counsel E. A. Goldenweiser, Economist Malcolm H. Bryan, Associate Economist Kenneth H. Mac Kenzie, Associate Economist Oliver P. Wheeler, Associate Economist Robert G. Rouse, Manager of System Open Market Account John H. Williams, Associate Economist 2 _1 C~__~__ 1943 Federal Reserve Bank of Boston (Dist. 1) OFFICERS William V. Paddock President First Vice Presiderit - - William illett Vice Presidents Krickel K. Carrici Ellis G. Hult Carl B. Pitman J.C. Hunter Chairman and Federal Reserve Agent Albert M. Creighton Deputy Chairman Henry S. Dennison -1 1943 Federal Reserve Bank of Boston (Dist. 1) DIRECTORS Term Expires Class A Dec. HOLMES, Alien W. (Middletown, Conn.) DODGE, Leon A. (Damariscotta, Me.) FORBES, Allan (Boston, Mass.) 31 1943 1944 1945 (re-elected) Class B ALLEN, Philip R. (E. Walpole, Mass.) FLANDERS, Ralph E. (Springfield, Vermont) FROST, Edward J. (Boston, Mass.) 1943 1944 1945 (re-elected) Class C CREIGHTON, Albert M. (Boston, Mass.) Chairman & FR Agent DENNISON,Henry S. (Framingham, Mass.) Deputy Chairman HARRIMAN, Henry I. (Boston, Mass.) 1944 1945 (re-appointed) 1943 Federal Reserve Bank of New York (Dist. 2) OFFICERS Allan Sproul President First Vice President - Leslie R. Rounds Vice Presidents Ray M. Gidney Walter S. Logan Robert G. Rouse L. Werner Knoke James M. Rice John H. Williams Chairman and Federal Reserve Agent Beardsley Ruml Deputy Chairman Wm. I. Myers (Eff. Sept. 14) Federal Res erv 1943 ~1 Ban-k of NEW YORK (Dist. 2 DIR ECTORS Term Began CLASS A Dec. 3 Term End 1/1/4.1 1943 1/1/42 1944 1/1/43 1945 BROWN, Donaldson (New York) 1/1/41 1943 WILLIAMSON, Frederick E. (New York) 1/1/42 1944 CONWAY, Carle C. (New York) 3/6/42 1942 CONWAY, Carle C. (New York) 1/1/43 1945 (reelected) RUML, Beardsley (New York) 1/1/42 1944 (Chairman) William I. (Ithaca) 1/1/43 1945 (Deputy Chairman) 9/13/43 1943 (App. Leon (New York) FRASER, FIELD, William J. Warren W., CLUTE, (Jersey City) Jr. (Watkins Glen) CLASS B CLASS C MYERS, http://fraser.stlouisfed.org/ CALKINS, Robert D. Federal Reserve Bank of St. Louis (New York) Sept. 14) Federal Reserve Bank of Philadelphia (Dist. 3) OFFICERS Alfred H. Williams President First Vice President - Frank J. Drinnen Vice Presidents C. A. Mcllhenny V. J. Davis Ernest C. Hill C.A. Sienkiewicz Chairman and Federal Reserve Agent Thomas B. McCabe Deputy Chairman Warren F. Whittier 1943 Federal Reserve Bank of Philadelphia (Dist. 3) DIRECTORS Term Expires Class A Dec. HENNING, John B. (Tunkhannock, Pennsylvania) LOEB, Howard A. (Philadelphia, Pennsylvania) REILY, George W. (Harrisburg, Pennsylvania) 31 1943 1944 1945 (re-elected) Class B STOUT, C. Frederick C.(Camden, New Jersey) CANNON, Harry L. (Bridgeville, Delaware) KERLIN, Ward D. (Camden, New Jersey) 1943 1944 1945 (re-elected) Class C WHITTIER, Warren F. (Douglassville, Pennsylvania) D. Chrman BALDERSTON, C.Canby (Philadelphia, Pennsylvania) McCABE, Thomas B. (Chester, Pennsylvania) Chrman & FR Agent http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L 1943 1944 1945 (re-appointed) Federal Reserve Bank of Cleveland (Dist. 4) OFFICERS M. J. Fleming President R. B. Hays First Vice President Vice Presidents 0. Lazar V. H. Fletcher W. F. Taylor B. A. H. Lanning K. H. Mac Kenzie J. W. Kossin Chairman and Federal Reserve Agent G. Deputy Chairman R. E. Klages C.Brainard ___1 1943 Federal Reserve Bank of Cleveland (Dist. 4) DIRECTORS Class A MC DOWELL, H. B. (Sharon, Pa.) BROOKS, F. F. (Pittsburgh, Pa.) CONNER, B. R. (Ada, Ohio) Term Expires Dec. 31 1943 1944 1945 (re-elected) Class B WRIGHT, R. P. (Erie, Pa.) CRABBS, G. D. (Cincinnati, Ohio) MILSOP, T. E. (Weirton, West Virginia) 1943 1944 1945 (re-elected) Class C BRAINARD, G. C. (Youngstown, Ohio) Chairman and FR Agent BAKER, A. Z. (Cleveland, Ohio) KLAGES, R. E. (Columbus, Ohio) Deputy Chairman 1943 1944 1945 (re-appointed) 1943 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L Federal Reserve Bank of Richmond (Dist. 5) OFFICERS Hugh Leach - President First Vice President - J. S. Walden, Jr. Vice Presidents Edward A. Wayne J. G. Fry George H. Keesee W. G. Vysor Chairman and Federal Reserve Agent Robert Lassiter Deputy Chairman WV.G. Wysor 1 1943 Federal Reserve Bank of Richmond (Dist. 5) DIRECTORS Class A BRASWELL, James C. (Rocky Mount, N. Carolina) SYDENSTRICKER, John A. (Marlinton, W. Va.) RIEMAN, Chas. E. (Batlimore, Md.) Term Expires Dec. 31 1943 1944 1945 (re-elected) Class B HANNA, John H. (Washington, D. C. ) MALLOY, Edwin (Cheraw, S. Carolina) REED, Chas. C. (Richmond, Va.) 1943 1941 1945 (re-elected) Class C LASSITER, Robert (Charlotte, North Carolina) Chairman & FR Agent 1943 MC CORMICK, Charles P. (altimore, Maryland) 1944 WYSOR, W. G. (Richmond, Virginia) Deputy Chairman 1945 (re-appointed) 1 Federal Reserve Bank of Atlanta (Dist. 6) OFFICERS W. S. Mc Larin Jr. President First Vice President - Malcolm H. Bryan Vice Presidents L. M. Clark H. F. Conniff Federal Reserve Agent and Chairman Frank H. Neely Deputy Chairman J. F. Porter I 1943 Federal Reserve Bank of Atlanta (Dist. 6) DIRECTORS Class A COOK, W. D. (Meridan, Miss.) WHITE, George J. (Mount Dora, Florida) GLENN, Thomas K. (Atlanta, Ga.) Term Expires Dec. 31 1943 1944 1945 (re-elected) Class B HALL , Fitzgerald (Nashville, Tenn.) GEORGE, Ernest T. (New Orleans, Louisana) MC CRARY, J. A. (Atlanta, Ga.) 1943 1944 1945 (re-elected) Class C HARRIS, Rufus C. (New Orleans, Louisiana) NEELY, Frank H. (Atlanta, Ga.) Chairman & FR Agent PORTER, J. F. (Columbia, Tennessee) Deputy Chairman http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L 1943 1944 1945 (re-appointed) 1943 Federal Reserve Bank of Chicago (Dist. 7) OFFICERS First C. S. Young H. - Vice President Vice - - - President P. Preston Presidents J. H. Dillard C. B. Dunn E. C. Harris Allan M. Black 0. J. Netterstrom A. T.Sihler Chairman and Federal Reserve Agent Simeon E. Leland Deputy Chairman W. V.Waymack Federal Reserve Bank of Chicago (Dist. 7) DIRECTORS Term Expires Class A Dec. 31 ESTBERG, Edward R. (Waukesha, Wis.) 1943 WILLIAMS, Frank D. (Iowa City, Iowa) CUJMINGS, Walter J. (Chicago, Illinois) 1944 1945 (re-elected) Class B AVERY, Clarence V. (Detroit, Michigan) NOYES, Nicholas H. (Indianapolis, Indiana) *BABB, Max W. (Milwaukee, Wisconsin) *HEATH, William C. (Milwaukee, Wisconsin) 1943 1944 1945 (re-elected) (Died March 13 1945 (elected May 18) Class C HOFFMAN, Paul G. (South Bend, Indiana) LELAND, Simeon E. (Chicago, Illinois) Chairman and FR Agent WAYMACK, V. W. (Des Moines, Iowa) Deputy Chairman http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L 1943 1944 1945 (re-appointed) 1943 Federal Reserve Bank of St. Louis (Dist. 8) OFFICERS President - - First Vice President - Chester C. ravis F. Giy Hitt Vice Presidents C. M.Stewart Olin M. Attebery Henry H. Edmiston Chairman and Federal Reserve Agent Deputy Chairman William T. Nardin Oscar Johnston I Federal Reserve Bank of St. Louis (Dist. 8) DIRECTORS Class A CORLIS, G. R. (Anna, Illinois) MAESTRE, Sidney (St. Louis, Mo.) NAHM, Max B. (Bowling Green, Kentucky) Term Expires Dec. 31 193 1943 1945 (re-elected) Class B TUCKER, H. H. (Little Rock, Arkansas) STANLEY, John R. (Evansville, Indiana) SHAPLEIGH, A. Wessel (St. Louis, Mo.) 1943 194 1945 (elected) Class C JOHNSTON, Oscar G. (Scott, Miss.) Deputy Chairman BROOKS, Douglas W. (Memphis, Tennessee) NARDIN, William T. (St. Louis, Mo.)Chairman and FR Agent 1943 1944 1945 (re-appointed) Federal Reserve Bank of Minneapolis (Dist. 9) OFFICERS - - J. President First Vice President - 0. N. Peyton S. Powell Vice Presidents Sigurd Ueland E. W. Swanson 0. R. Preston A. W. Mills H. I. Ziemer A. R. Upgren Chairman and Federal Reserve Agent Walter C. Coffey Deputy Chairman Roger B. Shepard 2 1943 Federal Reserve Bank of Minneapolis (Dist. 9) DIRECTORS Class A FORD, Shirley S. (Minneapolis, Minnesota) McKNIGHT, J. R. (Pierre, South Dakota) MC CARTNEY, F. D. (Oake's, North Dakota) Term Expires Dec. 31 1943 1944 1945 (re-elected) Class B CLARK, Homer P. (St. Paul, Minnesota) O'CONNELL, J. E. (Helena, Montana) LANGE, Ray C. (Chippewa Falls, Wisconsin) 1943 1944 1945 (elected) Class C COCHRAN, W. D. (Iron Mountain, Mich.) SHEPARD, Roger B. (St. Paul, Minnesota) Deputy Chairman COFFEY, Walter C. (Minneapolis, Minn.) 1943 194 r 1915 (re-appointed) 1943 Federal Reserve Bank of Kansas City (Dist. 10) OFFICERS President - First Vice President - H.G. Leedy Henry 0. Koppang Vice President D. W. Woolley Raymond W. Hall Chairman and Federal Reserve Agent R. B.Caldwell Deputy Chairman Robert L. Mehornay Federal Reserve Bank of Kansas City (Di .st. 10) DIRECTORS Class A LIMBOCKER, M. A. (Emporia, Kansas) BUNTEN, W. L. (Goodland, Kansas) DINES, T. A. (Denver, Colorado) Term Expires Dec. 31 1943 1944 1945 (re-elected) Class B BERNARDIN, J. M. (Kansas City, Mo.) PHILLIPS, L. E. (Bartlesville, Oklahoma) HOSFORD, Willard D. (Omaha, Neb.) 1943 1944 1945 (re-elected) Class C CALDWELL, R. B. (Kansas City, Mo.) Chairman and FR Agent MEHORNAY, Robert L. (Kansas City, Mo.) Deputy Chairman HAGUE, Lyle L. (Cherokee, Okla.) 1943 1944 1945 (app. May 10) :~ I-~ ;~" e 1943 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L Federal Reserve Bank of Dallas (Dist. 11) OFFICERS President - First Vice President - R. R. Gilbert E. B. Stroud Vice Presidents R. B. Coleman L. G. Pondrom E. B. Austin W. J.Evans W. 0. Ford V. D.Gentry Chairman and Federal Reserve Agent Jay Taylor Deputy Chairman J. B. Cozzo 1943 -7 Federal Reserve Bank of Dallas (Dist. 11) DIRECTORS Class A TURNER, Frank (Decatur, Texas) WOODS, J. E. (Temple, Texas) NAPIER, Walter P. (San Antonio, Texas) Term Expires Dec. 31 1943 1944 1945 (elected) Class B HILL, George A. (Jr.) (Houston, Texas) KURTH, E. L. (Keltys, Texas) MILAM, J. R. (Waco, Texas) 1943 1944 1945 (re-elected) Class C COZZO, J. B. (Dallas,Texas) Deputy Chairman BRISCOE, Dolph (Uvaide, Texas) 1943 TAYLOR, Jay (Amarillo, Texas) Chairman and FR Agent 1945 (re-appointed) 1944 1943 Federal Reserve Bank of San Francisco (Dist. 12) OFFICERS President First Vice President - Wm. A. Day Ira Clerk Vice Presidents W. M. Hale C. E. Earhart R. B. West H. N. Mangels Chairman and Federal Reserve Ag;ent Henry F. Grady Deputy Chairman St. George Holden ~1 ~--------~-~asa ~ I 1943 Federal Reserve Bank of San Francisco (Dist. 12) it B DIRECTORS Term Expires Class A Dec. 31 MC INTOSH, C. E. (San Francisco, Calif.) ODLIN, Reno (Tacoma, Washington) BYRD, Carroll F. (Willows, California) 1943 1944 1945 (re-elected) Class B COX, Elmer H. (San Francisco, California) VOLKMANN, William G. (San Francisco, California) TAYLOR, Reese H. (Los Angeles, California) 1943 1944 1945 (re-elected) Class C HOLDEN, St. George (San Francisco, Calif.) Deputy Chrman GRADY, Henry F. (San Francisco, Calif.) Chrman & FR Agent WELLMAN, Harry R. (Berkeley, California) 1943 1944 1945 (re-appointed) _______ 1943 Feb. 17 ___ ___~___b HEARINGS / U.S.Congress. Senate. Banking and currency committee. Wartime suspension of certain provisions of Federal reserve act: HARING .. , 7gth,lst sess. on S.700, a bill to amend sec.12B and sec.19 of the Federal reserve act during the continuance of the war and for six months after its termina tion. Feb. 17, 1943. Wash.,Govt.ptg.off.,, 194. Testimony: Eccles,M.S. Feb.17 HG 2560 .A2 1943 pj17-44 F.R.Bd.L. a S HEARINGS 1943 Mar. 25 Apr. 1,2,5,7 U.S.Congress. Vouse. Banking and currency comm. Federal reserve act amendment: HEARINGS ... 7gth, let seas. on H.R.1699, a bill to amend section 12B and section 19 of the Federal reserve act. Revised. March 25, April 1, 2, 5,7, 1943. Wash.,Govt.ptg.off.,1943. 19 p. (Revised) Testi- Eccles,M.S. Apr.2,pp.51-73;Apr.5,p.75- mony: FG 2560 .A2 1943 132-140 Apr.7 ,pp. 142-149 Thompson,D.S.(FDTC) Mar.25 pp.2-6;Apr.l,pp.23-31 F.R.Bd. L. HEARINGS 1943 May L U.S.Congress. Senate. Banking and currency comm. Amending sections 16 and 1I of the Federal reserve act: HEARING ... 78th, 1st sess. on to repeal the sixth paragraph of S.58, a. bill section 1 of the Federal reserve act and S.1041 to extend the period during which direct a bill obligations of the TT.S. may be used as collateral May 4, 1943. security for Federal reserve notes. Wash.,Govt.ptg.off.,1943. 17 p. May 4, 1943; pp.2-17 Testimony: Eccles,M.S. HG 2560 *A2 1943 F.R.Bd. L. a HEARINGS 1943 May 10,11 U.S.Congress. House. Banking and currency comm. Collateral security for Federal reserve notes: HIARINGS ... 78th, 1st eess. on TrR.234 ... Wash.,Govt.ptg.off., May 10 and 11, 1943. 1943. 42 p. TG 2560 .A2 1943 (Revised) Testimony: Tccles,M.S. May 10,pp.1-22; May 11, pp.23-42. F.R.Bd. L. HEARINGS 1943-l4 Dec. 10-20,1943 Jan, Feb. 19h4 U.S.Congress. souse. Bankian and curreacy committee. EARINGS ... Absorption of exchange charges: to amend bill a -.R.3956, on 7gth, 2d sess. to pro amended, as Act, Reserve the Federal and exchange of absorption the that vide the deemed be not shall charges collection 10-20, Dec. deposits. on interest of payment Wash., 1944. 1-9, Feb. 24-31, 1943 and Jan. Govt.ptg.off.,1944. HG 2562 .A2 1943 '44 752 p. Testi- Dreibelbis,J.P.(F.R.B.1egal) Dec. 17,Feb.2,7,8,9. McKee,J.K. (Bd.mbr.) Dec.10,15,1 6 ,17; pp.25-31, mony: 58-62,66, 84-7, 96-97, 106-108. F.R.Bd.L. Ransom,R. (Bd.mbr. ) PP.1-20,23-25 33-67,69/0 95-112,138-140,142-157, Thomas, Woodlief (Rsv. Bd.) Dec. 10 '43 " Thompson, D. S. (FDIC) 15 " 470 pp.2 0- 2 5 pp. 6 1 pp. 648 Feb. 8 '44 29 26 Dec. 17 '43 pp.120y1 ,1 Feb. 9, '44 pp. 683,713 (1943 and h14)LPe 1943 April 13 War loan deposit accounts. LEGISLATION Section 12B of the Federal Reserve Act was amended so as to make it un necessary for insured banks, until six months after the cessation of hostilities, to pay deposit insurance assessments on balances to the credit of the United States Treasury arising solely as a result of subscriptions for United States securities issued under the Second Liberty Bond Act, as amended. Section 19 of the Federal Reserve Act was also amended so as to exempt member banks for the same period from the necessity of maintaining reserves withim the Federal Reserve Banks against deposits payable to the United States arising solely as a result of subscriptions for such securities. (57 Stat. 65) Source: Federal Reserve Board Legal Memo, June 26, 1951 - Federal Statutory Changes 1900-1951 Governing the Issuance of Money and Restricted or Defining Bank Credit. 1913 April 29 LmEISLATION [PUBLIc LAw 42-78TH CONGRESS] [CHAPTR 76-1sT SESSION] , [S. 991] AN ACT To extend the tim. within which the powers relating to the stabilization fnd S may be exercised. Be it enacted by e Senate and House of Representatives of the United States of America in Congress assembled, That subsection (b) of section 10 of the Gold Reserve Act of 1934, approved January 30, 1934, as amended, is amended by inserting after the second sentence thereof the following new sentence: "Such fund shall not be used in any manner whereby direct control and custody thereof pass from the President and the Secretary of the Treasury." SEO. 2. Subsection (c) of section 10 of the Gold Reserve Act 1934, approved January 30, 1934, as amended, is amended to as follows: "(c) All the powers conferred by this section shall expire 80, 1945, unless the President shall sooner declare the existlf* emergency ended and the opration of the stabilization fund terminated." Appoved April 29, 1943. 1943 May 25 LEGISLATION DtLIfamLAW 58-2 S ftloNGBs8e) [CHAPTER 102-1ST SES1SONi [S. 1041] AN ACT To extend the period during which direct obligations of the United States may be used as collateral security for Federal Reserve notes. Be it enacted by the Senate and House of Representatives of the U. ecd t* dt 4y 4 ong qress assembled, That the second Federal Reserve Act, as amended, tagra h of tiflon 16 ofit eireby amended by striki erefrom the words "until June 30, 1943" a d by inserting in lieu. eof the words "until June 30, 1945'. Approved May 25, 1943. 1943 Ju1y 12 LEGISLATION [PUBLIC LAW (JrMiabR223-1ST SESSION] [. 351 AN ACT To authorize the use for war purposes of silver held or a~hed bA ' " j States.' tTnited Be it enacted by the Senate and Rouse of Representativer of t4 United States of America in Congr4. assembled That the Presidet is authorized, through the Secretarjof the Treasury, upon the recoft mendstion of the Chairman of tld War Proiction Board, to seo, or le$e for domestic purposes for wperiod notbnger that ix months after the cessation of hostilities in the pre~gt war, a proclaimed by the President, upon such terms as the Siretary of tie Treasury shall- deem advisable, to any person, parftership, aociation, or corporation, or any department of the Geoernment. for purposes, including but not limited to the making of munitions of war and the supplying of civilian needs, and the converting of existing plants to those purposes, any silver held or owned by the United States: Provided, That no silver shall be sold under th~i At less than 71.11 cents per fiae troy ounc: Providei_ at all times the ownership and the possession or contirol wdtt nited States of an amount of silver of a monetary value equal iface amount of all outstanding silver certificates heretofore or h er issued by the Secretary of the Treasury shall be maintained lthe Treasury. BCM, 2. This Act shall expire on December 31, 1944. Approved July 12, 1943. FE]DERAL RESERVE SYSTEM 1943 April 1943 (Seealso 19i - Apparent Intent - Expansionary For Govt. credit 1942 to 1945) Ooen Market Operations POLICY ACTION ............... Discount Rate Exemption by Congress of Treasury war loan deposits from reserve requirements. Reserve Requirements Selective Regul tions Surrounding Circumstances Source: - To encourage commercial banks to make full use of war-loan deposit accounts, and to eliminate pressure on the banks' reserves in connection with war-loan drives. Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 223. LITIGATION 1943 13b.102. Discretionary Nature of Reserve Bank's Authority to Make Loans.--Plaintiff sued the Reserve Bank (in a Federal District Court in Montana) for damages for refusing to make it a loan under sec. 13b of the Federal Reserve Act. The court dismissed the action on two grounds (1) the statute used the word "may" and, therefore, was permissive, and not mandatory, and (2) that the Reserve Bank was an inhabitant of Minnesota and could not be sued in another district without its consent. Billings Utility Company v. Federal Reserve Bank of Minneapolis, 40 F. Supp. 309 (1941). 13b. 103. The plaintiff brought suit (in Minneapolis) against the Advisory Committee, the Board of Governors and the Federal Reserve Bank of Minneapolis for damages for refusal by the Reserve Bank to make a loan, being the same cause of action as in 40 F. Supp. 309 referred to above. The District Court held that the questions determined in the preceding case were ees adjudicata, and held, further, that the Bank had not abused its discretion. The Court of Appeals affirmed, holding that the two questions decided by the Montana Court were res adjudicata and that the statute was permissive and not mandatory since it provided that the Reserve Bank "may" make loans in "exceptional circumstances" when it ap pears "to the satisfaction of the Federal Reserve Bank" that the applicant was "unable to obtain requisite financial assistance on a reasonable basis from the usual sources." The court also held that there was no liability on the Reserve Bank because of the re fusal of the officers of the Bank to make the loan, because the Federal Reserve Act con tains no provision indicating that Congress contemplated that a Reserve Bank should be subject to damages for that reason, and where the officers have acted within the limi tations of the statute, their conduct is not subject to judicial review. Billings Utility Co. v. Advisory Committee, et al., 46 F. Supp. 691, 135 F. 2d 108 (1943).
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