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429 BOARD OF' GOVERNORS S-19 CF'THE FEDERAL RESERVE SYSTEM WASHINGTON ADDRESS I:IF'F'ICIAL CORRESPONDENCE Ttl THE SCAR!:) July 26, 1937. Dear Sir: There is transmitted herewith, for your information 1 a cop,y of the Board's self-explanator,y letter of this date to Mr. C. c.. Walsh, Federal Reserve Agent at the Federal Reserve Bank of Dallas, with regard to indebtedness und outside business activities of, and ownership of bank stock b,y, the Federal Reserve Agent and employees in the Agent's department occupying responsible positions. Ver,y truly yours, --- L. P. Bethea, Assistant Secretary. Inclosure. TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS 430 S-J.~-a July 26, 1937. Mr. C. C. Walsh, Federal Reserve Agent, Federal Reserve Bank of Dallas, Dallas, Te:ms. Dear Mr. Walsh: Receipt is acknowledged of your letter of July 16, 1937, transmitting for the Board's information and files a report with respect to tho indebtedness and outside business activities of, and ownership of bat~ stock by, officers ana employees of the Federal Reserve Agent's Department occupying recpons:!.ble positions. Under the revised procedure outlined in the Board's letter S-8, dated June 25, 193?, such reports need not in the future be subr;,itted to the Board of Governors as the procedure contemplates that such reports with respect to the Assistant Federal Reserve Agents and other employee:;; of tho Federal Reserve Agent 1 s Depa,rtment occupying responsible positions will be submitted by the Federal Reserve Agent to the Board cf Directors of the Reserve Bank, and the Board's exarniners have been instructed tc review the reports regarding indobtGdnoss, cut::;ide business activities, and ownership of banlc s cock submit ted to the Board of Directors, and tc advise the Board of Govornr:-rs of any unusual situations presented thereby. It has been noted that the report as submitted to the Board of Governors included information regarding yourfoelf, as Chairman of the Board and Federal Reserve Agent. In view of the transfer to the banks of the non-statutory duties previously performed in the offices of Chairmen and Federal Reserve Agents and the placing of the Chairmanship upon an honorarium basis, the procedure set forth in the Board's letter S-8 does not require that the reports submitted to the Board of Directors of the Reserve Dank with respect to the Federal Reserve Agent's Department include information regarding the Federal Reserve Agent. Very truly yours, (Signed) L. P. Bethea L. P. Bethea, Assistant Secretary.
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