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BOARD OF GOVERNORS

OF THE
FEDERAL RESERVE SYSTEM

Chairman Eccles

Office Correspondence
To

Board Members (Individually)

„

Ronald Ransom

15,1946
Subject: Regulation W

rrom
For your information* there is attached a compilation of expenses
and personnel of the Board and the Federal Reserve Banks chargeable to consumer credit work since adoption of Regulation W in August 1941,
These figures have been compiled for the purpose of making available a summary of the cost of this work and the average number of persons
devoting their time thereto. Information regarding individual bank figures
or allocation of division expenses may be obtained from Mr. Smead*

Attachment




EXPENSES AND PERSONNEL OF THE FEDERAL RESERVE BANKS AND THE BOARD OF GOVERNORS
CHARGEABLE TO CONSUMER CREDIT WORK (REGULATION " W ) SINCE
ADOPTION OF THE REGULATION IN AUGUST, I9UI
PERSONNEL (Average)

EXPENSES

Banks
(Last half)

Banks

Board

Total

281,631*

13L5

U*.O

1U5.5

$ 1*5,600

555,9U*

70,390

626,331

185.0

17.6

202.6

1*29,612

67,280

1*96.892

131.5

17.0

11*8.5

296,763

61*, 890

361,653

90.1*

15.6

106.0

259.635

67, ol*o

326,675

75.6

16.5

91.9

186,135

38,530

221*, 665

91.8

17.1

108. 9

$ 1,961*. 123 $ 355,730

$ 2,317,855

118.8

16.1*

155.2

1*5
(First half)

NOTE*

$

Total

256.O3I*

19U3

e Period

Board

Figures for Board partly estimated. About $100,000 of expenses of Board
are for gathering and compiling statistics that would have been incurred
in large part by the Board or some other agency regardless of adoption of
Regulation " "