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407 FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO T H E FEDERAL RESERVE BOARD X-6580 April 30, 1930. SUBJECT: Coiumlttee on Group, Chain and Branch Banking. Dear Sir: Reference i s made t o the Board's telegram of * A p r i l 2 4 t h , a d v i s i n g that "because of the c l o s e r e l a t i o n s h i p of i t s committee on group, chain, and branch hanki n g to the hanks' committee on member hank r e s e r v e s , the Federal Reserve Board had v o t e d , s u b j e c t to the approval of the Federal r e s e r v e hanks, to change the former from a Board to a hank committee. Replies have.now "been received from a l l of the reserve banks approving the change, and, accordingly, the Board has now voted to make the transfer effective May 1, 1930. It i s understood that the status of the committee will be the same as that of the bank committee on member bank reserves> and that i t s expenses vdll be borne pro rata by the Federal reserve banks under an arrangement similar to that determined on for the committee on reserves. Very truly yours, R. A. Young, Governor. TO Governors of a l l i . R. Banks except Hew York,
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