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THE WHITE HOUSE WASHINGTON October A, 1937. My dear Mr. Chairman: I am sending herewith, for the files of the Board, copy of the resignation of Honorable J. A* Broderick as a member of the Board of Governors of the Federal Reserve Sjystem, together with a copy of the President1 s letter accepting the resignation. Very sincerely yours, Secretary to the President .dent ) Honorable Marriner S» Eccles, Chairman, Board of Governors, Federal Reserve System, Washington, D« C, FOR THE PRESS IMMEDIATE RELEASE 0<5tober The following correspondence is released for the information of the press; "Dear Mr. President: "With the greatest regret I am submitting to you herewith ny resignation as a member of the Board of Governors of the Federal Reserve System, with the request that it take effect as of September thirtieth. I am doing so in order that I may accept an opportunity which has been presented to me to return.to the field of banking in which, as you know, I have spent most of my life. I have reluctantly concluded that the obligations which I owe to my family would not justify the sacrifices entailed in my continuance in public office to which I have devoted nearly all of my time during recent years, first 8s Superintendent of Banks of the State of New York and then a$ a member of the Board of Governors of the Federal Reserve System. "I have had the honor of serving under appointment from you iti both of these positions. It has been espfecially gratifying to me to have had the privilege of returning to the Federal Reserve System and of associations with my colleagues of the Board of Governors with whose purposes and major policies I have been happy to find myself in Jfall accord over the period of my service as a member of the Board. If it were not for the personal considerations to which I have referred, I should prefer to continue this service and association. The severance of my official connections, however, will in no way abate my interest in or advocacy of the Federal Reserve System and its objectives. "Permit me to t&ke this occasion to express to you my sincere appreciation of the opportunity which you have afforded me for public service and to renew tny earnest wishes for the continued success of your Administration. "Respectfully yonrs, "(signed) J. A. BRODERICK" "My dear Joe: "With very great reluctance and sincere regret I accept your resignstion as a member of the Board of Governors of the Federal Reserve System, effective September thirtieth. In taking this action I am moved by the personal considerations which you urge in your letter of resignation. I realize fully the compelling force of the obligations which you mention and which prompt your decision to relinquish your official duties. "Your sound knowledge of finance*, your long and diversified experience in the field of banking gave you exceptional equipment for your work in Washington* Nor have I forgotten the constructive service you rendered as Superintendent of Banks of the State of New York to which office, as Governor of that State, I appointed you. Besides this broad experience, you brought to the discharge of your duties as a member of the Board of Governors of the Federal Reserve System industry, integrity, and vision, as well as a spirit of cooperation in carrying out the objectives of the organization. I am glad at this time to make grateful acknowledgment of the service you have rendered and to wish you all success as you return to the field of private pursuits. "Veiy sincerely yonrs, "(signed) FRANKLIN B. ROOSEVELT"
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