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X-6296 FEDERAL RESERVE BOARD ^ 5 WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE T O T H E FEDERAL RESBRVE BOARD A p r i l 33, 1929, SUBJECT: Action of Governors' Conference re proposed amendments to Regulation " J " . Dear S i r ; The Board i s advised "by the S e c r e t a r y of the Conf e r e n c e of Governors t h a t , a f t e r considering the r e p o r t of the r e c e n t Conference of Counsel with regard to the p o l i c y to be pursued "by Federal r e s e r v e banks in a s s e r t i n g r i g h t s on b e h a l f of d e p o s i t o r s of unremitted f o r cash l e t t e r s a g a i n s t r e c e i v e r s of i n s o l v e n t member banks, the Conference of Governors adopted the following r e s o l u t i o n : "Resolved, t h a t we approve i n substance the m a j o r i t y r e p o r t of the Conference of Counsel, with the understanding t h a t , t o a s s i s t the Counsel of the Federal Reserve Board i n framing the exact language of any amendments t h a t may be found necessary to make the substance of the r e r o r t e f f e c t i v e , each Federal Reserve bank s h a l l be a t l i b e r t y to c a l l h i s a t t e n t i o n t o any l o c a l arrangement t h a t might be a f f e c t e d by any such amendments." In order that t h i s matter may be disposed of as soon as p o s s i b l e , you a r e r e q u e s t e d to advise the Board a t your e a r l i e s t convenience whether or not there a r e any l o c a l arrangements in your d i s t r i c t which might be a f f e c t e d by the proposed amendments to Regul a t i o n J and which you d e s i r e to have taken i n t o c o n s i d e r a t i o n b e f o r e those amendments a r e adopted by the Board. By order of the Federal Reserve Board. To Governors Very t r u l y y o u r s , E. M. McClelland, Assistant Secretary, of a l l Federal Reserve Banks.
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