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FEDERAL RESERVE BOARD 809 WASHINGTON address official correspondence to the federal reserve board X-4211 December 13, 1924 SUBJECT: Expenditures of Federal Reserve Bpnk Funds f o r Welfare and Educational Work. Dear S i r : The r e s o l u t i o n adopted by the recent Governors' Conference following the conference discussion of the subj e c t of expenditures of Federal reserve bank funds for welf a r e and educational work among the employees of the Fede r a l reserve banks has bsen considered by the Federal Reserve Board, and the Board has concluded that "FEDERAL RESERVE BAMS HAVE THE RIGHT TO M K APPROPRIATIONS FROM AE THEIR FUNDS FOR THE PURPOSE OF WELFARE MD EDUCATIONAL W R A O G THE EMPLOYEES OF THEIR RESPECTIVE BANKS." OK MN The Board i s of the opinion "THAT PAYMENTS BY FEDERAL RESERVE BANKS FOR THE PURPOSE OF WELFARE A D EDUN CATIONAL W R A O G THEIR EMPLOYEES M Y BE CONTINUED", and OK MN A has ruled t h a t "THE EXPENDITURES FOR WELFARE A D EDUCATIONN AL WOR-' SHALL BE BUDGETED IN DETAIL AND BE M D SUBJECT TO AE THE APPROVAL OF THE FEDERAL RESERVE BOARD". A copy of the budget should accompany the request f o r the Board's approval of the appropriation. Very t r u l y youre, Walter L. Eddy, Secretary TO GOVERNORS OF ALL FEDERAL RESERVE BANKS
@FedFRASER