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Fo-rm F . R . 511 TO ___________ FROM REMARKS: December 19, 1941 Chairman Eccles talked to the President about these matters today while at the V/hite House. CHAIRMANfS OFFICE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Leo Crowley is Chairman & rresident of Stanaard Gas & Electric w>. It pperates in r Q states,including jc&.,Cal.,Okla., ^ Ore.Ky. ,Ind., * a sh. Idaho,ft^o.,Minn., iis» ,111., » la*,Mich.,Col. Serving population estimated 8t 6,800,000. Serves 166^ coimuunities—1548 electricity}£49 gas,10 steam,17 transportation} 7 phone }1^ t ^ 1940 balance sheet carries property ,plant and equipment at ^574,000,000, total assets at v697,000,000 87 millions of preferred £1 " " Qommon Bonded debt aroundSOO millions BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COffice Correspondence TO n^fllrmfln "Ffoftififi Date Sllhject! December 181 IQlil "Re nrgfl/nl station of* 'Rfl/nTr Super visory Agencies under First Pursuant to your request, I have studied the reorganization powers granted to the President by the First War Powers Act, l^l^l, as passed by both Houses of Congress; and, in my opinion, a complete consolidation of the bank supervisory agencies could be effected thereunder• The Act gives the President broad authority wto make such redistribution of functions among executive agencies as he may deem necessary, * * * to consolidate any executive or administrative commissions, bureaus, agencies, governmental corporations, offices or officers11, and to transfer duties, powers, personnel, records, property and appropriations from one such agency to another. Under it the President could transfer all of the bank supervisory functions of the Treasury, the Comptroller, the F.D.I.C, and the R«F*C* to the Board. Six months after the termination of the war, the reorganization powers granted by this Act will expire and all powers, functions, etc., will revert back to where they were before the war; but this is not an insuperable difficulty. It is believed that, if the consolidation is once put into effect, its efficiency will be clearly demonstrated, departmental jealousies will disappear, and it would be relatively easy to obtain an Act of Congress ratifying the consolidation and making it permanent. It would be necessary to relate the reorganization to ffthe conduct of the present war"; but this would be easy. There is a provision that no "bureau" shall be abolished entirely except by Act of Congress; but it is believed that this would cause no practical difficulty. A bureau could be kept in existence to exercise only relatively unimportant powers, such as the currency functions of the Comptrollers Office, Incidentally, this restriction apparently applies only to "bureaus" and not to government corporations such as the F.D^I.C. Respectfully Walter Wyatt?; General Counsel.