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J UN 5 1947 Honorable Jesse P. Wolcott, Chairman, Banking and Currency CoacaSttee, House of Sefresantat&ves, Washington, 3. C. My dear Mr. Ciialrasas Onder date of May 29, 1947, I addressed a letter to you, stating the urgent need for additional space at soiae of the branches of the Federal Reserve Banks, and rscossasnding the enaefcaent of legislation at th«* present session of Congress to remedy this situation. The present Ian provides a liiaitaticsi of 1250,000 an the cost of any branch bank building erected by aany Federal Reserve Bask. This Imitation a l l i e s only to the cost of the building proper and not to the cost of the land or the cost of vaults, peraansai oquipoent, furnishings and fixtures. The lis&tatioa likewise applies only to the cost of the branch buildings of the Federal Reserve Banks and not to their head office t**lldin£5. Accordingly, I believe that i t would be raach simpler end aore practical for the legislation acroiy to repeal the limitation contained in the present law and I enclose a draft of a b i l l which would have this effect. I f , however, after considering this aatUr, you and your Cotaadttee should be unwilling to recoiaaend legislation repealing entirely the lisdtatlon of the present law, the Board urgently recocneads that legislation be enacted which would perudt the Board to approve expenditures for branch buildings of the Federal Reserve Banks, in those cases in which the needs are aost urgent, up to a total a£g?ugat* asawnt not exceeding .,10,000,000, for the cost of the building proper. Enclosed is an alternative draft of a b i l l which would accomplish this purpose i f your Cesssittee should prefer legislation of this kind, Z hope that this natter will have the early sad favorable consideration of yorar Cosnittee, with a view to the enactaent of legislation at the present session of Congress to take care of this natter* Sincerely yours, (Signed) M. S. Ecctes Enclosures 2 GBV:ek 6/5A7 H. 3. Bodes, Chaiman THIS COPY FOR CHAIRMAN ECCLES A BILL To mend section 10 of the Federal Reserve Act, as amended, and for other purposes for i t exacted ty tfre ^eqa^e and flouse of Representatives of itot United gStiil in Confess M i M t U A i Th t the ninth paragraph of section 10 of the Federal Reserve Act, as added by the Act of June 3, 1922, &nd amended by the Act of February 6, 19*3 (tJ. S. C., Title 12, sec. 522), is hereby amended by changing the period at the end thereof to a colon and by adding the following proviso! "Provided further. Th«t the cost as above specified shall not be so limited as long as the aggregate of such costs which are incurred by a l l Federal Reserve Banks for branch bank buildings with the spproval of the Board of Governors after the date of enactment of this proviso does not exceed $10,000,000.• THIS C03Y FOR MR. SCCLES A b i l l To nmend the Federal Reserve Act, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That the ninth paragraph of section 10 of the Federal Reserve Act, as added by the Act of June 3, 1922, and amended by the Act of February 6, 1923 (U. S. C., title 12, sec. 522), prohibiting any Federal Reserve bank from entering into any contract or contracts for the erection of any branch bank building or from authorizing the erection of any such building i f the cost of the building proper is in excess of $250,000, is hereby repealed. THIS COPT FOR MR. ECCLES
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