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145 c0 p y .._--FEDERAL RESERVE BANK OF SAN FRANCISCO January 15, 1956 Dear Sirs: This is in reference to Bourd 1 s letter of December 27, 1955, regarding the suggestion that the Board of Governors of the Federal Reserve System be asked to arrange with the several Federal reserve banks for uniformity in dates for holding meetings of the boards ef directors of the twelve banks. The matter was informally discussed at a meeting of dur Board of Directors and it was the unanimous opinion that while a uniform date for holding such meetings might be highly desirable for certain ~1rposes, it was not thought at all practicable. Usually directore of the Federal reserve banks are directors of other institutions and corporations and rebular meetings of boards of the.reserve banks are often fixed so as not to interfere with meetings of these other boards, some of which cannot be changed. The new law requiring the fixing of rates fortnightly has all ready caused considerable disturbance and inconvenience in our own board and if the proposed suggestion is adopted it is conceivable that we would have trouble at times in securing a quorum, and even might be deprived of the services of valuable directors. Yours very truly, (Signed) s. G. Sargent S. G. SARGENT Secretary of the Board Board of Governors of the Federal Reserve System, Washington, D. c.
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