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FEDERAL RESERVE BOARD WASHINGTON August 9, 1922. X-3500 SUBJECT: Banl: Salaries. Dear Sir: The Board desires to adopt a uniform policy with respect to considering salary recommendations submitted by t.he Federal Reserve Banks. .Accordingly, until further notice 1 a,t th1:3 close of each year the .Board will consider and revier1 all salary recommendations for officers and employees for the ensuing year. Departrr~ntal schedules should be prepared containing the names of all officers and employees showing the presjnt salaries and proposed adJUJtments and forwarded to the Board on or before December lJtj_J of each year. T.he Board is of the opinion that the management of the Federal Reserve Banl:s should determine all salary increases which do not bring the annual salary to more than $2,500 and adJustments affecting such salaries need not be submitted to the Board before becoming effective. The salaries of all employees, however 1 will be reviewed annually by the Board as provided above. It is expected by the Board thdt salaries approved for more than $2,500 ·Nill obtain throughout the yea.r, except in exceptional cases where adJustment rr.ay be necessary. VJhile it is recognized that it is necessary for a Federal Reserve Bank to meet the scale of salaries p~id by the commercial banks located in the same city, it is most necessary that the strictest economy and efficiency be exercised. bJr the management in the operation of tr.e Federal Reserve Banks. Very truly yours, G o v e r n o r. TO l~L FEDERAL RESERVE AGflJTS·
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