Full text of Mimeograph Letters and Statements of the Board : Copy of Letter re Views of Federal Reserve Bank of Chicago on Uniform Meeting Date, Number X-9438, Volume 44, Page 108

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108
COPY

X-9438

FEDERAL RESERVE BANK OF CHICAGO

January 10, 1956.

Board of Governors
of the Federal Reserve System
Washington, D. C.
Gentlemen:
I refer again to
qoncerning the question of
boards of directors of the
this for the consideration

your letter of December 27, 1955, X-9407,
uniformity as to the meeting day of the
several Federal Reserve banks. I presented
of our board today at its annual meeting.

As you are aware, our tull board meets once a month, on the
fourth Friday. In the interim, on each Friday our executive committee
meets.
While no formal action was taken at o'ltt" meeting today, an
expression was asked trom the individual members as to their preferences for a meeting day. It developed that all of the directors
present would prefer to continue the monthly meeting of the board
and the weekly meetings of the executive committee on Fridays. If
this were not acceptable to the rest of the Federal Reserve banks,
the next choice of the members of our board would be Thursday. ·A
number of the out-of-town members expressed themselves that earlier
in the week would be quite inconvenient for them.
If· it should be deemed advisable to have the full boards of
all the banks meet ·on the same day, I do not think it would make 1!11Ch
difference to our board members just which week of the month was chosen,
excepting in so far as it relates to the reports of operations of the
banks. The decided preference of our board members is for the meetings
to be held on Fridays.
I trust this will answer your inquiry.

Very truly yours,

(Signed) Eugene M. Stevens
Chairman of the Board



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