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-4 21No vember 17, 1915. STATEMENT FOR THE PRESS: The Advisory Council at its meeting held in Washing ton November 15 suggested several amendments to the Federal -Reserve Act, the chief among which are given below. These amendments have not received consideration or action of any kind by the Federal Reserve Board. 1. That the work of the Office of the Comptroller of the Currency be absorbed and administrated by the Federal Reserve Board. 2. That Section 24 of the Federal Reserve Act relating to loans on faim lands be amended to read as follows t ,T Any national banking association not situated in a central reserve city may make loans secured by improved and unencumbered farm lands situated within its Federal reserve district, or in an adjoining district provided the land on which the loan is made is within one hundred miles from the office of the bank making the loan. " 3. A reduction of 2/3 of the present paid in capital of the Federal Reserve Banks leaving the subscribed capital and double liability as now constituted. 4. That the Federal Anti-trust Act be- amended so that the second paragraph of Section 8 will read as fol lows ” No bank, banking association or trust company, organised or operating under the laws of the United States in any city or incorporated 'toun or village of more than two hundred thousand inhabitants, as shown by the last preceding decennial census of the United States , shall have as a director or other officer or employee any person who may be connected in either of these official capacities with more than one other bank, banking association or trust company located in the same place: Provided, that nothing in this section shall apply to mutual sav ings banks not having a capital stock represented by shares: Provided, further, fhat a director or other officer or employee of such bank, bankirg association, or trust company may besides being an officer or director in one other bank be a director or other officer or employee of not more than one additional bank or trust company organized under the laws of the United States or any State where the entire capital stock of one is owned by stockholders in the other: And provided further> that nothing contained irl this section shall forbid a director of Class A of a Federal reserve ban!:, as defined in the Federal Reserve Act) frdm being an officer or director or both an officer and director in one member bank- u 5. That the Anti-trust Act be so amended as to permit h->int stock ownership by national banks or banks organized to do business in foreign countries through branches established therein. ~»3«* 6* -421 Chat the National Bank Act be amended to permit the establishment by National banks having an unimpaired capital of not less than $1,000,000 of branches, provided that no branches are placed outside of the limits of the City where the bank itself is located. Upon the request of the Board for the views of the Council as to whether Federal Reserve Banks can do anything with their member banks to discourage or put a stop to the present high rates of interest on demand deposits, the Council held that the rate of ..interest paid to the public on deposits is regulated by the a c cumulation or lack of it, of wealth in the communities in which the banks do business. The Council also passed the following resolution ; " " That this Council is unalterably opposed to any provision whereby farm loan bonds described in the Hollis Bill may be come security fpr loans from Federal re serve banks and to their being made a basis for acceptances by member banks*"
@FedFRASER