Full text of Mimeograph Letters and Statements of the Board : Letter From Asst. Secretary Carpenter re Reduction of Amounts of Bonds of Federal Reserve Agents, Assistant Federal Reserve Agents, Alternate Assistant Federal Reserve Agents and Federal Reserve Agents' Representatives, Number R-225, Volume 48, Page 213

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213

BOARD OF GOVERNORS
OF THE

R-225

FEDERAL RESERVE SYSTEM
WASHINGTON
ADDRESS

OFFICIAL C O R R E S P O N D E N C E
TO THE BOARD

April 15, 1938.
SUBJECT: Reduction of Amounts of Bonds of Federal
Reserve Agents, Assistant Federal Reserve
Agents, Alternate Assistant Federal Reserve Agents and Federal Reserve Agents'
Representatives.

Dear Sir:
The Board now requires an individual surety bond in the
amount of $100,000 from each Federal Reserve Agent and in the
amount of $50,000 from each Assistant Federal Reserve Agent, Alternate Assistant Federal Reserve Agent and Federal Reserve Agent's
Representative. In view of the arrangement which has been established at each Federal Reserve bank under which the nonstatutory
functions of the Federal Reserve Agent have been transferred to
the bank, an officer of one of the Federal Reserve banks has suggested that the amount of the bond furnished by the Federal Reserve Agent should be reduced.
It is understood that the bankers' blanket bond which has
bsen obtained by each Federal Reserve bank specifically covers the
acts of the Federal Reserve Agent and his assistants. Accordingly,
the Board is giving consideration to the desirability of reducing
to $10,000 the amount of each individual bond covering the Federal
Reserve Agents and the Assistant Federal Reserve Agents, the Alternate Assistant Federal Reserve Agents and the Federal Reserve
Agents' Representatives. However, before taking any action on
this proposition, the Board would appreciate an expression of
your views, together with the views of the board of directors of
your bank, as to the desirability of such a change. In this connection, your attention is invited to the Board's letter of June
11, 1924 (X-4083). Please forward a copy of the bankers' blanket
bond which is in effect at your bank.

http://fraser.stlouisfed.org/ TO CHAIRMEN
Federal Reserve Bank of St. Louis

Very truly yours,

S. R. Carpenter,
Assistant Secretary,
OF ALL FEDERAL RESERVE BANKS EXCEPT KANSAS CITY

FRASER