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EXECUTIVE OFFICERS - Franklin D. President Roosevelt (re-elected Nov. 1944, inaugurated Jan. 20, 1945) Secretary of Treasury Comptroller of Currency - Preston Delano (date of appointment Oct. 24, Secretary of State - Cordell Hull , Edward R. Stettinius, Jr. Henry L. Stimson Frank Knox, James V. Forrestal Harold L. Ickes Claude R. Wickard Jesse Jones Frances Perkins Frank C. Walker Francis Biddle Secretary of War Secretary of Navy Secretary of Interior Secretary of Agriculture Secretary of Commerce Secretary of Labor Postmaster General Attorney General 938) 1944 January U.S. GOV ERNMENT SENATE Banking and Currency Committee 78th Congress WAGNER, Robert F. GLASS, Carter BARKLEY, Alben W. BANKHEAD 2nd, John H. MALONEY, Francis RADCLIFFE, George L. CLARK, D. Worth DOWNEY, Sheridan MURDOCK, Abe MAYBANK, Burnet R. SCRUGHAM, James G. McCLELLAN, John L. New York Virginia Kentucky Alabama Connecticut Maryland Idaho California Utah South Carolina Nevada Arkansas TOBEY, Charles W. DANAHER, John A. TAFT, Robert A. THOMAS, John BUTLER, Hugh CAPPER, Arthur BALL, Joseph H. BUCK, C. Douglass New Hampshire Connecticut Ohio Idaho Nebraska Kansas Minnesota Delaware C 19t I2 U. S. GOVE RNMENT January HOUSE OF REPRESENTATIVES Banking and Currency Committee 78th Congress SPENCE, Brent Kentucky FORD, Thomas F. BRDWN, Paul PATMAN, Wright BARBT, William B. MONRONE!, A. S. Mike California Georgia Texas New Ycr k Oklahoma WRIGHT, James A. FOLGER, John H. BALDIN, H. Streett Pennsylvania HAYS, Brooks DILWEG, La Vern R, Arkansas Wisconsin Missouri Nevada SLAUGHTER, Roger C. SULLIVAN, Maurice J. North Carolina Maryland Independent HULL, Merlin IOLCOTT, Jesse P. GIFFORD, Charles L. CRAWFORD, Fred L. GAMBLE, Ralph A. KEAN, Robert W. SUMNER, Jessie SMITH, Frederick C. KUNKEL, John C. ROLPH, Thomas TALLE, Henry 0. MONKIEWICZ, B, J. Michigan Massachusetts Michigan New York New Jersey Illinois Ohio Pennsylvania California Iowa Connecticut Wisconsin d -9- FEDER&L RESEWE BOAD OF SYSTEM GOVEIWORS Marr1ner S. Eccles, Chairman M. S. Syyacak John K. McKee Ronald Ransom, Vice Chairman Ernest G. Draper R. M. Evans Lawrence Clayton, Assistant to Chairman Elliott Thurston, Special Assistant to the Chairman Office of the Secreta ry Chester errill, Sretary Division of Bank Opematiea Edard L. Sead, Director J. R. Van Fessen, Aest. Dir. J E. Horbett, Asst. Dir. Division of Scarity Lens Listen P. Bethea, Asst. See. (Until Nov. S. R. Carpenter, Asst. See. Fred A Nelson, Anst. Secretary (Until Noe Bray Hamond, Asst. Sec. (eff. November 1 Carl B. Parr, Dirtir Legal Division Bomnnar Brown, Asst. Dir. (off Walter yatt, General Counsel Julyl) J. P. Dreibelbis, General Attorney Fiscal AAe George B. Vest, Anst. General Attorney 0. E. Foulk, Fiscal Agent Division of Reearch and Statistics Josephine E. Lally, Dep.Fe.Agt K. A. Oldemeiser, Directr Division of Perseanel Admiistrati Woodlief Thomas, Asst. Director Nil I I 0 [ I Bobert F. Lenard, Direetor Division of Ixamiations Offise of Adnistrator for War Loans Con. Leo H. Pailger, Diretor Edward L. -ad, Acting Adminisrator C. E. Cagle, Asst. Director Gardner L. Boethe, II, AsstD A n. William B. Pollard, Asst. Director Division of rative eri Nov. - Fedon I. tse, Diecieor e Fred A.. Nelson, Asst. Directer FEDERAL RESERVE SYSTEM 1944 FEDERL ADVISORY COUNCIL District Chas. E. Spencer, Jr., Vice President No. 1 (Boston) District No. 2 (New York District No. 3 (Philadel Lphia) C. Traphagen )John William F. Kurtz District Nb. 4 (Clevelar id) B. G. Huntington District No. 5 (Richmonc1) Robert V. District No. 6 (Atlanta) Keehn VW Berry Fleming District No. 7 (Chicago) ) Edward E. Brown, President District No. 8 (St. Lou iL) Ralph C. District No. 9 (Minneap olis) Gifford Lyman E. Wakefield Bradshaw District No. 1CS(Kansas City) A. E. District No. 13L (Dallas ) Ed. H. Winton District No. 1 2 (San Francisco) George M. Wallace Walter Lichtenstein, Secretary FEDERAL RESERVE FEDERAL OPEN MARKET SYSTEM COMiaITTEE Marriner S.Eccles,Chairman Allan Sproul, Vice Chairman Ernest G.Draper R. M. Evans Chester C. Davis Hugh Leach C. S. Young John K. McKee J. N. Peyton 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 Henry H. Edmiston, Associate Economist E. A. Kincaid, Associate Economist Robert G. Rouse Manager of System Open Market Account John K. Langum, Associate Economist Arthur R. Upgren, Associate Economist John H. Williams Associate Economist *- http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis I ------ (Dist. 1) Federal Reserve Bank of Bostcn --- 2 OFFICERS President *William W. Paddock (retired May 1) *Ralph E. Flanders - First Vice President William Willett Vice Presidents Carl B. Pitman Oscar A. Schlaikjer Ellis G. Hult J. C. Hunter Chairman and Federal Reserve Agent Albert M. Creighton Deputy Chairman Henry S. -- Dennison 11 Neders enassere ank orftBm (Dint. 1) DIRECTOBS Class A FORBES, Allan (Bostoa, Mas.) DBS, Leon A. (IDmarisootta, Me.) HOLMES, Allen W. (Middleton, Conn.) Teram Expires Dec, 31 1944 1945 1946 (remlected) Class B ALLEN, Philip R. (E. Walpole, Mhass.) *FROST, Edward J. (Boston, Mass.) gLANDERs Balph E. (Springfield, Vt.) , *byL. (Barlington, Vt.) i PAFKU * WETTuOM , Laureca e F. (Pmbroke, NJH.) 194 1914 (died on June 6) 196 (resigned Apr. 29) 1916 (off. Jly 6) 1916 (Sept. 7, ELeated) Class C CIIWIHTO, Albert M. (Bostan, Mas.) Chaiman and FR Agpnt DENNISON, Henry S. (Franinaam, Nas.) Deputy Chainma HARRIMA, Benry I. (Boston, Mass.) 19l 1916 196 (re-elected) http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis i Federal Reserve Bank of New York (Dist. 2) OFFICERS Allan Sproul President Leslie R. Rounds First Vice President Vice Presidents Valentine Willis James M. Rice Robert G. Rouse John H. Williams J. Wilson Jones L. Werner Knoke Walter S. Logan Arthur Phelan Chairman and Federal Reserve Agent Deputy Chairman ' Beardsley Ruml William I. Myers Federal Reserv 1944 Bank of NEW YORK (Dist. 2) DIRECTORS Term Began Dec. 31 Term Ende d 1/1/42 1944 CLUTE, Warren V., Jr. (Watkins Glen) 1/1/43 1945 COLT, S. Sloan (New York) 1/1/4 1946 ( elected) VILLIAMSON, Frederick E. (New York) 1/1/42 1944 (Resigned 8/17/44) CONWAY, Carle C. (New York) 1/1/43 1945 Donaldson (New York) 1/1/44 1946 (reelected) RUML, Beardsley (New York) 1/1/42 1944 (Chairman) MYERS, William I. (Ithaca) 1/1/43 1945 (Deputy Chairman) CALKINS, Robert D. (New York) 1/1/44 1946 (reappointed) CLASS A FIELD, illta- (Jereeprety) CLASS B BROWN, CLASS C -----i t a -- -- Federal Reserve Bank of Philadelphia (Dist. 3) i OFFICERS Alfred H. Williams President First Vice President Frank J. Drinnen Vice Presidents C. A. Mcllhenny W. J. Davis C. A. Sienkiewicz Ernest C. Hill Chairman and Federal Reserve Agent Thomas B. McCabe Deputy Chairman Warren F. Whittier 1944 Federal Reserve Bank of Philadelphia (Dist. 3) DIRECTORS Class A LOEB, Howard A. (Philadelphia, Pennsylvania) REILY, George W. (Harrisburg, Pennsylvania) HENNING, John B. (Tunkhannock, Pennsylvania) Term Expires Dec. 31 1944 1945 1946 (re-elected) Class B CANNON, Harry L. (Bridgeville, Delaware) KERLIN, Ward D. (Camden, New Jersey) BUCKLEY, James T. (Philadelphia, Penn.) 1944 (died Nov. 9) 1945 1946 (elected) Class C BALDERSTON, C. Canby (Philadelphia, Pennsylvania) MCABE, Thomas B. (Chester, Penn.) Chairman & FR Agent WHITTIER, Warren F. (Chester Springs, Pa.) Deputy Chairman 1944 1945 1946 (re-appointed) __ I_ 1944 __ _ Federal Reserve Bank of Cleveland (Dist. 4) OFFICERS *M. J. Fleming (resigned Sept. 15) *Ray M. Gidney President First Vice President R. B. Hays Vice Presidents W. H. Fletcher J. V. Kossin A. H. Laning B. J. Lazar K. H. MacKenzie V. F. Taylor Chairman and Federal Reserve Agent G. Deputy Chairman R. E. Klages C. Brainard _ _ __ ____ __ _ I ___~ _~ Federal Reserve Bank of Cleveland (Dist. 4) DIRCTORS Class A BROOKS, Fe F Term Expires Dec. 31 (Pittburgh, Pa.) COmoR, B. R. (As, chido) McDMIELL, H. B. (Sharon, Pennsylvania) 1944 1915 196 (re-eleeted) Class B CRaBBS, G. D. (Cincinati, Ohio) MILLOP, T. E. (Weirton, West Va.) WRIGHT, R. P. ( Erie, Pa.) 194 1946 1946 Class C BAlER, A. Z. (Cleveland, Qiie) UAGES, R. E. (Colmbus, Caio) Deputy Chairmn BPAIAED, G. C. (Toungstown, Cbio) Chairman and FR Agent 1944 196 1946 (re-sppolated) Federal Reserve Bank of Richmond (Dist. 5) OFFICERS Hugh Leach President First Vice Presiderit J. S. Walden, Jr. Vice Presidents G. H. Keesee J. G. Fry R. W. Mercer Edward A. Wayne Chairman and Federal Reserve Agent Robert Lassiter Deputy Chairman W. G. Wysor I __ --- P---~-n-as Federal Beserve Bank of Richmond, (Dist. 5) DIRECTORS Class A Tor Expires Dec. 31 S!DENSTRICsEE, John A. (harliaton, W.Va..) RIEMNs Chas. . (Baltimere, Mi.) BRASELLs, Jms C, (Reky Moant, North Carolina) 1914 1916 196 (re-elected) Class B MAILOY, Edin (Cheraw, South Carolina) REs), Chas. C. (Rihmond, Va.) RUST, Harry Lee, Jr.(Washington, D.C.) 3*44 196 1966 (e1eted) Class C MCORIMICK, Charles P. (Baltimore, Md.) WICR, 1. 0. (JInhuend Va.) Depaty Chaira LASSITER, Rebert (Moeereaville, N.C.) Chairman sad FR Agent 1944 3165 1946 (re-appointed) 19 Federal Reserve Bank of Atlanta (Dist. 6) OFFICERS V. President First Vice Presid ent S. McLarin, Jr. Malcolm H. Bryan Vice Presidents V. K. H. Bowman F. Conniff L. M. Clark Chairman and Federal Reserve Agent Frank H. Neely Deputy Chairman J. F. Porter _I Federal Reserve Bank of Atlan DIRECTORS lass A (Dist. 6) Terc Expires Dec, WHIIT, George J. (Mb. Dora, Fa.) GLENN, Thomas K. (Atlanta, Ga.) COOK, W. D. (Meridian, Mississippi) 31 1944 196 1946 (re-elected) Claas B GEORGE, Ernest T. (New Orleans, Louisiana) McCRARI, J. A. (Atlanta, Ga.) HALL, Fitagerald (Nashville, Tenn.) 1916 196 (re-elected) Class C Frank H. (Atlanta, Ga.) Chairman and FR Agent NEEL, PORTER, J. F. (Colwbia, Tenn.) Deputy Chairman HARRIS, Bufas C. (New Orleans, La.) 191 196 196 (re-appointed) Federal Reserve Bank of Chicago (Dist. 7) OFFICERS C. S. President First Vice President Young H. P. Preston Vice Presidents Allan N. B. J. H. C. B. E. J. 0. A. M. Black Daves Dillard Dunn C. K. J. L. Harris Langum Netterstrom Olson A. T. Sihler Chairman and Federal Reserve Agent Simeon E. Leland Deputy Chairman V. V. Waymack Ir I Federal Reserve Bank of Chicago (Dist. 7) DIBCTORS Tera Expires Dec. 31 Class A WILLIAS, Frank D. (Iowa City, Iowa) CUMMINGS, Walter J. (Chicago, FRENCH, Horaoe S. (Chicago, 19h 1916 1946 (elected) 1.) Ill.) Class B NOYES, Nicholas H. (Indianapolis, HEATH, Willia C. (Milwaukee, Wis.) AVERW, nd.) Clarese W. (Detroit, Mich.) 194 194 1946 (re-eleted) Class C LELAND, Simeon E. (Chicago, Ill.) Chairman and FR Agt. WAIMACK, W. W. (Des Moines, Iowa) Deputy Chairman HOFFAN, Paul 0. (South Bend, Ind.) 1916 195 1946 (re-appointed) 1944 Federal Reserve Bank of St. Louis (Dist. 8) OFFICERS President - Chester C. Davis First Vice President - F. Guy Hitt Vice Presidents Olin M. Attebery C. M. Stewart Henry H. Edmiston Wm. E. Peterson Chairman and Federal Reserve Agent William T. Nardin Deputy Chairman Douglas V. Brooks 1 ----~- -~-- - CC--~" Federal Ibserve Bank of St. Louis (Dist. 8) DIRECTORS TDm Expire Class A De. MAESTRE, Sidney (St. Louis, Mo.) 196 NAHM, Max B. (Bowling Green, Kent.) CORLIS, G. R. (Anna, Ill.) 31 19$ 1946 (re-elected) Class B STAMLLs, John R. (Evansville, Ind.) SHAPLEIGH, A. Wessel (St. Louis, Ark.) TUCKER H. H. (Little Bock, Ark.) 1946 196 1946 (re-elected) Class C BROOKS, Douglas W. (Memphis, Tenn.) Deputy Chairman NABDIN, William T. (St. Louis, Mo.) Chrman and FR Agent STEAD, William H. (St. Louis, Mo.) 1944 1946 1946 (appointed) 1944 Federal Reserve Bank of Minneapolis (Dist. 9) OFFICERS - Prai~n+ First Vice .. N. 0. S. Powell Pevton Presidnt First Vice President Vice Presidents A. R. Upgren Sigurd Ueland E. W. Swanson H. I. Ziemer 0. R. Preston A. V. Mills Chairman and Federal Reserve Agent Walter C. Coffey Deputy Chairman Roger B. Shepard I ~--.~ ._____~~___~_---_---__~----~--- e; Federal Reserve Bank of Minneapolis (Dist. 9) DIRECTORS Temr Class A Expires Dec. McKNIGHT, J. R. (Pierre, South Dakota) McCARTNEY, F. D. (Oakes, North Dakota) 31 1944 1916 1946 (re-elected) FORD, S. S. (Minneapolis, Minn.) Class B 19h4 1916 O'CONNELL, J. E. (Helena, Mont.) LANGE, Ray C. (Chippew Falls, Wis.) CLARK. Hmer P. (St. Paul, Minn.) 196 (re-elected) Class C SHEPARD, Roger B. (St. Paul, Minn.) Deputy Chairman COFFEY, W. C. (Minneapolis, Minn.) Chairmn and FR Agent COCHRAN. W. D. (Iron Mountain, Mich.) 19h4 1915 1946 (re-appointed) 1 i I _, r ~LI r: Federal Reserve Bank of Kansas City (Dist. 10) OFFICERS H. G. Leedy President First Vice President Henry 0. Koppang Vice Presidents Raymond W. Hall C. 0. Hardy D. W. Woolley Joseph E. Olson G. H. Pipkin L. H. Earhart Chairman and Federal Reserve Agent R. B. Caldwell Deputy Chairman Robert L. Mehornay Federal Reserve Bank of Kansas City (Dist. 10) 1944 DIRECTORS Class A Term Expires Dec. 31 BUNTEN, W. L. (Goodland, Kansas) DINES, T. A. (Denver, Col.) LIMBOCKER, M. A. (Emporia, Kansas) 1944 1945 1946 (re-elected) Class B *PHILLIPS, L. E. (Batlesville, Okla.) *HUTSON, L. C. (Chickasha, Okla.) HOSFORD, Willard D. (Omaha, Neb.) BERNARDIN, J. M. (Kansas City, Mo.) 1944 (died April 16) 1944 (eff. June 28) 1945 1946 (re-elected) Class C MEHORNAY, Robert L. (Kansas City, Mo.) Deputy Chairman HAGUE, Lyle L. (Cherokee, Okla.) CALDWELL, Robert B. (Kansas City, Mo.) Chairman & FR Agent 1944 1945 1946 (re-appointed) __ __ 1944 Federal Reserve Bank of Dallas (Dist. 11) OFFICERS R. R. Gilbert President First Vice President - *E. B. Stroud (resigned Sept 30) *W. D. Gentry (Eff. October 1) Vice Presidents R. B. Coleman E. B. Austin L. G. Pondrom V. J. Evans W. 0. Ford W. H. Holloway Chairman and Federal Reserve Agent Jay Taylor Deputy Chairman J. R. Parten _ ____ Federal Reserve Bank of Dallas (Dist. 11) DIRECTORS Term Expires Dec. 31 Class A WOODS, J. E. (Temple, Texas) NAPIER, Wqlter P. (San Antonio, Texas) TURNER, Frank (Decatur, Texas) 19h 1916 1946(re-elected) Class B KURTH, E. L. (Keltys, Texas) MILAM, J. R. (Waco, Texas) HILL, George A. (Jr.) (Houston, Texas) 194 1916 1916 (re-elected) Clasa C BRISCOE, Dolph (Uralde, Texas) 194h (resigned Dec. 9) TALMB, Jay, (Amarille, Texas) Chairman and FR Agent PARTEN, J * R (Houston, Texas) Deputy Chairman 1946 (appointed) _ 1916 Federal Reserve Bank of San Francisco (Dist. 12) OFFICERS President - Wm . A. Day First Vice President - Ir a Clerk Vice Presidents H. F. Slade J M. Leisner C. E. Earhart H. N. Mangels Chairman and Federal Reserve Agent Henry F. Grady Deputy Chairman Harry R. Wellman ___:__ ____jr____ I Federal Reserve Bank of San Francisco (Dint. 12) DIRECTORS Class A ODLIN, Beno (Tacoma, Wash.) BIRD, Carroll F. (Willows, Calif.) McINTEBM, C. K. (San Francisco, California) Term Expires Dec. 31 1914 19h6 1946 (re-elected) Class B VOLKMANN, na. G. (San Francisco, Calif.) * HQLDEN, St. George (San Francisco, Calif.) TAYLOR, Bese H. (Los Angeles, Calif.) COX, Elaer H. (San Francisco, Calif.) 194i (died March 23) 196 (eff.June 6) 1916 19146 (re-elected) Class C GRADY, Henry F. (San Francisco, Calif.) ChairAan and FRAGT.1944 WVELLAN, Harry R (Berkeley, Calif.) Deputy Chairman WEBUR, Brayton (San Francisco, Calif.) 191 1946 (appointed) (off. Jul. $) HEARINGS 19 Aug. 23 U.S.Congress. House. Banking and Currency committee. Insurance of private loans by the Federal 78t'h, 2d sees. on Reserve banks: HEARINGS ... F.R.4,Oh, a bill to amend section 13B of the Federal Reserve Act,,as amended. Aug.23, 1914. Wash., Govt.ptg.off., 1944. (Committee prirt, unrvised.) 27 p. Testimony: Rccle,pM.SS.AuTe.23 HG 2560 .A2 1944 (No page numbers) F.R.Bd.L. a 19L Aug. 2h-25 S U.S.Congress. Senate. RBanking and Ourrency committee. To amend section 13B of the Federal Reserve 7gth, 2nd sess. Act, as amended; HEARINGS ... Wash., on S.1918 ... Aug. 24-25, 1944. Govt.ptg. off., 1944. 4g p. Testimony: F.R.Bd.L. Eccles,M.S. Aug.24-25 pp.2-4 TG 2560 .A2 1944 HEARINGS \ Dec. 7,8,11-15 U.S.Congress. Senate. Panking and currency TG committee. 2562 Absorption of exchange or collection charges .A2 by member banks;H ARTINGS ...7gth,2nd sees. on 1944 S.1642 and H.R.3956, bills to amend the Federal Reserve act, as amended, to provide that the absorption of exchange and collection charges shall not be deemed the payment of interest on deposits. Dec. 7,8,11-15, 1944. Wash.,Govt. ptg.off.,1944. 322 p. Testi- Dreibelbis,J.P.(F.R.B.legal) Dec.7,'44, pp.74-7 6 mony: Gidney,R.M.(Pres.Cleve.F.R.Pk.) Dec.11,pp.76-93 F.R. Bd.L. HEARINGS 19h September 27 LEGISLATION [PUBLIC LA W.. j Q* [CHAPTER 425-,2D SESSION) [S. 725] AN ACT To provide for the punishment of persons conspiring to violate the laws relating ''il to tjiiWal vito cowtereiting, and certain other laws. Be it enacted by the Senate and House bf Representatives of the United States of A erica in Congress assembled, That chapter 7 of the Criminal CWa axmended (U. S. C., 1949 edition, title 18 ch. 7), did thereof the following is hereby further amend d by adding at t section: l , ir to violat ny pro Afiore peyons co "SEC. IV8a.. apter , o f. seib 205, T vision of his e i6tle 18, [fhendi'i(U. g.'., 194Q 8 of the: Act of 0848, a:nd 349 of ch. 8)or ch. 7, an t 18, sec. '1940 edit August 26, 1935 (49 Stat. 866; U. S. 349a), and one or more of such persons do any act to effect the object of the conspiracy, each of the partp to such conspiracy shall, on conviction thereof, be subject to the sa&e fine or imprisonment, or both, as is applicable in the case of conviction for violating such provision." Approved September 27, 1944. 19kh LEGISLATION December 8 [PUBLu LAw 474-78TH Coiwbftrs] [CHAPTER 549-2D SESSION] [S. 2004] AN ACT To amend the Act entitled "An Act to mobilize the productive facilities of small business in the interests of successful prosecution of the war, and for other pu.. poses", .pproved June 11, 1942. Be it en~ted by the Senate and House of Representatives of the United States of America in Congress assembled That subsection (b) of section 4 of the Act entitled 'An Act to mobilize the productive facilities of small business in the interests of successful prosecution of the war, and for other purposes", approved June 11, 1942 (56 Stat. 351-357) is hereby amended by substituting the figures "$350,000,000" for the figures "$150,000,000" wherever occurring in said subsection. Approved December .8,.1944. 194 December 20 LEGISLATION [PUBLIC LAW 519-78TH CONGRESS] [CHAPTER 624-2D SESSION] [8. 1954] AN ACT To amend the Act entitled "An Act to authorize the$use for war purposes of silver held or owned by the United States", approiied July 12, 1943. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 2 of the Act entitled "An Act to authorize the use for war purposes of silver held or owned by the United States", approved July 12, 1943 (Public Law 187, Seventy-eighth Congress), is amended to read as follows: "SEc. 2. Thls Act shall expire on December 31, 1945." Approved December 20, 1944. 1944 December 20 Purchase obligations of Government directly from the United States LEGISLATION LEGISLATION Purchase of Government obligations directly from the United States The authority of the Federal Reserve Banks under section 14(b) of the Federal Reserve Act, to purchase United States obligations directly from the United States, which would have expired on December 31, 1944, was ex tended until December 31, 1945. (58 Stat. 827.) 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. i FEDERAL RESERVE SYSTEM (See 192 - L942-19i5) POLICY ACTION LITIGATION 9.185. Suit to Enjoin Enforcement of Membership Condition.-This was a suit by a member bank to annul and enjoin the enforcement of a condition of membership. The court dismissed the complaint (1) against the Federal Reserve Board because Congress had not given its consent to suits against the Board and because the Board is not an "inhabitant" of the district where the suit was brought; (2) against the Federal Reserve Agent because he had no authority to enforce the condition; and (3) against the Federal Reserve Bank because the power to enforce the condition was vested in the Board only, with the result that a suit against the Bank was a suit "against a subaltern without authority," and was, therefore, not maintainable. The court also pointed out that the plaintiff had sustained no present injury and consequently there was no proper case for a declaratory judgment. Peoples Bank v. Federal Reserve Bank of San Francisco, 58 F. Supp. 25 (1944); appeal dismissed, 149 F 2d. 851. 9.186. Same.--Peoples Bank sought a declaratory judgment and decree invalidating and restraining enforcement by the Board of a condition of membership in the Federal Reserve System requiring plaintiff to withdraw from the System if (1) Transamerica Corporation The acquired an interest in plaintiff and (2) if the Board required the withdrawal. the bank's Supreme Court decided that, although such an interest had been acquired, grievance was too remote to justify an injunction or declaratory judgment, since the Board had formally disavowed any intention to invoke the condition in the absence of any indica tion of subversion of the bank's independence. (This,in effect, reversed Peoples Bank v. Eccles et al., 64 F. Supp. 811 (Dis. of Col. 1946), holding the facts above to warrant adjudication in an action for declaratory judgment.) Eccles v. Peoples bank of Lakewood Village, 333 U. S. 426 (1948). 13'.711 Liability of Reserve Bank on Its Indorsement See under 1939 LITIGATION 13.710 LITIGATION LITIGATION Blocked Accounts of Foreign Nationals.-The Reserve Bank, M-601. acting for the Secretary of the Treasury, advised the plaintiff and the bank where he kept his deposit that the Secretary of the Treasury had determined to "block" his account on the ground that he was a "national" of a foreign country within the meaning of the "freezing" regulations. Plaintiff filed suit to restrain the Federal Reserve Bank "either as The agent or as printipal" from interfering with his bank account. court held (1) that the Secretary of the Treasury was an indispensable party, since the Reserve bank was performing merely a ministerial function for him, and (2) that there was an administrative remedy under the regulations of the Secretary, which remedy plaintiff should have The court pointed out that only exhausted before coming into court. the Secretary could change the determination that plaintiff was a Hartman v. "national" of a foreign country and "unblock" his account. Federal Reserve Bank of Philadelphia, 55 F. Supp. 801 (1944).
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