Full text of Mimeograph Letters and Statements of the Board : Letter From Fiscal Agent Foulk re Assessment on Federal Reserve Banks to Cover Expenses of Board for Last Six Months of 1940, Number R-668, Volume 52, Page 237

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237

B O A R D OF G O V E R N O R S
OF THE

FEDERAL RESERVE SYSTEM

R-668

WASHINGTON
ADDRESS

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

June 19, 1940.

Dear Sir;
There is attached a copy of a resolution adopted by the Board of Governors of
the Federal Reserve System levying an assessment upon the various Federal Reserve Banks
in an amount equal to two hundred and ninetyone thousandths of one per cent (.00291) of
the total paid-in capital stock and surplus
(Section ?' and Section 13b) of the Federal Reserve Banks as of the close of business June
30, 1940, to defray the estimated expenses and
salaries of the members and ernployess of the
Board from July 1 to December 31, 1940.
The resolution also contains instructions with regard to the manner in which the
payments on the assessment shall be deposited
with the Federal Reserve Bank of Richmond.
Very truly yours,

r-S
Q^Ldf
0. S. Foulk,
Fiscal Agent.
Enclosure.
TO PRESIDENTS OF ALL FEDERAL RESERVE BANKS.

BOARD

238
R-668-a
RESOLUTION LEVYING ASSESSMENT
WHEREAS, Section 10 of the Federal Reserve Act, as amended,
provides, among other things, that the Board of Governors of the Federal Reserve System shall have power to levy semiannually upon the
Federal Reserve Banks, in proportion to their capital stock and surplus, an assessment sufficient to pay its estimated expenses and the
salaries of its members and employees for the half year succeeding the
levying of such assessment, together with any deficit carried forward
from the preceding half year, and
WHEREAS, it appears from a consideration of the estimated
expenses of the Board of Governors of the Federal Reserve System that
for the six months' period beginning July 1, 1940, it is necessary
that a fund equal to two hundred and ninety-one thousandths of one per
cent (.00291) of the total paid-in capital stock and surplus (Section
7 and Section 13b) of the Federal Reserve Banks be created for such
purposes, exclusive of the cost of printing, issuing and redeeming Federal Reserve notes;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM, THAT:
(1) There is hereby levied upon the several Federal Reserve
Banks an assessment in an amount equal to two hundred and ninety-one
thousandths of ono per cent (.00291) of the total paid-in capital and
surplus (Section 7 and Section 13b) of each such bank at the close of
business June 30, 1940.
(2) Such assessment shall be paid by each Federal Reserve
Bank in two equal installments on July 1, 1940, and September 2, .1940,
respectively.
(3) Every Federal Reserve Bank except the Federal Reserve
Bank of Richmond shall pay such assessment by transferring the amount
thereof on the dates as above provided, through the Interdistrict Settlement Fund to the Federal Reserve Bank of Richmond for credit to the
account of the Board of Governors of the Federal Reserve System on the
books of that bank, with telegraphic advice to Richmond of the purpose
and amount of the credit, and the Federal Reserve Bank of Richmond
shall pay its assessment by crediting the amount thereof on its books
to the Board of Governors of the Federal Reserve System on the dates
as above provided.