View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

February 24, 1940.

The Board a u t h o r i z e s i t s r e p r e s e n t a t i v e s t o j o i n

with

the r e p r e s e n t a t i v e s o f the Federal Deposit Insurance Corporation,
The T r e a s u r y , and t h e C o m p t r o l l e r o f t h e C u r r e n c y , i n a g r e e i n g
upon t h e proposed r e q u i r e m e n t s o f t h e C o m p t r o l l e r o f t h e Currency
and i n p r e s e n t i n g a u n i t e d f r o n t i n s u p p o r t o f t h e s e r e q u i r e m e n t s .
The Board, however, r e q u e s t s i t s r e p r e s e n t a t i v e s

to

a d v i s e t h e C o m p t r o l l e r o f t h e Currency t h a t t h e Board f e e l s that>
t h e proposed r e q u i r e m e n t s should n o t be a l l o w e d t o f e i l i n case
The Bank o f America i s u n w i l l i n g t o agree t o t h e r e q u i r e m e n t

of

$ 6 , 9 0 0 , 0 0 0 i n p a r a g r a p h 2 , b u t i s w i l l i n g t o accept a r e q u i r e m e n t
o f some o t h e r amount i n l i e u t h e r e o f w h i c h i s n o t l e s s t h a n
$5,000,000.
I n c o n n e c t i o n w i t h t h i s a c t i o n , t h e Board understands
that i f

t h e r e p r e s e n t a t i v e s o f t h e s e agencies should agree upon

any m a t e r i a l m o d i f i c a t i o n o f t h e C o m p t r o l l e r ' s r e q u i r e m e n t s ,
m a t t e r w i l l be b r o u g h t back t o t h e Board f o r f u r t h e r
tion.




the

considera-




(letterhead of)
THE COMPTROLLER OF THE CURRENCY
Washington

F e b r u a r y 26, 1940

Mr. Chester M o r r i l l , S e c r e t a r y ,
Board o f Governors,
F e d e r a l Reserve System,
Washington, D. C.
Dear M r .

Morrill:

I have r e c e i v e d y o u r l e t t e r o f F e b r u a r y 26, 1940,
e n c l o s i n g , a copy o f t h e r e s o l u t i o n adopted by t h e Board
on F e b r u a r y 2 4 .
I n v i e w o f t h e second p a r a g r a p h o f t h e r e s o l u t i o n ,
I w i s h t o c o n f i r m my u n d e r s t a n d i n g w i t h Chairman E c c l e s
o v e r t h e t e l e p h o n e t o d a y t h a t i f , f o r any r e a s o n , i t
s h o u l d become necessary t o c o n s i d e r t h e acceptance o f
l e s s t h a n t h e r e q u i r e m e n t o f | 6 , 9 0 0 , 0 0 0 i n p a r a g r a p h (2)
o f the statement o f requirements, t h i s o f f i c e reserves
t h e r i g h t t o i n s i s t upon $ 3 5 , 0 0 0 , 0 0 0 i n l i e u o f
$ 3 0 , 0 0 0 , 0 0 0 as s t a t e d i n p a r a g r a p h (1) o f t h e r e q u i r e m e n t s . I f $35,000,000 i s i n s i s t e d upon, under t h e s e
c i r c u m s t a n c e s , we presume we s h a l l have t h e s u p p o r t o f
y o u r Board i n t h a t r e g a r d .
Very s i n c e r e l y yours,
(signed)

PRESTON DELANO

C o m p t r o l l e r o f the Currency