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250 BOARD OF GOVERNORS OF" THE X-~5C85 FEDERAL RESERVE SYSTEM Reg" T--55 WASHINGTON ADDRESS OFFICIAL. CORRESPONDENCE TO THE BOARD May 6, 1937 • • Dear Sir: For your information there is attached a copy of an excerpt from the Federal Register for Wednesday, April 7, 1937, 2 F. R. 775, indicating that the Secretary of the Treasury has designated "securities issued by the Federal Home Loan Bank Board or the Federal Home Loan Banks under the authority of se~tion 11 of the Fed- eral Home Loan Bank Act, as amended" for exemption pursu&nt to the provisions of section 3(a)(l2) of the Securities Exchange Act of 1934 regarding rrexemptGd securities." Very truly yours, Chester Morrill, Secretary. Inclosure. TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS. 251 X-3885-~. Rc;g. 'l'-5S Exempt Securitios--SecuritieG $xch:::nge Act Desigi}_ation of Col}solidat~ Fedaral)IoJ11e .Loall. Bank De)?entures for }~XQillE.T;;?:Slli.. Under _Securities I~chu.nge 1\c::t. of .d:_93 1L . April 5, 1937 • SECURITIES AND EXCHANGE COMMISSION, 1778 Pennsylvania Avenue, N. W., ~ashington, D. C. GENTLEMEN: Paragraph 12 of Section 3(a) of the 8ecm•ities Exchange Act of 1934 provides in part th& t the term 11 ex:emrJted securi ty 11 or "exempted securities 11 as used in such act shall include "such securities :issued or guaranteed b-.f corporations in which the United .States has a direct or indirect into~~ost as s:t1all be designated for exemption by tho Secl·otar-.t of the Treasury as neco~3Sal"'J or appropriato in the public interest or for the protection of investors." In accordance with the provisions of this paragraph, I am designating for exemp-'_;ion socuri ties issued by the Federal Home Loan Bank Board or the Federal Home Loan Banks under the authority of Section 11 of the Federal Home Loan Bank Ac~, as amended. This designation for exemption may be revoked, modified, or amended at any time with respect to securities not issued prior to cuch time. Ver;r truly yours, WAYNE C. TAYLOH, Acting Secret.::tl"'J of the Trea;;oury. (SEAL) (F.R.Doc. 07-1003; Filed, April G, 1937; 12:07 p.m.)
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