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June 27, 1938. Bear Maes la accordance with my conversation with you yesterday, I mm goiag &head to use in our s&oatkiy bulletin substantiali? the s&ae explanatory text that i sent over to the Ihite Bonne for the President as a suiaaary of the aeaning of the Agreement reached by the b&nJeiug supervisory agencies on exaain&tioa and investment policy affecting the banks. Of course, I am chaaglag it froa the first person to the third person At&t&s&ent and aaking ijuch other cliaages as vrould adapt it for use in the federal Reserve Bulletin, in which the Board each aonth publishes reviews of the business situation ami musorous statistics, together with documents of an official and public nature relating to banking and business. It fits in very appropriately as an introductory stateaent to publication of the text of the agreement itself, which seeds explanation to be understood properly. Having seat it over to the White House, I did not want to »ake use of it without a definite understanding, even though it was not used ty the President. Sincerely yours, Honorable 1. H» ilclatyre, Secretary to the President, The White House,
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