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CLASSIFICATION OF MATTERS TO BE HANDLED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,
AND NAMES OF STAFF MEMBERS WITH WHOM MATTERS SHOULD BE TAKEN UP
DISCOUNT RATES
MR. GOLBENWEISER-MR. THOMAS
GOVERNMENT FINANCE, INCLUDING BUDGETARY AND TAXATION PROBLEMS
MR. GOLDENWEISER-MR. CURRIE
INTERNATIONAL BANKING AND MONETARY QUESTIONS
MR. GOLDENWEISER-MR. GARDNER
MR. WYATT-MR. DREIBELBIS
MARGIN REQUIREMENTS
MR* PARRY-MR. BRADLEY
MR. GOLDENWEISER-HR. THOMAS
MR. BENEDICT
MONEY RATES
MR. GOLDENWEISER-JtR. THOMAS
OPEN MARKET OPERATIONS
MR. GOLDENtfEISER-MR. THOMAS
MR. WYATT
PUBLIC AND PRESS RELATIONS OF BOARD
MR. THURSTON
HR* GOLDENWEISER
RESERVE REQUIREMENTS
MR. GOLDENWEISER-MR. THOMAS
MR. VEST-MR. OWENS
MR. SMEAD
STAFF, SUPERVISION OF BOARD'S
MR. BRODERICK
MR. SZYMCZAK
CLEARANCE AND COLLECTION SYSTEM
MR. MYRICK
MR, VEST
piFORMATION. COMPILATION fND INTERPRETATION OF:
BANXIMG
AFFILIATES:
EXAMINATION OF
i
(
RELATIONS WITH HOLDING COMPANY AND OTHER
CURRENCY, ISSUANCE AND REDEMPTION OF
MR. VAN FOSSEN
MR. VEST-MR. OWENS
BUSINESS
(MR. GOLDENWEISER-HR. THOMAS
FINANCIAL
BRANCHES AND AGENCIES, ESTABLISHMENT, REGULATIdU AND DISCONTINUANCE OF
MR. SMEAD
MR. VEST
DIVIDENDS AND CHARGEOFFS
MR. SMEAD-MR. VAN FOSSEN
EXAMINATIONS OF
MR. PAULGER-MR. LEONARD
MR. WINGFIELD .
EXPHIDITURES AND SERVICES OF, AND RED!BURSEUENTS THEREFOR
MR. MYRICK
MR. VEST
PERSONNEL CLASSIFICATION PLANS
MR. MTRICK
RESEfiVES FOR LOSSES
MR. SMEAD-MR. VAN FOSSEN
RETIREMENT SYSTEM
ME. VAN FOSSES
HR. VEST
SALARIES
EXAMINERS'
HR* SWEATI
MR. PAULGER
STOCK, ISSUANCE AND CANCEUTION OF
MR. HORBETT
MR. WINGFIELD-MR. CHERRY
FEDERAL RESERVE DISTRICT AND BRANCH TERRITORIAL LIMITS
MR. SMEAD
MR. VEST
INTER-DISTRICT SETTLEMENT FUNDS
HR. VAN FOSSEN
MR. VEST
LEASED WIRE SYSTEM
MR. SHEAD
MR. CARPENTER
MR. CAGLE-MR* HOSTRUF
MR. WINGFIELD-MR. BAUMANH
VOTING PERMITS, ISSUANCE AND REVOCATION OF
(
MONETARY
PUBLICATIONS OF BOARD*
ANNUAL REPORTS OF BOARD
FEDERAL RESERVE BULLETIN
MR. GOLDENWEISER-HR. CURRIE
ELECTION OF CLASS "A" AND CLASS "B" DIRECTORS OF FEDERAL RESERVE BANKS, CLASSIFICATION OF MEMBER
BANKS AND PROCEDURE FOR
MR* GOLDENWEISER-HR. THOMAS
HR. VEST
FOREIGN BANKING INSTITUTIONS SUBJECT TO SECTIONS £5
AND £5(a) OF FEDERAL RESERVE ACT}
MR. GOLDENWEISER-MR. BLATTNER
MR. VEST
NATIONAL SUMMARIES OF BUSINESS CONDITIONS MR. GOLDENWEISER-HR. GARFIELD
RELATED TO FEDERAL RESERVE BULLETIN, NATIONAL SUMMARIES OF BUSINESS COHDI- MR. GOLDENWEISER-MR. THOMAS
TIUNS, AND ANNUAL REPORTS
AND DEVELOPOTNT OF WITH:
MEMBER BANKS
(
(HR* HAMMOND
(MR, BLATTNER
(MR. HYATT
(
NONMEMBER BANKS
BANKING ASSOCIATIONS
EDUCATIONAL INSTITUTIONS
GENERAL PUBLIC
(MR. HAMMOND
(MR. GOLDENWEISER
(MR. IYATT
EXAMINATIONS OF
pfupra yiHirst
BRANCHES OF
MR. VEST
MR. VAN FOSSEN
(
(MR. WILKES
(MR. VEST
(
MR. LEONARD
MR. WINGFIELD
MR. BORBETT
CAPITAL STRUCTURE, ADJUSTMENTS OF
HR. LEONARD
HR. HINGFIELD
MAINTENANCE OF RESERVES BY
HR. HORBETT
HR* WINGFIELD
MERGERS AND CONSOLIDATIONS OF
MR* CHAHBERLXM
ifn
H T W T V T T\
MR. WINGFTELD
HR. BORBETT
SUPERVISION AND EXAMINATION OF STATE
m m c R BANKS
HR* LEONARD
HR. WINGFIELD
RELATIONS WITH FEDERAL DEPOSIT INSURANCE CORPORATION, RECONSTRUCTION FINANCE CORPOE- MR. LEOMARD
ATION, AND COMPTROLLER OF CURRENCY RE- HR. WINGFIELD
MR. HORBETT
GARDING TEE ABOVE MATTERS
MEMBERSHIP OF STATE BANKS»
ADMISSION TO
HR. LEONARD-MR. KOPPANG
MR. WINGFIELD-MR. S U T Z
CONDITIONS OF
TERMINATION OF
MR.
MB. MORRISON
ELIGIBILITY OF PAPER FOR DISCOUNT, QUESTIONS OF
fEDERAL .RESERVE BAHKSi
DISCOUNTS AHD ADVANCES OF, (EXCEPT H DDSTRIAL LOAH ACTIVITIES)
PURCHASES OF SECURITIES AHD BILLS BY,
(OTHER THAU THROUGH Si&ttM DIVESTMENT
ACCOUNT)
GOVERNMENTAL AGENCIES, LUDIKG ACTIVITIES 07
MR. VEST
(
(^
j^g,
(jj*}' ™ J A S
(
»»«>
(
MR. SMEAD
MR. VEST
MISS BURR
MR. HAMMOND
MR. VEST-MR. OWDJS
MR. THOMAS
LEGISLATION, BASKING
MR. WYATT-MR. DREIEELBIS
MR. GOLDENWEISER
LOAIS AND INVESTMENTS OF MEMBER BANKS, INCLUDING
ACCEPTANCES
MR. HORBETT
MR. VEST
MR* THOMAS
REPORTS, CALL AHD OTHER REPORTS OF BANKS, INCLUDING RE- MR. SMEAD-MR. HORBETT
PORTS OF AFFILIATES (EXCEPT REPORTS UNDER
MR. WINGFIELD
SECURITIES EXCHANGE ACT)
MR. THOMAS
SECTION
CRIMINAL CHARGES, DISPOSITION OF
MR. KDIGFIELD-MR. CHERRY
DIRECTORS. OFFICERS AND EMPLOYKftP OF FEDERAL
RESERVE BANKS.
OUTSIDE BUSINESS AND OTHER RELATIONS OP
REMOVAL OF
AGRICULTURAL CREDIT CONDITIONS, INCLUDINGt
EXPORTS AND IMPORTS
{
(MR* CHAMBERLIH (EXCEPT
( RELATIONS WITH ABA
( TRUST SECTION HANDLED
( BY MR. PAULGER)
(MR. KINGFIELD-MR. BAUMANN(
MR. EEITZ
(MR. THOMAS-MR. GARFIELD
PRODUCTION
HR. SMEAD
MR. PAULGER
RELATIONS CONCERNING THESE SUBJECTS WITH.
DEPARTMENT OF AGRICULTURE
MR. THOMAS-MR. CARFIELD
HR. HlNGfIELD
MR. PAULGER
FARM CREDIT ADMINISTRATION
MR. THOMAS-HISS BURR
DIRECTORS, OFFICERS AND EMPLOYEES OF MEM8ER BANKS,
REMOVAL OF
MR. WINGFIELD
MR. PAULGER
OTHER AGENCIES DEALING WITH AGRICULTURAL PROBLEMS
MR. THOMAS-MR. GARFIELD
EXTENSION AND MAINTENANCE Of CREDIT BY BROKERS,
DEALERS, BANKS AND OTHERS FOR PURCHASING
OR CARRYING SECURITIES (EXCEPT MARGIN
REQUIREMENTS)
MR. PARRY-MR* BRADLEY
MR. GOLDENWEISER-MR. THOMAS
MR. BENEDICT
INDUSTRIAL LOAN ACTIVITIES OF FEDERAL RESERVE BANKS
MR. VAN FOSSH
MR. VEST
INTERLOCKING RELATIONSHIPS OF DIRECTORS. OFFICERS
AND EMPLOYEES nF upmER BANKS UNDER:
CUITOM
ACT
SECTION 52 OF BANKING ACT OF 1953
LOANS TO EXECUTIVE OFFICERS OF MEMBER BANKS
TRUST POWERS OF MEMBER BANKS. MATTFpjp F^-ATING TO
BANKS
WITH TRUST POWERS
TO EXISTING MEM-
MR. THOMAS-HISS BURR
PRICES
^
INTEREST BAXXS OM DEPOSITS
TEUBT POWERS OF NATIONAL
ADMISSION OF STATE BANKS
GRANTING OF TRUST POWERS
BER BANKS
RELATIONS WITH ABA TRUST
CAPITAL MARKET
<MR. WINGFIELIWIR. CHASE
C***"
CAGLE
** R * CRAYS
MR. BINGFIELD-JIR. CHERRY
FEDERAL RESERVE BOARD
Among the principal duties of the Federal .Reserve Board in the administration of the
Federal Reserve Act of December £3, 1913, as amended, are the exercise of general supervision over the Federal reBerve banks, Including their open market operations; the formulation, in cooperation with the Federal reserve banks, 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 prescribes conditions under Txhich 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 1933 covering certain relations between member banks and organizations dealing in securities, and to
IBSU© voting permits to holding company affiliates of member banks entitling them to
vote the stock of such banks which they oim 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
Bound-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 jcertain exceptions) registered on a national securities exchange* It promulgates regulations pursuant to provisions of the Federal Reserve Act, and carries on other activities.
VICE GOVERNOR
Exercises powers 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. Be 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 GOVERNOR
Performs such duties as may
be assigned to him by the Governor of the Board.
Performs such duties as
may be assigned to him by
the Governor or by the
Board.
OFFICE OF FISCAL AGEflT
Collects and deposits all
moneys and funds receivable
by the Board with a Federal
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. Makes payments of expenses and other
disbursements of Board upon
proper vouchers out of moneys
advanced to him by requisition out of such fund and
placed to his official credit Tilth designated Federal
reeerve bank. Maintains
budget records and submits
monthly reports thereon to
Board.
DIVISION OF EXAMINATIONS
Examines Federal reserve banks, their
branches and agencies, corporations organized under Section 25(a) of Federal
Reserve Act, and corporations operating
under agreement with Federal Reserve
Board In accordance with Section £5 of
the Act. Participates upon request of
the Board in examination of member banke
or banks applying for membership. Prepares reports on applications of (1)
State banks for membership in the Federal Reserve System, (2) holding company affiliates for voting permits,
(3) national banke for trust powers,
(4) national banks for reduction In
capital stock, (5) individuals for permits under the Clayton Act. Reviews
analyses of reports of examination of
State member banks. Prepares reports
regarding consolidations, mergers, etc.,
involving State member banks, and regarding certification of such banks to
the Federal Deposit Insurance Corporation under Section 12B of Federal Reserve Act. Drafts communications regarding the various matters enumerated.
DIVISION OF BANK OPERATIOSS
Prepares for publication the weekly condition
statements of the Federal reserve banks and of
about 350 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 Bank 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 banks; (5) organization, consolidation, suspension and liquidation of member and nonmember banks; (4) bank
branches, affiliates, etc.; (5) money in circulation. Maintains record of holdings of Federal reserve bank stock by meaber banks and
changes in such holdings. Operates Gold Settlement Fund and maintains books and records
thereof. Prepares production schedules for
printing of Federal reserve notes and Federal
reserve bank notes. Supervises distribution
of currency to Federal reserve banks.
OFFICE OF THE SECRETARY
DIVISION OF RESEARCH AND STATISTICS
Prepares minutes covering
the proceedings of the Board
and conducts official correspondence of the Board.
Administers natters relating to Board's personnel and
payroll, space, supplies,
equipment, telephone, telegraph, mail, duplicating,
filing and messenger 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
work at the twelve Federal reserve
banks. Compiles tables and prepares charts aid interpretative
text on production and distribution of commodities, on employment, payrolls, and the course
of prices, as well as on the
course of banking developments,
gold 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 Federal reserve banks
and prepares material for Board's
Annual Reports. Maintains the
Board's business and financial
library.
OFFICE OF GENERAL COUNSEL
Advises the Board, or any member thereof,
regarding legal questions arising in the
conduct of its business. Prepares communications 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 member "banks for permits to
vote stock in such banks, and applications
for interlocking directorates between banks
under Clayton Antitrust Act, and upon legal
aspects of organization of corporations under
Federal law to engage in international or foreign banking. Prepares reports on applications covering relationships of member banks
with dealers in securities. Collects and
diBsemiiKfcea ttaoog cotmnel for Federal re
serve banks Information regarding cases of
general interest Involving Federal reserve
banks and consults with and renders assistance to Federal reserve bank counsel in
more important litigation.
ApriM5,1935
ISSUE AND REDEMPTION DIVISION
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. (lihile the expenses of
this division are defrayed out
of the funds of the Federal R e serve Board, Its direct supervision, under the law, rests with
the Comptroller of the Currency.)
DIVISION OF SECURITY LOAMS
Carries on activities arising from certain provisions of
the Securities Exchange Act of
1934 which authorize the Board
to regulate the amount of credit
that may be extended and maintained by brokers and others
for the purpose of purchasing
or carrying securities.
@FedFRASER