Full text of Mimeograph Letters and Statements of the Board : Letter From Asst. Secretary Bethea re Securities Exchange Act Exemption of Securities Issued by Federal National Mortgage Association, Number S-104, Volume 49, Page 305

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S-104.
Reg. T-77

BOARD OF GOVERNORS

305

OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON
ADDRESS

OFFICIAL CORRESPONDENCE
TO THE BOARD

July 14, 1958.

SUBJECT:

Securities Exchange Act Exemption
of Securities Issued by Federal
National iiJ!ortgage Association.

Dear Sir:
For your information there is attached a

co~J

of

an excerpt from the Federal Register for Wednesday, June
15, 1938, 3 F.R. 1419, indicating that the Secretary of
the Treasur-.r has designated "sccuri ties issued by the
Federal National Mortgage Association under the authority of section 502 of the National Housing Act, as
amended" for exemption pursuant to the provisions of
section 5(a)l2 of the Securities Exchange Act of 1954
regarding "exempted securities."
Very truly yours,

L. P. Bethea,
Assistant Secretary.
Inclosure.
TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS



306
S-104-a
Reg. '1'-77

EXCERPT FROM FEDERAL REGISTER JUNE 15, 1938
3 F. R. 1419
Designation of Federal National Mortgage Association
Securities for Exemption Under Securities Exchange Act of 1954
June 10, 1958.

SECu1tiTIES AND EXCHANGE

CO~AISSION,

1778 Pennsylvania Avenue, N.
Washington, D. C.

w.,

Gentlemen:
Paragraph 12 of Section 5(a) of the Securities Exchange
Act of 1954 provides in part that the term "exempted security"
or "exempted securities" as used in such act shall include "such
securities issued or guaranteed ~J corporations in which the
United States has a direct or indirect interest as shall be designated for exemption by the Secretary of the Treasury as necessary or appropriate in tho public interest or for the protection
of investors."
In accordance with the provisions of this paragraph, I
am designating for exemption securities issued by the Federal
National Mortgage Association under the authori~3 of section
502 of the National Housing Act, as amended. This designation
for exemption may be revoked, modified, or amended at any time
with respect to securities not issued prior to such time.




Very truly yours,
WAYUE C. TAYLOR,
Acting Secretary of the Treasury.

(F.R.Doc. 58-1687; Filed, June 14, 1958; 10:01 a.m.)