Full text of Mimeograph Letters and Statements of the Board : Letter From Secretary Morrill re Payment of Traveling and Subsistence Expenses of Members of Board of Trustees and Committees of Retirement System, Number X-7836, Volume 40, Page 167

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FEDERAL RESERVE BOARD
washington
ADDRESS OFFICIAL CORRESPONDENCE TO
THE FEDERAL RESERVE BOARD

X-7836
March 28, 1934.
SUBJECT:

Payment of Traveling and Subsistence
Expenses of Members of Board of Trustees
and Committees of Retirement System*

Dear Sir:
Upon their return from the meeting of the board of trustees
of the retirement system of the Federal reserve banks, Mr# James
and Mr* Van Fossen advised the Board of the decision of the board of
trustees to request the Federal reserve banks and the Federal Reserve Board to defray the traveling and subsistence expenses incurred
during the first year of the system* s operation by the members of the
board of trustees and of the various committees of the retirement
system.

The action of the board of trustees has been considered by

the Federal Reserve Board and it has authorized the payment, by the
Board's fiscal agent of the expenses of its appointee and of the member elected by its employees, and approves the payment by your bank
of the expenses of the representatives of your bank and its employees
on the board of trustees and any committees of the retirement system
of which they may be members, for one year from March 1, 1934,
It is understood that all of the Federal reserve banks have
adopted, or will put into effect immediately, the requirement that




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all new employees pass a physical examination.

X-7836
In view of the

fact that all new regular employees of the Federal Reserve Board
are required to be members of the retirement system, the Board has
adopted a similar requirement.
Very truly yours,

Chester Morrill,
Secretary.

TO CHAIRMEN OF ALL FEDERAL RESERVE BANKS.