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September 2U, 194-5 •

Honorable Marriner S. Eccles, Chairman,
Board of Governors of the
Federal Reserve System,
Washington 25, D. C.
Dear Marriner:
I appreciate your letter of September 20th giving me
some of the background of the Board's letter to the chairmen of
the Congressional committees handling the Reorganization Bill* I
assume that there is no possibility or likelihood of the Board of
Governors being made a part of and subordinate to any other
governmental department or agency. So far as the matter of bank
supervision is concerned, I agree that the question should be met
head-on, and the letter you received from the Director of the
Budget indicates that this attitude on the part of the Board is
not without its admirers at Washington.
Yours sine

P.S. I wonder if you have discussed this matter with Secretary
Vinson. I should think that the opportunity for Federal ReserveTreasury cooperation would now exist in this area as in others.