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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON January 27, 194B. My dear Mr. President: You have stated in your complimentary letter the substance of our conversation of last week. As I advised you then, I desired to have time to consider fully your decision and request. I have not altered my conviction that the Chairman of this Board should serve at the pleasure of the President, and I sought to have such a provision included in the Banking Act of 1935I have carefully considered your request. After consultation with close friends and associates on the Board and because of the reasons mentioned in your letter, I have decided to remain with the Board in the capacity you suggest. Respectfully yours, M. S. Eccles, Chairman. The President, The White House.
@FedFRASER