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95 BOARD OF G O V E R N O R S ****», - X-9825 OF THE « FEDERAL RESERVE SYSTEM WASHINGTON A D D R E S S OFFICIAL C O R R E S P O N D E N C E TO T H E BOARD February 19, 1957. * Dear Sir: x The Board notes from the minutes of the meeting of the Conference of Presidents held in Washington on Monday, January 25, 1957, that consideration was given to a letter dated December 1, 1956, from President Fleming of the Federal Reserve Bank of Cleveland addressed to Mr. Morrill, Secretary of the Board of Governors, i and to Mr. Morrill's reply thereto dated December 11, 1956, with respect to a suggested uniform policy under which the Federal reserve banks would have authority to spend up to i p O for each emjlO ployee retiring after long service for a gift that might be retained as a personal remembrance of the employee's association with the bank and its personnel. f It is also noted that the Conference de- cided that this is a matter which should be left to the board of directors of each Federal reserve bank. v - Such information as is available at the Board's offices would indicate that none of the Federal reserve banks has made it a practice to purchase gifts with bank funds for employees leaving the service of the Federal reserve bank and it is assumed that no > • -2- X-9823 Federal reserve bank will inaugurate such a practice without first taking the matter up with the Board of Governors. Very truly yours, Chester Morrill, Secretary. TO ALL PRESIDENTS
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