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FEDERAL RESERVE BOARD WASHINGTON address official correspondence t o t h e federal reserve board X-9040 December 6, 1934# Dear S i r : The F e d e r a l Reserve Board has given c o n s i d e r a t i o n t o t h e r e p l i e s r e c e i v e d t o i t s t e l e g r a m of J u l y 14, 1934, Trans 2036, w i t h r e g a r d t o expenses of t h e members of t h e i n d u s t r i a l a d v i s o r y committees. As you know, s e c t i o n 13b (d) of t h e F e d e r a l Reserve Act, as amended, reads i n p a r t as f o l l o w s : "Each member of such committee s h a l l be a c t i v e l y engaged i n some i n d u s t r i a l p u r s u i t w i t h i n t h e F e d e r a l Reserve d i s t r i c t i n which t h e committee i s e s t a b l i s h e d , and each such member s h a l l serve w i t h o u t compensation but s h a l l be e n t i t l e d t o r e c e i v e from t h e F e d e r a l Res e r v e bank of such d i s t r i c t h i s n e c e s s a r y expenses while engaged i n the b u s i n e s s of t h e committee, or a per diem allowance i n l i e u t h e r e o f t o be f i x e d by t h e F e d e r a l Reserve Board. 11 While t h e Board i s sympathetic t o t h e s u g g e s t i o n t h a t t h e members of t h e i n d u s t r i a l a d v i s o r y committees should r e c e i v e a comp e n s a t i o n f o r t h e i r s e r v i c e s , i t i s c l e a r from t h e p r o v i s i o n of s e c t i o n 13b r e f e r r e d t o above t h a t t h e law contemplates t h a t t h e s e r v i c e s r e n d e r e d by t h e members of the committees s h a l l be w i t h o u t compensation and t h a t any per diem f i x e d by t h e F e d e r a l Reserve Board should be i n l i e u of n e c e s s a r y expenses, and, t h e r e f o r e , X-9040 2 should bear some r e l a t i o n s h i p t o such e x p e n s e s . Accordingly, t h e F e d e r a l Reserve Board has approved t h e reimbursement of members of the i n d u s t r i a l a d v i s o r y committees as f o l l o w s : (l) A member en- gaged on b u s i n e s s f o r t h e committee i n t h e c i t y i n which h i s p l a c e of b u s i n e s s i s l o c a t e d may be reimbursed f o r t h e a c t u a l expenses i n c u r r e d by him, (2) A member engaged on b u s i n e s s f o r t h e commit- t e e o u t s i d e t h e c i t y i n which h i s p l a c e of b u s i n e s s i s l o c a t e d may be paid a per diem of $10.00 a day plus a c t u a l t r a n s p o r t a t i o n e x p e n s e s , o r , i f he so e l e c t s , may be reimbursed f o r t h e a c t u a l expenses i n c u r r e d by him. Very t r u l y y o u r s , 4&V&4Z5/ h Chester M o r r i l l , Secretary# TO ALL FEDERAL RESERVE AGENTS z ) c r v u ^
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