The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
January 22, Bear Matt: Confirming our phone conversation yesterday with regard to Governor M. S. Szymczak, whose term expires February 1, it would avoid uncertainty and speculation if his nomination could go forward as promptly as possible. I hope, personally,titiatit will be agreeable to the President to designate Governor Szyaozak as Vice Chairman, but this matter should, of course, be deferred until he has been confirmed by the Senate. }fy designation as Chairman expires February 1 and because of the recent death of Vice Chairman Ronald Bansoa, the Board would have no presiding officer after February 1 unless someone is designated either as Chairman or Vice Chairman before that time. Under the Federal Reserve Act the President makes these designations, which do not have to be confirmed by the Senate, for a period of four years, and for your convenience I am attaching what would be the appropriate order, such as has been used in the past. With all your cares I hate to burden you with these Board matters but, as you know, they are important to its functioning. Sincerely yours, Mr. Matthew J. Connelly, Secretary to the President, Bie Unite House. Attachment EXECUTIVE OBDBH DBSIGHAflHG ® ! CHil^&H OP TEE BQ&BD OF otmmom OF SUB FEDSBAL I^EH?E SYSTM By virtue of and pursuant to the authority vested in me by section 10 of the Federal Beserve Act (38 Stat. 260), as amended by section 203(a) of the Act of August 23, 1935 (h9 Stat. JOk), I hereby designate as Chairman of the Board of Governors of the Federal Reserve System, to serve as such for a term of four years effective February 1, I9I4B. (Signature of the President) 1HE WITB HOUSE January , 19U3*
@FedFRASER