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B O A R D OF GOVERNORS FEDERAL RESERVE SYSTEM O f f i c e C o r r e s p o n d e n c e To Chairman Eccles From Mr» Thurston Date May 31, Subject: The b i l l H.R. 3323 Reorganization Act of 19U3 For your information, there i s quoted below a memorandum from Mr» Cherry to the Board with reference t o the Reorganization Act of 19U5: tf0n May 26, 19h39 Mr. Manasco, Chairman of the House Committee on Expenditures in the Executive Departments, introduced the b i l l H.R. 3325 to provide f o r reorganizing agencies o f the Government. This b i l l apparently was introduced as the r e s u l t of the P r e s i d e n t ' s message to the Congress l a s t week on t h i s s u b j e c t . "The b i l l i s modeled along the l i n e s of the Reorganization Act of 1939 and exempts 21 independent e s tablishments of the Government. The Board and the PDIC are included in the l i s t of exempt agencies. The o f f i c e of the Comptroller of the Currency, however, i s not r e f e r r e d to and, presumably, that o f f i c e could be c o n s o l i dated with another agency of the Government. HAny i9l reorganization plan under the b i l l becomes e f f e c t i v e upon the expiration of 60 days a f t e r the date on which i t i s transmitted to Congress provided that neither House of Congress passes a resolution expressing i t s d i s f a v o r o f the reorganization p l a n . "
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