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100 X-7996 FEDERAL RESERVE BOARD STATEMENT FOR THE PRESS For immediate r e l e a s e September 1, 1934• Vice Governor Thomas, of t h e F e d e r a l Reserve Board, t o d a y i s s u e d the following statement: "The Federal Reserve Board, under t h e terms of t h e S e c u r i t i e s Exchange Act of 1934, i s r e q u i r e d t o i s s u e by October 1, 1934 r e g u l a t i o n s r e l a t i n g t o t h e e x t e n s i o n and maintenance of c r e d i t i n connection with t h e purchasing and c a r r y i n g of s e c u r i t i e s . A pre- l i m i n a r y d r a f t of t h e s e r e g u l a t i o n s , prepared by t h e s t a f f but not p r e v i o u s l y considered by t h e Board, was f u r n i s h e d f o r comments and s u g g estio n s t o a l i m i t e d number of persons, but not f o r p u b l i c a t i o n . The Federal Reserve Board has not yet decided upon t h e terms of t h e r e g u l a t i o n s , and p a r t i c u l a r l y i t has not e s t a b l i s h e d margin r e q u i r e ments * In t h e p r e l i m i n a r y d r a f t , f o r t h e purpose of d i s c u s s i o n , the margin requirements used are those p r e s c r i b e d i n t h e law as a b a s i s f o r t h e Board's d e t e r m i n a t i o n of margins. I t i s t h e Board's e x p e c t a t i o n t o i s s u e t h e r e g u l a t i o n s during September."
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