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S-137 BOARD OF GOVERNORS OP' THE FEDERAL RESERVE SYSTEM 393 WASHINGTON ACIOitl:ee OP'P'ICIAL COitltJ:ePCNOI:HCI: Tl:l THE eaARD December 28, 1938. Dear Sir: Recently, the Board had occasion to review again the subject of Federal Reserve bank participation in, and support of, the Graduate School of Banking at Rutgers Univerai~. The Board still feels that the. officers and employees of the Federal Reserve banks should be encouraged to participate in the educa,tional acth1.ties of the Graduate School of Ba.nkini and to this end that the FedeNl Reserve banke should follow a uniform eystem policy in so far as may be practicable. . Under the procedure set forth in the statement attached to the Board's letter of October 30, 1936, X-9729, the System's contributions toward expenses of officers and employees in attending the Graduate SChool are limited to transportation expenses and leave with pay for the time necessary to take the course. Upon further consideration of this subject in the light of the recommendations made by a number of the Federal Reserve banks the Board has modified the first paragraph on page 3 of the statement attached to the Board' a letter of October 30, 1936, X-9729, to read as follows: · Each Federal reserve bank may assume the transportation expenses to and from the Univerai~ of officers and employees selected to attead the Graduate SCtlool or Baakinl at Ru tger$, pay the Recistra tion GAd Resident and Extenaion tuition fees, and m~ crant them leave . of absence with P&¥ of such duration aa mq be necessary to enable them to at tend the two w..U' session ot the school, in addition to thei.r repl.u annual vacation. As it is felt that the student should bave a personal financial stake in the attabwent or the objective, and aceordinalY that the Federal Reserve banks should not bear the entire expense, it appears \ \ 394 S-157 -2- to the Board most reasonable that the student should be expected to pay his living expenses. Therefore, it is the view or the Board that no reimbursements should be made for dormitory and dining hall charges and incidental expense. Very truly yours, Chester Morrill, Secretary. TO THE PRESIDENTS OF ALL FEDI&L RESERVE BANKS
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