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BOARD OF G O V E R N O R S X-9829 • F THE FEDERAL RESERVE SYSTEM 5 WASHINGTON A D D R E S S OFFICIAL C O R R E S P O N D E N C E TO T H E BOARD February 26, 1937 Dear Sir: The Board has given further consideration to the subject of Federal reserve bank participation in, and support of, the activities of the American Institute of-Banking in the light of the action taken at the Presidents' Conference on November 18, 1956, when the opinion was expressed that circumstances and conditions make it impracticable for all Federal reserve banks to pursue exactly the same course with respect to encouragement and support of the American Institute of Banking and that the manner and extent to which the Federal reserve banks give such encouragement and support to the local chapters of the American Institute of Banking and the Graduate School of Banking at Rutgers University should be left to the judgment of the several Federal reserve banks. The Board of Governors feels that the officers and employees of the Federal reserve banks should be encouraged to participate in the educational activities of the American Institute of Banking and the Graduate School of Banking at Rutgers University and to this end that the Federal reserve banks should follow a system policy which is as nearly uniform in its application as may be practicable in view of the varying local conditions and responsibilities of the individual Federal reserve banks. With this principle in mind, however, expenditures for this purpose should not exceed those which would be permitted under the procedure proposed in the statement attached to the Board's letter of October 50, 1936, X-9729, and therefore advance approval of the Board should be obtained for expenditures exceeding those provided for by that statement. Very truly yours, Chester Morrill, Secretary. .TO ALL PRESIDENTS
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