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FEDERAL RESERVE BOARD WASHINGTON X-3245 November 10, 1$21. SUBJECT: Approval of F e d e r a l Reserve Board of c e r t a i n p r o p o s i t i o n s agreed t o a t r e c e n t Governors' C o n f e r e n c e . Dear S i r : The F e d e r a l Reserve Board h a s c o n s i d e r e d t h e S e c r e t a r y ' s m i n u t e s of t h e Conference of F e d e r a l Reserve Bank G-overnors, which A a s h e l d i n t h i s c i t y October 2 5 t h - 2 g t h , and d e s i r e s t o g i v e i t s formal a p p r o v a l , which s h a l l have t h e f o r c e and e f f e c t of a r u l i n g by t h e • Board, t o c e r t a i n p r o p o s i t i o n s which t h e m i n u t e s show were agreed t o by t h e Governors a t t h e i r C o n f e r e n c e . Topic I-G. Federal Reserve Banks s h a l l n o t f u r n i s h c r e d i t i n f o r m a t i o n t o member banks o r to any o t h e r bank, except F e d e r a l Reserve Banks, t h e War Finance C o r p o r a t i o n , and t h e F e d e r a l Reserve Board. Topic I I - B - 2 . The Board concurs i n t h e view of t h e Governors t h a t a l l Federal Reserve Banks should d i s c o n t i n u e t h e use of n o n - r e s p o n s i b i l i t y c l a u s e s upon b i l l s of l a d i n g a t t a c n e d t o d r a f t s h a n d l e d f o r c o l l e c t i o n . Topic 1I-B-6. The Board c o n c u r s i n t h e o p i n i o n t h a t exchange should not be deducted by t h e drawee bank on checks p r o t e s t e d and r e t u r n e d f o r non-payment, even though t h e y be handled a s c o l l e c t i o n items* Tonic I I - C - 6 . The Board c o n c u r s i n t h e view of t h e Conference t h a t immediate c r e d i t should be g i v e n f o r " o f f i c e r s ' checks'* i s s u e d by F e d e r a l Reserve Banks, The Board assumes t h a t t h e term " o f f i c e r s ' checks" i s synonymous w i t h C a s h i e r s ' cnecks i s s u e d by member b a n k s . Topic Supplement I I - Treasury Proaram. The Board h a s agreed t o the p r o p o s i t i o n t h a t t h e r e be appointed by the Treasury Department and t h e ifederal Reserve Board a permanent Currency Committee, composed of t n r e e r e p r e s e n t a t i v e s of t h e Treasury and two of t h e F e d e r a l Reserve Board. The Board h a s a p p o i n t e d a s i t s r e p r e s e n t a t i v e s Mr. L.Eddy, A s s i s t a n t S e c r e t a r y , and Mr. W . E. B u e l l , Chief of t h e F e d e r a l Reserve I s s u e and Redemption D i v i s i o n , As soon a s t h e Treasury makes i t s a p p o i n t m e n t s , t h e Committee w i l l be o r g a n i z e d and proceed w i t h i t s work. GOVERNORS OF ALL COPIES TO AGENTS Very t r u l y y o u r s , G o v e r n o r . F.R.BANKS
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