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130 BOARD O F G O V E R N O R S • F THE FEDERAL RESERVE SYSTEM X-9842 WASHINGTON : A D D R E S S OFFICIAL C O R R E S P O N D E N C E TO THE BOARD March 15, 1937 Dear Sir: There is inclosed, .for your information, a copy of a letter which the Board today is sending to Mr. George L. Harrison, Chairman, Conference of presidents of the Federal Reserve Banks, with respect to the report of the Committee on Destruction of Records maintained by the Federal Reserve banks which was approved by the Conference of Presidents, at the meeting held in Washington on November 18, 1956. Very truly yours, Chester Morrill, Secretary. Inclosure TO ALL PRESIDENTS. 131 X-9842-a March 15, 1937. Mr. George L. Harrison, Chairman, Conference of Presidents of the Federal Reserve Banks, c/o Federal Reserve Bank of New York, New York, New York. Dear Mr. Harrison: The Board is in receipt of a letter, dated December 12, 1936, from Mr. H. F. Strater, Secretary, Conference of Presidents of the Federal Reserve Banks, advising of the approval by the Conference of Presidents, at the meeting held in Washington on November 18, 1936, of the report of the Committee on Destruction of Records maintained by the Federal Reserve banks. Attention was directed in the Secretary's letter to the recommendation contained in the report that the Board seek continuing authority from the joint Congressional Committee for the destruction of certain fiscal agency and depositary records. The Board has requested the Secretary of the Treasury to obtain such authority and after a reply has been received you will be advised in regard thereto. * In its letter to the Secretary of the Treasury the Board also requested advice with respect to the recommendation contained in the report that if continuing authority cannot be obtained for the destruction of fiscal agency and depositary records, requests for authority to destroy such records be mude simultaneously by all Federa! Reserve banks during 1937, and at intervals of five years thereafter. It is assumed that pending receipt of advice from the Secretary of the Treasury no requests will be made by the Federal Reserve banks to destroy any fiscal agency and depositary records. Certain recommendations with respect to records of the Federal Reserve Agents are contained on pages 3 - 6 of the report and in the accompanying schedules A, B and C relating to Federal Reserve note issues, bank examination, library, statistical, printed circulars, and auditing. The Board is advising the Federal Reserve Agents with respect to the procedure which should be followed in connection with the destruction of records relating to Federal Reserve note issues and also records accumulated by the Agents in their capacity as such prior to the transfer to the bank of the nonstatutory functions formerly performed by them. Since the nonstatutory duties formerly handled by the Federal Reserve Agents have been transferred to the banks it will not be necessary to obtain Congressional authority for the destruction of records of such Mr. Harrison - 2 X-9842-a departments accumulated since the date of the transfer. It is requested, however, that no records of the Bank Examination Department be destroyed without the advance approval of the Board of Governors. Auditing records may also be destroyed without obtaining the Board's approval as such records are accumulated in the Agent's capacity as Chairman of the Board of Directors. A copy of this letter is being forwarded by the Board to the President of each Federal Reserve Bank. Very truly yours, (Signed) Chester Morrill Chester Morrill, Secretary.
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