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273 B O A R D OF G O V E R N O R S OF THE FEDERAL RESERVE SYSTEM S-197 WASHINGTON A D D R E S S OFFICIAL C O R R I I P D N D E N O I TO THE BOARD ******* January 2, 1940 Dear Sirs This refers to ths-.^srd1:©.;letter of April 15, 1938, (R-225), relating to the des4aB^@3i4gr of reducing to $10,000 the amount of the individual surety bonds required of each Federal Reserve .Agent, Assistant Federal Reserve Agent, Alternate Assistant Federal ..Reserve Agent, and Federal Reserve Agents' Representative. With one exception, the Federal Reserve banks advised the Board that they favored such a reduction, but no action was taken pending the revision of the uniform jankers' blanket bond for Federal Reserve banks by the Insurance Committee of the Presidents Conference and a committee representing the Surety Association of America. The revision of the uniform bankers' blanket bond has been completed and, after further consideration of the question, the Board has reached the conclusion that it is justified in reducing to $10,000 the amount of the individual surety bond required of each Federal Reserve Agent, Assistant Federal Reserve Agent, Alternate Assistant Federal Reserve Agent and Federal Reserve Agents' Representative, with the understanding that the bankers' blanket bond carried by the particular Federal Reserve bank is the revised uniform bankers' blanket bond for Federal Reserve banks referred to above or affords the United States substantially equivalent protection. Veiy truly your sc- ienter Assistant Secretary. TO CHAIRMEN AND FEDERAL RESERVE AGENTS AT ALL FEDERAL RESERVE BANKS
@FedFRASER