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BOARD OF GOVERNORS
or

THE

J

FEDERAL RESERVE SYSTEM

Office Correspondence
Tft

From.

Members o f the Board

Date

ye^iy 2,1951

Subject:

Governor Vardaman

It is ay understanding that the assignments of Board members
will be reviewed early next month, therefore, I attach copy of a
memorandum furnished to Chairman McCa.be and other Board members on
April 11, 19-49 > with reference to Board organization and members'
It is requested that the attached memorandum be given consideration by the Board members and that the Personnel Cossnittee have
the question placed on the docket for consideration by the Board at
soae convenient date between now and March 1«




' • ' - ' '

Chairman MeCabe

April 11,

Mr. Vardaiaan

(1) Vtth pMNvtHM to your i»eraor IUMBI of H M i 29, in il icb
M A
you. ?«k#4 for a written statement fros sae ragt&rdlag the .Board s
(2) The rr.iaut*® of the ^oaji^ M i lay oral et*.t«3j#nt In the
Board, room Mil t.
-ons-lly, quits* clearly i*t forth a/ Yi«*v« in connection vtHi Stftii
(3) la priwil]4«i 1 J-s* opossd to the v>rfc»*nt m^t^od fc 1 oved
by the JM J of e,«85|-nlng: certain .Divisions or (Wlbjtqti for thsi particular
f W
ccusld^rF-t'Jon of anyftWMPJMHdN#« I o^'lffJTe that khi« policy ten^t to
>rail«3 «p cliqweB in MM st&ff for or a~ l a « | certain ltaf< BM»ab«rs. I
h^t i t fttlt bhl utaff la « fcln* position vitb ?.
h# ons to vhoia ac©ri»*dn w ' &YiSitfft i
worst of ifU i t }-• 1 ' ' t<? fsots© i r r i t a t i o n and j&ieam&sr*tending
(1*) 1 r*?«&t yhat I ^a!4 s^t the . o?.rc1 sestj-ng th# oth^r day, to
th# #ffect th.c,t I tfci?ik tk© steff should l>« wAM* WH dtfXl <&K$entive
Bwuaa-«E5#nt of the fll«i CL&ircaan or sotiar /ice OhaiyMift (subject, of courta»
to th# orders of Uti Bo*rd) t and os*e Board a*iiber designated &s h i t
alternate for that work. This will aak« the f a c i l i t i e s of the «t»Jff gjad
M r i si one avall&tle to a l l Jioard «a«sib«r» alik« f without < n possible
&y
preferential tr«£ts«mfc by or of a Bo*r4 a»sib^r eecanee he happe»e to be
the oi5Q ©imrged with thm s^T^rriaion of a ^ e c i f l c subject or Divisloa*
(5) *^h« asei^aaenvB of th« Beerd B^ssbere ahculd "be »loa^ the
: I l l i i in m? l

Over-all »npi*rvi«jon of Ittani »per»tion« fan' «xcl«isiT« er*okesmn for the Botvrd, sxc«»pt vh<*re non^ othief Bof-rd a«ir^r is nrfr'
ej 5o?*rd action to QpMk for i t .
A g t i Q £ TlCD» Ohis.lrJMft




Plr—I ei^cutivc ia&r*a^er:«nt of a l l Divisions of the

^te tc th» Acting Vice Clmirmmn in the sm^rYieion of
the Newt »a4 staff.

-2-

vi%b o t h e r F©d«r&l agpmelosi and with
gr th» Ch*.iro«.n or Acting

of (hi jfOTHtttm of thf l j l t » . i«v York and Phila-

d e l p h i a j?#&<-'.ral Bjtftarva Banks and tb.«ir resjmctiv©

of the o^«retlon» of fch# HichaoM, Atlanta and
?«ik5er«.l ittttiWi ii-siiks Siftd t h e i r reap»etiY«

Supervision of Hit or-^retlone of lk« Cl^v«limd, Chicago
^«df*ral ;i&%&rv* Bank* suad t h « i r p«sv>€ctiv# branches.

of th« ep«r- tions of th^ •%« Lotii*, i^MHHl Cllty
tea Frsnciacrr ?«4erfel B««*rv# lid ks 111 t h e i r r«i#"j^ctlve brsnehes.
(c) All Hstters orifins iixyr ir- the Bm^s » s ? i ^ # d to a Bo^rd a«wal d «oiae for f i r s t congidfiratiori to that ««iBb^rt Rjad tie vould b« #x-»
to h'':.idle HHfb Butts^rs v i t h Ufet pf*p#f ^ i r i s l o n or thA staff or
another Bo&rd ^«s*"b«r, saucii in th# ins-ne vfv^ ci« iis now d.oae. K»eh Bo«yr
hmr would b« *x?«ct*d to v i s i t thm Baak» •
r« assigned to i.isa nt
least one* during the iAXwiltf |T9W of ^uch a^mi^nssant* ttM h* should
of

(?) All a«t>l^nB0»t»-«-that ia, th« illWWM Mft nr.vlatsjit to th«
Chaira«tn» as -.^12 M th# four RMflNtrt 14 vhom specific 1^-nkg
w tft«»i0i«d«^»»JioTJldl3« charcefi e i t h e r «T«*jy |FMjp or $r«r? • f k
preferably, in » y opinion, <f>f |TM9 bncau»# eueh rot'-11 on will
n
t«nd9nc7 to "lo^-rolling" or other pr«jttAl«#A action for or *C*

d

(") If t>.R t f y l i n # i » t t in follouin^ i t s rirfisa^nt syat«a of
&ftti£Qseftnt£f thsa X mp.^# that UHI a?!8it-rjaaents b chfoi--ed * » as to
©
<
th« 7)ra»ant confused s i t u r t l o n i n conn»ctS.on with th« I=iviaiea of ^
tion«, DivisAoa of
»
pj
»
V
vh«r« H M tJiCii m«s iio^rd aenWr h«s isur-eryisioa oyer c«rtain phitsos of
M
th«
^
(?) Also, if the Bo^rd I n s i s t s on follO'-ii^ i t s present
of assignment*, I think th««« «?lgiuQ«nts should b» divided into fiY«
&e logicftl sus possibl* under the «yst©a, and for the f i r s t yoar b« m




-

-

? l o t to %h» respective Bo^rd m f ^ e r s , cth**r M M IM '"hfiinutn &»<! Vic*
U
HU At tfct a s s e tltf*#» & 4Fltai of MMMl rotat:-e
ti !
>
«?tc»pt that th« Ch&irBiea18 Mtf Vicf? Chai nasii1 s Mfil^MMMllM! i
(lO) Ao to ny o
a, I v i l l o7id«RVor to u?ic\*»rtak«
tsvar the ho&-r& ?
; if»c»-t, llUbl under .nr««»tit circucs»tarice*;t
I vill. Met MKMpt v:t>iout y f %»fl the aff«igna«nt of |
mtA Adialalstrailvt» B*]
. l i yo'i .LOV , I hrve v^ry atroa^ idnas as to
t..ose vius.a«« of
ttM
' s MWi
*re h^a^l^d by Ihj t Avignon
and l>y the Secret s ry* •- office
;
' '. ba mer,5*d or
-id, end I voul«1 not
l i k e t« \tnd«rtek« tb# :-4aiiti s t r a t i on of the iiiyision in i t s ^-re««»nt fora»




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