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FEDERAL RESERVE BOARD X-4681 WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE: TO October 6,1926. THE: FEDERAL. RESERVE: BOARD I SUBJECT: Litigation Affecting Federal Reserve System as a Whole. Dear Sir: At the last conference of Governors of all Federal reserve banks, it was voted: To recomo;J.end to the Federal Reserve :Board that the Federal Reserve System, acting through the Federal Reserve Board, retain,as special counsel, Mr. Newton D. Baker, to consider litigable matters only, and that all Federal reserve banks shall refer to the Counsel of the Federal Reserve Board as soon as it arises every litigated question, together with all papers relating thereto, and that the Counsel of the Federal Reserve Board· should refer to such special counsel all such cases as he thinks concern the system as a whole and any other cases which Counsel of the forwarding Federal reserve banks req'J.est be referred to the special counsel. 11 11 U?on consideration of this subject, the Federal Reserve Board voted to disapprove the recommendation of the Governors• Conference to the effect that the system retain Hon. Newton D. Baker as Special Counsel to consider litigable matters only. The Board voted, however, that all Federal reserve banks be requested to forward to the General Counsel of the Federal Reserve Board all papers in suits brought against Federal reserve banks and also all papers in suits brought by Federal reserve banks which are of system-wide interest, in order that the queation of employing special system counsel might be determined in each specific case. The obvious purpQse of the plan recommended by tho Governors• Conference was to obtain better coordination of the litigation involving the various Federal reserve banks. to the end that the interests of the Federal Reserve Systen as a whole in the legal principles involved in such litigation might be more adequately safeguarded. The Board is in symp3.thy with this purpose, but believes that it is not necessary to obtain the services of a lawyer of national reputation on a regular retainer in order to accomplish the desired results. X-4681 - 2 - The Office of the Board's General Counsel has for some time been acting as a clearing !1ouse for information res:pecting recently decided cases of interest to the entire Federal Reserve System, and it is ·believed that t:1is service might be extended in such a way a~ to accomplisl1 tho :;_:mr::_oose of the recommendation of the Governors 1 Conference without incurring the expense involved in the employment of a lawyer of national reputation on a regular retainer basis. ~'he :Soard believes that, if information concerning all :s:>Onding ca~es is promptly sent to the Board's General Counsel, the necessary cooperation c~1 be obtained through correspondence with co~~sol for tbe Federal reserve banks ~~d through conferences participated in by colli~sel for all Federal reserve banks. \Vhenever it is considered advisable to obtain the services of a lawyer of national reputation to assist in the trial of a case involving questions of system-wide interest, such special system counsel can be retained in that particulo.r case. You are requested, therefore, to arrru1ge with counsel for your btu1k to forward promptly to the General Counsel of the Federal Reserve Board co,ies of all papers in suits brought against Federal reserve banks and copies of all papers b suits brought by Federal reserve b~~ks which are of system-wide interest. Very truly yottrs, D. R. Crissinger, GovorilOr. To Governors of all Fedoral Reserve Bro1ks.
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