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W . P , G. HARDING, GOVERNOR RAUL M. WARBURG, VICE GOVERNOR FREDERIC A. DELANO ADOLPH C. MILLER. CHARLES S. HAMLIN Ex -O ffic io m em bers WILLIAM G. McADOO SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS FEDERAL COMPTROLLER OF THE CURRENCY RESERVE BOARD H. PARKER WILLIS. SECRETARY SHERMAN P. ALLEN, ASST. SECRETARY AND FISCAL AGENT WASHINGTON AD D R E SS R E PLY -T O FEDERAL RESERVE BOARD December 21, 1514. ■ Sir; Answering queries raised by a number of the Reserve Bank Boards in respect to Directors' fees, etc., I am able to advise you the decisions that have been reached by the Federal Reserve Board. 1. The fee to be paid to directors' meetings is fixed at $20,00 per meeting as a maximum. Of course it is’ conceivable that you might have a.series of meetings on consecutive days, in which case one would think that the fee would be $20.00 each day until the series of meetings were over. 2. The directors who live more than fifty miles from Federal Reserve banks receive $10.00 per day for every day they are away from home on account of attendance, from the time they start until the time they get back, assuming that their absence is entirely due to attendance upon the directors' meeting. This makes a $10.00 per day compensation in addition, to the director's fee. 3. The words "necessary travelling expenses" includes hotel bills, as welJL as other necessary expenses of the journey and absence from 'y$m ‘<*of out-of-town directors during their stay in the City, if they are engaged in attending directors' meetings. 4. The ruling of the Board allows not to exceed $10.00 per meeting for attending meetings of the Executive Committee, and if, as suggested, the Executive Committee should be*required to be on duty all day, or for several days, the amount of his fee would be the number of meetings held during that time multiplied by ten; i. e., this would be the maximum. 5. If the Committeeman so serving'should be a non-resident, he would be entitled to reimbursement for his hotel bills and other reasonable necessary expenses while actually serving. I have the honor to b e , Very respectfully, Secretary. 95
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