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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM EXERCISES POWERS PRESCRIBED IN THE FEDERAL RESERVE ACT AND RELATED LEGISLATION CHAIRMAN VICE CHAIRMAN ACTIVE EXECUTIVE OFFICER OF THE BOARD ACTS IN ABSENCE OF CHAIRMAN SECRETARY 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 with 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, and as A s s i s t a n t S e c r e t a r y of the Federal Open Market Committee. Performs other d u t i e s assigned to him by the Chairman or t h e 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 o f t h e Secretary's Office. LEGAL DIVISION Advises and assists the Board with respect to legal matters arising in the conduct of its business. Prepares regulations, rulings, orders, opinions, and correspondence or other documents of a legal or semi-legal character. Handles litigation involving the Board and the conduct of hearings before the Board; and consults with and renders assistance to Federal Reserve Bank counsel in connection with litigation involving Federal Reserve Banks. Prepares drafts of proposed amendments to the law, analyzes and keeps the Board informed with respect to pending legislation on banking and related subjects, prepares material for Board's Loose Leaf Service, and prepares compilations of laws relating to the Federal Reserve System and digests of State laws on certain banking subjects. 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 developments in i n d u s t r y , commerce, a g r i c u l t u r e , and finance with a view t o f o r m u l a t i o n of c r e d i t and monetary 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 in production and d i s t r i b u t i o n o f commodities, employment, income, e x o e n d i t u r e s , s a v i n g s , and the course o f 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 , c a p i t a l markets, 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 of f i s c a l and l a b o r problems from t h e monetary point of view. Also keeps the Board advised of p r i n c i p a l f i n a n c i a l and economic developments abroad w i t h p a r t i c u l a r r e f e r e n c e to the i n t e r national f i n a n c i a l p o l i c i e s of the U. S. Government. Works w i t h research departments of Fede r a l Reserve 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 of the contents of the Federal Reserve B u l l e t i n and the Board's Annual Report. Has c n a r g e of t h e B o a r d ' s g e n e r a l 1ibrary. DIVISION OF PERSONNEL ADMINISTRATION Handles matters pertaining to oersonnel, salary administration, and appointment of directors of the Federal Reserve Banks. 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. OFFICE OF THE SECRETARY Clears and conducts o f f i c i a l correspondence of the Board. Prepares minutes covering the Droc 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 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 e x 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. 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 correspondence from the public including p a r t i c u l a r l y requests f o r information on economic, monetary and banking q u e s t i o n s . DIVISION OF EXAMINATIONS ( 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 p a r t i c i p a t e s in conferences, to f u r t h e r coordination of 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 i n g departments of 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 ) Analyzes, and prepares reports with recommendations to the Board on, apolications and data regarding ( a ) State banks for membership in the Federal Reserve System, (b) consolidations, mergers, out-of-town branches, e t c . , invol vi ng State member banks, ( c ) holding company a f f i l i a t e s for voting permits, (d) national 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 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 p r a c t i c e s , 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, D I V I S I O N OF BANK OPERATIONS Handles matters coming before the Board r e l a t i n g to the c o n d i t i o n , o p e r a t i o n s , and earnings and expenses of Federal Reserve Banks, t o condition and e a r n i n g s and expense r e o o r t s of member banks, and t o the banking s t r u c t u r e g e n e r a l l y . Maintains a record of changes in the s t a t u s of a l l banks and branches in t h e U n i t e d S t a t e s , including bank groups and c h a i n s , and compiles related data. Issues the Par L i s t . 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. Prepares p r o duction schedules f o r p r i n t i n g Federal Reserve 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 of paper currency among Federal Reserve Banks. Superv i s e s Reserve Bank b u d g e t a r y p r o c e d u r e ; r e ceives and analyzes annual Reserve Bank budget statements and makes r e p o r t s thereon t o Board; follows up budgetary matters with Reserve Banks. Makes f i e l d surveys of o p e r a t i o n s o f F e d e r a l Reserve Banks with p r i n c i p a l reference t o operating costs. Prepares schedules d e t e r m i n i n g o 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 in t h e System Open M a r k e t Account. Handles m a t t e r s r e l a t i n g t o loans g u a r a n t e e d by t h e F e d e r a l Reserve Banks. M a i n t a i n s records r e l a t i n g t o discount r a t e s , bank premises, and f i s c a l agency and o t h e r o p e r a t i o n s of t h e F e d e r a l Reserve Banks. D I V I S I O N OF ADMINISTRATIVE SERVICES Serves as central budgetary, 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 , and service u n i t of Board. Prepares 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 disbursements, and maintains Board's books o f account. Prepares 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 of 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 , exchange or complimentary basis and handles correspondence r e l a t i n g t h e r e t o . P r o o f r e a d s and 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 . Purchases, stores 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 s p e c i a l services. Performs o f f s e t p r i n t i n g , p h o t o s t a t , mimeograph and addressograph 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 , 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 , p r i v a t e d i n i n g rooms and snack b a r ; IBM e q u i p m e n t ; t e l e g r a o h s w i t c h i n g c e n t e r ; telephone s w i t c h board; main terminal of pneumatic tube system; passenger 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 special stenographic and messenger s e r v i c e . Also o p e r a t e s and m a i n t a i n s Board's b u i l d i n g and g r o u n d s , i n c l u d i n g a l l mechanical equipment, such as elevators, air conditioning, etc. MAY 1948 Name Title Present Salary Total Chairman McCabefs Office $ 15,000.00 McCabe, Thomas B. Riefler, Winfield W. Assistant to the Chairman Coleman, Philip £•, 3rd Administrative Assistant to the Chairman 15,000.00 7,000.00 (Vacancy) Secretary Schmidt, Catherine I*. (On assignment) Stenographer 3,1U6.UO Branic, Otto H. Messenger 2,168.28 $ U2,3Hu68 Mr. Eccles1 Office 15,000.00 Eccles, Marriner S. Egbert, Va Lois Secretary to Mr* Eccles Norris, Charles R* Clerk Arnold, Mrs # Mary Rose Stenographer 5,600.00 $ 25,989.92 Title Present Salary Total Mr» Draperfs Office $ i5,ooo#oo Draper, Ernest G* Rauber, Margaret £• Secretary t o Mr* Draper 1 Dellatorre, Mary V# Stenographer J Jamison, Michael L# Messenger 2,163*23 Mr. Evans1 Office Evans, Rudolph M* 5 , OOCUOO Westman, Elsie Secretary to Mr# Evans 4,800.00 Hamilton, James F# Messenger 2,168#28 I 21,968.28 Mr. Szymczak's Office Szymczak, M # S # l5,000 # 00 Newcome, Elnyr B# Secretary to Mr* Szymczak Templet on, Loverne Stenographer Frost$ Fredrick L» Messenger 14,800^00 $ 2l*,362«28 Mr. Vardaman's Office 25,000*00 Vardaman, James K# Hoffinan, Dorothy B # Secretary to Mr* Vardaman 1 Thomas, Latira K. Stenographer S Brown, Fletcher E# Messenger 2,l68#28 $ 2i*,212#76 Name Title Present Salary Total Mr. Clayton1 s Office $ ]5,000 # 00 Clayton, Lawrence Cotten, Mrs. Annie I # Secretary to Mr. Clayton Bundy, Herbert William Messenger 22,O5iuOO Morrill1s Office Morrill, Chester Malia, Anne Special Adviser to the Board of Governors Secretary to Mr. Morrill 15,000.00 3,271*80 18,271*8O Mr. Thurston's Office Thurston, E l l i o t t Assistant to the Board Benton, Madeleine Secretary to Mr. Thurston Hart, Bishop B# Messenger 15,000.00 U,200.00 June 25, 19U8# Name Title Present Salary Total Division of Personnel Administration Nelson, F* k. Director Stewart, Phyllis £ # Secretary to Mr* Nelson $ ll,500 # 00 3,773*1*0 $ 35,273^0 Secretary1 s Office Carpenter, Samuel R* Secretary of the Board Goepfert, Mabel Secretary to Mr* Carpenter 33*500*00 3,773«UO $ 17,273• legal Division Vestj George B* General Counsel ifeCollochj Mrs* Iucy I* Secretary to Mr* Vest 35,000*00 3,773.UO $ 18,773^0 Division of Research and Statistics Thomas, Woodlief Director Jones, Rath Secretary to Mr* Thomas 15,000.00 3,773#UO $ 18,773*1*0 Division of Examinations Ieonard, Robert F* Director Kearney, Helene L* Secretary to Mr* Leonard 23,500.00 3,522.60 17,022*60 Title Present Salary Total Division of Bank Operations Smead* Edward I* Director Smith, Mrs* Jewell B # Secretary to Mr* Smead $ l£,000»00 3,773*UO $ 18,773.UO Division of Administrative Services Bethea, IAston P# Director Wolcott, Helen B# Secretary to Mr# Bethea 10,500#00 3,522,60
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