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BOARD D~F 8-158 GOV£RN:ORS 395 DF" TH& F"EDERAL RESE,RVE SYSTEM WA8HttilttJTON ADORC•• DP'P'IDIAl. CORRIEafiDNOCNOC TO TNIE .DAIID December 28, 1958. Dear Sir: At its meetina on .December £1, 1938, the Board of .Governors discussed the inforuaal advlces that ha4 been received troa F~ral Reserve banks of propoaed changes in official ealaries for the year 1939. The Board has felt for sou tiu that 1t labors under o. considerable handicap in endea.vo.ri.D&, dvin& a short ,p«U"iod eaoh yeat-, to pass on proposals for ~s in salariee of officers of the twelve l'e(ieral Reserve banks which, with few exceptions, rep;re8ent increases and wbicb, in accordance with the practice prevailing heretofore, are subai tted annus.lly to become effective on the first of Januaey. The Board believes that it has met the problem w1 th respect to 1ts own staff by terminating the practice of considerinc a list of salary changes annually as a part· of the bud&et 8!)d by substi tuting the practice of dealing only with seritorioua cases on an indiTidual basis when it appears that an t.4juatsent is due becawse of a substantial change in duties or responsibilities or other exceptional circuutances pertaining to the ,P8rticular person or his job. It is convinced that such a change in practice bas a salu~ effect on the submission of proposals to ine~ea.- salaries because or the realiation that theJ will undergo an individual review llbeu there is sutticient time to 'consider them ialtead of a neceaaarily more hasty consideration when there is great pressure at the end of the year. With these points in mind, .the Board has decided to adopt a policy with respect to the conside~tion of future changes in sala.ries of officers of tbe Federal Reserve banks similar to that which is in effect with respect to 1 ts own staff' ano to defer at this time coalideration of tbe pencU.ac changes until it has ha4 an oppoa-turtiv d~in& 1939 f'or a tull di1cusion of the question of l&lariee with the Presidents of the Federal Reserve banks. Accordingly, as early in 1939 as circumstances will pend t, tbe Board will invite the President Gf each Federal Rese;ve bank to come to washington at a convenient time for the pul'pose of reviewing thoroughly the salary situation at his bank. S-158 -2,- With this procedt~e in mind, the Board will approve the salaries of the officers of your bank at the rates in effect on December 51, 1958, if fixed by the board of directors at those rates. Very truly yours, Chester Morrill, Secretary. TO THE CHAIRi\1EN OF ALL FEDERAL RESERVE BANKS 396
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