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August 13, 1948

Confidential
Assignments of Subjects for Initial Consideration b,y Individual
Members of the Board of Governors and Certain Committees

Chairman
1. Economic and monetary policy matters (open market operations,
discount rates, reserve requirements, interest rates, Government finance,
international monetary questions).
2. Policies involved in the initiation and adoption of legislation and executive orders affecting the System.
3.

Supervision of Board's staff.

4.. Public relations of the Board of Governors.
(The Chairman is elected chairman of the Open Market Committee
and of its executive committee. The Chairman is also by statute a member
of the National Advisory Council on International Monetary and Financial
Problems and a member of the Advisory Board to the Export-Import Bank;
member committee on N.A.C. matters. Chairman of Personnel Committee, with
assistant to the Chairman as his alternate.)
Vice Chairman
1. Since the Vice Chairman acts in the place of the Chairman in
his absence, they share the consideration of matters specifically assigned
to the latter, including particularly legislative proposals now pending in
Congress, in such manner as they may decide from time to time.
(Member executive committee of Federal Open Market Committee for
year beginning March 1, 194-8, and member committee on N.A.C. matters.)
Mr. Szymczak
(Alternate, Mr. Draper)
1. Relations of Reserve Banks with foreign banks, bankers, and
Governments; staff missions .of Reserve Banks and Board to foreign countries
2. International financial institutions and institutions engaged
in foreign banking subject to sections 25 and 25(a) of the Federal Reserve
Act; foreign branches of domestic banks.




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Mr. Szymczak (cont'd)
(Alternate, Mr. Draper)
3.

Relations with foreign central banks and foreign treasuries.

(Member executive committee of Federal Open Market Committee for
year beginning March 1, 194.3; alternate for Chairman McCabe on N.A.C.; and
member committee on N.A.C. matters.)
Mr. Draper

(Alternate, Mr. Szyincsak)
1.

Promotion of U l l u i u^iiL di mrpc in tno orgnnir^ti.Qn by,

maotingo of otr.ff, recreational and pocin.1 aotivitiasy special morit r?cogniUuu, and davcloplufe mora affective orrcor gystcm^.
2. Discounts and advances of Reserve Banks$ purchases by Reserve
Banks of securities and bills other than through system Open Market Account;
questions of eligibility of paper for discount or as security for advances.
3. Lending activities of Government agencies (other than those
in the agricultural field).
A.

Operations under section 13b of the Federal Reserve Act.

5.

Building operation and maintenance.

6.

Voluntary pay roll deduction plans for Government bonds.

(Federal Reserve Retirement System trustee, elected by Board as
its representative| member Personnel Committee until February 28, 194-90
Mr. Evans
(Alternate, Mr. Clayton) £ ^Q
1. Agricultural conditions, including prices, production, and
markets; and relations concerning these subjects with the Department of
Agriculture, Farm Credit Administration, end other agencies; lending activities of Government agencies in the agricultural field.
2. Research programs of Reserve Banks and Board of Governors|
publications of the Reserve System in collaboration with the Chairman's
office; call reports of condition and other periodical reports of member
banks.




-3Mr. Evans (cont'd)
(Alternete, Mr. Clayton)
3. Coordination and development of relations of Reserve Banks
with member banks, nonmember banks, banking associations, educational
institutions, and the general public.
4. Informal liaison between Board and Chairmen of Reserve Banks.
5. Preparation of topics for agenda of Federal Advisory Council,
Chairmen's Conference, Presidents' Conference, and similar groups in aollab*oration with the Assistant to the Chairman.
6. Regulation of consumer instalment credit.
Mr. V^rdaaan
(Alternate, Mr. Evans)
1. Services of Reserve Banks and reimbursement therefor; expenditures, including Reserve Bank budgets and functional expense reports;
examinations of Reserve Banks; reserves for losses; chargeoffs and dividends; Reserve Bank stock.
2. Establishment, regulation, and discontinuance of branches and
agencies of Reserve Banks; determination of district and branch territorial
limits.
3. Clearance and collection systems; currency matters; interdistrict settlement funds.
4. Outside business and other relations of directors, officers,
and employees of Reserve Banks; interlocking relations of directors, officers, and employees of member banks serving other.banks and security dealers;
loans to executive officers of member banks; removal of directors, officers,
and employees of Reserve Banks and member banks; disposition of criminal
charges against such persons.
5. Veterans' problems. When a question arises which involves a
veteran problem, Mr. Vardaman will be consulted or will consult with the
member of the Board whose assignments include the other aspects of the
question.
(Member Personnel Committee until February 28, 194-9.)
Mr. Clayton
(Alternate, Mr. Vardaman)
1. Admissions to, conditions of, and termination of membership of
State bcnks; trust powers for member banks.



Mr. Clayton (cont'd)
(Alternate, Mr. Vardaman)
2. Supervision and examination of State member banks, domestic
branches, mergers, consolidations, adjustment of capital structure, maintenance of required reserves, payment of interest on deposits in member
banks; relations regarding these matters with Federal Deposit Insurance
Corporation, Reconstruction Finance Corporation, Comptroller of the Currency, State Banking Departments, and Bankers Associationsc
3. Loans and investments of member banks, including acceptances;
relations regarding these matters with the Comptroller of the Currency,
Securities and Exchange Commission, and other Government agencies.
4.. Extonoion and maintenance of credit ty brolcor-Oj doalogs,
"banks, and othoro for purchasing or carrying coouritios>^ Relations under existing law with holding companies and
affiliates; examinations of such companies and affiliates; issuance and
revocation of voting permits.

c

Personnel Committee
(Until February 28, 1949,
Messrs. McCabe, Draper, and Vardaman)
1. Appointments of Class "C" directors of Reserve B^nks and the
directors of branches who are appointed by the Board; designations of Chairmen and Federal Reserve Agents and appointments of Deputy Chairmen of Reserve Banks; questions relating to election and qualifications of Class A
and Class B directors of Reserve Banks, including classification of member
banks for such elections.
2. Approvals of appointments of officers and employees of the
Reserve Banks requiring action by the Board; Reserve Bank salaries and
salary classification plenaj executive development plan. (When an appointment is in the examination or research department of a Reserve Bank, it
is understood that the recommendation to the Board will be made in
collaboration with Mr. Clayton or Mr. Evans, respectively,)




3.

Board's budgets and expenditures.

4-. Travel authorizations.

-5Committee on N.A.C. Matters
(Messrs. McCabe, Secies', and Ssymczak)
The Chairman, the Vice Chairman, and the member of the Board
whose assignments include relations with foreign banks, bankers, and Governments will serve as a committee on National Advisory Council matters.
This committee will meet before each meeting of the National Advisory
Council to consider what positions should bo taken on matters on the
agenda.

Executive Committee of the Federal Open Market Committee
(Until March 15 1%9) "
Members
Chairman:
Vice Chairmans

o



Alternates
Mr.
Mr.
Mr.
Mr.
Mr.

McCabe
Sproul
Eccles
Szymczak
Williams

For Board Members

1. Mr. Evans
2, Mr. Vardaman
3. Mr. Draper

For Presidents

lo
2.

Mr. Young
Mr. Gilbert