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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 " "