Full text of Mimeograph Letters and Statements of the Board : Letter From Secretary Morrill re Expenditures of Federal Reserve Banks, Number X-9069, Volume 41, Page 476

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FEDERAL RESERVE BOARD
X-9069

WASHINGTON

DSCenibSI* 28, 1934.

address official correspondence t o
the federal reserve board

SUBJECT:

E x p e n d i t u r e s of F e d e r a l Reserve Banks

Dear S i r :
The Board has reviewed t h e p o r t i o n of i t s c i r c u l a r l e t t e r of
October 20, 1932 (X-7276), which p e r t a i n s t o minor e x p e n d i t u r e s by
F e d e r a l r e s e r v e banks f o r memorials, t e s t i m o n i a l s , f l o r a l o f f e r i n g s ,
and s i m i l a r p u r p o s e s , and, s i n c e t h e r e s p o n s i b i l i t y f o r making e x p e n d i t u r e s of t h i s c h a r a c t e r r e s t s i n t h e f i r s t i n s t a n c e w i t h t h e
management of each r e s e r v e bank, t h e Board b e l i e v e s t h a t t h e b o a r d
of d i r e c t o r s or e x e c u t i v e committee of each r e s e r v e bank should be
f r e e t o e x e r c i s e i t s d i s c r e t i o n : i n a u t h o r i z i n g such e x p e n d i t u r e s ,
a f t e r c o n s i d e r i n g t h e a d v i s a b i l i t y t h e r e o f i n eaeh c a s e , w i t h o u t t a k i n g
t h e m a t t e r up w i t h t h e Board.
T h e r e f o r e , t h e Board h e r e a f t e r w i l l not r e q u i r e t h e submission
of such c a s e s t o i t f o r a p p r o v a l , but w i l l r e l y upon i t s examiners
t o note such e x p e n d i t u r e s d u r i n g t h e course of t h e i r r e g u l a r examinat i o n s and t o i n c l u d e t h e f a c t s i n t h e i r r e p o r t s .

I f i n t h e review

of any such r e p o r t i t appears t h a t a p a r t i c u l a r e x p e n d i t u r e i s
q u e s t i o n a b l e , t h e Board w i l l t h e n t a k e t h e m a t t e r up w i t h t h e
p a r t i c u l a r bank e o n c e r n e d .


http://fraser.stlouisfed.org/
TO GOVERNORS
Federal Reserve Bank of St. Louis

Very t r u l y y o u r s ,
Chester M o r r i l l ,
Secretary
OF ALL FEDERAL RESERVE BANKS

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