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906-b
AMENDMENT TO SECTION 11 ( c ) .
INCREASE OF RESERVES.
BE IT ENACTED BY THE SENATE AND HOUSE OF REPRESENTATIVES
OF THE UNITED STATES OF AMERICA IN CONGRESS ASSEMBLED, That
c l a u s e ( c ) of S e c t i o n 11 of t h e Act approved December 23, 1913,
known as t h e F e d e r a l Reserve Act, as amended by t h e Act a p p r o v e d September 7, 1916, be and i s h e r e b y amended by a d d i n g
a t t h e end t h e r e o f t h e f o l l o w i n g s e n t e n c e ;
"The F e d e r a l Reserve Board s h a l l a l s o have
power, whenever e x t r a o r d i n a r y c o n d i t i o n s j u s t i f y ,
t o i n c r e a s e , from t i m e t o time f o r p e r i o d s n o t
e x c e e d i n g t h i r t y d a y s , on t h e a f f i r m a t i v e v o t e
of f i v e of i t s members, t h e amount of b a l a n c e s
r e q u i r e d by t i i i s Act t o be m a i n t a i n e d by member
banks w i t h t h e i r r e s p e c t i v e F e d e r a l r e s e r v e b a n k s ,
p r o v i d e d such i n c r e a s e s h a l l a t no time exceed twenty
p e r centum of such b a l a n c e s and s h a l l be a t t h e same
r a t e f o r a l l member banks of any one d i s t r i c t , and •
p r o v i d e d , f u r t h e r , t h a t t h e • F e d e r a l Reserve Board
s h a l l make a r e p o r t t o Congress i n w r i t i n g s e t t i n g
f o r t h t h e c o n d i t i o n s on which s u c h a c t i o n i s b a s e d . 1 1

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