The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
X-7934 I 368 June 25, 1934. FOE THE CONFERENCE OF CHAIRMEN AND FEDERAL RESERVE AGENTS * * * Your Committee appointed to explore the matter of uniform charges, desires to submit the following report. Correspondence has been conducted with each Federal reserve agent to get his viewpoint relative to the matter, and to obtain statistical data covering the operations of each examining division. Two members of the Committee held a conference in Boston on June 4, at which time the matter was discussed at length. The matter was also informally discussed with members of the staff of the Federal Reserve Board# After considering the matter fully, the Committee has arrived at the following conclusions; 1. At least one regular examination of each State member bank, including its trust department, shall be made during each calendar year by examiners for Federal reserve banks either independently or jointly with State banking authorities. Under certain circumstances more than one such examination annually may be desirable* in which event the Federal reserve agents should be empowered to have an additional examination made. A copy of each report of examination shall be furnished to each State member bank examined. 2. Uniform charges covering costs of examinations of State member banks shall be made against each bank examined. 3. The costs shall include salaries, transportation and sustenance from the time examiners and assistants leave headquarters, or the last post of duty, until they return to headquarters or arrive at the next post of duty. The costs shall also cover salaries of examiners, assistants and other employees in preparing and typing reports of examination of State member banks* 4. No charge should be made at this time for examinations in connection with applications for membership in the Federal Reserve System. In view of the new responsibilities placed on the Federal reserve agents by the Banking Act of 1933, the Committee feels that it is highly desirable that the foregoing procedure be adopted. Respectfully submitted. COMMITTEE ON UNIFORM EXAMINATION CHARGES: John S. Wood, Chairman, Frederic H. Curtiss, J. Herbert Case.
@FedFRASER