Full text of Mimeograph Letters and Statements of the Board : Letter From Secretary Morrill re Discontinuance of Submission of Annual Budgets of Federal Reserve Banks to Board, with Exception of Statistical and Analytical and Bank Examination, Number S-542, Volume 57, Page 53

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53

BOARD OF GOVERNORS
OF' THE

FEDERAL RESERVE SYSTEM
WASHINGTON

S-542
AOORESS OFFICIAL CORRESPONDENCE
TO THE BOARD

August 20, 1942

Dear Sir:
You will recall that, at the suggestion of
the Board, the Presidents of the Federal Reserve Banks
discussed at their last Conference tile desirability of
discontim1ing the submission to the Beard of Governors
of the annual budgets of' the Federal Re::;erve Banks,
when it W<'s voted that the preparation of these budgets
should be discor:tinued for all functions other than statistical and am.lyti~a.l and bank exanli..nation, with the
understa:1di!lg that. e:'lch Be.nk would continue to exercise
prope·:' control over its operating expenses.
The B::>ard concurs in this action and, with
the two exceptions noted, approved the discontinuance
of the submission to it of the annual budgets of the
F'eder:il Res·~rve Banks until such time as it appears that
the matter should again be reviewed.
Very truly ;,-·ours,

Chester Morrill,
Secretary.

TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS.