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Administers the Federal Reserve Act of December 23, 1913, as amended. Exercises
general supervision over the twelve Federal reserve banks, including their open market operations. Its powers include the review and determination of'their discount
rates; the examination of such banks; and supervision of the issuance of currency by
them. It appoints three of the nine directors of each Federal reserve bank; designates one of the three as Chairnoan and Federal Reserve Agent; and approves salariesof officers and employees of auch banks. It nasses upon the establishment and discontinuance of branches and agencies of Federal reserve banks and aopolnts certain
directors of each branch. It prescribes conditions of membership in the Federal Reserve System of State banks and trust companies; passes upon applications of national
banks for permission to establish foreign branches; grants trust powers to national
banks; passes upon reductions in capital stock of national banks; and issues permits
under the provisions of the Clayton Act relating to interlocking bank directorates.
It supervises corporations engaged in international and foreign banking which are
created under Federal law or in the stock of which national banks are permitted to
invest; and carries on other activities*

Active executive officer of the Board. Presides
at all meetings of the Board, in the absence of the
Secretary of the Treasury, who is a member ex-offielo
and Chairman. Has general charge of the executive
and routine business of the Board not otherwise
specifically assigned and exercises supervision over
the staff of the Board.

Performs such duties as may
be assigned to him by the Governor of the Board.•

Performs such duties
as may be assigned tb him
by the Governor or by the





Collects and deposits all
moneys receivable by Board
with Treasurer of United
States, in a special fund
established on the books of
the Treasurer for Federal
Reserve Board, Makes payment of expenses and other
disbursements of Board upon
proper vouchers out of
moneys advanced to him by
requisition and warrant out
of special fund and placed
to his official credit. Prepares quarterly account for
submission to General Accounting Office, Maintains
budget records and submits
monthly reports thereon to

Examinee the Federal reserve
banks, their branches and agencies
and examines corporations organized tinder Section 25(a) of Federal Reserve Act and those operating under agreement with Federal
Reserve Board in accordance with
Section 25 of Act. Prepares detailed reports thereon. Reviews
reports of examinations of
national banks by Comptroller of
Currency and of state member banks
toy state banking authorities and
Federal reserve banks. Prepares
reports on applications of state
banks for membership in the Federal Reserve System and apDlications of national banks for trust
powers. Also prepares reports to
Federal Reserve Board regarding
consolidations, mergers, etc.,
involving state bank members,
which may affect their membership
in the Federal Reserve System*
Drafts coamunications to Federal
reserve banks and member banks
regarding the various matters

Compiles, analyses and interprets
statistics pertaining to (1) condition, operations, earnings and expenses of the Federal reserve banks;
(2) condition, earnings and expenses
of member banks; (3) bank suspensions,
consolidations, organizations,
branches, groups, chains, etc., and
(U) miscellaneous information relating to Federal reserve banks and
member and nonmember banks.
Prepares for publication the weekly
condition statements of the Federal
reserve banks and of about U25 reporting member banko in leading cities
the weekly statement of bank debits
to individual accounts by banks in
about 265 leading cities, the quarterly Member Bank Call Report, and the
statistics published In the Federal
Re servo Bulletin and the Board's
Annual Reports relating to the condition and operations of Federal reserve and member banks.
Maintains record of holdings of
Federal reserve bank stock by member
banks and changes tfaarein.
Operates Gold Settlement Fund and
maintains books and records thereof.
Handles ordero for printing of Federal reserve notes and Federal reserve
bank notes and maintains joint custody of supply of unissued notes at
Bureau of Engraving and Printing.
Supervises distribution of currency
among Federal reserve banks, ordering
shipments of Federal reserve notes
and Federal reserve bank notes by
Comptroller of the Currency and of
United States issues by Treasurer of
the United States.

Prepares minutes covering the
proceedings of the Board and conducts official correspondence of
the Board.
Administers matters relating
to Board1s 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.

April 12, 1933
170625—33. (Face p. 5.)

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 and 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 adviaed of principal
financial and economic develop*
ments 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.



Advises the Board, or any manber 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
Prepares reports on applications
for Interlocking directorates
between banks under Clayton
Antitrust Act; passes upon
legal aspects of applications
of national banks for trust
powers and of State banks for
membership In the Federal Beserve System; and passes upon
legal aspects of organisation
of corporations under Federal
law to engage in International
or foreign banking. Collects
and disseminates among counsel
for Federal reserve 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.

Verifies by actual count of
halves Federal reserve notes and
Federal reserve bank notes sent
to Washington for redemption.
Arranges with Bureau of Kngraving
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. (While
the expenses of this division
are defrayed out of the funds; of
the Federal Reserve Board* Its
direct supervision, under the]lav,
rests with the Comptroller of' the