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X-3802 :F'EDERAL RESERVE BOARD ST.ATE!I'lENT FOR T}:E PRESS For release in Morning Papers, Friday, August 3, 1923· At a meeting of the Federal Reserve Board on August lstt Charles DeE. Claiborne, representing the Committee of Five on Exc~~ge of the .American Bankers 1 Association, presented and discussed in detail the so-called »Claiborne-Adams Check Collection Planr n designed to supersede the regulation of the Federal Reserve Board governing the collection of checks by the Federal reserve banks. The session was attended als·o by the Governors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Chicago and Richmond. Following a discussion of the plan oy I\1r~ Claiborne, the matter was referred by the Federal Re~enre Board to an advisory committee co~osed of the Governors of the ban."ks named. The so-called llClaiborneAdams Check Collection Plan'' and the re_2or·~ of the advisory comm.i ttee of Governors of the Federal Reserve Banks in their entirety are attached~ The Federal Reserve Board, in accordance with tne recommendation contained in tne report of the advisory comrd ttee of Governors, directed all Federal Reserve Banks to· ·. · · discontinue the use of agents other than banks fo:r the purpo$e of :making collections at par of items drawn upon non-remitting b:=mk~.. No action was taken by the Board looking to the adoption of the proposed collection plan, nor on that po:rtion of the Governors 1 report which :relates to the p2.an. The ]federal Reserve Board nas referred both the proposed collection plan and th~ Gov&rnvrs' report to the Federal Advtso::y Council for consideration and report thereon to the Board at the ne.z:t Cnu.ncil meeting, which _will take place some tilr.e in September. The Federal Advisory Council is composed of twelve members, one from each Federal Reserve District and is representative of the public.
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