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Chairman Eccles
Form F.K. 131



3ffice Correspondence
Board of Governors
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Ronald Ransom

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Subject: H> R* 1 0 1 2 7 a n d s » 4 1 7 4
Relating to Foreign Accounts in
Federal Reserve Banks.

Following the meeting of the Board on Friday,
July 5, at which a revision of the amendment of the
above bill, which was then under discussion, was submitted to the Board, there have been some additional changes
suggested by Mr. Henry G. Wood, of the Office of the
Legislative Counsel, and Mr. Bernstein, Assistant General
Counsel of the Treasury• These suggested changes have
in turn been submitted by Mr. Dreibelbis to Mr. Hackworth,
legal adviser to the Secretary of State, and the language
as shown on the attached memorandum has been cleared by
all three of these offices and by us and has been discussed with Mr. Yftieeler, of the office of the Legislative
Counsel, at the suggestion of Senator Wagner. It is being
submitted to the Board so that the other members will know
where the matter stands at the present time.
From information that I have received this
morning, it does not seem probable that this bill will
be acted upon in the Senate before the recess, which will
be taken either Wednesday or Thursday of this week, but
it may come up and, should it be passed by the Senate,
will then go to the House, in which event the changes that
have been made since the bill passed the House will be
discussed with Mr. Steagall.