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http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Collection: Paul A. Volcker Papers Call Number: mc19  Box 29  Preferred Citation: Federal Reserve: Background, 1979-1987; Paul A. Volcker Papers, Box 29; Public Policy Papers, Departtnent of Rare Books and Special Collections, Princeton University Library Find it online: http://findingaids.princeton.edu/collections/MC279/c206 and https://fraser.sdouisfed.org/archival/5297  The digitization ofthis collection was made possible by the Federal Reserve Bank of St. Louis. From the collections of the Seeley G. Mudd Manuscript Library, Princeton, NJ These documents can only be used for educational and research purposes ("fair use") as per United States copyright law. By accessing this file, all users agree that their use falls within fair use as defined by the copyright law of the United States. They further agree to request permission of the Princeton University Library (and pay any fees, if applicable) if they plan to publish, broadcast, or otherwise disseminate this material. This includes all forms of electronic distribution.  Copyright The copyright law of the United States (Title 17, United States Code) governs the making of photocopies or other reproductions of copyrighted material. Under certain conditions specified in the law, libraries and archives are authorized to furnish a photocopy or other reproduction. One of these specified conditions is that the photocopy or other reproduction is not to be "used for any purpose other than private study, scholarship or research." If a user makes a request for, or later uses, a photocopy or other reproduction for purposes not permitted as fair use under the copyright law of the United States, that user may be liable for copyright infringement.  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Mudd Manuscript Library 65 Olden Street Princeton, NJ 08540 609-258-6345 609-258-33ni 85 (fax) mudd@princeton.edu   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  May 1987  MEMBERS  OF  THE BOARD OF THE FEDERAL RESERVE  OF  GOVERNORS  SYSTEM  The seven Members of the Federal Reserve Board are nominated by the President and confirmed by the Senate. A full term is 14 years. One term begins every two years, on February 1 of even-numbered years. A Member who serves a full term may not be reappointed. A Member who completes an unexpired portion of a term may be reappointed. All terms end on their statutory date regardless of the date on which the Member is sworn into office. The Chairman -and the Vice Chairman of the Board are named by the Presid,mt from among the Members of the Board, and are confirmed by the Senate. They serve a term of four years. A Member's term on the Board is not affected by his status as Chairman or Vice Chairman.'! * * * * * * * * * * *  Paul A. VOLCKER was designated on August 6, 1983 to a second four-year term, beginning on that date, as Chairman of the Board of Governors of the Federal Reserve System. He became a Member of the Board on August 6, 1979, on which date he began his first four-year term as Chairman of the Board. In this capacity, Mr. Volcker also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policy making body. Mr. Volcker's term as a Member of the Board continues to January 31, 1992. Mr. Volcker is a former Under Secretary of the Treasury and was President of the Federal Reserve Bank of New York at the time of his appointment to Chairman of the Board of Governors. He became President of the New York District Bank on August 1, 1975. Mr. Volcker has served in high office both at the Treasury and within the Federal Reserve System under Presidents Johnson, Nixon, Carter and Reagan. During two tours of duty at the Treasury he played a major role in revision of the international monetary system. In 1962 Mr. Volcker joined the United States Treasury as Director of Financial Analysis and in 1963 he became Deputy Under Secretary of the Treasury for Monetary Affairs. From 1965 to 1969 he was a Vice President of the Chase Manhattan Bank. In 1969 he was appointed Under Secretary of the Treasury for Monetary Affairs, where he remained until 1974. During this time Mr. Volcker was the principal United States negotiator in the development and installation of a new international monetary system departing from the fixed exchange rate system installed following World War II. For his service at the Treasury, Mr. Volcker received the Alexander Hamilton Award. During his tenure as Under 1/ A history of .the membership of the Board and of its chairmen and vice chairmen, as well as an account of changes in the Federal Reserve Act affecting the Board, is attached.  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -2Secretary of the Treasury, Mr. Volcker also served as a member of the board of the Overseas Private Investment Corporation and of the Federal National Mortgage Association. During the academic year 1974-75, Mr. Volcker was a Senior Fellow in the Woodrow Wilson School of Public and International Affairs at Princeton University. His first association with the Federal Reserve System was as a employee at the Federal Reserve Bank of New York in 1949 and 1950. to the New York Bank in 1952 as a full time economist, and remained Federal Reserve until 1957, when he became a financial economist at Manhattan Bank.  summer He returned with the Chase  Mr. Volcker earned his B.A. at Princeton University in 1949 and an M.A. in political economy and government at the Harvard University Graduate School of Public Administration in 1951. He attended the London School of Economics in 1951-52. Mr. Volcker has received honorary degrees from a number of institutions, including LL.D., Adelphi University, 1980; LL.D., Notre Dame University, 1980; LL.D., Fairleigh Dickinson University, 1981; LL.D., Princeton University, 1982; LL.D., University of New Hampshire, 1982; Doctorate in Business Administration, Bryant College, 1983; LL.D., Dartmouth College, 1983; LL.D., New York University, 1983; LL.D., Lamar University, Beaumont, Texas, 1983; LL.D., American University, 1984; LL.D., Wake Forest University, 1984; LH.D., William & Mary, 1984; LL.D., Columbia University, 1984; LH.D., Johns Hopkins University, 1984; LL.D., Yale University, 1984; LL.D., St. Peter's College, 1984; LL.D., Ripon College, 1985; LL.D., Harvard University, 1985; and LL.D., DePaul University, 1985. Mr. Volcker was born  . ==  JOHNSON, Manuel H. -- Sworn in August 22, 1986 as Vice Chairman of the Board of Governors of the Federal Reserve System for a four year term ending August 21, 1990. Dr. Johnson took office February 7, 1986 to a full term as a Member of the Board of Governors, ending January 31, 2000. MANUEL H. JOHNSON was born in Troy, Alabama. He received a B.S. in Economics (Cum Laude) from Troy State University at Troy, Alabama in 1973, an M.S. in Economics from Florida State University at Tallahasse in 1974, and a Ph.D. in Economics from Florida State University in 1977. Prior to becoming a Member of the Board, Dr. Johnson served as Assistant Secretary of the Treasury for Economic Policy, 1982-86, and Deputy Assistant Secretary for Economic Policy, 1981-82. While at Treasury, Dr. Johnson played a major role in the formulation of economic policies and was instrumental in the design of the Economic Recovery Tax Act of 1981. Dr. Johnson was an Associate Professor of Economics at George Mason University in Fairfax, Virginia, 1980-81, and an Assistant Professor of Economics, 1977-80. He was an instructor and Research Associate at Florida State University in the Department of Economics, 1973-76.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Dr. Johnson's research and writing has been concentrated in the area of political economy and public policy. He is the author and co-author of four books and has published over fifty articles in academic journals and other professional publications. In addition to his writings, Dr. Johnson was a co-editor and regular contributor to the international professional publication, Journal of Labor Research. He also served as an adjunct scholar of the Heritage Foundation, 1979-81 Dr. Johnson has served as a consultant to a wide variety of organizations including the U.S. Congress, trade associations, corporations, law firms, research firms, universities, and policy institutes and foundations. He is a member of numerous professional societies and the recipient of many honors and awards.  ===  SEGER, Martha Romayne -- Sworn in July 2, 1984 to a full term as a Member of the Board of Governors of the Federal Reserve System ending January 31, 1998. MARTHA ROMAYNE SEGER was born at Adrian, Michigan. She was educated at the University of Michigan, from which she has received, in addition to her undergraduate degree, an M.B.A. in Finance and a Ph.D. in Finance and Business Economics. She is a member of Phi Kappa Phi and Beta Gamma Sigma societies. Dr. Seger was Commissioner of Financial Institutions for the State of Michigan during 1981-82. In this position, she was chief State regulator of banks, savings and loan associations, and credit unions. She is a former member of the Economic Advisory Board of the U.S. Department of Commerce. Dr. Seger first became associated with the Federal Reserve System in 1964, when she became a financial economist at the Board of Governors. She continued her work at the Board until 1967, doing research on capital markets and financial institutions. For the next ten years, Dr. Seger was in private banking. In 1967, she became chief economist at the Detroit Bank & Trust Company. In 1974, she was appointed Vice President of the Bank of the Commonwealth in Detroit, where she was in charge of economic research and the bank's investment program. In 1976 Dr. Seger was named one of the Top 100 Corporate Women in America by Business Week. From 1976 to 1979, she was Adjunct Professor at the University of Michigan and Lecturer in Finance at the University of Windsor. In 1980, she became Associate Professor of Economics and Finance at Oakland University. Dr. Seger was on the staff of the School of Banking at the University of New Mexico during 1978-84, and was a lecturer at the Prochnow School of Banking at Madison, Wisconsin 1982-83, and the Northern School of Banking at Marquette, Michigan in 1982. During 1983 and until her appointment to the Board of Governors, Dr. Seger was Professor of Finance, Central Michigan University, at Mt. Pleasant, Michigan.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -4-  Dr. Seger is a member of the National Association of Business Economists, the American Economics Association, the American Finance Association, the Women's Economic Club, and the Economic Club of Detroit. ==  ANGELL, Wayne D. -- Sworn in February 7, 1986 to fill an unexpired term as a Member of the Board of Governors of the Federal Reserve System ending January 31, 1994. WAYNE D. ANGELL was born in Liberal, Kansas. He received a B.A. from Ottawa University at Ottawa, Kansas in 1952. Dr. Angell performed graduate work at the University of Kansas, where he received an M.A. in 1953 and a Ph.D. in Economics in 1957. Prior to becoming a Member of the Board, Dr. Angell was a director of the Federal Reserve Bank of Kansas City, 1979-86. Dr. Angell also served on the Advisory Committee to the staff of the Federal Reserve Board of Governors on bank holding company legislation and regulation, 1972-73. He has served as president of Hume Bancshares Inc. and director of Hume Bank, Hume, Missouri, 1972-86, and chairman of the board, First State Bank of Pleasanton, Kansas, 1975-86. He had been a professor of Economics at Ottawa University since 1956, and Dean of the the College, 1969-72. Since 1950, Dr. Angell had been an active partner in a 3,300 acre farm in Meade County, Kansas. Dr. Angell has engaged in extensive foreign travel to study economic developments in Europe, the Far East, South and Southeast Asia including three trips around the world. He served as State Representative in the Kansas House of Representatives, 1961-67, and vice chairman of the Kansas State Legislative Campaign Committee, 1964. Or. Angell is an active member of the Baptist Church. He has served as president of the Kansas Baptist Convention and trustee of the Kansas Baptist Foundation. He is the recipient of numerous honors and awards including Phi Beta Kappa from the University of Kansas, Outstanding Educators of America, and Who's Who in American Politics. Dr. Angell is a member of the American Economic Association. ===  HELLER, H. Robert -- Sworn in August 19, 1986 to fill an unexpired term as a Member of the Board of Governors of the Federal Reserve System ending January 31, 1996. in Cologne, Germany. He H. ROBERT HELLER was born on received an M.A. in Economics from the University of Minnesota at Minneapolis in 1962, and a Ph.D. from the University of California at Berkeley in 1965.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -5-  Prior to becoming a Member of the Board, Dr. Heller served as Senior Vice President and Director of International Economic Research of Bank of America National Trust and Savings Association, 1978-86, and as Chief of the Financial Studies Division at the International Monetary Fund, 1974-78. Dr. Heller was a Professor of Economics at the University of Hawaii, 1971-74, and an Associate and Assistant Professor of Economics at the University of California at Los Angeles, 1965-71. He was an Instructor at the University of California at Berkeley, 1965. Dr. Heller is the author of five books on international trade and finance, that have been translated into several languages. He has also published numerous articles in scientific journals and the financial press. Dr. Heller is a member of numerous professional societies, and has served as a trustee or board member of many organizations. He has also been elected a NATO Fellow and has received numerous other honors and awards. ===  KELLEY, Edward W., Jr. -- Sworn in May 26, 1987 to fill an unexpired term as a Member of the Board of Governors of the Federal Reserve System ending January 31, 1990. EDWARD W. KELLEY, Jr. was born in Eugene, Oregon. Mr. Kelley received a B.A. in history from Rice University in 1954, and an M.B.A. from Harvard Business School in 1959. Prior to becoming a Member of the Board, Mr. Kelley had been Chairman of the Board, Investment Advisors Incorporated in Houston, Texas, 1981-1987. In addition, he served as Chairman of the Board of The Shoreline Companies, Inc. and Director of Texas Industries, Inc. Previously, he was President and CEO of Kelley Industries, Inc., 1959-1981. Kelley Industries was a Houston-based holding company with subsidiaries including Kelley Manufacturing Co., Kelley Data Systems Co., and Covey Corp. Mr. Kelley has also been a director of the following banks: West Belt National Bank, 1982-1984; Westwood Commerce Bank, 1974-1982; and Southern National Bank, 1961-1972. Mr. Kelley has served with numerous business, professional, academic, civic and charitable organizations, including the Young Presidents' Organization; World Business Council; Better Business Bureau; Rice University, Trustee; National Association of Independent Schools, Trustee Committee; St. John's School, Board of Trustees and Chairman; Metropolitan YMCA; Harris County United Fund; and the Houston Symphony. Mr. Kelley is a member of St. Luke's United Methodist Church where he is past Board Chairman, and a teacher in the church school. He and his wife, Ellen Louise, have three children.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -0-.  Membership of the Board of Governors of the Federal Reserve System, 1913 87 Federal Reserve District  Name  Date of initial oath of office  Other dates and information relating to membership,  APPOINTIVE MEMBERS' Charles S. Hamlin  Boston  Paul M. Warburg Frederic A. Delano W.P.G. Harding Adolph C. Miller  New York Chicago Atlanta San Francisco  Albert Strauss Henry A. Moehlenpah Edmund Platt David C. Wills John R. Mitchell Milo D. Campbell Daniel R. Crissinger George R. James  New York Chicago New York Cleveland Minneapolis Chicago Cleveland St. Louis  Oct. 26, 1918 Nov. 10, 1919 ....June 8, 1920 Sept. 29, 1920 May 12, 1921 Mar. 14, 1923 May 1, 1923 May 14, 1923  Edward H. Cunningham...Chicago Roy A. Young Minneapolis Eugene Meyer New York Wayland W. Magee Kansas City Eugene R. Black Atlanta M.S. Szymczak Chicago  do Oct. 4, 1927 Sept. 16, 1930 May 18, 1931 May 19, 1933 June 14, 1933  J.J. Thomas Marriner S. Eccles  do Nov. 15, 1934  Joseph A. Broderick John K. McKee Ronald Ransom Ralph W. Morrison Chester C. Davis Ernest G. Draper Rudolph M. Evans James K. Vardaman, Jr. Lawrence Clayton Thomas B. McCabe Edward L. Norton Oliver S. Powell Wm. McC. Martin, Jr.  Kansas City San Francisco New York Cleveland Atlanta Dallas Richmond New York Richmond .St. Louis Boston Philadelphia Atlanta Minneapolis New York  Aug. 10, 1914 do do do do  Feb. 3, 1936 do do Feb. 10, 1936 June 25, 1936 Mar. 30, 1938 Mar. 14, 1942 Apr. 4, 1946 Feb. 14, 1947 Apr. 15, 1948 Sept. 1, 1950 do April 2, 1951  A.L. Mills Jr J.L. Robertson C. Canby Balderston Paul E. Miller Chas. N. Shepardson G.H. King, Jr  San Francisco Kansas City Philadelphia Minneapolis Dallas Atlanta  Feb. 18, 1952 do Aug. 12, 1954 Aug. 13, 1954 Mar. 17, 1955 Mar. 25, 1959  George W. Mitchell  Chicago  Aug. 31, 1961   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Reappointed in 1916 and 1926. Served until Feb. 3, 1936.3 Term expired Aug. 9, 1918. Resigned July 21, 1918. Term expired Aug. 9, 1922. Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936.3 Resigned Mar. 15, 1920. Term expired Aug. 9, 1920. Reappointed in 1928. Resigned Sept. 14, 1930. Term expired Mar. 4, 1921. Resigned May 12, 1923. Died Mar. 22, 1923. Resigned Sept. 15, 1927. Reappointed in 1931. Served until Feb. 3, 1936.4 Died Nov. 28, 1930. Resigned Aug. 31, 1930. Resigned May 10, 1933. Term expired Jan. 24, 1933. Resigned Aug. 15, 1934. Reappointed in 1936 and 1948. Resigned May 31, 1961. Served until Feb. 10, 1936.3 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. Resigned Sept. 30, 1937. Served until Apr. 4, 1946.3 Reappointed in 1942. Died Dec. 2, 1947. Resigned July 9, 1936. Reappointed in 1940. Resigned Apr. 15, 1941. Served until Sept. 1, 1950.3 Served until Aug. 13, 1954.3 Resigned Nov. 30, 1958. Died Dec. 4, 1949. Resigned Mar. 31, 1951. Resigned Jan. 31, 1952. Resigned June 30, 1952. Reappointed in 1956. Term expired Jan. 31, 1970. Reappointed in 1958. Resigned Feb. 28, 1965. Reappointed in 1964. Resigned Apr. 30, 1973. Served through Feb. 28, 1966. Died Oct. 21, 1954. Retired Apr. 30, 1967. Reappointed in 1960. Resigned Sept. 18, 1963. Reappointed in 1962. Served until Feb. 13, 1976.3  Federal Reserve Bulletin  July 1987  Federal Reserve District  Name  Date of initial oath of office  J. Dewey Daane Sherman J. Maisel Andrew F. Brimmer William W. Sherrill Arthur F. Burns  Richmond San Francisco Philadelphia Dallas New York  John E. Sheehan Jeffrey M. Bucher Robert C. Holland Henry C. Wallich Philip E. Co!dwell Philip C. Jackson, Jr. J. Charles Partee Stephen S. Gardner David M. Lilly G. William Miller Nancy H. Teeters Emmett J. Rice Feederick H. Schultz Paul A. Volcker Lyle E. Gramley Preston Martin Martha R. Seger Wayne D. Angell Manuel H. Johnson H. Robert Heller Edward W. Kelley, Jr  St. Louis Jan. 4. 1972 San Francisco June 5, 1972 Kansas City June II, 1973 Boston Mar. 8, 1974 Dallas Oct. 29, 1974 Atlanta July 14, 1975 Richmond Jan. 5, 1976 Philadelphia Feb. 13, 1976 Minneapolis June 1, 1976 San .Francisco Mar. 8, 1978 Chicago Sept. 18, 1978 New York .... ......June 20, 1979 Atlanta July 27, 1979 Philadelphia Aug. 6, 1979 Kansas City May 28, 1980 San Francisco Mar. 31, 1982 Chicago July 2, 1984 Kansas City Feb. 7, 1986 Richmond Feb. 7, 1986 San Francisco Aug. 19, 1986 Dallas May 26, 1987  Nov. 29, 1963 Apr. 30, 1965 Mar. 9, 1966 May 1, 1967 Jan. 31, 1970  Chairmen's Charles S. Hamlin Aug 10, 1914-Aug. 9, 1916 W.P.G. Harding Aug 10, 1916-Aug 9, 1922 Daniel R. Crissinger May 1, 1923-Sept. 15, 1927 Roy A. Young Oct. 4, 1927-Aug. 31, 1930 Eugene Meyer Sept. 16, 1930-May 10, 1933 Eugene R. Black May 19, 1933-Aug. 15, 1934 Marriner S. Eccles Nov. 15, 1934-Jan 31, 1948 Thomas B. McCabe Apr. 15, I948-Mar. 31, 1951 Wm. McC. Martin, Jr. Apr. 2, 1951-Jan. 31, 1970 Arthur F. Burns Feb. 1, 1970-Jan 31, 1978 G. William Miller Mar. 8, 1978-Aug. 6, 1979 Paul A. Volcker Aug 6, 1979-  Other dates and information relating to membership'  Served until Mar. 8. 1974.' Served through May 31. 1972. Resigned Aug. 31, 1974. Reappointed in 1968. Resigned Nov. 15, 1971. Term began Feb. 1, 1970. Resigned Mar. 31, 1978. Resigned June 1, 1975. Resigned Jan. 2, 1976. Resigned May 15, 1976. Resigned Dec. IS, 1986 Served through Feb. 29, 1980. Resigned Nov. 17, 1978. Served until Feb. 7, 1986.3 Died Nov. 19, 1978. Resigned Feb. 24, 1978. Resigned Aug. 6, 1979. Served through June 27, 1984. Resigned Dec. 31, 1986. Served through Feb. 11, 1982. Resigned Sept. 1, 1985. Resigned April 30, 1986.  Vice Chairmen's Frederic A Delano Paul M Warburg Albert Strauss Edmund Platt J.J. Thomas Ronald Ransom C Canby Balderston J.L.Robertson George W. Mitchell Stephen S. Gardner Frederick H. Schultz Preston Martin Manuel H. Johnson  Aug. 10, 1914-Aug. 9, 1916 Aug. 10, 1916-Aug. 9, 1918 Oct. 26, 1918-Mar. 15, 1920 July 23, 1920-Sept. 14, 1930 Aug. 21, 1934-Feb. 10, 1936 Aug. 6, 1936-Dec. 2, 1947 Mar. 11, I955-Feb. 28, 1966 Mar. 1, 1966-Apr. 30, 1973 May 1, 1973-Feb. 13, 1976 Feb. 13, 1976-Nov. 19, 1978 July 27, 1979-Feb. 11, 1982 Mar. 31, 1982-Mar. 31, 1986 Aug. 22, 1986-  EX-OFFICIO MEMBERS' Secretaries of the Treasury W.G. McAdoo Dec. 23, 1913-Dec. 15, 1918 Carter Glass Dec. 16, 1918-Feb 1, 1920 David F. Houston Feb. 2, 1920-Mar. 3, 1921 Andrew W. Mellon Mar. 4, 1921-Feb. 12, 1932 Ogden L. Mills Feb. 12, 1932-Mar. 4, 1933 William H. Woodin Mar. 4, 1933-Dec. 31, 1933 Henry Morgenthau, Jr. „Jan. 1, 1934-Feb. 1, 1936 I. Under the provisions of the original Federal Reserve Act, the Federal Reserve Board was composed of seven members, including five appointive members; the Secretary of the Treasury, who was exofficio chairman of the Board, and the Comptroller of the Currency. The original term of office was ten years, and the five original appointive members had terms of two, four, six, eight, and ten years respectively. In 1922 the number of appointive members was increased to six, and in 1933 the term of office was increased to twelve years. The Banking Act of 1935, approved Aug. 23, 1935, changed the name of the Fedenl Reserve Board to the Board of Governors cf the Federal Reserve System and provided that the Board should be   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Comptrollers of the Currency John Skelton Williams Feb. 2, 1914-Mar. 2, 1921 Daniel R. Crissinger Mar. 17, 1921-Apr. 30, 1923 Henry M Dawes May 1, 1923-Dec. 17, 1924 Joseph W McIntosh Dec. 20, 1924-Nov. 20, 1928 J.W.Pole Nov. 21, 1928-Sept. 20, 1932 J.F.T.O'Connor May 11, 1933-Feb. 1, 1936 composed of seven appointive members; that the Secretary of the Treasury and the Comptroller of the Currency should continue to serve as members until Feb. 1, 1936, or until their successors were appointed and had qualified; and that thereafter the terms of members should be fourteen years and that the designation of Chairman and Vice Chairman of the Board should be for a term of four years. 2. Date after words "Resigned" and "Retired" denotes final day of service. 3. Successor took office on this date. 4. Chairman and Vice Chairman were designated Governor and Vice Governor before Aug. 23, 1935.  March 1986  MEMBERS  OF  THE BOARD OF THE FEDERAL RESERVE  OF  GOVERNORS  SYSTEM  The seven Members of the Federal Reserve Board are nominated by the President and confirmed by the Senate. A full term is 14 years. One term begins every two years, on February 1 of even-numbered years. A Member who serves a full term may not be reappointed. A Member who completes an unexpired portion of a term may be reappointed. All terms end on their statutory date regardless of the date on which the Member is sworn into office. The Chairman and the Vice Chairman of the Board are named by the President from among the Members of the Board, and are confirmed by the Senate. They serve a term of four years. A Member's term on the Board is not affected by his status as Chairman or Vice Chairman.1/ * * * * * * * * * * *  Paul A. VOLCKER was designated on August 6, 1983 to a second four-year term, beginning on that date, as Chairman of the Board of Governors of the Federal Reserve System. He became a Member of the Board on August 6, 1979, on which date he began his first four-year term as Chairman of the Board. In this capacity, Mr. Volcker also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policy making body. Mr. Volcker's term as a Member of the Board continues to January 31, 1992. Mr. Volcker is a former Under Secretary of the Treasury and was President of the Federal Reserve Bank of New York at the time of his appointment to Chairman of the Board of Governors. He became President of the New York District Bank on August 1, 1975. Mr. Volcker has served in high office both at the Treasury and within the Federal Reserve System under Presidents Johnson, Nixon, Carter and Reagan. During two tours of duty at the Treasury he played a major role in revision of the international monetary system. In 1962 Mr. Volcker joined the United States Treasury as Director of Financial Analysis and in 1963 he became Deputy Under Secretary of the Treasury for Monetary Affairs. From 1965 to 1969 he was a Vice President of the Chase Manhattan Bank. In 1969 he was appointed Under Secretary of the Treasury for Monetary Affairs, where he remained until 1974. During this time Mr. Volcker was the principal United States negotiator in the development and installation of a new international monetary system departing from the fixed exchange rate system installed following World War II. For his service at the Treasury, Mr. Volcker received the Alexander Hamilton Award. During his tenure as Under 1/ A history of the membership of the Board and of its chairmen and vice chairmen, as well as an account of changes in the Federal Reserve Act affecting the Board, is attached.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -2Secretary of the Treasury, Mr. Volcker also served as a member of the board of the Overseas Private Investment Corporation and of the Federal National Mortgage Association. During the academic year 1974-75, Mr. Volcker was a Senior Fellow in the Woodrow Wilson School of Public and International Affairs at Princeton University. His first association with the Federal Reserve System was as a employee at the Federal Reserve Bank of New York in 1949 and 1950. to the New York Bank in 1952 as a full time economist, and remained Federal Reserve until 1957, when he became a financial economist at Manhattan Bank.  summer He returned with the Chase  .Mr. Volcker earned his B.A. at Princeton University in 1949 and an M.A. in political economy and government at the Harvard University Graduate School of Public Administration in 1951. He attended the London School of Economics in 1951-52. Mr. Volcker has received honorary degrees from a number of institutions, including LL.D., Adelphi University, 1980; LL.D., Notre Dame University, 1980; LL.D., Fairleigh Dickinson University, 1981; LL.D., Princeton University, 1982; LL.D., University of New Hampshire, 1982; Doctorate in Business Administration, Bryant College, 1983; LL.D., Dartmouth College, 1983; LL.D., New York University, 1983; LL.D., Lamar University, Beaumont, Texas, 1983; LL.D., American University, 1984; LL.D., Wake Forest University, 1984; LH.D., William & Mary, 1984; LL.D., Columbia University, 1984; LH.D., Johns Hopkins University, 1984; LL.D., Yale University, 1984; LL.D., St. Peter's College, 1984; LL.D., Ripon College, 1985; LL.D., Harvard University, 1985; and LL.D., DePaul University, 1985. Mr. Volcker was born  . ===  Preston MARTIN -- Sworn in March 31, 1982 as Vice Chairman of the Board of Governors of the Federal Reserve System and to a full term as a Member of the Board ending January 31, 1996. Mr. Martin's term as Vice Chairman extends to March 31, 1986. Mr. Martin is Chairman of the Federal Reserve Board Bank Activities Committee, Chairman of the Committee on Banking Supervision and Regulation, and serves as the Board's representative on the Federal Financial Institutions Examination Council. He also is a member of the Group of Experts on Payments Systems, Bank for International Settlements, Basle, Switzerland. Mr. Martin was Chairman of the Federal Home Loan Bank Board, 1969-1972. He founded the Federal Home Loan Mortgage Corporation. Earlier, Mr. Martin was California Savings and Loan Commissioner, 1967-1969. Mr. Martin supervised stockholder-owned savings and loan associations through the first period of their merger and consolidation. Prior to becoming the California Savings and Loan Commissioner, Mr. Martin was active in homebuilding, development of shopping centers, and in organization of banks, mortgage finance, and savings and loan businesses. He is a former member of the Federal National Mortgage Association National Advisory Committee and the Federal Home Loan Mortgage Corporation Advisory Committee.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -3Mr. Martin founded PMI Mortgage Insurance Co. after leaving the Home Loan Bank Board. He subsequently founded Seraco Enterprises, Inc., a Sears Roebuck company, to provide capital and planning to four subsidiary financial services and development companies. Mr. Martin was a member of the Board of Directors of Sears, Roebuck and Co., and several other companies, prior to joining the Federal Reserve Board. Prior to his appointment to the Board, Mr. Martin was Senior Advisor on Housing, Reagan Administration Transition Task Force, 1980-1981. At the time of his appointment to the Federal Reserve Board, he was Commissioner, and Chairman of the Taxation Task Force of President Reagan's Committee on Housing. Mr. Martin is the author of a university textbook on real estate finance. He has written for various financial and mortgage publications. His public affairs activities include service on various commissions and committees over the years in California and at the national level. Mr. Martin was a Professor of Finance, and Director of Executive Programs at the University of Southern California. He was a Visiting Professor at universities in Italy and Pakistan, and Director of the USC Pakistan Project. He is presently a member of the Advisory Committee, The Wharton School, University of Pennsylvania. Mr. Martin was born , in Los Angeles, California. He graduated from the University of Southern California with a B.S. degree in Finance in 1947 and received an M.B.A. degree in Finance from the same University in 1948. In 1952, Mr. Martin received a doctorate in Monetary Economics from Indiana University. ===  WALLICH, Henry C. -- Sworn in March 8, 1974 to a full term as a Member of the Federal Reserve Board ending January 31, 1988. HENRY C. WALLICH was born on . He was educated in Germany, at Oxford University in England, 1932-35, and Harvard University (Ph.D. in Economics, 1944). Mr. Wallich was in the export business in Argentina and Chile and was a securities analyst in New York City, 1933-40. He was on the staff of the Federal Reserve Bank of New York during 1941-51, and was chief of the Bank's Foreign Research Division from 1946. He was a professor of economics at Yale University from 1951 to 1970 and was Seymour H. Knox Professor of Economics at Yale, 1970-74. He was on leave from Yale as Assistant to the Secretary of the Treasury 1958-59 and from 1959 to 1961 as a member of the President's Council of Economic Advisers. Mr. Wallich served as a Senior Consultant to the Treasury from 1969 until his appointment to the Federal Reserve Board. He has also served with the Advisory Board of the Arms Control and Disarmament Agency, 1972-73, as U.S. Representative of the United Nations Experts Panel on Economic Consequences of the Arms Race, 1971-72, and as a member of the Research Advisory Board of the Committee for Economic Development. Mr. Wallich was a member during 1981-82 of   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  S  -4-  the Gold Commission established by Congress. He is a former director of a number of business firms and has written as editorialist or columnist for the Washington Post and Newsweek magazine. Mr. Wallich's published works include five books: Monetary Policy and Practice (D.C. Heath and Company), 1982; The Cost of Freedom (Harpers), 1960; Mainsprings of the German Revival, 1955; Public Finances of a Developing Country (John Adler), 1951; and Monetary Problems of an Export Economy, 1950. Mr. Wallich is a member of the American Economic Association, the American Finance Association and the Council on Foreign Relations. ===  RICE, Emmett J. -- Sworn in June 20, 1979 to fill an unexpired term on the Federal Reserve Board ending January 31, 1990. Mr. Rice is Chairman of the Federal Reserve Board Consumer and Community Affairs Committee. He also is the Board's representative to minority banks and the Neighborhood Reinvestment Corporation. EMMETT J. RICE was born in Florence, South Carolina. Before becoming a Member of the Board of Governors of the Federal Reserve System, Mr. Rice was Senior Vice President, The National Bank of Washington, the third largest bank in Washington, D.C. From 1966 to 1970, Mr. Rice was United States Alternate Executive Director, International Bank for Reconstruction and Development (World Bank), the International Development Association, and the International Finance Corporation. Prior to that Presidential appointment, he was Deputy Director and later Acting Director of the Office of the Developing Nations in the United States Treasury Department. While on leave from the Treasury Department, he served for one year as Executive Director of the Mayor's Economic Development Committee in D.C. Previous professional positions held by Mr. Rice include Advisor to the Central Bank of Nigeria, Lagos-Nigeria; Economist, Federal Reserve Bank of New York; Assistant Professor of Economics, Cornell University; and Teaching Fellow, Department of Economics, University of California, Berkeley. Mr. Rice earned B.A. and M.B.A. degrees at the City College of New York, and a Ph.D. in Economics, University of California, Berkeley. Prior to joining the Board of Governors, Mr. Rice was a member of the Board of Directors of Trans World Corporation and Trans World Airlines, Inc.; District Communications, Inc.; and Fort Lincoln New Town Corporation. He also served on the boards of a number of civic organizations including the Federal City Council; Federal City Housing Corporation, former President; Greater Washington Business Resource Center; D.C. Chapter of American Red Cross; Center for Municipal and Metropolitan Research; Washington Performing Arts Society; and the Consortium of Universities.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  ===  -5-  SEGER, Martha Romayne -- Sworn in July 2, 1984 to a full term as a Member of the Board of Governor.; of the Federal Reserve System ending January 31, 1998. Dr. Seger is Chairman of the Federal Reserve Board Research and Statistics Committee. She also is the Board's alternate representative to the Federal Financial Institutions Examination Council. MARTHA ROMAYNE SEGER was born at Adrian, Michigan. She was educated at the University of Michigan, from which she has received, in addition to her undergraduate degree, an M.B.A. in Finance and a Ph.D. in Finance and Business Economics. She is a member of Phi Kappa Phi and Beta Gamma Sigma societies. Dr. Seger was Commissioner of Financial Institutions for the State of Michigan during 1981-82. In this position, she was chief State regulator of banks, savings and loan associations, and credit unions. She is a former member of the Economic Advisory Board of the U.S. Department of Commerce. Dr. Seger first became associated with the Federal Reserve System in 1964, when she became a financial economist at the Board of Governors. She continued her work at the Board until 1967, doing research on capital markets and financial institutions. For the next ten years, Dr. Seger was in private banking. In 1967, she became chief economist at the Detroit Bank & Trust Company. In 1974, she was appointed Vice President of the Bank of the Commonwealth in Detroit, where she was in charge of economic research and the bank's investment program. In 1976 Dr. Seger was named one of the Top 100 Corporate Women in America by Business Week. From 1976 to 1979, she was Adjunct Professor at the University of Michigan and Lecturer in Finance at the University of Windsor. In 1980, she became Associate Professor of Economics and Finance at Oakland University. Dr. Seger was on the staff of the School of Banking at the University of New Mexico during 1978-84, and was a lecturer at the Prochnow School of Banking at Madison, Wisconsin 1982-83, and the Northern School of Banking at Marquette, Michigan in 1982. During 1983 and until her appointment to the Board of Governors, Dr. Seger was Professor of Finance, Central Michigan University, at Mt. Pleasant, Michigan. Dr. Seger is a member of the National Association of Business Economists, the American Economics Association, the American Finance Association, the Women's Economic Club, and the Economic Club of Detroit. ===  ANGELL, Wayne D. -- Sworn in February 7, 1986 to fill an unexpired term as a Member of the Federal Reserve Board ending January 31, 1994. Dr. Angell is Vice Chairman of the Federal Reserve Board Pricing Policy Committee. WAYNE D. ANGELL was born in Liberal, Kansas. He received a B.A. from Ottawa University at Ottawa, Kansas in 1952. Dr. Angell performed graduate work at the University of Kansas, where he received an M.A. in 1953 and a Ph.D. in Economics in 1957.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -6Prior to becoming a Member of the Board, Dr. Angell was a director of the Federal Reserve Bank of Kansas City, 1979-86. Dr. Angell also served on the Advisory Committee to the staff of the Federal Reserve Board of Governors on bank holding company legislation and regulation, 1972-73. He has served as president of Hume Bancshares Inc. and director of Hume Bank, Hume, Missouri, 1972-86, and chairman of the board, First State Bank of Pleasanton, Kansas, 1975-86. He had been a professor of Economics at Ottawa University since 1956, and Dean of the the College, 1969-72. Since 1950, Dr. Angell had been an active partner in a 3,300 acre farm in Meade County, Kansas. Dr. Angell has engaged in extensive foreign travel to study economic developments in Europe, the Far East, South and Southeast Asia including three trips around the world. He served as State Representative in the Kansas House of Representatives, 1961-67, and vice chairman of the Kansas State Legislative Campaign Committee, 1964. Dr. Angell is an active member of the Baptist Church. He has served as president of the Kansas Baptist Convention and trustee of the Kansas Baptist Foundation. He is the recipient of numerous honors and awards including Phi Beta Kappa from the University of Kansas, Outstanding Educators of America, and Who's Who in American Politics. Dr. Angell is a member of the American Economic Association. ===  JOHNSON, Manuel H. -- Sworn in February 7, 1986 to a full term as a Member of the Federal Reserve Board, ending January 31, 2000. MANUEL H. JOHNSON was born in Troy, Alabama. He received a B.S. in Economics (Cum Laude) from Troy State University at Troy, Alabama in 1973, an M.S. in Economics from Florida State University at Tallahasse in 1974, and a Ph.D. in Economics from Florida State University in 1977. Prior to becoming a Member of the Board, Dr. Johnson served as Assistant Secretary of the Treasury for Economic Policy, 1982-86, and Deputy Assistant Secretary for Economic Policy, 1981-82. While at Treasury, Dr. Johnson played a major role in the formulation of economic policies and was instrumental in the design of the Economic Recovery Tax Act of 1981. Dr. Johnson was an Associate Professor of Economics at George Mason University in Fairfax, Virginia, 1980-81, and an Assistant Professor of Economics, 1977-80. He was an instructor and Research Associate at Florida State University in the Department of Economics, 1973-76. Dr. Johnson's research and writing has been concentrated in the area of political economy and public policy. He is the author and co-author of four books and has published over fifty articles in academic journals and other professional publications. In addition to his writings, Dr. Johnson was a co-editor and regular contributor to the international professional publication, Journal of Labor Research. He also served as an adjunct scholar of the Heritage Foundation, 1979-81 Dr. Johnson has served as a consultant to a wide variety of organizations including the U.S. Congress, trade associations, corporations, law firms, research firms, universities, and policy institutes and foundations. He is a member of numerous professional societies and the recipient of many honors and awards.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -0-  Membership of the Board of Governors of the Federal Reserve System, 1913 86 APPOINTIVE MEMBERS' Name  Federal Reserve District  Date of initial oath of office  Other dates and information relating to menibership2  Aug. 10, 1914  Reappointed in 1916 and 1926. Served until Feb. 3, 1936.3 Term expired Aug. 9. 1918. Resigned July 21, 1918. Term expired Aug. 9, 1922. Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936.3 Resigned Mar. 15, 1920. Term expired Aug. 9, 1920. Reappointed in 1928. Resigned Sept. 14, 1930. Term expired Mar. 4, 1921. Resigned May 12, 1923. Died Mar. 22, 1923. Resigned Sept. 15, 1927. Reappointed in 1931. Served until Feb. 3, 1936.4 Died Nov. 28, 1930. Resigned Aug. 31, 1930. Resigned May 10, 1933. Term expired Jan. 24, 1933. Resigned Aug. 15, 1934. Reappointed in 1936 and 1948. Resigned May 31, 1961. Served until Feb. 10, 1936.3 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. Resigned Sept. 30, 1937. Served until Apr. 4, 1946.3 Reappointed in 1942. Died Dec. 2, 1947. Resigned July 9, 1936. Reappointed in 1940. Resigned Apr. 15, 1941. Served until Sept. 1, 1950.3 Served until Aug. 13, 1954.3 Resigned Nov. 30, 1958. Died Dec. 4, 1949. Resigned Mar. 31, 1951. Resigned Jan. 31, 1952. Resigned June 30, 1952. Reappointed in 1956. Term expired Jan. 31, 1970. Reappointed in 1958. Resigned Feb. 28, 1965. Reappointed in 1964. Resigned Apr. 30, 1973. Served through Feb. 28, 1966. Died Oct. 21, 1954. Retired Apr. 30, 1967. Reappointed in 1960. Resigned Sept. 18, 1963.  Charles S. Hamlin  Boston  Paul M. Warburg Frederic A. Delano W.P.G. Harding Adolph C. Miller  New York Chicago Atlanta San Francisco  Albert Strauss Henry A. Moehlenpah Edmund Platt  New York Chicago New York  Oct. 26, 1918 Nov. 10, 1919 June 8, 1920  David C. Wills John R. Mitchell Milo D. Campbell Daniel R. Crissinger George R. James  Cleveland Minneapolis Chicago Cleveland St. Louis  Sept. 29, 1920 May 12, 1921 Mar. 14, 1923 May 1, 1923 May 14, 1923  Edward H. Cunningham...Chicago Roy A. Young Minneapolis New York Eugene Meyer Wayland W. Magee Kansas City Eugene R. Black Atlanta M.S. Szymczak Chicago  do Oct. 4, 1927 Sept. 16, 1930 May 18, 1931 May 19, 1933 June 14, 1933  J.J. Thomas Marriner S. Eccles  do Nov. 15, 1934  Kansas City San Francisco  do do do do  New York Joseph A. Broderick Cleveland John K. McKee Atlanta Ronald Ransom Dallas Ralph W. Morrison Richmond Chester C. Davis New York Ernest G. Draper Richmond Rudolph M. Evans James K. Vardaman, Jr. ..St. Louis Boston Lawrence Clayton Philadelphia Thomas B. McCabe Edward L. Norton Atlanta Minneapolis Oliver S. Powell Wm. McC. Martin, Jr New York  Feb. 3, 1936 do do Feb. 10. 1936 June 25, 1936 Mar. 30, 1938 Mar. 14, 1942 Apr. 4, 1946 Feb. 14, 1947 Apr. 15, 1948 Sept. 1, 1950 do April 2, 1951  A.L. Mills, Jr J.L. Robertson C. Canby Balderston Paul E. Miller Chas. N. Shepardson G.H. King, Jr.  Feb. 18, 1952 do Aug. 12, 1954 Aug. 13, 1954 Mar. 17, 1955 Mar. 25, 1959   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  San Francisco Kansas City Philadelphia Minneapolis Dallas Atlanta  Federal Reserve District  Name  Date of initial oath of office  George W. Mitchell  Chicago  Aug. 31, 1961  J. Dewey Daane Sherman J. Maisel Andrew F. Brimmer William W. Sherrill Arthur F. Burns  Richmond San Francisco Philadelphia Dallas New York  Nov. 29, 1963 Apr. 30, 1965 Mar. 9, 1966 May 1, 1967 Jan. 31, 1970  John E. Sheehan Jeffrey M. Bucher Robert C. Holland Henry C. Wallich Philip E. Coldwell Philip C. Jackson, Jr. J. Charles Partee Stephen S. Gardner David M. Lilly G. William Miller Nancy H. Teeters Emmett J. Rice Frederick H. Schultz Paul A. Volcker Lyle E. Gramley Preston Martin Martha R. Seger Wayne D. Angell Manuel H. Johnson  St. Louis San Francisco Kansas City Boston Dallas Atlanta Richmond Philadelphia Minneapolis San Francisco Chicago New York Atlanta Philadelphia Kansas City San Francisco Chicago Kansas City Richmond  Jan. 4, 1972 June 5, 1972 June 11, 1973 Mar. 8, 1974 Oct. 29, 1974 July 14, 1975 Jan. 5, 1976 Feb. 13, 1976 June 1, 1976 Mar. 8, 1978 Sept. 18, 1978 June 20, 1979 July 27, 1979 Aug. 6, 1979 May 28, 1980 Mar. 31, 1982 July 2, 1984 Feb. 7, 1986 Feb. 7, 1986  Chairmen. ' Charles S. Hamlin W.P.G. Harding Daniel R. Crissinger Roy A. Young Eugene Meyer Eugene R. Black Marriner S. Eccles Thomas B. McCabe Wm. McC. Martin, Jr. Arthur F. Burns G. William Miller Paul A. Volcker  Aug. 10, 1914-Aug. 9 1916 Aug. 10, I916-Aug. 9, 1922 May 1, 1923-Sept. 15, 1927 Oct. 4, 1927-Aug. 31 1930 Sept. 16, 1930-May 10, 1933 May 19, 1933-Aug. 15, 1934 Nov. 15, 1934-Jan. 31, 1948 Apr. 15, 1948-Mar. 31 1951 Apr. 2, 1951-Jan. 31, 1970 Feb 1, 1970-Jan 31, 1978 Mar. 8, 1978-Aug. 6, 1979 Aug. 6, 1979-  Other dates and information relating to membership'  Reappointed in 1962. Served until Feb. 13, 1976.3 Served until Mar. 8, 1974.3 Served through May 31, 1972. Resigned Aug. 31, 1974. Reappointed in 1968. Resigned Nov. 15, 1971. Term began Feb. 1, 1970. Resigned Mar. 31, 1978. Resigned June 1, 1975. Resigned Jan. 2, 1976. Resigned May 15, 1976. Served through Feb. 29, 1980. Resigned Nov. 17, 1978. Served until Feb. 7, 1986.3 Died Nov. 19, 1978. Resigned Feb. 24, 1978. Resigned Aug. 6, 1979. Served through June 27, 1984. Served through Feb. 11, 1982. Resigned Sept. 1, 1985.  Vice Chairmen4 Frederic A Delano Paul M Warburg Albert Strauss Edmund Platt J.J.Thomas Ronald Ransom C Canby Balderston J.L. Robertson George W. Mitchell Stephen S Gardner Frederick H Schultz Preston Martin  Aug. 10, 1914-Aug. 9, 1916 Aug. 10, 1916-Aug. 9, 1918 Oct. 26, 1918-Mar. 15, 1920 July 23, 1920-Sept. 14, 1930 Aug. 21, 1934-Feb. 10, 1936 Aug. 6, 1936-Dec. 2, 1947 Mar. 11, 1955-Feb. 28, 1966 Mar. 1, 1966-Apr. 30, 1973 May 1, 1973-Feb. 13, 1976 Feb. 13, 1976-Nov. 19, 1978 July 27, 1979-Feb. 11, 1982 Mar. 31, 1982-  EX-OFFICIO MEMBERS' Secretaries of the Treasury W.G. McAdoo Dec. 23, 1913-Dec. 15, 1918 Carter Glass Dec 16, 1918-Feb. 1, 1920 David F. Houston Feb 2, 1920-Mar. 3, 1921 Andrew W. Mellon Mar. 4, 1921-Feb 12, 1932 Ogden L. Mills Feb 12, 1932-Mar. 4, 1933 William H. Woodin Mar. 4, 1933-Dec. 31, 1933 Henry Morgenthau, Jr. ..Jan. 1, 1934-Feb. 1, 1936  Comptrollers of the Currency John Skelton Williams ...Feb. 2, 1914-Mar. 2, 1921 Daniel R Crissinger Mar. 17, 1921-Apr. 30, 1923 Henry M Dawes May 1, 1923-Dec. 17, 1924 Joseph W McIntosh Dec. 20, 1924-Nov. 20, 1928 Nov. 21, 1928-Sept. 20, 1932 J.W.Pole May 11, 1933-Feb. 1, 1936 J.F.T. O'Connor  I. Under the provisions of the original Federal Reserve Act, the Federal Reserve Board was composed of seven members, including five appointive members, the Secretary of the Treasury, who was exofficio chairman of the Board, and the Comptroller of the Currency. The original term of office was ten years, and the five original appointive members had terms of two, four, six, eight, and ten years respectively. In 1922 the number of appointive members was increased to six, and in 1933 the term of office was increased to twelve years. The Banking Act of 1935, approved Aug. 23, 1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System and provided that the Board should be  composed of seven appointive members; that the Secretary of the Treasury and the Comptroller of the Currency should continue to serve as members until Feb. 1, 1936, or until their successors were appointed and had qualified; and that thereafter the terms of members should be fourteen years and that the designation of Chairman and Vice Chairman of the Board should be for a term of four years. 2. Date after words "Resigned" and "Retired" denotes final day of service. 3. Successor took office on this date. 4. Chairman and Vice Chairman were designated Governor and Vice Governor before Aug. 23, 1935.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  September 1984  MEMBERS  OF  THE BOARD OF THE FEDERAL RESERVE  OF  GOVERNORS  SYSTEM  The seven Members of the Federal Reserve Board are nominated by the President and confirmed by the Senate. A full term is 14 years. One term begins every two years, on February 1 of even-numbered years. A Member who serves a full term may not be reappointed. A Member who canpletes an unexpired portion of a term may be reappointed. All terms end on their statutory date regardless of the date on which the Member is sworn into office. The Chairman and the Vice Chairman of the Board are named by the President from among the Members of the Board, and are confirmed by the Senate. They serve a term of four years. A Member's term on the Board is not affected by his status as Chairman or Vice Chairman.'! * * * * * * * * * * *  Paul A. VOLCKER was designated on August 6, 1983 to a second four-year term, beginning on that date, as Chairman of the Board of Governors of the Federal Reserve System. He became a Member of the Board on August 6, 1979, on which date he began his first four-year term as Chairman of the Board. Mr. Volcker's term as a Member of the Board continues to January 31, 1992. Mr. Volcker is a former Under Secretary of the Treasury and President of the Federal Reserve Bank of New York, which post he held when he became the chief executive officer of the Federal Reserve System as Chairman of the Board of Governors. He has served in high office in the Treasury and the Federal Reserve under Presidents Johnson, Nixon, Carter and Reagan. He became President of the New York District Bank on August 1, 1975, following two tours of duty at the U.S. Treasury, during which he played a major role in revision of the international monetary system, and several years in private banking. As Chairman of the Federal Reserve Board Mr. Volcker is Chairman of the Federal Open Market Committee, the System's principal monetary policy making organ. In 1962 Mr. Volcker joined the United States Treasury as Director of Financial Analysis and in 1963 he became Deputy Under Secretary of the Treasury for Monetary Affairs. Fran 1965 to 1969 he was a Vice President of the Chase Manhattan Bank. In 1969 he was appointed Under Secretary of the Treasury for Monetary Affairs, where he remained until 1974. During this time Mr. Volcker was the principal United States negotiator in the development and installation  1/ A history of the membership of the Board and of its chairmen and vice chairmen, as well as an account of changes in the Federal Reserve Act affecting the Board, is attached.  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  A  -2of a new international monetary system departing from the fixed exchange rate system installed following World War II. For his service at the Treasury, Mr. Volcker received the Alexander Hamilton Award. As Under Secretary of the Treasury Mr. Volcker was a member of the board of the Overseas Private Investment Corporation and of the Federal National Mortgage Association. During the academic year 1974-75 Mr. Volcker was a Senior Fellow in the Woodrow Wilson School of Public and International Affairs at Princeton University. His first association with the Federal Reserve System was as a employee at the Federal Reserve Bank of New York in 1949 and 1950. to the New York Bank in 1952 as a full time economist, and remained Federal Reserve until 1957, when he became a financial economist at Manhattan Bank.  summer He returned with the Chase  Mr. Volcker earned his B.A. at Princeton University in 1949 and an M.A. in political economy and government at the Harvard University Graduate School of Public Administration in 1951. He attended the London School of Economics in 1951-52. Mr. Volcker has received honorary degrees from a number of institutions, including LL.D., Adelphi University, 1980; LL.D., Notre Dame University, 1980; LL.D., Fairleigh Dickinson University, 1981; LL.D., Princeton University, 1982; LL.D., University of New Hampshire, 1982; Doctorate in Business Administration, Bryant College, 1983; LL.D., Dartmouth College, 1983; LL.D., New York University, 1983; and LL.D., Lamar University, Beaumont, Texas, 1983. Mr. Volcker was born  .  Preston MARTIN -- Sworn in March 31, 1982 as Vice Chairman of the Board of Governors of the Federal Reserve System and to a full term as a Member of the Board ending January 31, 1996. Mr. Martin's term as Vice Chairman extends to March 31, 1986. Mr. Martin is Chairman, Federal Reserve Board Bank Activities Committee and a Member of The Group of Experts on Payments Systems, Bank for International Settlements, Basle, Switzerland. Mr. Martin was Chairman of the Federal Home Loan Bank Board, 1969-1972. founded the Federal Home Loan Mortgage Corporation. Earlier, Mr. Martin was California Savings and Loan Commissioner, 1967-1969. Mr. Martin supervised stockholder-owned savings and loan associations through the first period of their merger and consolidation. Prior to becoming California Savings and Loan Conunissioner, Mr. Martin was active in homebuilding, development of shopping centers, and in organization of banks, mortgage finance, and savings and loan businesses. He is a former Member of the Federal National Mortgage Association National Advisory Committee and the Federal Home Loan Mortgage Corporation Advisory Committee. Mr. Martin founded PMI Mortgage Insurance Co. after leaving the Home Loan Bank Board. He subsequently founded Seraco Enterprises, Inc., a Sears Roebuck   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  He  -3company, to provide capital and planning to four subsidiary financial services and development companies. Mr. Martin was a member of the Board of Directors of Sears, Roebuck and Co., and several other companies, prior to joining the Federal Reserve Board. Prior to his appointment to the Board, Mr. Martin was Senior Advisor on Housing, Reagan Administration Transition Task Force, 1980-1981, and at the time of his appointment to the Federal Reserve Board, Commissioner, and Chairman of the Taxation Task Force, of President Reagan's Cummittee on Housing. Mr. Martin is the author of a university textbook on real estate finance. He has written for various financial and mortgage publications. His public affairs activities include service on various commissions and committees over the years in California and at the national level. Mr. Martin was a Professor of Finance, and Director of Executive Programs at the University of Southern California. He was a Visiting Professor at universities in Italy (one year) and Pakistan, and Director of the USC Pakistan Project (18 months). He is presently a Member of the Advisory Committee, The Wharton School, University of Pennsylvania. Mr. Martin was born , in Los Angeles, California. He was graduated from the University of Southern California with a B.S. degree in Finance in 1947 and received an M.B.A. degree in Finance from the same university in 1948. In 1952, Mr. Martin received a doctorate in Monetary Economics from Indiana University.  WALLICH, Henry C. -- Sworn in March 8, 1974 to a full term as a Member of the Federal Reserve Board ending January 31, 1988. HENRY C. WALLICH was born on . He was educated in Germany, at Oxford University in England (1932-35) and Harvard University (Ph.D. Economics 1944). Mr. Wallich was in the export business in Argentina and Chile and was a securities analyst in New York City 1933-40. He was on the staff of the Federal Reserve Bank of New York during 1941-51, and was chief of the Bank's Foreign Research Division from 1946. He was a professor of economics at Yale University from 1951 to 1970 and was Seymour H. Knox Professor of Economics at Yale, 1970-74. He was on leave from Yale as Assistant to the Secretary of the Treasury 1958-59 and from 1959 to 1961 as a Member of the President's Council of Economic Advisers. Mr. Wallich served as a Senior Consultant to the Treasury from 1969 until his appointment to the Federal Reserve Board and has served also with the Advisory Board of the Arms Control and Disarmament Agency (1972-73), as U.S. Representative of the United Nations Experts Panel on Economic Consequences of the Arms Race (1971-72) and as a Member of the Research Advisory Board of the Committee for Economic Development. Mr. Wallich was a member during 1981-82 of   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -4the Gold Commission established by Congress. He is a former director of a number of business firms and has written as editorialist or columnist for the Washington Post and Newsweek magazine. Mr. Wallich's published works include five books: Monetary Policy and Practice (D.C. Heath and Company), 1982; The Cost of Freedom (Harpers), 1960; Mainsprings of the German Revival, 1955; Public Finances of a Developing Country (John Adler), 1951; and Monetary Problems of an Export Economy, 1950. Mr. Wallich is a member of The American Economic Association, Finance Association and The Council on Foreign Relations.  The American  PARTEE, J. Charles -- Sworn in January 5, 1976 to fill an unexpired term as a Member of the Federal Reserve Board ending January 31, 1986. in Defiance, Ohio, and was J. CHARLES PARTEE was born received a B.S. in Business (with graduated from Indiana University, where he 1949. Mr. Partee joined the MBA (in finance) in distinction) in 1948 and an specializing in consumer in 1949 Chicago as an economist Federal Reserve Bank of 1956 he to the Northern Trust In went finance, mortgage markets and savings. Second Vice President. (1958-61) as and Economist Company of Chicago as Associate Mr. Partee became a member of the staff of the Board of Governors in 1962, where he served as Chief of the Capital Markets Section, Division of Research (1962-63); Adviser in charge of financial sections, Division of Research (1964-65); Associate Director (1966-69) and Director of the Division of Research and Statistics and Adviser to the Board, 1969-74. In November 1973 Mr. Partee became Managing Director for Research and Economic Policy, which office he held until he became a Member of the Board. He was the second member of the Board's staff to be appointed to the Board. Before becoming a Member of the Board, Mr. Partee also served as Senior Economist to the System's Federal Open Market Committee and as the System's representative on the Board of Directors of the Securities Investor Protection Corporation. He was the U.S. Representative to (and Vice Chairman of) the Committee on Financial Markets, 0.E.C.D., Paris, from 1970-75. Mr. Partee is the Board's representative on the Federal Financial Institutions Examination Council (a statutory body devoted to seeking greater uniformity in supervision, examination and reports among the five Federal agencies regulating depository institutions). He also serves as Chairman of the Board of Directors of the Neighborhood Reinvestment Corporation, a Governmentsponsored activity largely supporting neighborhood revitalization through selfhelp in many communities across the nation. Mr. Partee served during 1981 and 1982 as a member of the Gold Commission established by Congress.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  5RICE, Emmett J. -- Sworn in June 20, 1979 to fill an unexpired term on the Federal Reserve Board ending January 31, 1990. EMMETT J. RICE, who resides in Washington, D.C., was born in Florence, South Carolina. Before being nominated by the President and confirmed by the Senate to be a member of the Board of Governors of the Federal Reserve System he was Senior Vice President, The National Bank of Washington, the third largest bank in Washington, D.C. Mr. Rice was for four years United States Alternate Executive Director, International Bank for Reconstruction and Development (World Bank), International Development Association, and the International Finance Corporation, a position to which he was appointed by the President in October 1966 and confirmed by the Senate. Prior to that appointment, he was Deputy Director and later Acting Director of the Office of the Developing Nations in the United States Treasury Department. While on leave from the Treasury Department, he served for one year as Executive Director of Mayor Washington's Economic Development Committee in D.C. Previous professional positions held by Mr. Rice include Advisor to the Central Bank of Nigeria, Lagos-Nigeria; Economist, Federal Reserve Bank of New York; Assistant Professor of Economics, Cornell University; Teaching Fellow, Department of Economics, University of California, Berkeley. Mr. Rice earned B.A. and M.B.A. degrees at the City College of New York, and a Ph.D. in Economics, University of California, Berkeley. Prior to joining the Board of Governors, Mr. Rice was a member of the Board of Directors of Trans World Corporation and Trans World Airlines, Inc.; District Communications, Inc.; and Fort Lincoln New Town Corporation. He also served on the Boards of a number of civic organizations including the Federal City Council; Federal City Housing Corporation, former President; Greater Washington Business Resource Center; D.C. Chapter of American Red Cross; Center for Municipal and Metropolitan Research; Washington Performing Arts Society; and the Consortium of Universities.  GRAMLEY, Lyle E. -- Sworn in May 28, 1980 to a full term as a Member of the Federal Reserve Board, ending January 31, 1994. in Aurora, Illinois. He was LYLE E. GRAMLEY was born where he received a B.A. in College, Beloit at and College educated at Aurora 1951. He performed graduate work at Indiana University, where he received an M.A. in 1952 and a Ph.D. (Economics) in 1956. Mr. Gramley was elected a member of Phi Beta Kappa for his undergraduate work. Mr. Gramley first became associated with the Federal Reserve System when he joined the Federal Reserve Bank of Kansas City as a financial economist in 1955. He remained at the Kansas City Bank until 1962. In that year he joined the faculty of the University of Maryland as Associate Professor of Economics. In 1964 he became a staff economist at the Federal Reserve Board and was subsequently the director of the Board's Division of Research and Statistics.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -6In 1977 Mr. Gramley became a member of the President's Council of Economic Advisers, where he continued until his appointment to the Federal Reserve Board. Mr. Gram1ey is a Member of the American Economic Association, American Finance Association, National Economists Club and Conference of Business Economists.  SEGER, Martha Romayne -- Sworn in July 2, 1984 to a full term as a Member of the Board of Governors of the Federal Reserve System ending January 31, 1998. MARTHA ROMAYNE SEGER was born at Adrian, Michigan. She was educated at the University of Michigan, from which she has received, in addition to her undergraduate degree, an M.B.A. in Finance and a Ph.D. in Finance and Business Economics. She is a member of Phi Kappa Phi and Beta Gamma Sigma societies. Dr. Seger was Commissioner of Financial Institutions for the State of Michigan during 1981-82. In this position she was chief State regulator of banks, savings and loan associations and credit unions. She is a former member of the Economic Advisory Board of the U.S. Department of Commerce. Dr. Seger first became associated with the Federal Reserve System in 1964, when she became a financial economist at the Board of Governors. She continued her work at the Board until 1967, doing research on capital markets and financial institutions. During the ten years beginning 1967 Dr. Seger was in private banking. She became chief economist at the Detroit Bank & Trust Company in that year and in 1974 she became Vice President of the Bank of the Commonwealth in Detroit, in charge of economic research and the bank's investment program. In 1976 Dr. Seger was named one of the Top 100 Corporate Women in America by Business Week. During the years 1976-84 Dr. Seger was engaged in teaching and economic consulting except during her service as Commissioner of Financial Institutions in Michigan in 1981-82. From 1976 to 1979 she was Adjunct Professor at the University of Michigan and Lecturer in Finance at the University of Windsor. In 1980 she became Associate Professor of Economics and Finance at Oakland University. Dr. Seger was on the staff of the New Mexico School of Banking at the University of New Mexico during 1978-84, and was a lecturer at the Prochnow School of Banking at Madison 1982-83, and The Northern School of Banking at Marquette, Michigan in 1982. During 1983 and until her appointment to the Board of Governors, Dr. Seger was Professor of Finance, Central Michigan University, at Mt. Pleasant, Michigan.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -7During this period Dr. Seger also held directorships at New England Life Insurance Co., at Boston (1974-77), where she was in addition an Advisory Board Member, and at Pontiac State Bank, in Michigan (1980). In 1983-84 Dr. Seger was a director of Comerica, Inc. and Comerica Bank, Detroit. Dr. Seger is a member of the Economic Club of Detroit, the National Association of Business Economists, the American Economics Association, the American Finance Association and the Women's Economic Club. She was a Board Member of the Michigan Blue Cross/Blue Shield in 1974-75 and Corporate Member, 1975-76, as well as a Budget Review Panel Member of the Madison Blue Cross/ Blue Shield Protective Reimbursement System. Dr. Seger's other activities and memberships include the President's Club, University of Michigan; Associate, William L. Clements Library; member of the Mariners Church of Detroit, where she was formerly vestry member and treasurer; Founders' Society, Detroit Institute of Arts, and Chairman of the Economic Advisory Council of the Republican Caucus, Michigan Senate.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -0-  Membership of the Board of Governors of the Federal Reserve System, 1913-84 APPOINTIVE MEMBERS' Name  Federal Reserve District  Date of initial oath of office  Other dates and information relating to membership,  Aug. 10, 1914  Reappointed in 1916 and 1926. Served until Feb. 3, 1936.3 Term expired Aug. 9, 1918. Resigned July 21, 1918. Term expired Aug. 9, 1922. Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936.3 Resigned Mar. 15, 1920. Term expired Aug. 9, 1920. Reappointed in 1928. Resigned Sept. 14, 1930. Term expired Mar. 4, 1921. Resigned May 12, 1923. Died Mar. 22, 1923. Resigned Sept. 15, 1927. Reappointed in 1931. Served until Feb. 3, 1936.4 Died Nov. 28, 1930. Resigned Aug. 31, 1930. Resigned May 10, 1933. Term expired Jan. 24, 1933. Resigned Aug. 15, 1934. Reappointed in 1936 and 1948. Resigned May 31, 1961. Served until Feb. 10, 1936.3 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. Resigned Sept. 30, 1937. Served until Apr. 4, 1946.3 Reappointed in 1942. Died Dec. 2, 1947. Resigned July 9, 1936. Reappointed in 1940. Resigned Apr. 15, 1941. Served until Sept. 1, 1950.3 Served until Aug. 13, 1954.3 Resigned Nov. 30, 1958. Died Dec. 4, 1949. Resigned Mar. 31, 1951. Resigned Jan. 31, 1952. Resigned June 30, 1952. Reappointed in 1956. Term expired Jan. 31 1970. Reappointed in 1958. Resigned Feb. 28, 1965. Reappointed in 1964. Resigned Apr. 30, 1973. Served through Feb. 28, 1966. Died Oct. 21, 1954. Retired Apr. 30, 1967. Reappointed in 1960. Resigned Sept. 18, 1963.  Charles S. Hamlin  Boston  Paul M. Warburg Frederic A. Delano W.P.G. Harding Adolph C. Miller  New York Chicago Atlanta San Francisco  Albert Strauss Henry A. Moehlenpah Edmund Platt  New York Chicago New York  Oct. 26, 1918 Nov. 10, 1919 June 8, 1920  David C. Wills John R. Mitchell Milo D. Campbell Daniel R. Crissinger George R. James  Cleveland Minneapolis Chicago Cleveland St. Louis  Sept. 29, 1920 May 12, 1921 Mar. 14, 1923 May 1, 1923 May 14, 1923  Edward H. Cunningham...Chicago Minneapolis Roy A. Young New York Eugene Meyer Kansas City Wayland W. Magee Atlanta Eugene R. Black Chicago M.S. Szymczak  do Oct. 4, 1927 Sept. 16, 1930 May 18, 1931 May 19, 1933 June 14, 1933  J.J. Thomas Marriner S. Eccles  Kansas City San Francisco  New York Joseph A. Broderick Cleveland John K. McKee Atlanta Ronald Ransom Dallas Ralph W. Morrison Richmond Chester C. Davis New York Ernest G. Draper Richmond Rudolph M. Evans James K. Vardaman, Jr. ..St. Louis Boston Lawrence Clayton Philadelphia Thomas B. McCabe Atlanta Edward L. Norton Minneapolis Oliver S. Powell New York Wm. McC. Martin, Jr. A.L. Mills, Jr J.L. Robertson C. Canby Balderston Paul E. Miller Chas. N. Shepardson G.H. King, Jr.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  San Francisco Kansas City Philadelphia Minneapolis Dallas Atlanta  do do do do  do Nov. 15, 1934 Feb. 3, 1936 do do Feb. 10, 1936 June 25, 1936 Mar. 30, 1938 Mar. 14, 1942 Apr. 4, 1946 Feb. 14, 1947 Apr. 15, 1948 Sept. 1, 1950 do April 2, 1951 Feb. 18, 1952 do Aug. 12, 1954 Aug. 13, 1954 Mar. 17, 1955 Mar. 25, 1959  Federal Reserve District  Name  Date of initial oath of office  Other dates and information relating to membership2 Reappointed in 1962. Served until Feb. 13, 1976.3 Served until Mar. 8, 1974.3 Served through May 31, 1972. Resigned Aug. 31, 1974. Reappointed in 1968. Resigned Nov. 15, 1971. Term began Feb. 1, 1970. Resigned Mar. 31, 1978. Resigned June 1, 1975. Resigned Jan. 2, 1976. Resigned May 15, 1976.  George W. Mitchell  Chicago  Aug. 31, 1961  J. Dewey Daane Sherman J. Maisel Andrew F. Brimmer William W. Sherrill Arthur F. Burns  Richmond San Francisco Philadelphia Dallas New York  Nov. 29, 1963 Apr. 30, 1965 Mar. 9, 1966 May 1, 1967 Jan. 31, 1970  John E. Sheehan Jeffrey M. Bucher Robert C. Holland Henry C. Wallich Philip E. Coldwell Philip C. Jackson, Jr. J. Charles Partee Stephen S. Gardner David M. Lilly G. William Miller Nancy H. Teeters Emmett J. Rice Frederick H. Schultz Paul A. Volcker Lyle E. Gramley Preston Martin Martha R. Seger  St. Louis San Francisco Kansas City Boston Dallas Atlanta Richmond Philadelphia Minneapolis San Francisco Chicago New York Atlanta Philadelphia Kansas City San Francisco Chicago  Jan. 4, 1972 June 5, 1972 June 11, 1973 Mar. 8, 1974 Oct. 29, 1974 July 14, 1975 Jan. 5, 1976 Feb. 13, 1976 June I, 1976 Mar. 8, 1978 Sept. 18, 1978 June 20, 1979 July 27, 1979 Aug. 6, 1979 May 28, 1980 Mar. 31, 1982 July 2, 1984  Chairmen's Aug 10, 1914-Aug 9, 1916 Charles S. Hamlin Aug 10, 1916-Aug 9, 1922 W.P.G. Harding May 1, 1923-Sept. 15, 1927 Daniel R. Crissinger Oct. 4, 1927-Aug. 31, 1930 Roy A. Young Sept. 16, 1930-May 10, 1933 Eugene Meyer May 19, I933-Aug. 15, 1934 Eugene R. Black Nov. 15, 1934-Jan. 31, 1948 Marriner S. Eccles Apr. 15, 1948-Mar. 31, 1951 Thomas B. McCabe Wm. McC. Martin, Jr....Apr. 2, 1951-Jan. 31, 1970 Feb. 1, 1970-Jan 31, 1978 Arthur F. Burns Mar. 8, 1978-Aug. 6, 1979 G. William Miller Aug. 6, 1979Paul A. Volcker  Served through Feb. 29, 1980. Resigned Nov. 17, 1978. Died Nov. 19, 1978. Resigned Feb. 24, 1978. Resigned Aug. 6, 1979. Served through June 27, 1984. Served through Feb. 11, 1982.  Vice Chairmen's Frederic A Delano Paul M Warburg Albert Strauss Edmund Platt J.J. Thomas Ronald Ransom C Canby Balderston J.L. Robertson George W. Mitchell Stephen S Gardner Frederick H Schultz Preston Martin  Aug. 10, 1914-Aug. 9, 1916 Aug. 10, 1916-Aug. 9, 1918 Oct. 26, 1918-Mar. 15, 1920 July 23, 1920-Sept. 14, 1930 Aug. 21, 1934-Feb. 10, 1936 Aug. 6, 1936-Dec. 2, 1947 Mar. 11, 1955-Feb. 28, 1966 Mar. I, 1966-Apr. 30, 1973 May 1, 1973-Feb. 13, 1976 Feb. 13, 1976-Nov. 19, 1978 July 27, 1979-Feb. 11, 1982 Mar. 31, 1982-  EX-OFFICI0 MEMBERS' Secretaries of the Treasury Dec. 23, 1913-Dec. 15, 1918 W.G. McAdoo Dec 16, 1918-Feb. 1, 1920 Carter Glass Feb. 2, 1920-Mar. 3, 1921 David F. Houston Mar. 4, 1921-Feb 12, 1932 Andrew W. Mellon Feb. 12, 1932-Mar. 4, 1933 Ogden L. Mills Mar. 4, 1933-Dec. 31, 1933 William H. Woodin Henry Morgenthau, Jr. „Jan. 1, 1934-Feb. 1, 1936  Comptrollers of the Currency John Skelton Williams ...Feb. 2, 1914-Mar. 2, 1921 Mar. 17, 192I-Apr. 30, 1923 Daniel R Crissinger May 1, I923-Dec. 17, 1924 Henry M Dawes Dec. 20, 1924-Nov. 20, 1928 Joseph W McIntosh Nov. 21, 1928-Sept. 20, 1932 J.W.Pole May 11, 1933-Feb. 1, 1936 J.F.T. O'Connor  I. Under the provisions of the original Federal Reserve Act, the Federal Reserve Board was composed of seven members, including five appointive members, the Secretary of the Treasury, who was ex-officio chairman of the Board, and the Comptroller of the Currency. The original term of office was ten years, and the five original appointive members had terms of two, four, six, eight, and ten years respectively. In 1922 the number of appointive members was increased to six, and in 1933 the term of office was increased to twelve years. The Banking Act of 1935, approved Aug. 23, 1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System and provided that the Board should be composed of seven appointive members; that the  Secretary of the Treasury and the Comptroller of the Currency should continue to serve as members until Feb. 1, 1936; that the appointive members in office on the date of that act should continue to serve until Feb. 1, 1936, or until their successors were appointed and had qualified; and that thereafter the terms of members should be fourteen years and that the designation of Chairman and Vice Chairman of the Board should be for a term of four years. 2. Date after words "Resigned" and "Retired" denotes final day of service. 3. Successsor took office on this date. 4. Chairman and Vice Chairman were designated Governor and Vice Governor before Aug. 23, 1935.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1984 BLACK MEMBERS OF BOARDS OF DIRECTORS Reserve Bank head office boards  Boston New York Philadephia Cleveland Richmond Atlanta  Class C  Class B  Class A  Bank  Thomas I. Atkins Clifton R. Wharton, Jr. Carl E. Singley Lewis R. Smoot Robert S. Chiles, Sr. Horatio C. Thompson  Reserve Bank branch boards  Branch Buffalo Pittsburgh Baltimore Charlotte Birmingham Nashville New Orleans Detroit Memphis Houston Los Angeles  1/ 2/ a/ -_  Chairman Chairman Pro Tern Former Chairman   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Bank Appointed  Board Appointed Laval S. Wilson Milton A. Washington  Pearl C. Brackett Henry Ponder 1/ Louis J. Willie 3/ Samuel H. Howard 3/ Roosevelt Steptoe _ Karl D. Gregory Patricia W. Shaw 1/ George V. Smith, -S-r. 2/ Lola M. McAlpin-Grant—  1984 BLACK MEMBERS OF BOARDS OF DIRECTORS  BOSTON  RICHMOND  Mr. Thomas I. Atkins General Counsel National Association for the Advancement of Colored People (NAACP) 186 Remsen Street Brooklyn, NY 11201  Mr. Robert S. Chiles, Sr. President and Chief Exec. Officer Greensboro National Bank P.O. Box 22046 Greensboro, NC 27420  NEW YORK Dr. Clifton R. Wharton, Jr. Chancellor State University of New York System State University Plaza Albany, NY 12246 Buffalo Dr. Laval S. Wilson Superintendent of Schools City School District 131 West Broad Street Rochester, NY 14608  Baltimore Dr. Pearl C. Brackett Deputy Manager (Retired) Baltimore Regional Chapter American Red Cross 4100 North Charles Street Baltimore, MD 21218 Charlotte Dr. Henry. Ponder President Benedict College Harden and Blanding Streets Columbia, SC 29204  ATLANTA PHILADELPHIA Mr. Carl E. Singley Dean and Professor of Law Temple University Law School 1719 North Broad Street Philadelphia, PA 19122  CLEVELAND Mr. Lewis R. Smoot, Sr. Sherman R. Smoot Co. 907 North 23rd Street Columbus, OH 43219 Pittsburgh Mr. Milton A. Washington President and Chief Exec. Officer Allegheny Housing Rehabilitation Corporation 5604 Baun Boulevard 15206 Pittsburgh, PA   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Mr. Horatio C. Thompson President Horatio Thompson Investment, Inc. P.O. Box 1027 Baton Rouge, LA 70821 Birmingham Mr. Louis J. Willie Executive Vice President Booker T. Washington Insurance Co. P.O. Box 697 Birmingham, AL 35201 Nashville Mr. Samuel H. Howard Vice President and Treasurer Hospital Corporation of America P.O. Box 550 Nashville, TN 37202  -2-  BLACK MEMBERS OF BOARDS OF DIRECTORS New Orleans  Houston  Professor Roosevelt Steptoe Professor of Economics Southern University Baton Rouge Campus 3666 Ashwood Avenue Baton Rouge, LA 70807  Mr. George V. Smith, Sr. President Smith Pipe Companies, Inc. P. O. Box 24099 Houston, TX 77229 Los Angeles  Detroit Dr. Karl D. Gregory Professor; Management and Economic Consultant School of Economics and Management Oakland University Rochester, MI 48063 Memphis Mrs. Patricia W. Shaw President and CEO Universal Life Insurance Company P.O. Box 241 Memphis, TN 38101   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Mrs. Lola M. McAlpin-Grant Attorney 1608 Centinela Inglewood, CA 90302  WOMEN MEMBERS OF SYSTEM BOARDS OF DIRECTORS  Boston Mrs. Matina S. Horner President Radcliffe College Cambridge, Massachusetts  Mrs. Jane C. Cousins President and Chief Executive Officer Merrill Lynch Realty/Cousins Miami, Florida Birmingham  New York Mrs. Gertrude G. Michelson Senior Vice President R. H. Macy & Company, Inc. New York, New York  Miss Martha A. McInnis Executive Vice President EnviroSouth, Inc. Montgomery, Alabama Jacksonville  Buffalo Miss M. Jane Dickman Partner Touche Ross & Co. Buffalo, New York  Mrs. JoAnn Doke Smith Co-Owner Smith Brothers Micanopy, Florida Miami  Philadelphia Mrs. Jo Anne Brinzey Cashier and Chief Executive Officer The First National Bank at Gallitzin Gallitzin, Pennsylvania  Ms. Sue McCourt Cobb Attorney Greenberg, Traurig, Askew, Hoffman, Lipoff, Rosen and Quentel, P.A. Miami, Florida Nashville  Cincinnati Sister Grace Marie Hiltz President Sisters of Charity Health Care Systems, Inc. Cincinnati, Ohio Baltimore Dr. Pearl C. Brackett Deputy Manager (Retired) Baltimore Regional Chapter of American Red Cross Baltimore, Maryland Atlanta Mrs. Mary W. Walker President The National Bank of Walton County Monroe, Georgia   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Mrs. Patsy R. Williams Partner Rhyne Lumber Company Newport, Tennessee New Orleans Ms. Sharon A. Perlis Attorney Metairie, Louisiana Chicago Mrs. Mary Garst Manager of Cattle Division Garst Company Coon Rapids, Iowa  WOMEN MEMBERS OF SYSTEM BOARDS OF DIRECTORS  St. Louis  El Paso  Mrs. Mary P. Holt President Clothes Horse Little Rock, Arkansas  Mrs. Mary Carmen Saucedo Associate Superintendent El Paso Independent School District El Paso, Texas  Little Rock  Houston  Mrs. Shirley J. Pine Department of Communicative Disorders University of Arkansas at Little Rock Little Rock, Arkansas  Mrs. Marcella D. Perry President and Chief Executive Officer Heights Savings Association Houston, Texas  Louisville  Mrs. Caroline Leonetti Ahmanson Chairman of the Board Caroline Leonetti, Ltd. Beverly Hills, California  Sister Eileen M. Egan President Spalding University Louisville, Kentucky Memphis Mrs. Patricia W. Shaw President and Chief Executive Officer Universal Life Insurance Co. Memphis, Tennessee Minneapolis Sister Generose Gervais Administrator St. Marys Hospital Rochester, Minnesota Kansas City Dr. Doris M. Drury Professor of Economics University of Denver Englewood, Colorado Oklahoma City Mrs. Patience S. Latting Former Mayer Oklahoma City, Oklahoma   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  San Francisco  Los Angeles Mrs. Lola M. McAlpin-Grant Attorney Inglewood, California Portland Ms. Carolyn S. Chambers President Chambers Cable Company, Inc. Eugene, Oregon Salt Lake City Mrs. Lela M. Ence Executive Director University of Utah Alumni Assoc. Salt Lake City, Utah Seattle Mrs. Carol A. Birkholz Managing Partner Laventhol and Horwath Seattle, Washington  4  BOARD OF GOVERNORS OF THE  FEDERAL RESERVE SYSTEM  Office Correspondence To  Date  October 31  Marriner Eccles' Views on the Structure of Bank Supervisory Authority and the Role of the Federal Reserve  Subject:  Chairman Volcker  FromDonald L. Kohn  Marriner Eccles' views on the structure of bank regulation and supervision and the role of the Federal Reserve in that process can be characterized quite simply:  Eccles thought that bank supervision and  regulation should be unified under one agency, and that agency should be the Federal Reserve.  His beliefs on these matters were sufficiently  strong that he told Roosevelt prior to both his 1940 and 1944 renominations as Chairman that he wished not to be reappointed unless the Administration took steps to propose at least unification of bank regulation, even if not under the Federal Reserve. 1 Eccles argued that divided responsibility had led to the uneven regulation of banks depending on their chartering agency, insurance status, and membership in the Federal Reserve System.  A number of laws  applied to only some classes of banks, and others, while pertaining to all banks, were interpreted differently depending on the orientation of the primary supervisors.  He was especially concerned that member  banks banks were subject to more restrictive laws, which had discouraged from joining the Federal Reserve System.  Moreover, in the 1930's,  efforts to deal with troubled bank situations apparently had encountered delays because of the necessity to reach agreement with so many  1.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1983  These episodes are recounted in two separate chapters of his autobiography, Beckoning Frontiers--one entitled "Competition in Laxity" and the other "A House Divided."  -2authorities.' In 1936, at Eccles' initiative, the Fed, Comptroller, and FDIC reached agreement on uniform examination procedures.  Even so,  Eccles was concerned that the policy would not be applied uniformly. Eccles' principle concern with the division of authority was not so much the overlapping jurisdiction and conflicting interpretations, however, as it was the difficulty under the existing arrangements of harmonizing supervisory policy with money and credit policy in the pursuit of macroeconomic stability.  Eccles reports that there was some feeling in  the 1930's (which he clearly shared) that overly restrictive examination and supervision had inhibited the banks from extending the credit necessary to the economic recovery.  The general proposition concerning  the relationship of credit and supervisory policies was given in the 1938 Annual Report (p. 16):  "Such [supervisory] policies must look not  only to the status of individual hanks and the safeguarding of the interests of depositors but also to the maintenance of sound credit conditions in the aggregate and a sound banking system, without which credit policies can not be effectively put into operation." Since the Federal Reserve was the only banking agency that also had responsibility for aggregate credit policy it was the agency in which the unified supervision ought to be vested.  This view is  stated most directly in the following paragraphs from Beckoning Frontiers pp. 266-267), which summarize a memorandum Eccles sent to President Roosevelt in November 1936.  1.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Some of these arguments are taken from the 1938 Federal Reserve Annual Report, rather than directly from Eccles' writings. In Beckoning Frontiers Eccles notes that this Annual Report was written to attract Congress' attention to the need for unification, Eccles having dispaired of reaching agreement first with the other regulators involved.  -3-  "How can the Reserve System fulfill its responsibility of helping to maintain economic stability when the control of the nation's banking system, through which it is supposed to work, is divided between state and federal authorities, and among federal authorities? And again, how can the Reserve System bring the banking system under its influence when the law allows state banks to get FDIC insurance but does not require them to join the Reserve System? Or when it imposes burdens on members of the Reserve System--most notably in the matter of control over reserves--of which nonmembers are free? Or when the power of federal authorities to conduct bank examinations and issue regulations is divided among the FDIC, the Comptroller of the Currency, and the Federal Reserve Board, each of which has a different interest to be served by the examinations it conducts and the regulations it issues? The answer to these questions, too, seemed simple e enough, at least tome. So long as the Federal Reserv and ry moneta for ty sibili is charged with primary respon the credit management, it is only reasonable to give it In ties. sibili respon means with which to carry out its of s member be to specific terms, if state banks choose the FDIC and to enjoy the benefits offered by that to government agency, then they should also be obliged be would they join the Federal Reserve System, where csubjected, as are national banks, to credit restri . ements tions such as those affecting reserve requir idate consol to Furthermore, it seems only reasonable bank examination and regulatory functions under the single roof of the Reserve System since these functions are directly related to the maintenance of economic stability, with which the System is primarily concerned. Clearly, if the System is committed to a policy of monetary ease in times of depression, then bank-examination policies should follow a similar connitment. Or if the System is committed to a policy of credit stringency in order to curb an imminent inflation, then bank-examination policy should be brought in line with that same intention. Neither action was possible, however, so long as examinations were also devised by the FDIC and the Comptroller, whose personnel were disposed to follow the same ions. policies regardless of prevailing economic condit from conEccles felt that opposition to his proposal arose (especially after the cern about a greater centralization of power   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  4  -4to the dual banking Roosevelt court-packing plan), a perceived threat dual chartering, system (Eccles always claimed he would not abolish to the Conference although he came close to advocating this in a speech imposed greater of State Bank Supervisors, and he clearly would have desires by bankers uniformity in state supervision and regulation), and to keep regulation weak and divided.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  May 1982  PRESIDENTS OF THE FEDERAL RESERVE BANKS  The Federal Reserve Act provides that the president of a Federal Reserve Bank shall be  4  --The chief executive officer of the Bank; --Appointed by the Board of Directors of the Bank, with the approval of the Board of Governors of the Federal Reserve System; --For a term of five years. The terms of all the presidents of the 12 District Banks run concurrently, ending on the last day of February of years numbered 6 and 1 (for example, 1981, 1986, and 1991). The appointment of a president who takes office after a term has begun ends upon the completion of that term. A president of a Reserve Bank may be reappointed after serving a full term or an incomplete term. Reserve Bank presidents are subject to mandatory retirement upon becoming 65 years of age. *  *  *  *  *  *  *  *  *  * *  *  First District Head office at BOSTON, Mass. No branches Covers the States of Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and all but Fairfield County in Connecticut. MORRIS, Frank E. -- Took office August 15, 1968, as the tenth chief executive of the First District Federal Reserve Bank, at Boston. Mr. Morris is currently serving a full term that began March 1, 1981. , in Detroit, Michigan. He FRANK E. MORRIS was born received a B.A. from Wayne University in 1948, a Masters Degree from the University of Michigan in 1949 and a Doctorate in Economics from the University of Michigan in 1955. Mr. Morris was in the United States Army Air Force from 1942 to 1945. After teaching economics at the University of Michigan, 1949-51, he worked in the Office of Price Stabilization as an economist during the Korean War. Mr. Morris became Research Director of the Investment Bankers Association of America in 1955, continuing there until 1961. He was an Assistant to the his Secretary of the Treasury for Debt Management, 1961-63 and subsequently, until Vice a was of Boston, Bank Reserve appointment as President of the Federal President of Loomis, Sayles Co., Inc. in Boston. Since becoming head of the First District Bank Mr. Morris has been Chairman of the Conference of Presidents of the Federal Reserve Banks (1974-75) and has served on special System committees established to examine the procedures for formulating and implementing the domestic monetary policy directive of the Federal   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -2Open Market Committee. Mr. Morris has served on a number of civic bodies including the Mayor's Business Advisory Group, Boston; the Boston Economic Development and Industrial Commission and the Board of Counsellors, Smith College and the Advisory Council to the Coalition of Northeast Governors.  Second District Head office at NEW YORK, New York. Branch bank at Buffalo, New York Covers the State of New York; Fairfield County in Connecticut and 12 counties in northern New Jersey. SOLOMON, Anthony M. -- Took office April 1, 1980 as the sixth chief executive of the Second District Federal Reserve Bank, at New York. Mr. Solomon is currently serving a full term that began March 1, 1981. at Arlington, New Jersey. ANTHONY M. SOLOMON was born At the time of his appointment to head the Second Federal Reserve District, Mr. Solomon was Undersecretary for Monetary Affairs of the United States Treasury, where since 1977 he had been responsible for management of the national debt and for international monetary affairs, among other matters. Mr. Solomon received a bachelor's degree in economics from the University of Chicago in 1941, a Master's Degree in economics and public administration from Harvard University in 1948 and he completed a doctoral thesis in economics at Harvard in 1950. Mr. Solomon has had a broad range of experience in business, finance, teaching and governmental service. He has taught on the faculty of the Harvard Business School, and, for ten years beginning in 1951, operated publishing and food processing businesses. He was Assistant Secretary of State for Economic Affairs from 1965 to 1969. From 1969 to 1972 Mr. Solomon was president of the International Investment Corporation for Yugoslavia, with offices in London. In 1972 and 1973, he was special consultant to the Chairman of the U.S. House of Representatives Ways and Means Committee in developing trade legislation later known as the Trade Act of 1974. Mr. Solomon's appointment as President of the Federal Reserve Bank of New York continued and intensified his concern with the monetary policy matters on which he had worked closely with the Federal Reserve as Undersecretary of the Treasury. As President of the Federal Reserve Bank of New York he is a continuing member, and Vice Chairman, of the Federal Open Market Committee, the Federal Reserve System's chief monetary policy making body.  Third District Head office at PHILADELPHIA, Pa. No branches. Covers the State of Delaware; nine counties in southern New Jersey and 48 counties in the eastern two-thirds of Pennsylvania. BOEHNE, Edward G. -- Took office February 1, 1981 as the eighth chief executive of the Third District Federal Reserve Bank, at Philadelphia. Mr. Boehne is currently serving a full term that began March 1, 1981. at Evansville, Indiana. He joined EDWARD G. BOEHNE was born an economist and has served in a 1968 as Bank in Reserve the Philadelphia Federal  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -3-  •  number of positions, including Vice President and Director of Research, beginning in 1971 and Senior Vice President in 1973. Prior to becoming President, Mr. Boehne had wide ranging responsibilities in supervision and regulation, the discount window, monetary policy, economic research, consumer affairs and bank and public relations. Mr. Boehne received his undergraduate and graduate education at Indiana University, including an M.B.A., M.A. and Ph.D. (Economics-1968). He has taught at Indiana University, Temple University and Bradley University. While teaching economics at Indiana, he received the Lieber Award for Outstanding Teaching. He was elected to the Indiana University Academy of Alumni Fellows in 1982. Some of his activities in Mr. Boehne is active in community affairs. League of Philadelphia, Urban the of Director recent years include service as a Philadelphia Chamber of Greater the Development, the Center for Philadelphia Area a Trustee of the also is He Center. Commerce, and the Global Interdependence He has been Partnership. Philadelphia Greater Baldwin School and a partner in the Chairman of the Fellowship Chairman of the Chamber's Human Resources Council, for the City of Philadelphia, Revision Charter on Commission's Finance Task Force Finance Committee. He is a former member as well as Chailman of the Urban League's Committee and of the Governor's (Pennsylvania) of the Mayor's (Philadelphia) Tax Review received the Governor's Citation in 1978 Economic Advisory Committee. Mr. Boehne Pennsylvania. for outstanding service to the citizens of  Fourth District Head office at CLEVELAND, Ohio. Branch Banks at Cincinnati, Ohio and Pittsburgh, Pa. Covers the State of Ohio; 56 counties in eastern Kentucky, 19 counties in western Pennsylvania and six counties in northern West Virginia. HORN, Karen N. -- Took office May 1, 1982, as the seventh chief executive of the Fourth District Federal Reserve Bank, at Cleveland. Mrs. Horn is completing a term that began March 1, 1981. in Los Angeles, California. KAREN N. HORN was born on She received her B.A. from Pomona College in 1965 and her Ph.D. in Economics from Johns Hopkins University in 1971. At the time she was named President of the Cleveland Federal Reserve Bank, Mrs. Horn was Treasurer of Bell of Pennsylvania where she was employed beginning 1978. She was also a Director of the T. Rowe Price Prime Reserve Fund and the T. Rowe Price Tax Exempt Money Fund and President of the Walnut Street Theatre. Prior to this, Mrs. Horn was Vice President and Economist at the First National Bank of Boston. She was a Trustee of New England Deaconess Hospital. Earlier, she was an economist for the Federal Reserve System, Board of Governors, in Washington, D.C. Mrs. Horn has taught at Johns Hopkins University, Simmons College, Williams College School of Banking, and Wharton School, University of Pennsylvania.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -4Fifth District Head office at RICHMOND, Va. Branch Banks at Baltimore , Md. and Charlotte, N.C. Covers the States of Maryland, Virginia, North Carolina and South Carolina; 49 counties comprising the bulk of West Virginia, and the District of Columbia. BLACK, Robert P. -- Took office August 6, 1973, as the fifth chief executive of the Fifth District Federal Reserve Bank, at Richmond. Mr. Black is currently serving a full term that began March 1, 1981. ROBERT P. BLACK was born , at Hickman, Kentucky. He was educated at the University of Virginia, where he received a B.A. in Economics in 1950, an M.A. in Economics in 1951, and a Ph.D. in Economics in 1955. He served in the U.S. Army during 1946-1947. He taught economics at the University of Virginia and the University of Tennessee in the period from 1953 to 1957. Mr. Black first became associated with the Federal Reserve Bank of Richmond as a temporary employee in 1954 and joined the Bank on a permanent basis as an associate economist in 1956. Over the next seventeen years he was successively economist, Assistant Vice President, Vice President, and First Vice President (1968-73). Mr. Black has lectured on economics at the Industrial College of the Armed Forces, the schools of banking of all the state banking associations in the Fifth District, and the School of Banking of the South at Louisiana State University. He is a member of the American Economic Association, the American Finance Association, the Richmond Society of Financial Analysts, and the Southern Economic Association. Mr. Black is active in civic affairs and has served as President of the United Way of Greater Richmond; Chairman of the Board of Trustees of the Collegiate schools; President of the Richmond Chapter of Phi Beta Kappa; Chairman of the Main-to-theJames Development Committee; and Treasurer of Downtown Development, Unlimited (Richmond).  Sixth District Head office at ATLANTA, Georgia. Branch Banks at Birmingham, Alabama; Jacksonville and Miami, Florida; Nashville, Tennessee; New Orleans, Louisiana. Covers the States of Alabama, Florida and Georgia; 74 counties in the eastern two-thirds of Tennessee; 38 parishes of southern Louisiana and 43 counties of southern Mississippi. FORD, William F. -- Took office August 1, 1980, as the 11th chief executive of the Sixth District Federal Reserve Bank, at Atlanta. Mr. Ford is currently serving a full term that began March 1, 1981. WILLIAM F. FORD was born , at Huntington, New York. He earned a Phi Beta Kappa award, from the University of Texas chapter, for his undergraduate work in economics at the University of Texas at Austin. He received a Masters Degree and a doctorate, in economics, at the University of Michigan, in 1962 and 1966 respectively. Mr. Ford graduated in 1954 from the Brooklyn (New York City) Technical High School and subsequently served in the submarine service of the United States Navy between 1954 and 1957.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -5At the time he was named President of the Atlanta Federal Reserve Bank Mr. Ford was Senior Vice President and Chief Economist of Wells Fargo Bank, where he was employed beginning in 1975. He was also a member of the boards of directors of Wells Fargo Realty Advisors and Wells Fargo Credit Corporation. Prior to his service at Wells Fargo, Mr. Ford was Executive Director and Chief Economist of the American Bankers Association, in Washington, D.C. He has taught on the faculties of the University of Michigan and the University of Virginia and has served on the staff of the Rand Corporation. In addition, he has served on the faculties of the Stonier, Wisconsin and Southwestern graduate schools of banking. His publications include a book length study, Mexico's Foreign Trade and Economic Development (New York: Frederick A. Praeger, 1968), and numerous articles and reviews in academic and business journals.  Seventh District Head office at CHICAGO, Illinois. Branch Bank at Detroit, Michigan Covers the State of Iowa; 68 counties of northern Indiana; 50 counties of northern Illinois; 68 counties of southern Michigan and 46 counties of southern Wisconsin. KEEHN, Silas -- Took office July 1, 1981 as the seventh chief executive of the Seventh Federal Reserve Bank, at Chicago. Mr. Keehn was appointed to complete a term that began March 1, 1981. at New Rochelle, New York. He was SILAS KEEHN was born graduated in 1952 from Hamilton College at Clinton, New York with an A.B. in economics and from Harvard University Graduate School of Business Administration in 1957 with an M.B.A. in finance. Mr. Keehn joined occupied a wide range of Executive Vice President time he also became Vice the same year, Mr. Keehn  Mellon Bank at Pittsburgh, Pennsylvania in 1957, where he domestic and international managerial positions, becoming in 1978 and Vice Chairman of the Board in 1980. At that Chairman of the Board of Mellon National Corporation. In became Chairman of the Board of Pullman, Inc., at Chicago.  Mr. Keehn was on active duty with the U.S. Navy, 1953-1956, and is a member of the United States Naval Reserve. While he was in Pittsburgh, Mr. Keehn was active in a number of civic and industrial enterprises and was a Director and Chairman of the Board of the Eye & Ear Hospital of Pittsburgh; Director, Western Pennsylvania Hospital; Trustee of the University of Pittsburgh Health Center; Trustee and Vice Chairman of the Winchester-Thurston School; Director of the United Way of Allegheny County; and Director, Fisher Scientific Company. He is a Charter Trustee of Hamilton College, Clinton, New York, and is a Trustee of Rush-Presbyterian-St. Luke's Medical Center. Mr. Keehn was a member of the Association of Reserve City Bankers from 1974-1980.  Eighth District Head office at ST. LOUIS, Mo. Branch Banks at Little Rock, Ark., Louisville, Ky. and Memphis, Tenn. Covers the State of Arkansas; 44 counties in southern Illinois, 24 counties in southern Indiana, 64 counties in western Kentucky, 39 counties in northern Mississippi, 71 counties in central and east Missouri and the City of St. Louis and 21 counties in western  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Tennessee.  -6ROOS, Lawrence K. -- Took office March 22, 1976, as the eighth chief executive of the Eighth District Federal Reserve Bank, at St. Louis. Mr. Roos is currently serving a full term that began March 1, 1981. LAWRENCE K. graduated from Yale Army in Europe from became the youngest  ROOS was born University in 1941 to 1944, member of the  in St. Louis on . He was 1940 with a B.A. degree. He served with the U.S. rising from private to major. In 1946 Mr. Roos Missouri House of Representatives.  Mr. Roos returned to private life in 1950 and until 1962 was a commercial bank executive, as President of Mound City Trust Company and as Chairman of the First Security Bank (St. Louis). From 1962 to 1974 he was County Executive (chief elected official) of St. Louis County. He served two terms as Chairman and member of the Board of Directors of the East-West Gateway Coordinating Council (St. Louis area regional Council of Governments). In 1974, he returned to commerical banking as Executive Vice President and Director of the First National Bank in St. Louis. Mr. Roos has held presidential appointments to three national commissions and currently serves on the boards of directors of the Jewish Hospital of St. Louis, United Way of Greater St. Louis and the Central Institute for the Deaf. Mr. Roos has received honorary Doctor of Laws degrees from the University of Missouri (1975) and Westminster College in Fulton, Missouri (1980).  Ninth District Head office at MINNEAPOLIS, Minn. Branch Bank at Helena, Mont. Covers the States of Minnesota, Montana, North Dakota and South Dakota; 15 counties in northern Michigan and 26 counties in northern Wisconsin. CORRIGAN, E. Gerald -- Took office August 1, 1980 as the tenth chief executive of the Ninth District Federal Reserve Bank, at Minneapolis. Mr. Corrigan is currently serving a full term that began March 1, 1981. E. GERALD CORRIGAN was born in Waterbury, Connecticut. He holds a Ph.D. in economics from Fordham University. Mr. Corrigan was a senior vice president of the Federal Reserve Bank of New York on leave as a special adviser to the Chairman of the Federal Reserve Board at the time of his appointment to head the Ninth Reserve District. Mr. Corrigan joined the New York Reserve Bank as an economist in the domestic research division in August 1968. He became successively chief of the division, senior economist, the Bank's Corporate Secretary, Advisor and Vice President in charge of personnel affairs. In July 1976 Mr. Corrigan was named group vice president and officer in charge of the Bank's management and planning group, embracing all of the Bank's administrative functions. In January 1979 he was assigned to the domestic open market desk as a vice president and he was made a senior vice president in January 1980.  Tenth District Head office at KANSAS CITY, Mo. Branch Banks at Denver, Colo., Oklahoma City, Okla. and Omaha, Neb. Covers the States of Colorado, Kansas, Nebraska, and Wyoming; 43 counties in western Missouri, 14 counties in northern New Mexico and 69 counties comprising all but the southeast corner of Oklahoma.  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -7GUFFEY, James R. -- Took office March 1, 1976, as the seventh chief executive of the Tenth District Federal Reserve Bank, at Kansas City. Mr. Guffey is currently serving a full term that began March 1, 1981. , at Kingston, Missouri. He was ROGER GUFFEY was born graduated from the University of Missouri at Columbia in 1952 with a B.S. degree in Business Administration. He received a J.D. degree from that University and was admitted to the Missouri Bar in 1958. Mr. Guffey subsequently completed the Advanced Management Program at the Harvard University Graduate School of Business Administration. He practiced law in Kansas City from 1958 to 1968, in which year he joined the Federal Reserve Bank of Kansas City as General Counsel and Secretary. Mr. Guffey was named a Senior Vice President of the Bank in 1973. Mr. Guffey is a member of the Missouri Bar Association. His public Inc., United activities include service on the Greater Kansas City YMCA, Downtown, Kansas City Greater City, Kansas Greater of Council Civic Way, St. Luke's Hospital, -Columbia Missouri of University the and Theatre, Starlight Inc., Foreign Trade Zone, Commerce, the of Chamber City Kansas the with service and Board Fund Development and the Board of University of Missouri-Kansas City Banking Advisory Committee, of Merit and the Regents of Rockhurst College. He has received the Citation Faculty/Alumni Award from the University of Missouri-Columbia. Mr. Guffey has been Chairman of the Conference of Federal Reserve Bank Problems Presidents and Chairman of the Systemwide Legal Subcommittee on Rural Banking on served and of the Subcommittee of Counsel on Fiscal Agency Operations. He also Mechanism; Payments the the System Subcommittees on Labor Relations and on Improving Contract for New Currency Transthe Evaluation Committee for the Board of Governors Reserve Banks; the Task Federal portation Services; the Insurance Committee of the Task Force on Evaluation of Bank Performance, and he was Chairman of the System Force on Carrier Services.  Eleventh District Head office at DALLAS, Texas. Branch Banks at El Paso, Houston and San Antonio, Texas. Covers the State of Texas, 26 parishes in northern Louisiana, 18 counties in southern New Mexico and 8 counties in Oklahoma. BOYKIN, Robert H. -- Took office January 1, 1981 as the ninth chief executive of the Eleventh District Federal Reserve Bank, at Dallas. Mr. Boykin is currently serving a full term that began March 1, 1981. at Carlsbad, New Mexico. He ROBERT H. BOYKIN was born has been with the Federal lived most of his early years in western Texas. He the Dallas Bank in 1953. He Reserve System since joining the legal department of Senior Vice President became Vice President and Secretary of the Bank in 1968, served in the United States in 1971 and First Vice President in 1976. Mr. Boykin of Lieutenant, j.g. Navy from 1943 to 1947 and was discharged with the rank the University of Texas Mr. Boykin received B.B.A. and J.D. degrees from at Louisiana State and is a graduate of the School of Banking of the South, is a past chairman of and University. He is active in the Texas Bar Association . He has served on the Corporate Counsel Section of the Dallas Bar Association Steering Committee the a number of Federal Reserve System committees including First Vice Presidents' of Conference for the Review of System Service Levels and the Services. Automation on Committee Committee on Communications and Payments and Presidents. Vice First of Mr. Boykin was the 1980 Chairman of the Conference  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -8-Twelfth District Head office at SAN FRANCISCO, Calif. Branch Banks at Los Angeles, Calif. Portland, Ore., Salt Lake City, Utah and Seattle, Washington. Covers the States of Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah and Washington. BALLES, John J. -- Took office September 25, 1972, as the ninth of the Twelfth District Federal Reserve Bank, at San Francisco. executive chief serving a full term that began March 1, 1981. currently is Mr. Balles , at Freeport, Illinois. He received JOHN J. BALLES was born a B.S.C. degree from the University of Iowa in 1942 and an M.A. in economics there in 1947. In 1951 he received a Ph.D. in economics from Ohio State University. From 1943 to 1946 Mr. Balles served in the United States Army, European theater. Mr. Balles first became associated with the Federal Reserve System when he joined the Cleveland Federal Reserve Bank in 1954 as a Senior Financial Economist, following seven years teaching economics and money and banking at Ohio State University, where he was an assistant professor. Mr. Balles remained at the Cleveland Federal Reserve Bank until 1959, becoming Vice President in charge of the Bank's Credit Department and special adviser on monetary policy to the was ank's president. From 1959 until his appointment at San Francisco Mr. Balles Economics President, Vice Senior became at the Mellon Bank in Pittsburgh, where he and Corporate Planning. While he was in private banking Mr. Balles served on the Economic Advisory Committee and the Government Relations Council of the American Bankers Association and was Chairman of the Association's Special Committee on the Presidential Commission on Financial Structure and Regulation (the "Hunt Commission"). In 1965-66 he was President of the Pennsylvania Bankers Association, and from the 1968-72 he was Chairman of the Consulting Committee of Bank Economists to American Comptroller of the Currency. From 1966-72, he was director of North Rockwell Corporation. Mr. Balles is a member and former director of the American Finance Association and the National Association of Business Economists, and a member of the American Economics Association. He is the author of numerous articles on economic and financial subjects and is co-author of a book, "Principles of Money and Banking" (W. Norton and Company, Inc., New York, 1954). Mr. Balles has been active, since assuming with improving the his post at San Francisco, on special System committees dealing of the directives policy monetary formulation and implementation of the domestic mechanism, payments nation's the of improvement Federal Open Market Committee, with he serves as a and with regulation of international banking. In San Francisco, director of the Bay Area Council.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  * * *  Board of Governors of the Federal Reserve System Washington, D.C. 20551 Official Business Penalty for Private Use, $300   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Postage and Fees Paid Board of Governors of the Federal Reserve System  First Class  April 1982  THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM  MEMBERS  OF  The seven Members of the Federal Reserve Board are nominated by the President and confirmed by the Senate. A full term is 14 years. One term begins every two years, on February 1 of even-numbered years. A Member who serves a full term may not be reappointed. A Member who completes an unexpired portion of a term may be reappointed. All terms end on their statutory date regardless of the date on which the Member is sworn into office. The Chairman and the Vice Chairman of the Board are named by the President from among the Members of the Board, and are confirmed by the Senate. They serve a term of four years. A Member's term on the Board is not affected by his status as Chairman or Vice Chairman. * * * * * * * *  * * * *  VOLCKER, Paul A. -- Sworn in August 6, 1979 to fill the unexpired portion of a term as a Member of the Federal Reserve Board ending January 31, 1992. Mr. Volcker was designated Chairman of the Board for a four-year term beginning August 6, 1979. at Cape May, New Jersey. He PAUL A. VOLCKER was born earned his B.A. at Princeton University in 1949 and an M.A. in political economy and government at the Harvard University Graduate School of Public Administration in 1951. He attended the London School of Economics in 1951-52. Mr. Volcker's first association with the Federal Reserve System was as a summer employee at the Federal Reserve Bank of New York in 1949 and 1950. He returned to the New York Bank in 1952 as a full time economist, and remained with the Federal Reserve until 1957, when he became a financial economist at Chase Manhattan Bank. In 1962 Mr. Volcker joined the United States Treasury as Director of Financial Analysis and in 1963 he became Deputy Under Secretary of the Treasury for Monetary Affairs. From 1965 to 1969 he was a Vice President of Chase Manhattan Bank. In 1969 he was appointed Under Secretary of the Treasury for Monetary Affairs, where he remained until 1974. During this time Mr. Volcker was the principal United States negotiator in the development and installation of a new international monetary system departing from the fixed exchange rate system installed following World War II. He spent the academic year 1974-75 at Princeton University as a Senior Fellow in the Woodrow Wilson School of Public and International Affairs. Mr. Volcker became President and chief executive officer of the Federal Reserve Bank of New York on August 1, 1975. He continued in that office until he became Chairman of the Federal Reserve Board. As President of the Federal Reserve Bank of New York Mr. Volcker was a continuing Member of the Federal Reserve System's principal monetary policy making body, the Federal Open Market   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -2Committee. He was elected Vice Chairman of the FOMC August 19, 1975. As Chairman of the Federal Reserve Board Mr. Volcker is Chairman of the FOMC.  MARTIN, Preston -- Sworn in March 31, 1982 as Vice Chairman of the Board of Governors of the Federal Reserve System and to a full term as a Member of the Board ending January 31, 1996. Mr. Martin's term as Vice Chairman extends to March 31, 1986. at Los Angeles, California. PRESTON MARTIN was born He was graduated from the University of Southern California with a B.S. degree in 1947 and received an M.B.A. degree from the same university in 1948. In 1952, Mr. Martin received a doctorate in monetary economics from Indiana University. Mr. Martin was Chairman and chief operating officer of the Federal Home Loan Bank Board, 1969-72. Earlier, Mr. Martin was California Savings and Loan Commissioner (1967-69). Following his university career, and until becoming California Savings and Loan Commissioner, Mr. Martin was active in homebuilding, development of shopping centers, and in organization of mortgage finance and savings and loan businesses. He is a former member of the Federal Home Loan Mortgage Corporation Advisory Committee. Mr. Martin was a professor of Finance and director of Executive Programs at the University of Southern California. He was a visiting professor at universities in Italy and Pakistan. Mr. Martin founded PMI Mortgage Insurance Company after leaving the Home Loan Bank Board. He subsequently founded Seraco Enterprises, a Sears, Roebuck Company formed to provide capital and planning to subsidiary real estate and financial companies. MT. Martin was a member of the board of directors of Sears, Roebuck and Company prior to joining the Federal Reserve Board. At the time of his appointment to the Board, Mr. Martin was a member of the President's Commission on Housing. Mr. Martin is the author of a university text book in real estate finance. He has written for various financial and mortgage publications. His public affairs activities include service on various commissions and committees over the years in California and at the national level.  WALLICH, Henry C. -- Sworn in March 8, 1974 to a full term as a Member of the Federal Reserve Board ending January 31, 1988. and became a HENRY C. WALLICH was born in Germany on United States citizen in 1944. He was educated in Germany, at Oxford University in England (1932-35) and Harvard University (Ph.D. Economics 1944). Mr. Wallich was in private business in Argentina, Chile and the United States, 1933-40. He was on the staff of the Federal Reserve Bank of New York during 1941-51, and was Chief of the Bank's Foreign Research Division from 1946. He was a Professor of Economics at Yale University from 1951 to 1970 and was Seymour H. Knox Professor of Economics at Yale, 1970-74. He was on leave from Yale as Assistant to the Secretary of the Treasury 1958-59 and from 1959 to 1961 as a Member of the President's Council of Economic Advisers.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  •  -3Mr. Wallich served as a Senior Consultant to. the Treasury from 1969 until his appointment to the Federal Reserve Board and has served also with the Advisory Board of the 2,rms Control and Disarmament Agency (1972-73), as U.S. Representative of the United Nations Experts Panel on Economic Consequences of the Arms Race (1971-72) and as a Member of the Research Advisory Board of the Committee for Economic Development. Mr. Wallich was a member during 1981-82 of the Gold Commission established by Congress. He is a former director of a number of business firms and has written as editorialist or columnist for the Washington Post and Newsweek magazine. Mr. Wallich's published works include five books: Monetary Policy and Practice (D.C. Heath and Company), 1982; The Cost of Freedom (Harpers), 1960; Mainsprings of the German Revival, 1955; Public Finances of a Developing Country (John Adler), 1951; and Monetary Problems of an Export Economy, 1950. Mr. Wallich is a member of The American Economic Association, The American Finance Association and The Council on Foreign Relations.  PARTEE, J. Charles -- Sworn in January 5, 1976 to fill an unexpired term as a Member of the Federal Reserve Board ending January 31, 1986. J. CHARLES PARTEE was born in Defiance, Ohio, and was graduated from Indiana University, where he received a B.S. in Business (with distinction) in 1948 and an MBA (in finance) in 1949. Mr. Partee joined the Federal Reserve Bank of Chicago in 1949 as an economist specializing in consumer finance, mortgage markets and savings. In 1956 he went to the Northern Trust Company of Chicago as Associate Economist and (1958-61) as Second Vice President. Mr. Partee became a member of the staff of the Board of Governors in 1962, where he served as Chief of the Capital Markets Section, Division of Research (1962-63); Adviser in charge of financial sections, Division of Research (1964-65); Associate Director (1966-69) and Director of the Division of Research and Statistics and Adviser to the Board, 1969-74. In November 1973 Mr. Partee became Managing Director for Research and Economic Policy, which office he held until he became a Member of the Board. He was the second member of the Board's staff to be appointed to the Board. Before becoming a Member of the Board, Mr. Partee also served as Senior Economist to the System's Federal Open Market Committee and as the System's representative on the Board of Directors of the Securities Investor Protection Corporation. He was the U.S. Representative to (and Vice Chairman of) the Committee on Financial Markets, 0.E.C.D., Paris, from 1970-75. Mr. Partee is Chairman of the Federal Financial Institutions Examination Council (a statutory body devoted to seeking greater uniformity in supervision, examination and reports among the five Federal agencies regulating depository institutions) and is the Board's representative on the Board of Directors of the Neighborhood Reinvestment Corporation. Mr. Partee served during 1981 and 1982 as a member of the Gold Commission established by Congress.  TEETERS, Nancy Hays -- Sworn in September 18, 1978 to fill an unexpired term as a Member of the Federal Reserve Board ending January 31, 1984. NANCY HAYS TEETERS was born in Marion, Indiana. She attended public schools in Marion and in 1952 she received an undergraduate degree in economics from Oberlin College.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -4In 1954 Mrs. Teeters received an M.A. in economics from the University of Michigan, where she was a Teaching Fellow and did further graduate work in economics in 1956 and 1957. In 1955 and 1956 she was an instructor at the University of Maryland's overseas division, in Stuttgart, West Germany. She was a Staff Economist in the Government Finance Section of the Federal Reserve Board's Division of Research and Statistics from 1957 to early 1966. During this time she was on leave from the Federal Reserve as an economist for the President's Council of Economic Advisers in 1962 and 1963. Following her service on the staff of the Federal Reserve Board, Mrs. Teeters became a Fiscal Economist with the Planning and Analysis staff of the Bureau of the Budget (which became the Office of Management and Budget), from 1966 to 1970. She was a Senior Fellow at The Brookings Institution from 1970 to late 1973, when she became a Senior Specialist with the Congressional Research Service of the Library of Congress. From late 1974 to the time she joined the Federal Reserve Board, as its first woman member, Mrs. Teeters was Assistant Staff Director and Chief Economist for the Committee on the Budget of the House of Representatives of the U.S. Congress. Mrs. Teeters is a member of the Advisory Board of the Institute for the Study of Educational Policy at Howard University. Previously, she was a member of the Committee on the Status of Women of the American Economic Association, a Member of the Board of the American Finance Association and President and Member of the Board of the National Economists Club. Her publications include a series of studies, of which she was co-author, for the Brookings Institution on "Setting National Priorities," and on the U.S. Budget. Other publications include work on Social Security taxation and on employment.  RICE, Emmett J. -- Sworn in June 20, 1979 to fill an unexpired term on the Federal Reserve Board ending January 31, 1990. . EMMETT J. RICE was born in Florence, South Carolina on He was educated at the City College of New York where he received an undergraduate degree in 1941 and an MBA in 1942, and at the University of California at Berkeley, where he received a doctorate in economics in 1955. From 1954 to 1960, Mr. Rice was a member of the Department of Economics, as an Assistant Professor, at Cornell University. Mr. Rice was in the United States Air Force from 1942 to 1946 and held the rank of captain at the time of his discharge. At the time of his appointment to the Federal Reserve Board Mr. Rice was Senior Vice President of the National Bank of Washington, where he had worked since 1971. Mr. Rice was also a member of the board of directors of a number of business firms. Prior to entering commercial banking he had an extensive career in public service and served in a broad range of civic and non-profit organizations. Mr. Rice first became associated with the Federal Reserve System as an economist at the Federal Reserve Bank of New York, 1960-62. Tn 1962 he went to Nigeria as a member of a group of advisers from foreign central banks who assisted in establishing the Central Bank of Nigeria. During his stay in Nigeria, until 1964, he taught part-time at the University of Lagos. Mr. Rice became Deputy Director, Office of Developing Nations, United States Treasury, in 1964 and in 1966 became Acting Director. During this period he was a U.S. delegate to   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -5finance and a number of international conferences on trade, international Alternate Executive be to President the by appointed was development. In 1966 he Reconstruction and Director for the United States at the International Bank for and the Development (World Bank), the International Development Association until 1970, and International Finance Corporation. He served in these offices of international was a member of the United States negotiating team at a series of the International conferences considering replenishment of the lendable funds Director of the Development Association. During 1971 Mr. Rice was Executive for urban plans Mayor's Economic Development Committee, making long-range was a member of Rice Mr. 1982 development of the nation's capital. In 1981 and the Gold Commission established by Congress.  GRAMLEY, Lyle E. -- Sworn in May 28, 1980 to a full term as a Member of the Federal Reserve Board, ending January 31, 1994. in Aurora, Illinois. He was LYLE E. GRAMLEY was born educated at Aurora College and at Beloit College, where he received a B.A. in 1951. He performed his graduate work at Indiana University, where he received an M.A. in 1952 and a Ph.D. (economics) in 1956. Mr. Gramley was elected a member of Phi Beta Kappa for his undergraduate work. Mr. Gramley first became associated with the Federal Reserve System when he joined the Federal Reserve Bank of Kansas City as a financial economist in 1955. He remained at the Kansas City District Bank until 1962. In that year he joined the faculty of the University of Maryland as Associate Professor of Economics. In 1964 he became a senior economist at the Federal Reserve Board and was subsequently an associate adviser, adviser, associate director, deputy director and director of the Board's Division of Research and Statistics. In 1977 Mr. Gramley became a member of the President's Council of Economic Advisers, where he continued until his appointment to the Federal Reserve Board. Mr. Gramley is a member of the American Economic Association, American Finance Association, National Economists Club and Conference of Business Economists. He is the author or co-author of numerous publications including Scale Economies in Banking, Federal Reserve Bank of Kansas City, 1962; Time Deposits in Monetary Analysis, Federal Reserve Bulletin, October 1965; Guidelines for Monetary Policy-The Case Against Simple Rules, a paper delivered at the Financial Conference of the National Industrial Conference Board, February 1969; and Ways to Moderate Fluctuations in Housing Construction, Federal Reserve Staff Study published by the Federal Reserve Board, 1972.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  * * *  263  Membership of the Board of Governors of the Federal Reserve System, 1913-82 APPOINTIVE MEMBERS' Name  Federal Reserve District  Charles S. Hamlin  Boston  Paul M. Warburg Frederic A. Delano W. P. G. Harding Adolph C. Miller  New York Chicago Atlanta San Francisco  Date of initial oath of office  Other dates and information relating to membership,  Aug. 10, 1914  Reappointed in 1916 and 1926. Served until Feb. 3, 1936.3 Term expired Aug. 9, 1918. Resigned July 21, 1918. Term expired Aug. 9, 1922. Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936.3 Resigned Mar. 15, 1920. Term expired Aug. 9, 1920. Reappointed in 1928. Resigned Sept. 14, 1930. Term expired Mar. 4, 1921. Resigned May 12, 1923. Died Mar. 22, 1923. Resigned Sept. 15, 1927. Reappointed in 1931. Served until Feb. 3, 1936.3 Died Nov. 28, 1930. Resigned Aug. 31, 1930. Resigned May 10, 1933. Term expired Jan. 24, 1933. Resigned Aug. 15, 1934. Reappointed in 1936 and 1948. Resigned May 31, 1961. Served until Feb. 10, 1936.3 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. Resigned Sept. 30, 1937. Served until Apr. 4, 1946.3 Reappointed in 1942. Died Dec. 2, 1947. Resigned July 9, 1936. Reappointed in 1940. Resigned Apr. 15, 1941. Served until Sept. 1, 1950.3 Served until Aug. 13, 1954.3 Resigned Nov. 30, 1958. Died Dec. 4, 1949. Resigned Mar. 31, 1951. Resigned Jan. 31, 1952. Resigned June 30, 1952. Reappointed in 1956. Term expired Jan. 31, 1970. Reappointed in 1958. Resigned Feb. 28, 1965. Reappointed in 1964. Resigned Apr. 30, 1973. Served through Feb. 28, 1966. Died Oct. 21, 1954. Retired Apr. 30, 1967. Reappointed in 1960. Resigned Sept. 18, 1963. Reappointed in 1962. Served until Feb. 13, 1976.3  do do do do  New York Albert Strauss Henry A. Moehlenpah .... Chicago New York Edmund Platt Cleveland David C. Wills Minneapolis John R. Mitchell Chicago Milo D. Campbell Cleveland Daniel R. Crissinger St. Louis George R. James  Oct. 26, 1918 Nov. 10, 1919 June 8, 1920 Sept. 29, 1920 May 12, 1921 Mar. 14, 1923 May 1, 1923 May 14, 1923  Edward H. Cunningham . Chicago Minneapolis Roy A. Young New York Eugene Meyer Kansas City Wayland W. Magee Atlanta Eugene R. Black Chicago M. S. Szymczak  do Oct. 4. 1927 Sept. 16, 1930 May 18, 1931 May 19, 1933 June 14, 1933  J. J. Thomas Marriner S. Eccles Joseph A. Broderick John K. McKee Ronald Ransom Ralph W. Morrison Chester C. Davis Ernest G. Draper Rudolph M. Evans James K. Vardaman, Jr. Lawrence Clayton Thomas B. McCabe Edward L. Norton Oliver S. Powell Wm. McC. Martin, Jr. A. L. Mills, Jr. J. L. Robertson C. Canby Balderston Paul E. Miller Chas. N. Shepardson G. H. King, Jr. George W. Mitchell For notes, see next page.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Kansas City San Francisco New York Cleveland Atlanta Dallas Richmond New York Richmond .St. Louis Boston Philadelphia Atlanta Minneapolis New York San Francisco Kansas City Philadelphia Minneapolis Dallas Atlanta Chicago  do Nov. 15, 1934 Feb. 3, 1936 do do Feb. 10, 1936 June 25, 1936 Mar. 30, 1938 Mar. 14, 1942 Apr. 4, 1946 Feb. 14, 1947 Apr. 15, 1948 Sept. 1, 1950 do Apr. 2, 1951 Feb. 18, 1952 do Aug. 12, 1954 Aug. 13, 1954 Mar. 17, 1955 Mar. 25, 1959 Aug. 31, 1961  Postage and Fees Paid  Board of Governors of the Federal Reserve System Washington, D.C. 20551 L i ial Business l'enaity for Private Use, $300   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Board of Governors of the Federal Reserve System  First Class  264 Federal Reserve Bulletin E April 1982  Federal Reserve District  Date of initial oath of office  Other dates and information relating to membership'  J. Dewey Daane Sherman J. Maisel Andrew F. Brimmer William W. Sherrill Arthur F. Burns  Richmond San Francisco Philadelphia Dallas New York  Nov. 29, 1963 Apr. 30, 1965 Mar. 9, 1966 May 1, 1967 Jan. 31, 1970  John E. Sheehan Jeffrey M. Bucher Robert C. Holland Henry C. Wallich Philip E. Coldwell Philip C. Jackson, Jr. J. Charles Partee Stephen S. Gardner David M. Lilly G. William Miller Nancy H. Teeters Emmett J. Rice Frederick H. Schultz Paul A. Volcker Lyle E. Gramley Preston Martin  St Louis San Francisco Kansas City Boston Dallas Atlanta Richmond Philadelphia Minneapolis San Francisco Chicago New York Atlanta Philadelphia Kansas City San Francisco  Jan. 4, 1972 June 5, 1972 June 11, 1973 Mar. 8, 1974 Oct. 29, 1974 July 14, 1975 Jan. 5, 1976 Feb. 13, 1976 June 1, 1976 Mar. 8, 1978 Sept. 18, 1978 June 20, 1979 July 27, 1979 Aug. 6, 1979 May 28, 1980 Mar. 31, 1982  Served until Mar. 8, 1974.3 Served through May 31, 1972. Resigned Aug. 31, 1974. Reappointed in 1968. Resigned Nov. 15, 1971. Term began Feb. 1, 1970. Resigned Mar. 31, 1978. Resigned June 1,1975. Resigned Jan. 2, 1976. Resigned May 15, 1976.  Name  Chairmen4 Charles S. Hamlin W. P. G. Harding Daniel R. Crissinger Roy A. Young Eugene Meyer Eugene R. Black Marriner S. Eccles Thomas B. McCabe Wm. McC. Martin, Jr. Arthur F. Burns G. William Miller Paul A. Volcker  Aug. 10, 1914-Aug. 9, 1916 Aug. 10, 1916-Aug. 9, 1922 May 1, 1923-Sept. 15, 1927 Oct. 4, 1927-Aug 31, 1930 Sept. 16, 1930-May 10, 1933 May 19, 1933-Aug. 15, 1934 Nov. 15, 1934-Jan. 31, 1948 Apr. 15, 1948-Mar. 31, 1951 Apr. 2, 1951-Jan. 31, 1970 Feb 1, 1970-Jan. 31, 1978 Mar. 8, 1978-Aug. 6, 1979 Aug. 6, 1979-  Served through Feb. 29, 1980 Resigned Nov. 17, 1978. Died Nov. 19, 1978. Resigned Feb. 24, 1978. Resigned Aug. 6, 1979. Served through Feb. 11, 1982.  Vice Chairmen4 Frederic A Delano Paul M Warburg Albert Strauss Edmund Platt J. J Thomas Ronald Ransom C. Canby Balderston J. L Robertson George W. Mitchell Stephen S. Gardner Frederick H. Schultz Preston Martin  Aug. 10, 1914-Aug. 9, 1916 Aug. 10, 1916-Aug. 9, 1918 Oct. 26, 1918-Mar. 15, 1920 July 23, 1920-Sept. 14, 1930 Aug. 21, 1934-Feb. 10, 1936 Aug. 6, 1936-Dec. 2, 1947 Mar. 11, 1955-Feb. 28, 1966 Mar. 1, 1966-Apr. 30, 1973 May 1, I973-Feb. 13, 1976 Feb. 13, 1976-Nov. 19, 1978 July 27, 1979-Feb. 11, 1982 Mar. 31, 1982-  EX-OFFICI0 MEMBERS' Secretaries of the Treasury W. G. McAdoo Dec. 23, 1913-Dec. 15, 1918 Dec. 16, 1918-Feb. 1, 1920 Carter Glass Feb 2, 1920-Mar. 3, 1921 David F. Houston Mar. 4, 1921-Feb. 12, 1932 Andrew W. Mellon Feb 12, 1932-Mar. 4, 1933 Ogden L. Mills Mar. 4, 1933-Dec. 31, 1933 William H. Woodin Henry Morgenthau, Jr. .Jan 1, 1934-Feb. 1, 1936  Comptrollers of the Currency John Skelton Williams Feb. 2, 1914-Mar. 2, 1921 Mar. 17, 1921-Apr. 30, 1923 Daniel R. Crissinger May 1, 1923-Dec. 17, 1924 Henry M Dawes Dec. 20, 1924-Nov. 20, 1928 Joseph W. McIntosh Nov. 21, 1928-Sept. 20, 1932 J. W Pole May 11, 1933-Feb. 1, 1936 J. F. T O'Connor  1. Under the provisions of the original Federal Reserve Act the Federal Reserve Board was composed of seven members, including five appointive members, the Secretary of the Treasury, who was exofficio chairman of the Board, and the Comptroller of the Currency. The original term of office was ten years, and the five original appointive members had terms of two, four, six, eight, and ten years respectively. In 1922 the number of appointive members was increased to six, and in 1933 the term of office was increased to 12 years. The Banking Act of 1935, approved Aug. 23, 1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System and provided that the Board should be composed of seven appointive members; that the Secretary of the  Treasury and the Comptroller of the Currency should continue to serve as members until Feb. I, 1936; that the appointive members in the office on the date of that act should continue to serve until Feb. 1, 1936, or until their successors were appointed and had qualified; and that thereafter the terms of members should be 14 years and that the designation of Chairman and Vice Chairman of the Board should be for a term of four years. 2. Date after words "Resigned" and "Retired" denotes final day of service. 3. Successor took office on this date. 4. Chairman and Vice Chairman were designated Governor and Vice Governor before Aug. 23, 1935.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 1981  PRESIDENTS OF THE FEDERAL RESERVE BANKS  The Federal Reserve Act provides that the president of a Federal Reserve Bank shall be --The chief executive officer of the Bank; --Appointed by the Board of Directors of the Bank, with the approval of the Board of Governors of the Federal Reserve System; --For a term of five years. The terms of all the presidents of the 12 District Banks run concurrently, ending on the last day of February of years numbered 6 and 1 (for example, 1981, 1986, and 1991). The appointment of a president who takes office after a term has begun ends upon the completion of that term. A president of a Reserve Bank may be reappointed after serving a full term or an incomplete term. Reserve Bank presidents are subject to mandatory retirement upon becoming 65 years of age. * *  * *  *  * * * *  *  *  *  First District Head office at BOSTON, Mass. No branches Covers the States of Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and all but Fairfield County in Connecticut. MORRIS, Frank E. -- Took office August 15, 1968, as the tenth chief executive of the First District Federal Reserve Bank, at Boston. Mr. Morris is currently serving a full term that began March 1, 1981. , in Detroit, Michigan. He FRANK E. MORRIS was born Degree from the Masters a in 1948, University Wayne received a B.A. from from the University Economics in Doctorate a and University of Michigan in 1949 Air Force from Army States the in United was Morris of Michigan in 1955. Mr. 1949-51, he Michigan, of University the at economics 1942 to 1945. After teaching the Korean War. during as economist an Stabilization worked in the Office of Price of Association Bankers Investment the Mr. Morris became Research Director of the to Assistant an was until 1961. He America in 1955, continuing there Secretary of the Treasury for Debt Management, 1961-63 and subsequently, until his appointment as President of the Federal Reserve Bank of Boston, was a Vice President of Loomis, Sayles Co., Inc. in Boston. Since becoming head of the First District Bank Mr. Morris has been Chairman of the Conference of Presidents of the Federal Reserve Banks (1974-75) and has served on special System committees established to examine the procedures for formulating and implementing the domestic monetary policy directive of the Federal   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  411=111111.111. -2including Open Market Committee. Mr. Morris has served on a number of civic bodies nt and Developme Economic Boston the Boston; Group, Advisory the Mayor's Business Advisory the and College Smith rs, Counsello of Board the and Industrial Commission Council to the Coalition of Northeast Governors.  Second District Head office at NEW YORK, New York. Branch bank at Buffalo, New York Covers the State of New York; Fairfield County in Connecticut and 12 counties in northern New Jersey. SOLOMON, Anthony M. -- Took office April 1, 1980 as the sixth chief Solomon executive of the Second District Federal Reserve Bank, at New York. Mr. 1981. 1, March is currently serving a full term that began at Arlington, New Jersey. ANTHONY M. SOLOMON was born Reserve District, Mr. Federal Second At the time of his appointment to head the States Treasury, where United the of Solomon was Undersecretary for Monetary Affairs debt and for national the of t since 1977 he had been responsible for managemen matters. international monetary affairs, among other y Mr. Solomon received a bachelor's degree in economics from the Universit from ation administr public and of Chicago in 1941, a Master's Degree in economics at Harvard University in 1948 and he completed a doctoral thesis in economics Harvard in 1950. Mr. Solomon has had a broad range of experience in business, finance, teaching and governmental service. He has taught on the faculty of the Harvard Business processing School, and, for ten years beginning in 1951, operated publishing and food to 1965 from businesses. He was Assistant Secretary of State for Economic Affairs onal Investment 1969. From 1969 to 1972 Mr. Solomon was president of the Internati he was 1973, and In 1972 London. in offices with Corporation for Yugoslavia, Ways and Means atives of Represent House U.S. the of Chailman special consultant to the 1974. of Act Trade the as known later on Committee in developing trade legislati New Mr. Solomon's appointment as President of the Federal Reserve Bank of which on matters policy monetary the York continued and intensified his concern with Treasury. the of etary Undersecr he had worked closely with the Federal Reserve as g member, and As President of the Federal Reserve Bank of New York he is a continuin System's Reserve , Federal the Vice Chairman, of the Federal Open Market Committee chief monetary policy making body.  Third District Head office at PHILADELPHIA, Pa. No branches. Covers the State of Delaware; nine counties in southern New Jersey and 48 counties in the eastern two-thirds of Pennsylvania. chief BOEHNE, Edward G. -- Took office February 1, 1981 as the eighth Mr. Boehne hia. Philadelp at Bank, executive of the Third District Federal Reserve 1981. is currently serving a full term that began March 1, at Evansville, Indiana. He joined EDWARD G. BOEHNE was born economist and has served in a the Philadelphia Federal Reserve Bank in 1968 as an   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  A  -3-number of positions, including Vice President and Director of Research, beginning in 1971 and Senior Vice Presiclant in 1973. Prior to becoming President, Mr. Boehne had wide ranging responsibilities in supervision and regulation, the discount window, monetary policy, economic research, consumer affairs and bank and public relations. Mr. Boehne received his undergraduate and graduate education at Indiana University, including an M.B.A., M.A. and Ph.D. (Economics-1968). He has taught at Indiana University, Temple University and Bradley University. While teaching economics at Indiana, he received the Lieber Award for Outstanding Teaching. Mr. Boehne is active in community affairs. His activities in recent years include service as a Director of the Urban League of Philadelphia, the Center for Philadelphia Area Development, and the Greater Philadelphia Chamber of Commerce. He has been Chairman of the Chamber's Human Resources Council, Chairman of the Fellowship Commission's Finance Task Force on Charter Revision for the City of Philadelphia, as well as Chairman of the Urban League's Finance Committee. He is a member of the Mayor's (Philadelphia) Tax Review Committee, and a former member of the Governor's (Pennsylvania) Economic Advisory Committee. Mr. Boehne received the Governor's Citation in 1978 for outstanding service to the citizens of Pennsylvania. He has published numerous papers in professional and Federal Reserve System journals.  Fourth District Head office at CLEVELAND, Ohio. Branch Banks at Cincinnati, Ohio and Pittsburgh, Pa. Covers the State of Ohio; 56 counties in eastern Kentucky, 19 counties in western Pennsylvania and six counties in northern West Virginia. WINN, Willis J. -- Took office September 1, 1971, as the sixth chief executive of the Fourth District Federal Reserve Bank, at Cleveland. Mr. Winn is currently serving a full term that began March 1, 1981. , at Plattsburg, Missouri. He WILLIS J. WINN was born Fayette, Missouri in 1939 and earned Central College in from received a B.A. an M.A. in 1940 and a Ph.D. in 1951 in economics and finance at the University of Pennsylvania. At the time of his appointment to the Cleveland Federal Reserve Bank Mr. Winn was Dean of the Wharton School and a vice provost of the University of Pennsylvania, where he had been associated during most of his career. In 194246, Mr. Winn was a Research Analyst for the National Bureau of Economic Research at New York City. He served on the Board of Directors of the Federal Reserve Bank of Philadelphia from 1961 to 1970, the last five years as Chairman. Since becoming President of the Cleveland Bank, Mr. Winn has served on the System Steering Committee on Improving the Payments Mechanism, as Chairman of the Committee on Discounts and Credits and as a member of the Committee on Operations Improvement of the Conference of Presidents. Mr. Winn has received honorary degrees from Central College, Babson Institute, Villanova University and the University of Pennsylvania. He is a trustee of Case Western Reserve University, a member of the American Economic Society, Royal Economic Society, American Finance Society and the National Association of Business Economists. He is a director of the Greater Cleveland Growth Association. and serves on a number of other civic organizations. Mr. Winn is the author or co-author of a number of books dealing with the secuiities market and with business education.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -4Fifth District Head office at RICHMOND, Va. Branch Banks at Baltimore , Md. and Charlotte, N.C. Covers the States of Maryland, Virginia, North Carolina and South Carolina; 49 counties comprising the bulk of West Virginia, and the District of Columbia. BLACK, Robert P. -- Took office August 6, 1973, as the fifth chief executive currently of the Fifth District Federal Reserve Bank, at Richmond. Mr. Black is 1981. 1, serving a full term that began March , at Hickman, Kentucky. He was ROBERT P. BLACK was born a B.A. in Economics in received he where educated at the University of Virginia, in 1955. He served in Economics in Ph.D. a and 1950, an M.A. in Economics in 1951, y of Virginia Universit the at economics the U.S. Army during 1946-1947. He taught 1957. to 1953 from and the University of Tennessee in the period Richmond Mr. Black first became associated with the Federal Reserve Bank of an as basis a permanent on as a temporary employee in 1954 and joined the Bank ely successiv was he years associate economist in 1956. Over the next seventeen economist, Assistant Vice President, Vice President, and First Vice President (1968-73). Mr. Black has lectured on economics at the Industrial College of the Armed the Fifth Forces, the schools of banking of all the state banking associations in y. He Universit District, and the School of Banking of the South at Louisiana State on, Associati is a member of the American Economic Association, the American Finance on. Associati the Richmond Society of Financial Analysts, and the Southern Economic United Way Mr. Black is active in civic affairs and has served as President of the of Greater Richmond; Chairman of the Board of Trustees of the Collegiate Schools; Main-to-thePresident of the Richmond Chapter of Phi Beta Kappa; Chairman of the nt, Unlimited James Development Committee; and Treasurer of Downtown Developme ). (Richmond  Sixth District m, Alabama; Head office at ATLANTA, Georgia. Branch Banks at Birmingha Orleans, New ; Tennessee , Nashville Jacksonville and Miami, Florida; Louisiana. 74 counties in Covers the States of Alabama, Florida and Georgia; southern of parishes 38 ; Tennessee of s the eastern two-third pi. Mississip southern Louisiana and 43 counties of 11th chief executive FORD, William F. -- Took office August 1, 1980, as the is currently Ford Mr. Atlanta. at of the Sixth District Federal Reserve Bank, serving a full term that began March 1, 1981. , at Huntington, New York. He earned WILLIAM F. FORD was born chapter, for his undergraduate Texas a Phi Beta Kappa award, from the University of He received a Masters Degree Austin. work in economics at the University of Texas at in 1962 and 1966 Michigan, of and a doctorate, in economics, at the University York City) Technical (New Brooklyn the respectively. Mr. Ford graduated in 1954 from United States the of service High School and subsequently served in the submarine Navy between 1954 and 1957.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -5-At the time he was named President of the Atlanta Federal Reserve Bank 14r. Ford was Senior Vice President and Chief Economist of Wells Fargo Bank, where he was employed beginning in 1975. He was also a member of the boards of directors of Wells Fargo Realty Advisors and Wells Fargo Credit Corporation. Prior to his service at Wells Fargo, Mr. Ford was Executive Director and Chief Economist of the American Bankers Association, in Washington, D.C. He has taught on the faculties of the University of Michigan and the University of Virginia and has served on the staff of the Rand Corporation. In addition, he has served on the faculties of the Stonier, Wisconsin and Southwestern graduate schools of banking. His publications include a book length study, Mexico's Foreign Trade and Economic Development (New York: Frederick A. Praeger, 1968), and numerous articles and reviews in academic and business journals.  Seventh District Head office at CHICAGO, Illinois. Branch Bank at Detroit, Michigan Covers the State of Iowa; 68 counties of northern Indiana; 50 counties of northern Illinois; 68 counties of southern Michigan and 46 counties of southern Wisconsin. KEEHN, Silas -- Took office July 1, 1981 as the seventh chief executive of the Seventh Federal Reserve Bank, at Chicago. Mr. Keehn was appointed to complete a term that began March 1, 1981. at New Rochelle, New York. He was SILAS KEEHN was born graduated in 1952 from Hamilton College at Clinton, New York with an A.B. in economics and from Harvard University Graduate School of Business Administration in 1957 with an M.B.A. in finance. Mr. Keehn joined occupied a wide range of Executive Vice President time he also became Vice the same year, Mr. Keehn  Mellon Bank at Pittsburgh, Pennsylvania in 1957, where he domestic and international managerial positions, becoming in 1978 and Vice Chairman of the Board in 1980. At that Chairman of the Board of Mellon National Corporation. In became Chairman of the Board of Pullman, Inc., at Chicago.  Mr. Keehn was on active duty with the U.S. Navy, 1953-1956, and is a member of the United States Naval Reserve. While he was in Pittsburgh, Mr. Keehn was active in a number of civic and industrial enterprises and wa8 a Director and Chairman of the Board of the Eye & Ear Hospital of Pittsburgh; Director, Western Pennsylvania Hospital; Trustee of the University of Pittsburgh Health Center; Trustee and Vice Chairman of the Winchester-Thurston School; Director of the United Way of Allegheny County; and Director, Fisher Scientific Company. He is a Charter Trustee of Hamilton College, Clinton, New York. Mr. Keehn was a member of the Association of Reserve City Bankers from 1974-1980.  Eighth District at Little Rock, Ark., Head office at ST. LOUIS, Mo. Branch Banks Louisville, Ky. and Memphis, Tenn. in southern Illinois, Covers the State of Arkansas; 44 counties in western Kentucky, 24 counties in southern Indiana, 64 counties in central and east counties 39 counties in northern Mississippi, 71 in western counties Missouri and the City of St. Louis and 21   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Tennessee.  -6ROOS, Lawrence K. -- Took office March 22, 1976, as the eighth chief executive of the Eighth District Federal Reserve Bank, at St. Louis. Mr. Roos is currently serving a full term that began March 1, 1981. LAWRENCE K. graduated from Yale Army in Europe from became the youngest  ROOS was born University in 1941 to 1944, member of the  . He was in St. Louis on 1940 with a B.A. degree. He served with the U.S. rising from private to major. In 1946 Mr. Roos Missouri House of Representatives.  Mr. Roos returned to private life in 1950 and until 1962 was a commercial bank executive, as President of Mound City Trust Company and as Chairman of the First Security Bank (St. Louis). From 1962 to 1974 he was County Executive (chief elected official) of St. Louis County. He served two terms as Chairman and member of the Board of Directors of the East-West Gateway Coordinating Council (St. Louis area regional Council of Governments). In 1974, he returned to commerical banking as Executive Vice President and Director of the First National Bank in St. Louis. Mr. Roos has held presidential appointments to three national commissions and currently serves on the boards of directors of the Jewish Hospital of St. Louis, United Way of Greater St. Louis and the Central Institute for the Deaf. Mr. Roos has received honorary Doctor of Laws degrees from the University of Missouri (1975) and Westminster College in Fulton, Missouri (1980).  Ninth District Head office at MINNEAPOLIS, Minn. Branch Bank at Helena, Mont. Covers the States of Minnesota, Montana, North Dakota and South Dakota; 15 counties in northern Michigan and 26 counties in northern Wisconsin. CORRIGAN, E. Gerald -- Took office August 1, 1980 as the tenth chief executive of the Ninth District Federal Reserve Bank, at Minneapolis. Mr. Corrigan is currently serving a full term that began March 1, 1981. in Waterbury, Connecticut. He E. GERALD CORRIGAN was born holds a Ph.D. in economics from Fordham University. Mr. Corrigan was a senior vice president of the Federal Reserve Bank of New York on leave as a special adviser to the Chairman of the Federal Reserve Board at the time of his appointment to head the Ninth Reserve District. Mr. Corrigan joined the New York Reserve Bank as an economist in the domestic research division in August 1968. He became successively chief of the division, senior economist, the Bank's Corporate Secretary, Advisor and Vice was named President in charge of personnel affairs. In July 1976 Mr. Corrigan planning and Bank's management the of charge in officer and group vice president 1979 he January In e functions. administrativ Bank's the of group, embracing all was made he and a vice as president desk market open domestic the to was assigned 1980. January in president vice a senior  Tenth District Head office at KANSAS CITY, Mo. Branch Banks at Denver, Colo., Oklahoma City, Okla. and Omaha, Neb. Covers the States of Colorado, Kansas, Nebraska, and Wyoming; 43 counties in western Missouri, 14 counties in northern New Mexico and 69 counties comprising all but the southeast corner of Oklahoma.  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -7GUFFEY, James R. -- Took office March 1, 1976, as the seventh chief executive of the Tenth District Federal Reserve Bank, at Kansas City. Mr. Guffey is currently serving a full term that began March 1, 1981. , at Kingston, Missouri. He was ROGER GUFFEY was born graduated from the University of Missouri at Columbia in 1952 with a B.S. degree IP Business Administration. He received a J.D. degree from that University and was admitted to the Missouri Bar in 1958. Mr. Guffey subsequently completed the Advanced Management Program at the Harvard University Graduate School of Business Administration. He practiced law in Kansas City from 1958 to 1968, in which year he joined the Federal Reserve Bank of Kansas City as General Counsel and Secretary. Mr. Guffey was named a Senior Vice President of the Bank in 1973. Mr. Guffey is a member of the Missouri Bar Association. His public activities include service on the Greater Kansas City YMCA, Downtown, Inc., United Way, St. Luke's Hospital, Civil Council of Greater Kansas City, Greater Kansas City Foreign Trade Zone, Inc., Starlight Theatre, and the University of Missouri-Columbia Development Fund Board and service with the Kansas City Chamber of Commerce and the University of Missouri-Kansas City Banking Advisory Committee. He has received the Citation of Merit from the University of Missouri-Columbia. Mr. Guffey has been Chairman of the Conference of Federal Reserve Bank Presidents and Chairman of the Systemwide Legal Subcommittee on Rural Banking Problems and of the Subcommittee of Counsel on Fiscal Agency Operations. He also served on the System Subcommittees on Labor Relations and on Improving the Payments Mechanism; the Evaluation Committee for the Bbard of Governors Contract for New Currency Transportation Services; the Insurance Committee of the Federal Reserve Banks; the Task Force on Evaluation of Bank Performance, and he was Chairman of the System Task Force on Carrier Services.  Eleventh District Head office at DALLAS, Texas. Branch Banks at El Paso, Houston and San Antonio, Texas. Covers the State of Texas, 26 parishes in northern Louisiana, 18 counties in southern New Mexico and 8 counties in Oklahoma. BOYKIN, Robert H. -- Took office January 1, 1981 as the ninth chief executive of the Eleventh District Federal Reserve Bank, at Dallas. Mr. Boykin is currently serving a full term that began March 1, 1981. at Carlsbad, New Mexico. He ROBERT H. BOYKIN was born He has been with the Federal lived most of his early years in western Texas. department of the Dallas Bank in 1953. He Reserve System since joining the legal Bank in 1968, Senior Vice President became Vice President and Secretary of the Boykin served in the United States in 1971 and First Vice President in 1976. Mr. the rank of Lieutenant, j.g. Navy from 1943 to 1947 and was discharged with the University of Texas Mr. Boykin received B.B.A. and J.D. degrees from at Louisiana State South, the of and is a graduate of the School of Banking is a past chairman of and Association Bar University. He is active in the Texas Association. He has served on the Corporate Counsel Section of the Dallas Bar including the Steering Committee a number of Federal Reserve System committees Conference of First Vice Presidents' for the Review of System Service Levels and the on Automation Services. Committee on Communications and Payments and Committee of First Vice Presidents. Mr. Boykin was the 1980 Chairman of the Conference   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -8Twelfth District Head office at SAN FRANCISCO, Calif. Branch Banks at Los Angeles, Calif. Portland, Ore., Salt Lake City, Utah and Seattle, Washington. Covers the States of Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah and Washington. BALLES, John J. -- Took office September 25, 1972, as the ninth chief executive of the Twelfth District Federal Reserve Bank, at San Francisco. Mr. Balles is currently serving a full term that began March 1, 1981. , at Freeport, Illinois. He received JOHN J. BALLES was born a B.S.C. degree from the University of Iowa in 1942 and an M.A. in economics there in 1947. In 1951 he received a Ph.D. in economics from Ohio State University. From 1943 to 1946 Mr. Balles served in the United States Army, European theater. Mr. Balles first became associated with the Federal Reserve System when he joined the Cleveland Federal Reserve Bank in 1954 as a Senior Financial Economist, following seven years teaching economics and money and banking at Ohio State University, where he was an assistant professor. Mr. Balles remained at the Cleveland Federal Reserve Bank until 1959, becoming Vice President in charge of the Bank's Credit Department and special adviser on monetary policy to the Bank's president. From 1959 until his appointment at San Francisco Mr. Balles was at the Mellon Bank in Pittsburgh, where he became Senior Vice President, Economics and Corporate Planning. While he was in private banking Mr. Balles served on the Economic Advisory Committee and the Government Relations Council of the American Bankers Association and was Chairman of the Association's Special Committee on the Presidential Commission on Financial Structure and Regulation (the "Hunt Commission"). In 1965-66 he was President of the Pennsylvania Bankers Association, and from 1968-72 he was Chairman of the Consulting Committee of Bank Economists to the Comptroller of the Currency. From 1966-72, he was director of North American Rockwell Corporation. Mr. Balles is a member and former director of the American Finance Association and the National Association of Business Economists, and a member of the American Economics Association. He is the author of numerous articles on economic and financial subjects and is co-author of a book, "Principles of Money and Banking" (W. Norton and Company, Inc., New York, 1954). Mr. Balles has been active, since assuming his post at San Francisco, on special System committees dealing with improving the formulation and implementation of the domestic monetary policy directives of the Federal Open Market Committee, with improvement of the nation's payments mechanism, and with regulation of international banking. In San Francisco, he serves as a director of the Bay Area Council.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  BOARD OF GOVERNORS OF THE  FEDERAL RESERVE SYSTEM  Office Correspondence To  Chairman Volcker  From  Theodore E. Allison  Date  June 29, 1981  Subject:  Six months or so in advance of scheduled Board member vacancies, I have normally given the Chairman a background memo with various items of relevant information. I hope that this will be useful in connection with the search for a replacement for Vice Chairman Schultz. 1. Geographic and occupational diversity. The Act, as you know, requires that "not more than one [member of the Board] shall be selected from any one Federal Reserve district..." Upon Vice Chairman Schultz' retirement, the District representation will be as follows (vacant Districts in caps): Boston New York Philadelphia CLEVELAND Richmond ATLANTA Chicago ST. LOUIS MINNEAPOLIS Kansas City DALLAS SAN FRANCISCO  Governor Governor Chairman vacant Governor vacant Governor vacant vacant Governor vacant vacant  Wallich (1-31-88) Rice (1-31-90) Volcker (1-31-92) Partee (1-31-86) Teeters (1-31-84) Gramley (1-31-94)  In addition, the Act says that in selecting the members of the Board, "...the President shall have due regard to a fair representation of the financial, agricultural, industrial, and commercial interests, and geographical divisions of the country." The issues of geographic and occupational representation have taken on special significance during and since Lyle Gramley's nomination and confirmation. As I'm sure you recall, the legitimacy of his appointment from Kansas City was questioned; moreover, at that time and on several occasions since then, there has been Congressional interest in the representativeness of Board members of economic sectors like agriculture and small business. Don Winn is preparing a separate note reviewing these points. 2. Vice Chairmanship. You might keep in mind that the individual appointed to replace Fred Schultz as Board member need not also be appointed Vice Chairman. One of the present members could be appointed to the position (which appointment would be subject to Senate confirmation and would be for a period of four years from the date of the appointment).   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  To:  Chairman Volcker  -2-  3. Term of office. The new Board member presumably would be appointed to a 14-year term (expiring January 31, 1996). Conceivably, one of the present members could be appointed to that term and the new member appointed to the unexpired portion of the former's term, but such a shuffle hasn't happened, to my knowledge, since the 1940's. 4. Procedures followed in previous years in nominating new Board members. I have no personal knowledge of the procedures followed during Chairman Martin's years. Chairman Burns, while Chairman of the CEA (in the Eisenhower administration), had been distressed at his lack of influence over appointments to the Council. Consequently, he and President Nixon agreed at the time of his appointment to the Board that he would have the opportunity to submit candidates for nomination and that the President normally would choose from among his candidates. Usually, Chairman Burns interviewed potential candidates himself -sometimes as many as 5 or 6 -- then submitted to the White House 1 or 2 names, in a brief supporting memorandum addressed to the President with background information and biographical materials attached. The White House subsequently interviewed the candidate or candidates, but I don't know the details of their procedures. I some delay candidate; presumably  do believe that on one occasion, when Chairman Burns was experiencing in identifying candidates, the White House itself initiated a but Chairman Burns was given the opportunity to interview him and to veto him (although he did not).  Throughout this period, the initial Burns-Nixon agreement notwithstanding, I felt that Chairman Burns' prerogative depended largely -- and especially so when Gerald Ford assumed the Presidency -- on his having the advantage of timing, i.e., of being ready with one or two good candidates before the White House staff had gotten itself organized. (Naturally, there is considerable interest in Board of Governors appointments, and the White House gets a great many "suggestions.") During the President Carter/Chairman Miller years, the process was conducted by us and the White House jointly. We searched independently for candidates, and Dick Moe (Vice President Mondale's chief of staff) suggested names that had been brought to his attention. Usually upon mutual agreement, individuals were invited to Washington for interviews both here and at the Executive Office Building (although once in a while Chairman Miller interviewed on his own). Usually, they saw Chairman Miller first, then went to see Dick Moe and CEA Chairman Schultze. Once a decision was reached among Messrs. Moe, Schultze, and Miller, we prepared a memorandum to the President. 5. Possible next steps. I'm prepared to assist you in any way that you wish. However this effort is organized, though, (and I fully appreciate the delicacy of the current relationship with the White House), I would stress that it's not too soon to get it underway now.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  BOARD OF GOVERNORS: ORGANIZATION AND PROCEDURES This statement is intended to provide a comprehensive description of the organization and procedures of the Board of Governors, both in carrying out its activities as a Board and in the work of its Committees and individual Members.1/  I.  BOARD OF GOVERNORS Established by the Federal Reserve Act, the Board of Governors of the Federal Reserve System has powers and responsibilities under that and various other statutes.2/ The major part of the Board's work--especially that relating to monetary policy, bank regulatory policy, consumer credit regulations, and policy issues in the oversight of the Federal Reserve Banks--is carried out in regular meetings of the Board. These meetings are conducted in conformance with the Government in the Sunshine Act and the Board's Rules Regarding Public Observation of Meetings.  II.  COMMITTEES OF THE BOARD In order to carry out the Board's work more effectively, four standing Committees have been established corresponding to the Board's major functions, each with three members one of whom is designated by the Chairman of the Board to serve as chairman of the Committee. Also, ad hoc Committees of two or three members are established from time to time for special projects or problems. Membership of the standing and ad hoc Committees is decided by the Chairman of the Board after consultation with the other Members of the Board. In addition, the Board has authorized an "Action Committee," consisting of any three Board Members designated by the Chairman, to act on certain matters in the absence of a quorum of the Board where delay would be inconsistent with the public interest. The  I/ Members of the Board of Governors serve also as members of the Federal Open Market Committee. The organization and procedures of the FOMC are described elsewhere. 2/ These statutes are compiled in a Federal Reserve publication entitled, Federal Reserve Act as amended through 1976 with an appendix containing provisions of certain other Acts of Conuess that affect the Federal Reserve System.  -2Action Committee may act on any matter that does not (i) relate to rulemaking, (ii) pertain principally to monetary and credit policies, or (iii) under statute require the affirmative vote of more than three Members of the Board. Action can be taken only by unanimous vote of the Committee.  III.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  FUNCTIONS OF THE STANDING COMMITTEES Finch standing Committee has the following general functions within its respective areas of responsibility: a.  To propose to the Board goals and objectives for the annual and multi-year time periods in which goals and objectives are to be established, and to oversee the accomplishment of the goals and objectives that the Board approves.  b.  To participate in formulating and presenting policy proposals to the Board and'to make recommendations to the Board on policy issues.  c.  To oversee the implementation of policies adopted by the Board and to provide guidance to the Board Staff and the Reserve R'nks on the interpretation of Board policy.  d.  To take action under delegated authority if and to the extent authorized by the Board, with any meetings at which such action is taken conducted in accordance with the Government in the Sunshine Act and the Board's Rules Regarding Public Observation of Meetings.  e.  To monitor and evaluate actions taken under delegated authority by the Reserve Banks and the Board Staff; to give the Board periodic evaluations of the performance of those units in the exercise of their delegated authority; and to make recommendations to the Board for changes in the delegation program.  f.  To review and make recommendations to the Board on annual budgets for relevant Board Staff units, and tc monitor performance against the approved budgets.  g.  To participate in evaluating the performance of and making compensation recommendations for officers in relevant Board Staff units.  IV.  Digitized for1 FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  h.  To participate in evaluating the performance of Reserve Banks and senior Reserve Bank officers in areas relevant to the Committee.  j.  At the direction of the Board or the Chairman of the Board in carrying out Board objectives, policies, and programs, to communicate with members and committees of the Congress and with units of the Executive Branch on behalf of the Board (this may include testifying, answering Congressional mail, and establishing appropriate relationships such as with chairmen of Congressional committees and subcommittees and with principals of other regulatory agencies).  J.  To perform such other functions as may be assigned by the Board or the Chairman of the Board in carrying out Board objectives, policies, and programs.  FUNCTIONS OF THE CHAIRMEN OF THE STANDING COMMITTEES The Chairman of each standing Committee has the following responsibilities: a.  To establish procedures for the organization and functioning of the Committee and to develop programs for carrying out its work.  b.  In accordance with Committee procedures, to ensure that established Board policies within the Committee's areas of responsibility are implemented, either directly or through staff or Reserve Banks.  c.  To monitor the activities of divisions and staff with respect to subject matter in the Committee's areas of responsibility.  d.  To present, where appropriate, the Committee's recommendations on matters within its areas of responsibility that are brought to the Board.  e.  To keep Committee members--and, as appropriate, the Chairman, Vice Chairman and other members of the Board--informed of developments relevant to the Committee.  f.  To consult with Committee members prior to making a substantive decision on a Committee matter.  -4V. STANDING COMMITTEES AND THEIR AREAS OF RESPONSIBILITY   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  The four standing Committees and their specific areas of responsibility are as follows: Committee on Federal Reserve Bank Activities  a.  i.  Reserve Bank operations, computers, buildings, examinations, budgets and planning, personnel, employee benefit matters, and accounting systems. Payments mechanism activities.  iii. iv.  v.  vi.  vii.  b.  Reserve Bank and Branch directors. Reserve Rank performance evaluation, and compensation for senior Reserve Bank officers and General Auditors. Emergency preparedness and national defense contingency planning within the Federal Reserve System. Action on behalf of the Board if and to the extent authorized in its Rules Regarding Delegation of Authority. Monitoring performance of Board Staff and Reserve Ranks in their exercise of delegated authority in the Committee's areas of responsibility.  Committee on Research and Statistics i.  Domestic and international research activities. Financial statistics and reporting burden. Economic consultants, Treasury consultants.  iv.  v.  Action on behalf of the Board if and to the extent authorized in its Rules Regarding Delegation of Authority. Monitoring performance of Board Staff and Reserve Banks in their exercise of delegated authority in the Committee's areas of responsibility.  -5c.  Committee on Banking Supervision and Regulation i.  Bank and bank holding company supervision and regulation. International banking supervision and regulation. Securities credit regulation.  iv.  v.  d.  Action on behalf of the Board if and to the extent authorized in its Rules Regarding Delegation of Authority. Monitoring performance of Board Staff and Reserve Banks in their exercise of delegated authority in the Committee's areas of responsibility.  Committee on Consumer Affairs i.  Regulations dealing with consumer credit and other consumer issues. Consumer affairs enforcement and education programs. Consumer Advisory Council: formulation of agendas for meetings of the Council, review of Council meeting minutes, appointments of new Council members.  iv.  v.  VI.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Action on behalf of the Board if and to the extent authorized in its Rules Regarding Delegation of Authority. Monitoring performance of Board Staff and Reserve Banks in their exercise of delegated authority in the Committee's areas of responsibility.  AD HOC COMMITTEES At present, there are no ad hoc committees.  -6VII.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  ASSIGNMENTS TO INDIVIDUAL GOVERNORS Certain functions of the Board have been made the responsibility of individual Governors. These responsibilities are as follows: a.  Direction of the Board of Governors. The Federal Reserve Act designates the Chairman of the Board as its "active executive officer." In this capacity he is responsible for the overall management of the Board in the execution of the Board's objectives, policies, and programs. The Board has delegated to the Chairman the administrative responsibilities of the Board described in Appendix I.  b.  Administration of the Board of Governors. Under a redelegtion of authority, the Vice Chairman serves as the Board's administrative officer, overseeing its day-to-day operations. In this capacity he is responsible for presenting to the Board a proposed annual budget and for implementing the budget decisions of the Board; for the supervision of personnel employed by the Board; and for the functions of the support services staff, including physical, personnel, and information security as well as administration of building space occupied by the Board. These functions are described in more detail in the redelegation memorandum attached as Appendix II.  c.  Coordination of Congressional relations. Communications from and to the Congress are coordinated by the Chairman of the Board (or by the Vice Chairman in the Chairman's absence). On all legislative matters of significance to the Federal Reserve, the Board's normal practice is to communicate a position adopted by the Board. While the Chairman is the System's principal spokesman before the Congress, on particular matters other Governors or Reserve Bank officials may be requested to represent the Board or System or otherwise to assist in Congressional relations.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -7d.  Treasury debt management. The Board is represented by invitation at the Treasury's meetings on debt management plans, either by the Chairman or another Board member designated by him for the purpose.  e.  Interagency Coordinating Committee on Bank Regulation. The Interagency Coordinating Committee, comprised of representatives of the Federal financial-institution regulatory agencies and the Treasury Department, meets from time to time to discuss and coordinate policies relating to regulation of financial institutions, including regulations relating to deposit interest-rate ceilings. The Board is represented on the Coordinating Committee by the Vice Chairman, and the Chairmen of the Committees on Banking Supervision and Regulation and on Consumer Affairs serve as alternates.  f.  Federal Advisory Council. Liaison with the Federal Advisory Council, which confers with the Board on general business conditions and other matters of interest to the System, is the responsibility of the Vice Chairman.  g.  Public information and education. Coordination of the System's programs regarding public information and education is the responsibility of the Vice Chairman.  h.  International matters. i.  International Monetary Fund. The International Monetary Fund, comprising the developed and developing countries in its membership, has as its central focus facilitating the efficient functioning of the international monetary system. The Chairman of the Board has been appointed by the President and confirmed by the Senate as Alternate U.S. Governor of the IMF. He normally is assisted in this capacity by the Board member designated as his primary alternate for international monetary matters.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -8ii.  Bank for International Settlements. The Bank for International Settlements, located in Basle, Switzerland, was established in 1930 to administer the post-WWI reparations agreements. Since the 1960s, the BIS has evolved into an important international monetary institution with two principal roles: as a forum where central bank governors discuss issues of mutual concern and as an independent financial institution performing a variety of banking-type activities, chiefly for central banks. Although not a member of the BIS, the Federal Reserve participates actively in the monthly meetings of central bankers held at the Bank. Board representation normally is by the Chairman or by the Board member designated by him as his primary alternate for international monetary matters. Organization for Economic Cooperation and Development. The Organization for Economic Cooperation and Development is a 24-country, Paris-based organization whose membership includes both the large and small industrial countries of Western Europe plus Japan, Canada, Australia, New Zealand, and the United States. The Federal Reserve's involvement is limited mainly to participation, as part of the U.S. delegation, in OECD meetings that deal with international finance and payments, assessments of current and prospective economic developments, and other monetary and financial issues. Pit the two important policy-making groups of the OECD--the Economic Policy Committee and Working Party Three--the Federal Reserve representative (when at the Board-member level a Governor designated for the purpose by the Chairman, either his primary alternate for international monetary matters or another Board member) is the spokesman for the U.S. government on monetary policy.  iv.  Conference of Governors of Central Banks of the Western Hemisphere and Center for Latin American Monetary Studies. Because of its traditionally close relations with Latin American central banks, the Board participates in meetings of the Conference of Governors of Central Banks of the Western Hemisphere and is an associate member of the Center for Latin American Monetary Studies in Mexico City. The Conference was established to provide a forum for discussion of topics of interest to the member central   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -9banks and to promote closer relationships among the heads of the organizations. The Board is represented at meetings of the Conference by the Chairman or by another member designated by him for that purpose. That member also is responsible for liaison with the Center for Latin American Monetary Studies (known by its Spanish acronym CEMLA), a training and research institution that also serves as secretariat to the OGCBWH and other Latin American central bank groups. v.  National Advisory Council on International Monetary and Financial Policies. The National Advisory Council coordinates the bilateral foreign lending activities of U.S. agencies, particularly proposed export-credit policies of the Export-Import Bank, the Commodity Credit Corporation, and the Agriculture/AID PL480 program. It also reviews and advises the Secretary of the Treasury on individual loans and policy questions that come before the IMF. Membership on the NAC, which was established originally by the Bretton Woods Act in 1945 and more recently by Executive Order, includes the Secretaries of the Treasury (Chairman of the NAC), State, and Commerce, the Chairman of the Board of Governors of the Federal Reserve System, the President of the Export-Import Rank, and the Administrator of AID. Although meetings of the NAC principals are infrequent, its Committee of Alternates meets regularly; representation there is by a Governor designated for the purpose by the Chairman--either his primary alternate for international monetary matters or another Board member.  vi.  Working Group on Multilateral Aid. The Working Group on Multilateral Aid reviews and advises the Secretary of the Treasury on loans of the multilateral development banks--the World Bank and the regional development banks for Latin America, Asia, and Africa--and in general matters of policy relating to those organizations. Its membership is nearly identical to that of the NACIMFP and the Board's representation is the same.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -10vii.  International Monetary Group. The International Monetary Group advises the Secretary of the Treasury on policies affecting the functioning of the international monetary system, including the longer-range policies of the International Monetary Fund. Established in 1965, the IMG is chaired by the Under Secretary of the Treasury for Monetary Affairs and includes representatives of the Federal Reserve (normally the Chairman's primary alternate for international monetary matters), the State Department, the Council of Economic Advisers, and the National Security Council.  i.  Conference of Chairmen of the Federal Reserve Banks. The Chairman of the Committee on Federal Reserve Bank Activities has responsibility for liaison with the Conference of Reserve Rank Chairmen including coordinating the Board's participation in planning the agendas of the Conference's meetings, which normally are held twice a year in Washington.  3.  Conferences of Presidents and First Vice Presidents of the Federal Reserve Banks. The Chairman of the Committee on Federal Reserve Bank Activities has responsibility for liaison with the Conferences of Presidents and First Vice Presidents--System groups established to provide a forum for discussions of policy and operational matters of interest to the Reserve Ranks. The Chairman of the Committee may represent the Board at meetings of the Conferences, which have extended standing invitations to Board members to attend.  k.  Potential Federal Reserve Bank presidential and first vice presidential candidates. Under the Federal Reserve Act, responsibility for appointment of Presidents and First Vice Presidents of the Federal Reserve Ranks is shared by the Board of Governors and the boards of directors of the Banks. The Chairman is the Board's principal liaison with the Reserve Bank boards during the process of identifying potential candidates, and he is assisted in this capacity by the Vice Chairman and the Chairman of the Committee on Federal Reserve Bank Activities.  -111.  Federal Reserve System Employee Benefits. At this writing, the Conference of Presidents is developing recommendations for a reorganization of the administrative structure of the System's employee benefits program. At present, the three members of the Committee on Federal Reserve Bank Activities serve, together with three Reserve Bank Presidents, as members of the System Committee on Employee Benefits--whose responsibilities encompass the retirement, thrift, and long-term disability plans for employees of the Federal Reserve System. In addition, the Chairman of the Committee on Federal Reserve Bank Activities serves as a member of the administrative boards, executive committees, and performance review committees of the three plans. Similar responsibilities are likely to result from the reorganization.  m.  Federal Financial Institutions Examination Council. The Financial Institutions Regulatory and Interest Rate Control Act of 1978 established a Federal Financial Institutions Examination Council composed of representatives of the OCC, FDIC, FHLBB, NCUA, and Board of Governors, whose purposes are to establish uniform principles, standards, and report forms for the examination of financial institutions; to make recommendations for uniformity on other supervisory issues; and to conduct schools for examiners. The Board's representative, under the Act a Member designated by the Chairman, is the Chairman of the Committee on Banking Supervision and Regulation. This Member also has responsibility for Board liaison with the Conference of State Bank Supervisors, the principal spokesman and information clearinghouse for the bank supervision departments of the state governments.  n.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Consumer Advisory Council. Liaison with the Consumer Advisory Council, whose purpose is to advise the Board on matters relating to the Board's consumer responsibilities, is provided by the Chairman of the Committee on Consumer Affairs.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  —12o.  Minority banks. A member of the Board designated by the Chairman is responsible for liaison with the minority banking community. The focus of this contact has been through the National Bankers Association, the trade group representing minority banks.  P. Labor relations. Two members of the Board together with one public representative, all chosen by the Board, comprise the Federal Reserve Labor Relations Panel--a group established under the labor relations policy for the Reserve Banks. One Board member with two public members, also selected by the Board, comprise a similar panel under the labor relations policy applicable to the Board Staff. q.  Freedom of Information and Privacy Acts. Any member of the Board designated by the Chairman may review and act on appeals of denials of access to Board records under the Freedom of Information or Privacy Act. Customarily, the Chairman designates two or three members for this purpose, one of whom is the Vice Chairman.  r.  National Neighborhood Reinvestment Corporation. Established by the Housing and Community Development Amendments of 1978, the NNRC is intended to promote reinvestment in older neighborhoods by local financial institutions working cooperatively with community people and local government. Its board of directors is composed of representatives of FHLBB, HUD, FDIC, OCC, NCUA, and the Board of Governors. The Board's representative is a Member designated by the Chairman.  -13s.  Regulatory Improvement Project. The Board is engaged in a Regulatory Improvement Project involving a review of all Federal Reserve regulations that affect the public. Each regulation is to be analyzed to determine its costs and benefits; whether it can be made less burdensome or nonregulatory alternatives adopted without reducing its effectiveness; and whether it is as simple as possible and is clear to those who must comply. Coordination of the project at the Board level is provided by a Member designated by the Chairman.  VIII.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  DELEGATION OF AUTHORITY The Board is authorized by the Federal Reserve Act (under a 1966 amendment) to delegate any of its functions, other than those pertaining to rulemaking or monetary and credit policies, to hearing examiners, to members or employees of the Board, or to the Federal Reserve Banks. The assignment of responsibility for performance of functions delegated by the Board is, under the Act, a function of the Chairman; the Chairman normally consults with the Board, however, before reassigning responsibility for delegated functions. In the years since 1966, the Board has delegated a relatively large number of functions, mostly in the areas of the Board's own administration and of bank and bank holding company supervision, including processing of applications. (A list of these delegations may be found in the Board's Rules Regarding Delegation of Authority.) *  *  *  *  *  *  *  *  *  *  This document shall be reviewed and modified by the Board as necessary in January of each year. Approved by the Board of Governors, December  , 1978.  Secretary  APPENDIX I  Delegation of Administrative Responsibilities of the Board of Governors  1.  Delegation of responsibilities.  In futherance of the  provision of law that the "chairman of the Board, subject to its supervision, shall be its active executive officer", and subject to the limitations contained in paragraph 2 hereof, the Board of Governors delegates to the Chairman of the Board the administrative responsibilities of the Board, including the following: (a)  The appointment, supervision, and removal of personnel  employed under the Board; (b)  The distribution of business among such personnel and  among administrative units of the Board; (c)  The direction of personnel who perform, or who supervise  the performance of, any function of the Board, but in such manner as to afford reasonable access by each member of the Board to the services of such personnel; (d)  The overall internal management, functioning, and  organization of the Board, including the formulation and implementation of plans and policies to increase the effectiveness of the   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  =OM\  0  -2performance of the Board's functions under the law and the initiation of means of correcting or preventing avoidable delays in the performance of such functions; and (e) The allocation, use, and expenditure of funds of the Board. 2.  Limitations.  (a) In carrying out the responsibilities hereby delegated, the Chairman shall be governed by general policies determined by the Board, by the budget adopted by the Board (except as authorized in paragraph 4 hereof), and by such regulatory decisions, findings, and determinations as may be made by the Board pursuant to law. (b) The appointment or removal of officers of the Board shall be subject to the Board's approval. (c) This delegation shall not apply to personnel employed regularly and full time in the immediate offices of members of the Board other than the Chairman. (d) This delegation shall not extend to the powers vested in the Board to exercise supervision over the Federal Reserve Banks. 3.  Redelcgations.  The Chairman may from time to time, as he  may deem appropriate, redelegate to any member, officer, employee, or administrative unit of the Board any responsibilities hereby delegated to the Chairman.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -3L, Authorization for budget changes. The Chairman or his designee during the course of implementing the budget adopted by the Board may approve (a) the establishment of a one-time unbudgeted program or project provided that the cost shall not exceed $50,000, (b)  an overexpenditure for a program or project specified in  the budget provided that the cost of the overexpenditure shall not exceed $100,000 for any one program or project through the remainder of the budget year, (c)  the establiahment of new unbudgeted positions provided  that the total of new unbudgeted positions in grades FR 12 through 15 shall not exceed 20 positions for any budget year, and (d)  the reallocation of budgeted program or project funds or  positions provided that the amount of any one reallocation shall not exceed $100,000, subject to the requirement that all approvals in (a) through (d) shall be entered in the minutes and with the further stipulation that all approvals in excess of $10,000 shall be reported to the Board promptly.  At the discretion of the Chairman of the Board  or his designee, any proposed budget change may be brought to the Board for determination regardless of the amount of the expenditure involved.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  BOARD OF GOVERNORS OF THE  FEDERAL RESERVE SYSTEM  Office Correspondence To  Vice Chairman Schultz  From  Edward T. Mulrenin  Date  may 7, 1981  Subject: Evaluations of Systemwide Planning Conference  Although an additional evaluation trickles in every now and then, if they are not in by now, they probably will not be coming in. In all, 41 of the 57 participants submitted evaluations. Here is what dominated in the returns: LOGISTICS:  Excellent (23 of 41)  AGENDA:  Good to Excellent (25 of 41)  CONFERENCE APPROACH:  Better than anticipated to Excellent (24 of 41)  MATERIALS:  Well done to Excellent (24 of 41)  DISCUSSION SESSIONS:  Stimulating to Excellent (25 of 41)  OUTCOME:  Better than anticipated to Excellent (26 of 41)  SHOULD WE DO AGAIN:  Yes (37 of 41); NO COMMENT (4 of 41)  A finer breakout of the responses is shown on Attachment 1. Also attached (Attachment 2) are some of the statements that concern improvement suggestions or where the conference was weak. Clearly, the positive comments on the returns dominated those on the negative side. I have omitted the positive conuilents since they corroborated just about every aspect of the conference upon which we focused long and hard. As I indicated to you earlier, all of those who responded indicated that we should hold similar conferences in the future at some time or another (four did not answer that question). If I could draw a profile of the future based on the responses, it would be this: we should hold occasional mini-conferences after regularly scheduled FOMC meetings to deal with special decision-oriented issues. The next planning conference should be held in a similar fashion sometime in 1983, at a similar location, but with more free time and better recreational facilities, with only two topics (rather than three) on the agenda, without the piano player, and with special food flown in for Steve Axilrod. I have already marked it in on your calendar.  wish.  I will be happy to send you the individual responses if you With this memorandum, my files on the conference are closed.  Attachments   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Attachment 1  Systemwide Planning Conference Evaluation  The Steering Committee requests that you complete the below evaluation of the conference after it adjourns and return it to Edward T. Mulrenin, Room B-2047, Federal Reserve Board, Washington, D.C. 20551. Logistics(facilities,meals,etc.):  Agenda (topics, length,etc):  Extremely well-handled/Excellent (23) Very good (5) Fine/Okay (8) Quite adequate (2) Adequate (3)  Excellent (3) Very good (4) About right/Good (18) Appropriate/Satisfactory (8) Comprehensive/Too broad (7) NO SPECIAL COMMENT (1)  Conference Approach (objectives, organization, etc.):  Materials:  Excellent (15) Well done (9) Fine/Good (7) Adequate (4) Unnecessary (3) NO SPECIAL COMMENT (3)  Discussion Sessions(introductory, topical, concluding):  Outcome:  Great job/Excellent (12) Very good (3) Better than one anticipated/Good (9) Satisfactory/Fine (7) Somewhat too structured (2) NO SPECIAL COMMENT (8)  Excellent (4) Well-handled/Very good (9) Interesting/Stimulating (12) Reasonably well (5) Uneven (1) NO SPECIAL COMMENT (10)  Excellent/Very beneficial and productive (10) Worthwhile exercise (10) Better than anticipated (6) Satisfactory (6) Still ahead as MCA is implemented (2) NO SPECIAL COMMENT (7)  Should we hold a similar conference in the future? If so, when, where, and how?  Yes--in one fashion or another at some time (37) No (0) NO SPECIAL COMMENT (4) 94  Name•  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Attachment 2  Some Improvement Suggestions on the Planning Conference (i.e., All positive comments have been omitted)  I.  Logistics o o  II.  Agenda o o  III.  o o o o o o   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Materials could have been shorter (9); S&R paper lacked proper balance (4)  Discussion Sessions o o o o  VI.  Issues should have been narrowed down early on (2); Fewer people should have been involved in the papers (1); Staff presentations should have been encouraged (2)  Materials o o  V.  Too long; two main topics would have been better (7); Could have used longer breaks (4)  Conference Approach o o o  IV.  Needed more recreational time and better recreational facilities (5); Food was terrible (1)  Should have referred more to specific issues in materials (2); FOMC format slowed things down (1); Summaries during final session did not affect group consensus (1) Opening session did nothing to achieve objectives of conference (2); Could have used more time for concluding session (2); First Vice Presidents and/or Board staff should have been allowed to participate (2); S&R discussion was disorganized at times (3); Organization session too unfocused (1); Some participants were better prepared than others (1); Staff presentations should have been encouraged to set the stage for discussion leaders (2)  Outcome o o  o  Should have given more attention to "next-steps" (2); It would have been helpful to have some record of the proceedings, papers that could have been kept, and papers commissioned as a result of the conference (4); We were too hesitant in wanting to take risks on where we go from here (1)  -2-  VII.  Attachment 2  Future Conferences o o o o  Hold Hold Hold Hold  annually (3); every 2-3 years (17); every 3-5 years (7); every 5-10 years (1)  Other Miscellaneous Comments: o o  o o o o o o o  NOTE:   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Hold at similar location (10) Not all addressed Hold occasional half day mini-conferences after regularly scheduled FOMC meetings to deal with both routine and special topics (6); Future conferences should be more focused, more concrete, and centered around decisions (4) Common understanding needs to be renewed from time to time with changes in issues and individuals (8); Hold at Richmond Fed (1); Decide issue of Government-in-the-Sunshine long in advance (1); Let us decide in a year when to hold again (2); Next mini- or full conference should have Bill Ford's "organization" issue on the agenda (1); See I through VI for additional comments on future conferences.  Numbers in parentheses indicate number of respondents.  I'  Background Material  The Geographic Structure of the Federal Reserve System: Background and Authority to Change   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -  ^  ...........,..............  Managerial and organizational issues dealing with centralization and decentralization within the System raise the broader issue of how changes, if desired, can be made in the basic geographic structure of the System--the 12 Federal Reserve districts, and/or the branches and RCPCs of the Reserve Banks. Congress did not establish the precise geographic structure of the Federal Reserve System in 1913.  Section 2 of  the Federal Reserve Act established a committee of three (Secretary of the Treasury, Secretary of Agriculture, Comptroller of the Currency) to designate "not less than eight nor more than twelve" districts.  The Act also stipulated that  districts created by the committee could be readjusted and new districts could be created by the Board, not to exceed 12 in all. In the early years. of the System's history, some Board members favored district consolidation--to four or six districts--on the grounds that the smaller Reserve Banks might not be able to attract qualified leaders or achieve high operating efficiency.  Other Board members opposed consolidation on the  grounds that the greater the number of Reserve Banks, the harder it would be for any single sectional group or special interest to gain control of the System. In response to several appeals and petitions to the Board for changes in the dsignation of districts, the Attorney General issued an opinion in 1915 that the Board did not have the power to abolish any of the existing Districts or Reserve Banks and in 1916 that the Board could not change the location of any Reserve Bank.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  • "P.. .. , •  2  The Board cannot presently alter the number of districts from the existing twelve; legislative action amending the Federal Reserve Act would be required.  The Board can, however, change  district boundaries and can eliminate or relocate Reserve Bank branches and/or RCPCs.  (12 U.S.C.Sec.521)  In today's environment, informally adjusting district lines to accommodate service users, natural markets or to improve operating efficiencies is not likely, in itself, to promote controversy.  However, legislation to consolidate Reserve districts  and/or eliminate Reserve Bank branches would likely be aggressively opposed by regional and local interests and their Congressional representatives who would see such a move as leading to a loss of regional prestige.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  FRBNY 3/4/81  1117.11.  11,11111, ,  THE FEDEIAL REsEkvE  30A RD  Et** '  OF Go VER NORS OF 7HE  FEDERAL  RESERVE  sysrem  FFI EC-  FEDERAL 0PEN  MARKET  hqA4,rrEZ  SYSTEM  "E,  A  far 67t-iA  ii••7  •  tI  50 *14 AEDERAL DViSORY CO uNCI  coNsumER, ADVssaRY v ^IC,L.  • • • Cbett&UORTbd • • • • •  cdr.LskA.:70-rio4 APJD, itEcommE AJDA170/4  C4Alwr1  PRESIDENT'S  'S CoNFERENcE  4Nc  REC004,meNbirr;oN  CoN Pe au PX-E  PREsi0Eror_ CoNFEREKC.E.  Figsr vicE  CowiSuctiv  OF Di RECTORS  304RDS  -row -rwei.vIE  m emSER  84,41'  e•ADATto•J  FEDERAL AE3E  A  D  BANKS  RESFIDN DEW'S Service* Ansi suetrvisioN  •   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  504kb  OF  6OVERNokS  OF  -7-1-1 E.  .ES_VI RD  REsEkvE  FE DE RAL  SYSTE M  OF GoVERNoRS  Dr-Poem-2R Y sr4STI"TLI-TIOAIS,  FA4.L A. voLck C PiAlariAPJ  rioN , - es-GtAP c<DA4.-11-rrr E.  Fir bER 10, 14- SC WALTZ ViCE C4444141.1  rC.m F D.45,ofy CKINIC s PARTEE  taNty C. NAIALL4Cli  FEDERAL E.4ANOAL t..sT.TuT‘0 NS.  com.AtTTEE ON  .1  81!P4 sLosevisio4 AND Rcautivriont  couniel L  NANCY 4- Tr En'LS  CON4T/I-TF E oN Coosu•SE r PIFFA Es  irrr Z. RK  C0a_Sum A Dv ,soc-e CouNc  LYLE E. &RANLEY  r  FE DER L Ac visoRy Co LYNG.,L_  ,4441TTEE or' FEDERA L P ESE RVE pc Ac DNA TiE$  t  C0.4041T-TE E ON 12.ES.EARc 44 AND sTral5T-4.S  Pkriric, roLICY CO MAI IT-TEE.  RE s ErvE BAN rs  L_ oFF•cE OF  OFFK.E S.-TAFF DIPEcine Foq 1 44.1AGE AsE NT ,  FEDENDL  r  TAFF Dirrciok L mem)s.IA itY Fo4Arie.a L poucy  oFFIcE OF STPWF DIRECIC4 FOR FEDERAL ( RE...5E-RwE WW1 silt-r-,vo-r.  scitsat  RE6  1 ;  oFF•C E OF 114E COAJ7GLLF g.  Div tSio pi OF S oPPoRT SEC si   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Dr4iSion.) or DATA 4‘,pRcccc.s,,  D.Ls,c,., Dry,54o4 OF P E RSoNNE  OF  SA,..11( it4G ,sec.N SuPFARX RC  uLlv-Tiori  Div is tonl OF CrmSumER Aol.) $4,•1 40TY A FPO  OF RE.44 RCA A srATtsTic5  OF oF rums NAT-4.4AL FINA AI( E  OC.. CEE oF 5EC.SETAey  aFE  or  me..48F Rs  L___  LEG Fr,_ 0 V11,  FEDERAL REsER.rE dis,JA oPE eficr.oNS  ORCANIZATION CHART CONFERENCE OF PRESIDENTS AND CONFERENCE OF FIRST VICE PRESIDENTS OF THE FEDERAL RESERVE BANKS  k  STANDING COMMITTEES AND SUBCOMMITTEES AUGUST 1979  CHAIRMAN STEERING COMMITTEE  CONFERENCE OF PRESIDENTS  Vim CAavvrIon Pryor Yo Cttmarnsa  VICE CHAIRMAN  SECRETARY  ASST. SECRETARY  SUBCOMMITTEE LEGAL COUNSEL  COMMITTEE ON DISCOUNTS AND CREDITS  COMMITTEE ON MANAGEMENT SYSTEMS, BUDGETS. AND PLANNING  SUBCOMMITTEE ON DISCOUNTS AND CREDITS  COMMITTEE CN PERSONNEL  SOBcomeITT2E ON PERSONNEL  I  SUBCOmMIT— EE OF COUNSEL ON PERSONNEL  COMMITTEE ON RESEARCH, PUBLIC INFORMATION, AND BANK RELATIONS  COMMITTEE ON REGULATIONS BANK SUPERVISION, AND LEGISLATION  SUBCOMMITTEE ON REGULATIONS, BANK SUPERVISION, AND LEGISLATION  SUBCOMMITTEE ON PUBLIC INFORMATION  SUBCOMMITTEE ON BANK RELATIONS  CHAIRMAN  STEERING COMMITTEE CNorman vice Osommn vv.,'•CasenNo  CONFERENCE OF FIRST VICE PRESIDENTS  VICE CHAIRMAN  SECRETARY  Ell  INSURANCE COMMITTEE OF THE FEDERAL RESERVE BANKS AND EXECUTIVE COMMITTEE OF THE INSURANCE COMMITTEE  COMMITTEE ON AUTOMATION SERVICES  SUBCOMMITTEE AUTOMATION SERVICES   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  COMMITTEE ON FISCAL AGENCY OPERATIONS  COMMITTEE ON COMMLNICA1 IONS AND PAYMENTS  SUICOMMI TTEE ON CASH SF .v ICES  SuBCOmmITTEE ON THE PAYMENTS MECHANISM  SUBCOMMITTEE OF COUNSEL ON COMM UN ICA TIONS AND PAYMENTS  SUBCOMMITTEE ON CO'UPIICAT IONS  SUBCOMMITTEE ON ELECTRONIC PAYMENTS  ASST. SECRETARY  SUBCOMMITTEE ON FISCAL AGENCY OPERATIONS  SUBCOMMITTEE OF COUNSE _ ON FISCAL ACE NCY OPE RAT IONS  COMMITTEE ON MANAGEMENT SYSTEMS AND SUPPORT SERVICES  SUBCOMMITTEE ON ACCOLAIT I NG Sv ST EMS, BUDGETS AND E APE ND ITUB ES  SUBCOMMITTEE ON PNOTE ION CONTINGENCY PLANNING AND BUILD NO SE R I ICES  An Example of Decisionmaking Process for the Development of a Uniform Approach to 1 aining of Examiners   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Approvals or consultations required 1.  Board of Governors  2.  Board committee  3.  Division of Supervision and Regulation  4.  Division of Consumer Affairs  5.  FFIEC - Principals  6.  FFIEC Task Force on Training  7.  FFIEC Task Force on Supervision  8.  FFIEC staff  9.  Other Agencies' division heads  10.  Other Agencies' regional heads  11.  Conference of Presidents  12.  Comptroller of Currency  13.  Subcommittee of conference committees on supervision and regulation  14.  Reserve Banks  FEDERAL DEPOSIT INSURANCE CORPORATION BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM SURVEY BL-85(M)-79  November 19, 1979 TO:  CHIEF EXECUTIVE OFFICER OF THE MUTUAL SAVINGS BANK ADDRESSED  SUBJECT: Report of Deposits We are writing to ask your cooperation in a new weekly report of deposits at mutual savings banks for use by the Federal Reserve System in the construction and interpretation of the monetary aggregates. For some time, the Federal Reserve System, members of the Congress, economic consultants, financial analysts and other members of the public have suggested that more comprehensive and timely data are needed for the currently-defined aggregates. Moreover, the proposed redefined aggregates would require comprehensive and timely data for some new items. While the narrow measures of the current monetary aggregates focus only on the deposit liabilities of commercial banks—with liabilities of other financial institutions introduced in higher-level measures—the proposed redefined aggregates would add similar kinds of deposit liabilities at all depository institutions at each level of aggregation. For example, the current M-1 consists of currency plus private demand deposits at commercial banks and thus excludes similar kinds of transactions balances at mutual savings banks. The proposed M-1, by contrast, is designed to be a more comprehensive measure of transactions balances and would include transactions accounts at all depository institutions, including mutual savings banks. Thus, construction and timely publication of the proposed aggregates would require information that has not previously been available to the Federal Reserve. The Federal Deposit Insurance Corporation is assisting the Federal Reserve in the collection of the necessary data from mutual savings banks. We might note that the FDIC is also providing assistance in the collection of similar data from nonmember commercial banks, and the Federal Home Loan Bank Board is cooperating in this endeavor by providing to the Federal Reserve needed information from savings and loan associations. We now seek your bank's participation in the new Weekly Report of Deposits at Mutual Savings Banks(FR 2411). A copy of the reporting form, which also includes instructions, is attached. The report will be implemented with data as of Wednesday, January 2, 1980, with weekly reports following thereafter. To provide the data to the Federal Reserve on as timely a basis as possible, we ask that you submit all weekly reports directly to the Federal Reserve Bank that serves the District in which your bank is located, for receipt no later than the Monday following each Wednesday report date. This reporting schedule is critical in order to ensure that the monetary statistics used by the Federal Reserve and the public are of high quality. Upon receipt of these data, the Reserve Bank will forward the information over a high-speed communications system to the Federal Reserve Board for incorporation into estimates of the nation's money supply. As part of the collection procedure, the Reserve Bank will review the data for unusual occurrences, such as large fluctuations between reporting periods. When such occurrences develop, the Reserve Bank will likely contact the reporting bank for an explanation. Your bank's cooperation in any such contacts will be greatly appreciated.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Later this year, the appropriate Federal Reserve Bank will provide you with a supply of reporting forms and other information regarding reporting procedures. We would appreciate your appointing a contact to whom all subsequent correspondence concerning the weekly report should be directed. Enclosed is a form that you may use in providing us with this information. A response within two weeks would be appreciated. It should be sent to Ms. Martha Bethea, Section Chief, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. On behalf of the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, we appreciate your cooperation in this very important weekly survey.  Aiiii-,-,P --cr-f Irvine H. Sprague Chairman Federal Deposit Insurance Corporation  -  "adeoldwL Paul A. Volcker Chairman Board of Governors of the Federal Reserve System  Enclosures Distribution: Selected Mutual Savings Banks   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  ..  (Date)  (Name of bank)  (City, state, zip code)  , The person whose name is provided below will serve as this bank's contact with the Federal Reserve Bank for the weekly Report of Deposits and Vault Cash (FR 2412). (Name)  (Title)  (Tel. No., including area code and ext.)  PLEASE ENTER THE ABOVE INFORMATION AND RETURN THIS FORM WITHIN TWO WEEKS TO: Ms. Martha Bethea, Section Chief Division of Research and Statistics Board of Governors of the Federal Reserve System Washington, D.C. 20551   http://fraser.stlouisfed.org/ aFederal Reserve Bank of St. Louis  •  FEDERAL DEPOSIT INSURANCE CORPORATION Washington, D.C. 20429 POSTAGE AND FEES PAID  OFFICIAL BUSINESS PENALTY FOR PRIVATE USE, $300  FEDERAL DEPOSIT INSURANCE CORPORATION  [ U.S. mimmom ) L  FIRST CLASS MAIL  To the Chief Executive Officer Important Information   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  BOARD OF GOVERNORS  FEDERAL RESERVE SYSTEM  Office Correspondence To  Mr. Allison  Rona Griffith L. Garwood  Dee  January 15, 1980  Subject: Conflict of interest rules-Reserve Bank Presidents  I have reviewed the Federal Reserve System Ethics Manual, issued on April 16, 1979, to identify provisions relating to conflict of interest standards involving investments of Reserve Bank presidents. The relevant provisions are as follows: 1.  Voluntary Guide to Conduct for Senior Officials of the Federal Reserve System  This is the basic document setting forth the ethical standards applicable to Reserve Bank presidents. Specifically on investments, the guide provides as follows: They should be careful to avoid any dealings or other conduct that might convey even an appearance of conflict between their personal interests, the interests of the System, and the public interest. In no event should they purchase any marketable government securities or stock of any bank, any affiliate thereof, or a government securities dealer, or obtain a bank loan on terms more favorable than those applied to loans of like character made to other borrowers of similar credit standing. (Paragraph 3) In addon, they are instructed to "carefully adhere to the spirit, as well as the letter, of the rules of ethical conduct prescribed for employees of the Board of Governors" and of their Reserve Bank. (Paragraph 2) The Board's own rules provide that an employee shall not: (i) have a direct or indirect financial interest that cI nflicts substantially, or appears to conflict substantially, with his duties and responsibilities with the Board; . . . . engage in speculative dealings (as distinguished from investments), whether on a margin or a cash basis, and whether in securities, commodities, real estate, exchange, or otherwise. . . . (iv) Purchase equity secures of a bank, an affiliate thereof, or a government security dealer . Both the Voluntary Guide (Attachment A) and the Board's rules also prohibit the use of inside information. 2.  Restrictions on Outside Activities and Financial Interests  The manual sets forth requirements for individual Reserve Bank ethics regulations. In addition to requiring provisions which parallel the Board's rules, it states the following (page 27):   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Mr. Allison  To:  -2-  Finally, in order to minimize the potential for conflicts arising under 18 U.S.C. § 208, the Board believes that each Reserve Bank's internal rules should caution Presidents, First Vice Presidents, and the senior officer in charge of procurement against future acquisition of stock of any company whose primary business involves the production or sale of data processing, duplicating, and data transmission equipment or other significant products and services utilized by the Reserve Bank in its operations. It is the Board's position that existing stock holdings may be retained as long as they fall within the general or ad hoc exemptions granted under 18 U.S.C. § 208 or the officer or employee otherwise refrains from actions prohibited by that statute. However, in the case of Presidents and First Vice Presidents, if their existing stock holdings exceed the level permitted by general exemptions, if their request for ad hoc exemptions are denied, and if their abstention would impair the Reserve Bank decision-making process, the Board of directors or Board might find it necessary to require divestiture of the current stock holdings. 3.  Section 208 of Title 18 of the United States Code  Under the statute, an officer or employee of a Federal Reserve Bank is prohibited from participating personally and substantially in any particular matter in which the officer or employee, his or her spouse or minor child, or other related individuals or organizations, have a financial interest. However, this prohibition does not apply if the individual has first advised the Bank's board of directors of the nature and circumstances of the particular matter, has made full disclosure of the financial interest involved, and has received in advance a written determination that the financial interest "is not so substantial as to be deemed likely to affect the integrity of the services" which the Bank may expect from the individual. The statute further provides that the prohibition does not apply if, by general rule or regulation, the financial interest has been exempted as being "too remote or too inconsequential" to affect the integrity of the service of the individual. A number of general exemptions which have been adopted by each Reserve Bank (see Attachment B) including investments in mutual funds and pension or retirement plans and interests whose market value is less than 5 percent of the person's salary and represents less than 1 percent of the value of the class of stock or other investment. Provisions have also been adopted for the issuance of ad hoc exemptions. (See Attachment C) 4.  Reserve Bank Regulations  Pursuant to the Board's directive each Reserve Bank must issue rules of conduct and the president would be subject to these requirements. (We do not currently have, but are obtaining, the New York rules.)   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Attachment A Rtrt R, Section One (Adopted November 1S, 1970; amended April, 1979) VOLUNTARY GUIDE TO CONDUCT FOR SENIOR OFFICIALS OF THE FEDERAL RESERVE SYSTEM 1. Members of the Board of Governors of the Federal Reserve System and Presidents and First Vice Presidents of the Federal Reserve Banks have a special responsibility for maintaining the integrity, dignity, and reputation of the System. Accordingly, they should scrupulously avoid conduct that might in any way tend to embarrass the System or impair the effectiveness of its operations. 2. They should carefully adhere to the spirit, as well as the letter, of the rules of ethical conduct prescribed for employees of the Board of Governors or the Federal Reserve Banks and should exemplify in their own conduct the high standards set forth in those rules. 3. Their personal financial dealings should be above reproach, and information obtained by them as officials of the System should never be used for personal gain. They should be careful to -avoid any dealings or other conduct that might convey even an appearance of conflict between their personal interests, the interests of the System, and the public interest. In no event should they purchase any marketable government securities or stock of any bank, any affiliate thereof, or a government securities dealer, or obtain a bank loan on terms more favorable than those applied to loans of like character made to other borrowers of similar credit standing. Presidents and First Vice Presidents should file annually with the Chairman of the Roard of Directors of their Federal Reserve Bank (1) a statement naming all corporations and other organizations in which they-Y have any financial interest through ownership  TrThe interest, if any, of a spouse, minor child, or other member of a senior -Official's immediate household should be reported in this statement as the official's interest.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  - 1 b-  of stock, bonds, or otherwise, and the olture (but not the an  of such linaiicial  2/ interests,- and (2) a statement of all 'cansactions in securities (with dates, 3/ but not amounts) during the preceeding year. Such statements- should be submitted to the Chairman of the Board of Governors. 4. They should not accept honorariums, gifts, entertainment or, other favors from any 'person or concern affected by System operations or policies that might be regarded as likely to influence their objectivity in reaching decisions with respect to such operations or policies. 5. They should strictly preserve-the confidentiality of System information that, if revealed, could inure to the private benefit of any person or impair the effectiveness of System operations and policies. 6. In considerating invitations to speak at meetings sponsored by profit-making organizations, such officials should carefully weigh the public benefits likely to be derived from addressing such meetings against the possibility that their participation might afford such organization a prestige advantage over competitors. Oa  7. In public speeches and relations with news media, senior officials should be particularly mindful of the consideration stated in paragraph 5 and, in addition, should avoid statements that might suggest the nature of any monetary policy action that has not yet been officially disclosed or that might confuse or mislead the public with respect to the monetary or other policies of the System. S. They should feel free to express their personal view as to questions of System or public interest, but they should carefully consider whether their remarks might create public misunderstanding of tile Systein'5 actions, or impair 2/ Ownership of stock, stock options, bonds, notes, or other forms of equity interest or indebtedness valued at five percent or more of a President or First Vice President's annual salary with the Reserve Banl«)r representing one percent or more of the value of that class of stock, stock option, bond, note or other form of equity interest issued should be identified. 3/ The form set forth on pages 19 and 20 is one example of an acceptable reporting format.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -17-.  the effective formulation and iniplem , itation of System policies, or lessen the prestige of the System. 9. When speeches or other statements have been prepared for public release, they should consider whether it is feasible and useful to distribute copies to other senior officials for their information in advance of public release.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -18-   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Attachment B  under the provision.. of statutes or regulations; where the employee or related persons have a financial interest—for example, as borrower, depositor or stockholder--in a person or corporation directly affected by the Bank's action. Sec. 3 Exemption of Remote or Inconsequential Financial Interests. (a)  Pursuant to the provisions of 18 U.S. C. ';208(b), certain actions of employees may be exempted from the prohibitions of 18 U.S.C. §208(a) if by general rule or regulation published in the Federal Register the financial interest involved has been determined to be too remote or inconsequential to affect the integrity of an employee's services. Financial interests will be viewed as too remote or inconsequential in circumstances in which: (1)  an employee's action on a matter will not directly, substantially, and predictably affect the financial interest; or  (2)  an employee's independence of judgment vill not be affected by the financial interest.  (b)  The board has determined that the financial interests of an employee, the employee's spouse or minor child, or related persons in the following matters are too remote or inconsequential to affect the integrity of employees' services, and, accordingly, the prohibitions of 18 U.S.C. §208(a) shall not apply to an employee's parti(:ipation in: (1)  matters concerning or affecting a financial institution to the extent the financial interest in such matters result from:  -37-  (i)  maintenince at the financial institution of a checkint, or other deposit account fully covered by federal insurance;  (ii) a fiduciary relationship involving the utilization of the financial institution's trust or investment advisory services; or (iii) the receipt from the financial institution of consumer credit, as that term is defined in Regulation Z (12 C.F.R. 226.2 (p)). (2)  matters concerning or affecting any person to the extent the financial interest in such matters results .  from investment or participation by an employee, the employee's spouse, minor child or related person in a diversified mutual fund, investment company, pension or retirement plan, or other similar form of investment plan whose investments may include stocks, stock options, bonds, notes or other forms of equity interest or indebtedness issued by an affected person, provided that the employee's role is that of a passive investor.  (3)  matters concerning or affecting any person to the extent the financial interest results from ownership of stock, stock options, bonds, notes, or other forms of equity interest or indebtedness, the market value of which is less than five percent of the employee's annual salary from the Nmk and represents less than  rsi  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  one percent of the value of that class of stock, stock  -38-  f ••••••   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1014,0111101111110011104110Mput...........mmaw... . .  option, boi , note or other form of equity interest or indebte!i!less issued by an affected person. (c)  The functions of employees may include their participation in matters concerning: (1)  international, national, and regional economic and financial conditions;  (2)  monetary policy;.  (3)  general conditions, trends or issues with respect to bank credit;  (4)  establishment of rates to be charged for all advances and discounts by the Rank, subject to review and determination , of the Board of Governors of the Federal Reserve System pursuant to the Federal Reserve Act;  (5)  statutes and proposed or pending legislation in which the Federal Reserve System has a legitimate interest; and  (6)  general standards ancLconditions of employment, including salary ranges and increases and fringe benefits.  The, foregoing matters are not particular matters of the type described in 18 U.S.C. §208 and, therefore, that statute is not applicable to participation in such matters. However, even if the statute were held to be applicable to participation in such matters, the board has determined that the financial interest of an employee, an employee's spouse or minor child, or related persons in such matters are too remote or inconsequential to affect the integrity of employees' services and, accordingly,  -39-  •  Attachment C the prohibitions of 18 1.S.C. § 208(a) shall not apply to an employee's participatHn in such matters. Sec. 4 Ad Floc Exemptions. (a)  The prohibitions of 18 U.S.C. §208(a) shall not apply if the employee first advises the board or its designee of the nature and circumstances of the particular matter in which the employee wishes to participate and makes full disclosure of the financial interest involved and receives in advance a written determination made by the board, or its dQsignee, pursuant to 18 U.S.C. §208(b), that the interest is not so substantial as to be deemed likely to affect the integrity of the services which the Bank may expect from such employee.  (b)  For purposes of this section, the President or the First Vice President of the Bank is designated to receive advice and to make determinations pursuant to Subsection (a) hereof  PT's\  in respect of employees other than the President, the First Vice President, the General Auditor, and members of the audit staff. Board of Governors of the Federal Reserve System, April 23, 1979,   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -friEk")-(16-1-- L: E. Allison Secretary  -40-  BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM  I — (VI —  Date  7-2  To C  1f2A  Merritt Sherman  From  cS) jQtQP 4eAPC 9 Tkd Ca-et -6-Q5a).  49  ÷rAdLeti-e_, r•LL -  Aiae,"ya  r OtLza  4av clicela-e-&,20e CeilVtc‘ui.kx) 4-14A 43-0kA-ara-rJA W-4o>-&-‘49 Lidth.LA.0,123, 19-7  1-eh..e,Ls  L.  * cet,u-eL t_i\izA—Z4Ce4AZ41 4sz_Lk., , Sta-&A#;—et—eet7  15-e-4,&40? /vAve,k9-cP 39 %,  JLtt4  9,LciA)  .fro wow° 2 --t!e  0.L4JA otj, +647 ;AAckL0-LQUz99 0A -oL9,_p IP .5-ft,,, a-t,t3tti±la  rok.t4),   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  ,4team.,  P 3 c 1:304vd  -4-t  ‘2--tt a  Ctr\CIA'N/A-Q-Ad  C;c1A.,40  •Sq. -4, -7-3 -3include provisions that the individual serve not less than 10 years as president and that the early retirement option would became available no earlier than age 60. Both the total amount of the guarantee and the contract payment by the Bank would be reduced below that payable at age 65. The pension portion paid by the Retirement Plan would, of course, be reduced by whatever is required under the then current provisions of that Plan; and the payment to be made by the Reserve Bank outside the Retirement Plan would be reduced to such amount as would make the aggregate guarantee at early retirement of equivalent actuarial value to 40 per cent of final average salary if the individual were in fact age 65. In any discussion of an early retirement contract, it should also be borne in mind that while payment of a pension under the Retirement Plan may be deferred until age 65, a contract payment to be made by the Bank directly to the retiring president would begin upon the actual date of retirement at the reduced rate determined on the basis of the interest rate, mortality data, and other factors used by the actuary for calculating an actuarially equivalent value under the Retirement Plan. A minimum of 10 years of service as president is a basic requirement for any of these contracts. There could be an instance, however, that the best available candidate for president could not, because of his age, complete 10 years of service before reaching the normal retirement age of 65. The Board will consider the negotiation of a contract with such an individual if his age would permit at least 5 years of service as president. In the event appointment of such an individual is approved, the basis for the age-65 guarantee will be reduced from 40 per cent of final average salary by one percentage point for each half-year, or fraction thereof, by which actual service would fall short of 10 years. For example, an individual hired as president at age 59 years 7 months would be guaranteed on completion of 5 years 5 months service in that position a bank payment sufficient to provide, with pension, a total of 30 per cent of final average salary. No agreement providing a contract payment in the event of resignation prior to age 65 would be available in such a case, and it should be noted that the Retirement Plan pension vests only at age 65 unless the retiree has had 10 or more years of creditable service. 77 Sincerely yours,  Theodore E. Allison Secretary Enclosure TO THE CHAIRMEN OF ALL FEDERAL RESERVE BANKS COPIES TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  4118,40,r4  I.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  October 23, 1981 Frederick H. Schultz  The attached memorandum was given to a friend of mine by Marriner Eccles about 15 years ago. Mr. Eccles said that it was prepared for the President in response to a conversation which they had had concerning the weaknesses of the Federal Reserve System. It was accepted by President Roosevelt and served as the basis for the Banking Act of 1935.  Attachment  Memo given to President 11/3/3 DESIRAELE CHIL:MF,S Li TEE ADMINISTiUTION OF,THE Kr.:Di.RAL SYSTal.  te,\  1. laatilm_pf r=etary mn=mat.20.2=1;!=rs r4- lalit:P. Fluctuations in production, employment Lnd the national irlcome are determined by chanEes in the available supply of cash and deposit*currency, anl by the rate and character of monetary expenditures. The effect of an increased rate of spending r.s...y be modified by decreasing the supoly of money, and intensified by incrsasinz the supply of money. Experience shows that without conzcious control, the supply of money tends to expand when the rate of spending increases and tends to contract when the rate of spendinz declines. Thus, during the depression the supply of money instead of expanding to moderate the effect of decreased rates of spending, contracted, and so intensified the depression. This is one part of the -economy in which automatic adjustments tend to have an intensifying rather than a moderating effect. If the monetary mechanism is to be used as an instrument for the promotion of business stability conscious control and management are essential.  2. Ecea..e.ei_t_rei:_ail,_"...e.—s_crit  At the present time in • reliance must be placed upon increased governmental and private expenditures to bring about a rise in the national income. The most important role of monetary control at the moment is assuring that adequate support is available whenever needed for the emergency financing involved in the recovery program.  5. Raf, nrronetzy untr'ol ;n flItirri,. Two supremely important duties are likely to devolve upon the reserve administration in the near future. The first is assuring that a recovery does net result in an undesirable inflation. The second is assuring that a recovery is not followed by a depression. 4. ResiralleceJ.n the r%fIrlintztratien o thc, Focl,?=.1 nerer7c F,7rtcm. In order to endeavor, with so72 prospects of success, (a) to render prompt support for the emergency financing in case of need, (b) to prevent the recovery from getting out of hand, and (c) to prevent the recurrence of disastrous depressions in the future, it is, in my opinion, eesential that the authority or the Federal Reserve Board should be strengthened in the following ways: 1. Complete control over the timing, character and volume of open market purchases and sales of bills and securities by the reserve banks should be conferred uoon the Federal Reserve Board. 2. 'Governors of the individual Federal 1-:eserve Ban::s should be appointed annually by their Beards of Directors subject to the approval of the Federal Reserve Board.  5. aci"...7.  .4 12-  •  cf  4 ' 74-  Althoqgh the Board is nom:nail-Jr the supreme monetary authority in this country it in generally conceded that in the past it has not played an effective role, and that the system has been 5-enerally dominated by tie Governors of the Federal Reserve Ban'-:s. As a consequence, the Board has not commanded the respect and prestige to uhich its position would apparently   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  41•0Z 1 ,...  entitle it, nor has membership on the Board been as highly desired as it should be to attract the necessary talent. The great disarity in onlaries has also contributed to this condition. This has led to the unisortenate result that banl:er interest, as represented by the individual Reserve Bank Governors, has prevailed over the public interest, as.represented by • the Board. ' The relatively minor role played by the Board can, in TT; opinion, be attributed to its lack of autherity to initintr open-market policy, and to the ceceolete independence of the Reserve sank Governors. 6. Ozen rer7:et (yeeretiors. Far and away the most imortant instrument of reserve policy is the poeer to buy and sell securities in the open rarket. In this ray reserves, on -.ehich deposits are based, may be civen to or taken avzly from member banks. It is not too much to say that who possesses this pazer controls the banking system, and, in large measure, the supply of money. In the present administrative nrganieation the power to initiate open market policy rests Lith the reserve banks. The Federal Reserve Board possesses only the eower to reoprove or disa=rove. Thus, the effective power over money rests rith the inclividual reserve banks and not with the Board. Eowever much the Board may desire an enerectic buying or selling policy it is po7erlens to initiate such a Policy. On the other hand, the reserve banks' ability to carr: out the policy is dependent on the Board. It should be noted that the Ban:: _t_ct ef lE.'53 effected no real cl---ege in this respect. Frem 19E0 to 3.9E5 the Open Market Policy Committee as conmosed of the t7elve Federal Reserve Bank Gcvernors. let, present the Federal Ceen rarket Cozerittee is likewise cernposed of the twelve Governors and hence is dominated by the same men rho rere responsible for the policy followed chainc the depression. The Governors) by the very nature of their appointrents, duties and associations, cannot help but be profoundly influenced by a narrow banking rather than a broad social point of view. There is no reason to sunpo3e that this administrative organization which functioned so badly in the past, rill function any better in the future. The diffusion of eorer and responsibility, the root cause of the trouble, remeiels. Over one hundred individeals are responsible, in various deerces, for tee formulation of policy. Obviously the more people there are 'rho share the responsibility, the less keenly any one of them till feel any personal reszoneibility for the policies adopted. It is therefore almost inevitable that such a loosely knit and cumbersome body as the Federal Reserve i'.dminictration oheuld be charactenieed by inertia and indecisive action Lencrally. Moreover, a cceplete stnliete resultin: from a diaereerent of the reserve banks and the Board is al7ays possible. To correct this condition reform nust be in the direction of conceneratinz authority and . resonsibilit:,- for co.ltrol into the hands of a small policy formulating 7. An„;-,..„+ e rnrrcrn. 4!.s the S:rsten has develoeed the rho are not even mcLeioeed in the ;.ct, have attaincd po3itions itportance in influencirc policy. Loreover, they are entirely of the Board. If the power of approval of appointments of the   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Governors, of major independent Reserve Bark  Governors rere conferred on the Ecard, the possibility of ladcof cooperation a:A friction rould be obviated in the future, while the prestige of the Board rould be enhanced. 8. Pticn for entrd 17.--",f_rT. The adoption of these suzgestions 'Gould intrcc:uce certain attributes of a realicentral bank capable of energetic and positive action without calling for a drastic revision of the thole Federal Reserve Act. Private cvnership and local autono=y are preserved, but on really important questions of policy authority and responsibility are concentrated in the Ecard. Thus, effective control is obtained, thile the intense opposition and criticism that greets every central bank proposal is largely avoided.  November 5, 1934   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  •  July 1980  MEMBERS  OF  THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM  The seven Members of the Federal Reserve Board are nominated by the President and confirmed by the Senate. A full term is 14 years. One term begins every two years, on February 1 of even-numbered years. A Member who serves a full term may not be reappointed. A Member who completes an unexpired portion of a term may be reappointed. All terms end on their statutory date regardless of the date on which the Member is sworn into office. The Chairman and the Vice Chairman of the Board are named by the President from among the Members of the Board, and are confirmed by the Senate. They serve a term of four years. A Member's term on the Board is not affected by his status as Chairman or Vice Chairman. *  *  *  *  *  *  *  *  VOLCKER, Paul A. -- Sworn in August 6, 1979 to fill the unexpired portion of a term as a Member of the Federal Reserve Board ending January 31, 1992. Mr. Volcker was designated Chairman of the Board for a four-year term beginning August 6, 1979. PAUL A.VOLCKER was born at Cape May, New Jersey. He earned his B.A. at Princeton University in 1949 and an M.A. in political economy and government at the Harvard University Graduate School of Public Administration in 1951. He attended the London School of Economics in 1951-52. Mr. Volcker's first association with the Federal Reserve System was as a summer employee at the Federal Reserve Bank of New York in 1949 and 1950. He returned to the New York Bank in 1952 as a full time economist, and remained with the Federal Reserve until 1957, when he became a financial economist at Chase Manhattan Bank. In 1962 Mr. Volcker joined the United States Treasury as Director of Financial Analysis and in 1963 he became Deputy Under Secretary of the Treasury for Monetary Affairs. From 1965 to 1969 he was a Vice President of Chase Manhattan Bank. In 1969 he was appointed Under Secretary of the Treasury for Monetary Affairs, where he remained until 1974. During this time Mr. Volcker was the principal United States negotiator in the development and installation of a new international monetary system departing from the fixed exchange rate system installed following World War II. He spent the academic year 1974-75 at Princeton University as a Senior Fellow in the Woodrow Wilson School of Public and International Affairs. Mr. Volcker became President and chief executive officer of the Federal Reserve Bank of New York on August 1, 1975. He continued in that office until he became Chairman of the Federal Reserve Board. As President of the Federal Reserve Bank of New York Mr. Volcker was a continuing Member of the Federal Reserve System's principal monetary policy making body, the Federal Open Market  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -2Committee. He was elected Vice Chairman of the Dam August 19, 1975. As Chairman of the Federal Reserve Board Mr. Volcker is Chairman of the FOMC.  term SCHULTZ, Frederick H. -- Sworn in July 27, 1979 to fill an unexpired d Designate 1982. 31, January ending Board Reserve as a Member of the Federal 27, 1979. Vice Chairman of the Board for a four-year term beginning July at Jacksonville, Florida. FREDERICK H. SCHULTZ was born in 1952. Mr. Schultz y Universit Princeton He received an A.B. degree from artillery officer in an was He 1952-54. served in the United States Army, military service he Following Star. Bronze Korea, where he was awarded the attended Florida Law School, 1954-56. affairs and Mr. Schultz was active in banking, bank holding company associated with investment services in Florida for many years. He became opened Barnett National Bank of Jacksonville in 1956. In 1957 Mr. Schultz several of er an investment company. In 1962 he became a principal stockhold time the At banks in central Florida and was active in their management. Board of the of Chairman was Schultz Mr. Board the to nt of his appointme Barnett Investment Services, Inc. and was a member of the Executive Committee of Barnett Banks of Florida, Inc. Mr. Schultz has been active in public service throughout his career. He was Speaker of the Florida House of Representatives, 1968-70. He was Chairman of the Citizens' Committee on Education which conducted a two-year study of education in Florida, beginning 1971 and has been the Chairman of the Florida Education Council and a member of the National Council on Educational Research. Mr. Schultz was formerly President of the Jacksonville Chamber of Commerce and a Trustee of Jacksonville University and of the Bolles School. He has received a number of civic service awards including the Louis Brownlow Prize given by the American Association of Public Administration and the Council of State Governments for writing during 1969 in the field of State government. Mr. Schult was a Kennedy Fellow at Harvard University Institute of Politics in 1971.  WALLICH, Henry C.-- Sworn in March 8, 1974 to a full term as a Member of the Federal Reserve Board ending January 31, 1988. and became a HENRY C. WALLICH was born in Germany on United States citizen in 1944. He was educated in Germany, at Oxford University in England (1932-35) and Harvard University (Ph.D. Economics the 1944). Mr. Wallich was in private business in Argentina, Chile and Bank United States, 1933-40. He was on the staff of the Federal Reserve of New York during 1941-51, and was Chief of the Bank's Foreign Research Division from 1946. He was a Professor of Economics at Yale University from 1951 to 1970 and was Seymour H. Knox Professor of Economics at Yale, 1970-74. He was on leave from Yale as Assistant to the Secretary of the Treasury 1958-59 and from 1959 to 1961 as a Member of the President's Council of Economic Advisers. Mr. Wallich served as a Senior Consultant to the Treasury from 1969 until his appointment to the Federal Reserve Board and has served also with the Advisory Board of the Arms Control and Disarmament Agency (1972-73), as U.S. Representative of the United Nations Experts Panel on Economic Consequences  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -3of the Arms Race (1971-72) and as a Member of the Research Advisory Board of the Committee for Economic Development. He is a former director of a number of business firms and has written as editorialist or columnist for the Washington Post and Newsweek magazine. Mr. Wallich's published works include four books, The Cost of Freedom (Harpers), 1960; Mainsprings of the German Revival, 1955; Public Finances of a Developing Country (John Adler), 1951; and Monetary Problems of an Export Economy, 1950. Mr. Wallich is a member of The American Economic Association and The American Finance Association.  PARTEE, J. Charles -- Sworn in January 5, 1976 to fill an unexpired term as a Member of the Federal Reserve Board ending January 31, 1986. J. CHARLES PARTEE was born in Defiance, Ohio, and was graduated from Indiana University, where he received a B.S. in Business (with distinction) in 1948 and an MBA (in finance) in 1949. Mr. Partee joined the Federal Reserve Bank of Chicago in 1949 as an economist specializing in consumer finance, mortgage markets and savings. In 1956 he went to the Northern Trust Company of Chicago as Associate Economist and (1958-61)as Second Vice President. Mr. Partee became a member of the staff of the Board of Governors in 1962, where he served as Chief of the Capital Markets Section, Division of Research (1962-63); Adviser in charge of financial sections, Division of Research (1964-65); Associate Director (1966-69) and then Director of the Division of Research and Statistics and Adviser to the Board, 1969-74. In November 1973 Mr. Partee was appointed Managing Director for Research and Economic Policy of the Board, which office he held until he became a Member of the Board. He was the second member of the Board's staff to be appointed to the Board. Before becoming a Member of the Board, Mr. Partee also served as Senior Economist of the System's Federal Open Market Committee and as the System's representative on the Board of Directors of the Securities Investor Protection Corporation. He was the U.S. Representative to (and Vice Chairman of) the Committee on Finantial Markets, 0.E.C.D., Paris, from 1970-75.  TEETERS, Nancy Hays -- Sworn in September 18, 1978 to fill an unexpired term as a Member of the Federal Reserve Board ending January 31, 1984. NANCY HAYS TEETERS was born in Marion, Indiana. She attended public schools in Marion and in 1952 she received an undergraduate degree in economics from Oberlin College. In 1954 Mrs. Teeters received an M.A. in economics from the University of Michigan, where she was a Teaching Fellow and did further graduate work in economics in 1956 and 1957. In 1955 and 1956 she was an instructor at the University of Maryland's overseas division, in Stuttgart, West Germany. She was a Staff Economist in the Government Finance Section of the Federal Reserve Board's Division of Research and Statistics from 1957 to early 1966. During this time she was on leave from the Federal Reserve as an economist for the President's Council of Economic Advisers in 1962 and 1963.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -4Following her service on the staff of the Federal Reserve Board, Mrs. Teeters became a Fiscal Economist with the Planning and Analysis staff of the Bureau of the Budget (which became the Office of Management and Budget), from 1966 to 1970. She was a Senior Fellow at The Brookings Institution from 1970 to late 1973, when she became a Senior Specialist with the Congressional Research Service of the Library of Congress. From late 1974 to the time she joined the Federal Reserve Board, as its first woman member, Mrs. Teeters was Assistant Staff Director and Chief Economist for the Committee on the Budget of the House of Representatives of the U.S. Congress. At the time of her appointment to the Board Mrs. Teeters was a Member of the Board of Governors of the National Economists Club and a member of the Advisory Board of the Institute for the Study of Educational Policy at Howard University. Previously, she was a member of the Committee on the Status of Women of the American Economic Association, a Member of the Board of the American Finance Association and President of the National Economists Club. Her publications include a series of studies, of which she was co-author, for the Brookings Institution on "Setting National Priorities," and on the U.S. Budget. Other publications include work on Social Security taxation and on employment.  RICE, Emmett J.-- Sworn in June 20, 1979 to fill an unexpired term on the Federal Reserve Board ending January 31, 1990. EMMETT J. RICE was born in Florence, South Carolina on . He was educated at the City College of New York where he received an undergraduate degree in 1941 and an MBA in 1942, and at the University of California at Berkeley, where he received a doctorate in economics in 1955. Mr. Rice was in the United States Air Force from 1942 to 1946 and held the rank of captain at the time of his discharge. At the time of his appointment to the Federal Reserve Board Mr. Rice was Senior Vice President of The National Bank of Washington, where he had worked since 1971. Prior to entering commercial banking he had an extensive career in public service and served in a broad range of civic and non-profit organizations. Mr. Rice first became associated with the Federal Reserve System as an economist at the Federal Reserve Bank of New York, 1960-62. In 1962 he went to Nigeria as a member of a group of advisers from foreign central banks who assisted in establishing the Central Bank of Nigeria. During his stay in Nigeria, until 1964, he taught part-time at the University of Lagos. Mr. Rice became Deputy Director, Office of Developing Nations, United States Treasury, in 1964 and in 1966 became Acting Director. During this period he was a U.S. delegate to a number of international conferences on trade, international finance and development. In 1966 he was appointed by the President to be Alternate Executive Director for the United States at the International Bank for Reconstruction and Development (World Bank), the International Development Association and the International Finance Corporation. He served in these offices until 1970, and was a member of the United States negotiating team at a series of international conferences considering replenishment of the lendable funds of the International Development Association. During 1971 Mr. Rice was Executive Director of the Mayor's Economic Development Committee, making long-range plans for urban development of the nation's capital.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -5Mr. Rice has served as a trustee of the Federal City Council, member and President of the Federal City Housing Corporation and a member of the board of a number of civic organizations, including the Greater Washington Business Resource Center, the Consortium of Universities (D.C.), American Red Cross (D.C. Chapter), Center for Municipal and Metropolitan Research of the National Capitol area, and the Washington Performing Arts Society.  GRAMLEY, Lyle E. -- Sworn in May 28, 1980 to a full term as a Member of the Federal Reserve Board, ending January 31, 1994. LYLE E. GRAMLEY was born in Aurora, Illinois. He was educated at Aurora College and at Beloit College, where he received a B.A. in 1951. He performed his graduate work at Indiana University, where he received an M.A. in 1952 and a Ph.D. (economics) in 1956. Mr. Gramley was elected a member of Phi Beta Kappa for his undergraduate work. Mr. Gramley first became associated with the Federal Reserve System when he joined the Federal Reserve Bank of Kansas City as a financial economist in 1955. He remained at the Kansas City District Bank until 1962. In that year he joined the faculty of the University of Maryland as Associate Professor of Economics. In 1964 he became a senior economist at the Federal Reserve Board and was subsequently an associate adviser, adviser, associate director, deputy director and director of the Board's Division of Research and Statistics. In 1977 Mr. Gramley became a member of the President's Council of Economic Advisers, where he continued until his appointment to the Federal Reserve Board. Mr. Gramley is a member of the American Economic Association, American Finance Association, National Economists Club and Conference of Business Economists. He is the author or co-author of numerous publications including Scale Economies in Banking, Federal Reserve Bank of Kansas City, 1962; Time Deposits in Monetary Analysis, Federal Reserve Bulletin, October 1965; Guidelines for Monetary Policy-The Case Against Simple Rules, a paper delivered at the Financial Conference of the National Industrial Conference Board, February 1969; and Ways to Moderate Fluctuations in Housing Construction, Federal Reserve Staff Study published by the Federal Reserve Board, 1972.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  **********  490  Membership of the Board of Governors of the Federal Reserve System, 1913-80 APPOINTIVE MEMBERS' Name  Federal Reserve District  Charles S. Hamlin  Boston  Paul M. Warburg Frederic A. Delano W. P. G. Harding Adolph C. Miller  New York Chicago Atlanta San Francisco  Date of initial oath of office  Other dates and information relating to membership2  Aug. 10, 1914  Reappointed in 1916 and 1926. Served until Feb. 3, 1936.3 Term expired Aug. 9, 1918. Resigned July 21, 1918. Term expired Aug. 9, 1922. Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936.3 Resigned Mar. 15, 1920. Term expired Aug. 9, 1920. Reappointed in 1928. Resigned Sept. 14, 1930. Term expired Mar. 4, 1921. Resigned May 12, 1923. Died Mar. 22, 1923. Resigned Sept. 15, 1927. Reappointed in 1931. Served until Feb. 3, 1936.3 Died Nov. 28, 1930. Resigned Aug. 31, 1930. Resigned May 10, 1933. Term expired Jan. 24, 1933. Resigned Aug. 15, 1934. Reappointed in 1936 and 1948. Resigned May 31, 1%1. Served until Feb. 10, 1936.3 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. Resigned Sept. 30, 1937. Served until Apr. 4, 1946.3 Reappointed in 1942. Died Dec. 2, 1947. Resigned July 9, 1936. Reappointed in 1940. Resigned Apr. 15, 1941. Served until Sept. 1, 1950.3 Served until Aug. 13, 1954.3 Resigned Nov. 30, 1958. Died Dec. 4, 1949. Resigned Mar. 31, 1951. Resigned Jan. 31, 1952. Resigned June 30, 1952. Reappointed in 1956. Term expired Jan. 31, 1970. Reappointed in 1958. Resigned Feb. 28, 1965. Reappointed in 1964. Resigned Apr. 30, 1973. Served through Feb. 28, 1966. Died Oct. 21, 1954.  do do do do  Albert Strauss New York Henry A. Moehlenpah ...Chicago Edmund Platt New York David C. Wills Cleveland John R. Mitchell Minneapolis Milo D. Campbell Chicago Daniel R. Crissinger Cleveland George R. James St. Louis  Oct. 26, 1918 Nov. 10, 1919 June 8, 1920 Sept. 29, 1920 May 12, 1921 Mar. 14, 1923 May 1, 1923 May 14, 1923  Edward H. Cunningham. .Chicago Roy A. Young Minneapolis Eugene Meyer New York Wayland W. Magee Kansas City Eugene R. Black Atlanta M. S. Szymczak Chicago  do Oct. 4, 1927 Sept.16, 1930 May 18, 1931 May 19, 1933 June 14, 1933  J. J. Thomas Marriner S. Eccles  Kansas City San Francisco  .New York Joseph A. Broderick John K. McKee Cleveland Ronald Ransom Atlanta Ralph W. Morrison Dallas Richmond Chester C. Davis New York Ernest G. Draper Rudolph M. Evans Richmond James K. Vardaman, Jr. .St. Louis Lawrence Clayton Boston Thomas B. McCabe Philadelphia Edward L. Norton Atlanta Oliver S. Powell Minneapolis Wm. McC. Martin, Jr. .New York San Francisco A. L. Mills, Jr. Kansas City J. L. Robertson C. Canby Balderston ....Philadelphia Minneapolis Paul E. Miller  do ..Nov. 15, 1934 Feb. 3, 1936 do do Feb. 10, 1936 June 25, 1936 Mar. 30, 1938 Mar. 14, 1942 Apr. 4, 1946 Feb. 14, 1947 Apr. 15, 1948 Sept. 1, 1950 do Apr. 2, 1951 .Feb. 18, 1952 do Aug. 12, 1954 Aug. 13, 1954  For notes, see opposite page.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1  491  Federal Reserve District  Date of initial oath of office  Chas. N. Shepardson ....Dallas G. H. King, Jr. Atlanta George W. Mitchell Chicago J. Dewey Daane Richmond Sherman J. Maisel San Francisco Andrew F. Brimmer Philadelphia William W. Sherrill Dallas Arthur F. Burns New York  Mar. 17, 1955 Mar. 25, 1959 Aug. 31, 1961 Nov. 29, 1963 ..Apr. 30, 1965 Mar. 9, 1966 May 1, 1967 Jan. 31, 1970  Name  John E. Sheehan Jeffrey M. Bucher Robert C. Holland Henry C. Wallich Philip E. Coldwell Philip C. Jackson, Jr. J. Charles Partee Stephen S. Gardner David M. Lilly G. William Miller Nancy H. Teeters Emmett J. Rice Frederick H. Schultz Paul A. Volcker Lyle E. Gramley  St. Louis San Francisco Kansas City Boston Dallas .Atlanta Richmond Philadelphia Minneapolis San Francisco Chicago New York .Atlanta Philadelphia Kansas City  Jan. 4, 1972 June 5, 1972 June 11, 1973 Mar. 8, 1974 Oct. 29, 1974 July 14, 1975 Jan. 5, 1976 Feb. 13, 1976 June 1, 1976 .Mar. 8, 1978 Sept. 18, 1978 June 20, 1979 July 27, 1979 Aug. 6, 1979 May 28, 1980  Chairmen4 Charles S. Hamlin Aug. 10, 1914-Aug. 9, 1916 W. P. G. Harding Aug 10, 1916-Aug. 9, 1922 Daniel R. Crissinger May 1, 1923-Sept. 15, 1927 Roy A. Young Oct. 4, 1927-Aug. 31, 1930 Eugene Meyer Sept. 16, 1930-May 10, 1933 Eugene R. Black May 19, 1933-Aug. 15, 1934 Marriner S. Eccles Nov. 15 1934-Jan. 31, 1948 Thomas B. McCabe Apr. 15, 1948-Mar. 31, 1951 Wm. McC.Martin, Jr. . Apr. 2, 1951-Jan. 31, 1970 Arthur F. Burns Feb. 1, 1970-Jan. 31, 1978 G. William Miller Mar. 8, 1978-Aug. 6, 1979 Paul A. Volcker Aug. 6, 1979-  Other dates and information relating to membership2  Retired Apr. 30, 1967. Reappointed in 1960. Resigned Sept. 18, 1963. Reappointed in 1962. Served until Feb. 13, 1976.3 Served until Mar. 8, 1974.3 Served through May 31, 1972. Resigned Aug. 31, 1974. Reappointed in 1968. Resigned Nov. 15, 1971. Term began Feb. 1, 1970. Resigned Mar. 31, 1978. Resigned June 1, 1975. Resigned Jan. 2, 1976. Resigned May 15, 1976. Served through Feb. 29, 1980. Resigned Nov. 17, 1978. Died Nov. 19, 1978. Resigned Feb. 24, 1978. Resigned Aug. 6, 1979.  Vice Chairmen 4 Frederic A. Delano Paul M Warburg Albert Strauss Edmund Platt J. J Thomas Ronald Ransom C. Canby Balderston . . J. L. Robertson George W. Mitchell . • Stephen S. Gardner . • Frederick H. Schultz . .  Aug. 10, 1914-Aug. 9, 1916 Aug. 10, 1916-Aug. 9, 1918 Oct. 26, 1918-Mar. 15, 1920 July 23, 1920-Sept. 14, 1930 Aug. 21, 1934-Feb. 10, 1936 Aug. 6, 1936-Dec. 2, 1947 Mar. 11, 1955-Feb. 28, 1966 Mar. 1, 1966-Apr. 30, 1973 May 1, 1973-Feb. 13, 1976 Feb. 13, 1976-Nov. 19, 1978 July 27, 1979-  EX-OFFICIO MEMBERS' Secretaries of the Treasury  Comptrollers of the Currency  W. G. McAdoo Dec. 23, 1913-Dec. 15, 1918 Carter Glass Dec. 16, 1918-Feb. 1, 1920 David F. Houston Feb. 2, 1920-Mar. 3, 1921 Andrew W. Mellon Mar. 4, 1921-Feb. 12, 1932 Ogden L. Mills Feb 12, 1932-Mar. 4, 1933 William H. Woodin Mar. 4, 1933-Dec. 31, 1933 Henry Morgenthau, Jr. . Jan. 1, 1934-Feb. 1, 1936  John Skelton Williams . .Feb. 2, 1914-Mar. 2, 1921 Daniel R. Crissinger . . .Mar. 17, 1921-Apr. 30, 1923 Henry M Dawes May 1, 1923-Dec. 17, 1924 Joseph W. McIntosh Dec. 20, 1924-Nov. 20, 1928 J. W Pole Nov. 21, 1928-Sept. 20, 1932 J. F. T. O'Connor May 11, 1933-Feb. 1, .1936  I. Under the provisions of the original Federal Reserve Act the Federal Reserve Board was composed of seven members, including five appointive members, the Secretary of the Treasury, who was ex-officio chairman of the Board, and the Comptroller of the Currency. The original term of office was ten years, and the five original appointive members had terms of two, four, six, eight, and ten years respectively. In 1922 the number of appointive members was increased to six, and in 1933 the term of office was increased to 12 years. The Banking Act of 1935, approved Aug. 23, 1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System and provided that the Board should be composed of seven appointive members; that the Secretary cf the  Treasury and the Comptroller of the Currency should continue to serve as members until Feb. 1, 1936; that the appointive members in the office on the date of that act should continue to serve until Feb. 1, 1936, or until their successors were appointed and had qualified; and that thereafter the terms of members should be 14 years and that the designation of Chairman and Vice Chairman of the Board should be for a term of four years. 2. Date after words "Resigned" and "Retired" denotes final day of service. 3. Successor took office on this date. 4. Chairman and Vice Chairman were designated Governor and Vice Governor before Aug. 23, 1935.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 1979  MEMBERS  OF  THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM  The seven Members of the Federal Reserve Board are nominated by the President and confirmed by the Senate. A full term is 14 years. One term begins every two years, on February 1 of even-numbered years. A Member who serves a full term may not be reappointed. A Member who completes an unexpired portion of a term may be reappointed. All terms end on their statutory date regardless of the date on which the Member is sworn into office. The Chairman and the Vice Chairman of the Board are named by the President from among the Members of the Board, and are confirmed by the Senate. They serve a term of four years. A Member's term on the Board is not affected by his status as Chairman or Vice Chairman. *  *  *  *  *  *  *  *  VOLCKER, Paul A. -- Sworn in August 6, 1979 to fill the unexpired portion of a term as a Member of the Federal Reserve Board ending January 31, 1992. Mr. Volcker was designated Chairman of the Board for a four-year term beginning August 6, 1979. PAUL A.VOLCKER was born at Cape May, New Jersey. He earned his B.A. at Princeton University in 1949 and an M.A. in political economy and government at the Harvard University Graduate School of Public Administration in 1951. He attended the London School of Economics in 1951-52. Mr. Volcker's first association with the Federal Reserve System was as a summer employee at the Federal Reserve Bank of New York in 1949 and 1950. He returned to the New York Bank in 1952 as a full time economist, and remained with the Federal Reserve until 1957, when he became a financial economist at Chase Manhattan Bank. In 1962 Mr. Volcker joined the United States Treasury as Director of Financial Analysis and in 1963 he became Deputy Under Secretary of the Treasury for Monetary Affairs. From 1965 to 1969 he was a Vice President of Chase Manhattan Bank. In 1969 he was appointed Under Secretary of the Treasury for Monetary Affairs, where he remained until 1974. During this time Mr. Volcker was the principal United States negotiator in the development and installation of a new international monetary system departing from the fixed exchange rate system installed following World War II. He spent the academic year 1974-75 at Princeton University as a Senior Fellow in the Woodrow Wilson School of Public and International Affairs. Mr. Volcker became President and chief executive officer of the Federal Reserve Bank of New York on August 1, 1975. He continued in that office until he became Chairman of the Federal Reserve Board. As President of the Federal Reserve Bank of New York Mr. Volcker was a continuing Member of the Federal Reserve System's principal monetary policy making body, the Federal Open Market  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -2Committee. He was elected Vice Chairman of the pamc August 19, 1975. As Chairman of the Federal Reserve Board Mr. Volcker is Chairman of the FOMC.  SCHULTZ, Frederick H. -- Sworn in July 27, 1979 to fill an unexpired term as a Member of the Federal Reserve Board ending January 31, 1982. Designated Vice Chairman of the Board for a four-year term beginning July 27, 1979. FREDERICK H. SCHULTZ was born at Jacksonville, Florida. He received an A.B. degree from Princeton University in 1952. Mr. Schultz served in the United States Army, 1952-54. He was an artillery officer in Korea, where he was awarded the Bronze Star. Following military service he attended Florida Law School, 1954-56. He joined Barnett National Bank of Jacksonville in 1956 and in 1957 opened his own investment service. At the time of his appointment to the Federal Reserve Board Mr. Schultz was Chairman of the Board of Barnett Investment Services, Inc.,a subsidiary of Barnett Banks of Florida, Inc. and was a Director of Barnett Banks of Florida and of several other companies. Mr. Schultz has been active in public service throughout his career. He was Speaker of the Florida House of Representatives, 1968-70. He was Chairman of the Citizens' Committee on Education which conducted a two-year study of education in Florida, beginning 1971 and has been the Chairman of the Florida Education Council and a member of the National Council on Educational Research. Mr. Schultz was formerly President of the Jacksonville Chamber of Commerce and a Trustee of Jacksonville University and of the Bolles School. He has received a number of civic service awards including the Louis Brownlow Prize given by the American Association of Public Administration and the Council of State Governments for writing during 1969 in the field of State government. Mr. Schultz was a Kennedy Fellow at Harvard University Institute of Politics in 1971.  WALLICH, Henry C. -- Sworn in March 8, 1974 to a full term as a Member of the Federal Reserve Board ending January 31, 1988. HENRY C. WALLICH was born in Germany on and became a United States citizen in 1944. He was educated in Germany, at Oxford University in England, New York University (M.A. Economics) and Harvard University (Ph.D. Economics 1944). Mr. Wallich was on the staff of the Federal Reserve Bank of New York during 1941-51, and was Chief of the Bank's Foreign Research Division from 1946. He was a Professor of Economics at Yale University from 1951 to the time of his appointment to the Federal Reserve Board and was appointed to the Seymour H. Knox chair in 1968. During 1958-59 he was on leave from Yale as Assistant to the Secretary of the Treasury and from 1959 to January 1961 as a Member of the President's Council of Economic Advisers. Mr. Wallich served as a senior consultant to the Treasury from 1969 until his appointment to the Federal Reserve Board and has served also with the Advisory Board of the Arms Control and Disarmament Agency (1972-73), as U.S. Representative on the United Nations Experts Panel on Economic Consequences of the Arms Race (1971-72) and as a Member of the Research Advisory Board of the Committee for Economic Development. He is a former director of a number of business firms and has written as editorialist or columnist for the Washington Post and Newsweek magazine. Mr. Wallich's published works include four books.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -3COLDWELL, Philip E. -- Sworn in October 29, 1974 as a Member of the Federal Reserve Board to fill an unexpired term ending January 31, 1980. in Champaign, Illinois. Following PHILIP E. COLDWELL was born service as a U.S. Navy fighter pilot (1942-46), he received an M.S. degree at the University of Illinois and a Ph.D. in economics from the University of Wisconsin. Mr. Coldwell taught economics at the University of Illinois, Montana State University and Southwestern Louisiana Institute before joining the Federal Reserve System as an economist at the Federal Reserve Bank of Kansas City in 1951. He went to the Federal Reserve Bank of Dallas in 1952, where he was successively industrial economist, Director of Research, Vice President and First Vice President before becoming President in 1968. He remained in that post until he became a member of the Federal Reserve Board in 1974.  RARTEE, J. Charles -- Sworn in January 5, 1976 to fill an unexpired term as a Member of the Federal Reserve Board ending January 31, 1986. in Defiance, Ohio, and was J. CHARLES PARTEE was born graduated from Indiana University, where he received a B.S. in Business (with distinction) in 1948 and an MBA (in finance) in 1949. Mr. Partee joined the Federal Reserve Bank of Chicago in 1949 as an economist specializing in consumer finance, mortgage markets and savings. In 1956 he went to the Northern Trust Company of Chicago as Associate Economist and (1958-61)as Second Vice President. Mr. Partee became a member of the staff of the Board of Governors in 1962, where he served as Chief of the Capital Markets Section, Division of Research (1962-63); Adviser in charge of financial sections, Division of Research (1964-65); Associate Director (1966-69) and then Director of the Division of Research and Statistics and Adviser to the Board, 1969-74. In November 1973 Mr. Partee was appointed Managing Director for Research and Economic Policy of the Board, which office he held until he became a Member of the Board. He was the second member of the Board's staff to be appointed to the Board. Before becoming a Member of the Board, Mr. Partee also served as Senior Economist of the System's Federal Open Market Committee and as the System's representative on the Board of Directors of the Securities Investor Protection Corporation. He was the U.S. Representative to (and Vice Chairman of) the Committee on Financial Markets, 0.E.C.D., Paris, from 1970-75.  TEETERS, Nancy Hays -- Sworn in September 18, 1978 to fill an unexpired term as a Member of the Federal Reserve Board ending January 31, 1984. NANCY HAYS TEETERS was born in Marion, Indiana. She attended public schools in Marion and in 1952 she received an undergraduate degree in economics from Oberlin College. In 1954 Mrs. Teeters received an M.A. in economics from the University of Michigan, where she was a Teaching Fellow and did further graduate work in economics in 1956 and 1957. In 1955 and 1956 she was an instructor at the University of Maryland's overseas division, in Stuttgart, West Germany. She was a Staff Economist in the Government Finance Section of the Federal Reserve Board's Division of Research and Statistics from 1957 to early 1966. During this time she was on leave from the Federal Reserve as an economist for the President's Council of Economic Advisers in 1962 and 1963.  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -4Following her service on the staff of the Federal Reserve Board, Mrs. Teeters became a Fiscal Economist with the Planning and Analysis staff of the Bureau of the Budget (which became the Office of Management and Budget), from 1966 to 1970. She was a Senior Fellow at The Brookings Institution from 1970 to late 1973, when she became a Senior Specialist with the Congressional Research Service of the Library of Congress. From late 1974 to the time she joined the Federal Reserve Board, as its first woman member, Mrs. Teeters was Assistant Staff Director and Chief Economist for the Committee on the Budget of the House of Representatives of the U.S. Congress. At the time of her appointment to the Board Mrs. Teeters was a Member of the Board of Governors of the National Economists Club and a member of the Advisory Board of the Institute for the Study of Educational Policy at Howard University. Previously, she was a member of the Committee on the Status of Women of the American Economic Association, a Member of the Board of the American Finance Association and President of the National Economists Club. Her publications include a series of studies, of which she was co-author, for the Brookings Institution on "Setting National Priorities," and on the U.S. Budget. Other publications include work on Social Security taxation and on employment.  RICE, anmett J.-- Sworn in June 20, 1979 to fill an unexpired term on the Federal Reserve Board ending January 31, 1990. . EMMETT J. RICE was born in Florence, South Carolina on undergraduate received an where he York of New College educated at the City was He degree in 1941 and an MBA in 1942, and at the University of California at Berkeley, where he received a doctorate in economics in 1955. Mr. Rice was in the United States Air Force from 1942 to 1946 and held the rank of captain at the time of his discharge. At the time of his appointment to the Federal Reserve Board Mr. Rice was Senior Vice President of The National Bank of Washington, where he had worked since 1971. Prior to entering commercial banking he had an extensive career in public service and served in a broad range of civic and non-profit organizations. Mr. Rice first became associated with the Federal Reserve System as an economist at the Federal Reserve Bank of New York, 1960-62. In 1962 he went to Nigeria as a member of a group of advisers to the Central Bank from foreign central banks who assisted in establishing the Central Bank of Nigeria. During his stay in Nigeria, until 1964, he taught at the University of Lagos. Mr. Rice became Deputy Director, Office of Developing Nations, United States Treasury, in 1964 and in 1966 became Acting Director. During this period he was a U. S. delegate to a number of international conferences on trade, international finance and development. In 1966 he was appointed by the President to be Alternate Executive Director for the United States at the International Bank for Reconstruction and Development (World Bank), the International Development Association and the International Finance Corporation. He served in these offices until 1970, and was a member of the United States negotiating team at a series of international conferences considering replenishment of the lendable funds of the International Development Association. During 1971 Mr. Rice was Executive Director of the Mayor's Economic Development Committee, making long-range plans for urban development of the nation's capital. Mr. Rice has served as a trustee of the Federal City Council, member and President of the Federal City Housing Corporation and a member of the board of a number of civic organizations, including the Greater Washington Business Resource Center, the Consortium of Universities (D.C.), American Red Cross (D.C. Chapter) and the Washington Performing Arts Society.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  677  Membership of the Board of Governors of the Federal Reserve System,1913-79 APPOINTIVE MEMBERS' Name  Federal Reser\e District  Date of initial oath of office  Other dates and information relating to membership 2  Reappointed in 1916 and 1926. Ser‘ed until Feb. 3, 1936." do Term expired Aug. 9. 1918. New York Paul M. Warbur2 Resigned July 21. 1918. do Chicago Frederic A. Delano Term expired Aug. 9. 1922. • do Atlanta W. P. G. Harding Reappointed in 1924. Reappointed in 1934 do San Francisco Adolph C. Miller from the Richmond District. Ser‘ed until Feb. 3, 1936." Resigned Mar. 15, 1920. Oct. 26, 1918 New York Albert Strauss Nov. 10. 1919 Term expired Aug. 9, 1920. Henry A. Moehlenpah ....Chicago Reappointed in 1928. Resigned Sept. 14, 1930. June 8, 1920 New York Edmund Platt Sept. 29, 1920 Term expired Mar. 4, 1921. Cleveland David C. Wills Resigned May 12, 1923. May 12, 1921 Minneapolis John R. Mitchell Mar. 14, 1923 Died Mar. 22, 1923. Chicago Milo D. Campbell Resigned Sept. IS, 1927. May 1, 1923 Cleveland Daniel R. Crissinger Reappointed in 1931. Served until Feb. 3, May 14, 1923 St. Louis George R. James 1936.3 Died Nov. 28, 1930. do Edward H. Cunningham ..Chicago Resigned Aug. 31, 1930. Oct. 4, 1927 Minneapolis Roy A. Young Sept. 16, 1930 Resigned May 10, 1933. New York Eugene Meyer Term expired Jan. 24. 1933. May 18, 1931 Kansas City Wayland W. Magee Resigned Aug. IS, 1934. May 19, 1933 Atlanta Eugene R. Black Reappointed in 1936 and 1948. Resigned June 14, 1933 Chicago M. S. Szymczak May 31, 1961. do Served until Feb. 10, 1936." Kansas City J. J. Thomas San Francisco ...Nov. 15, 1934 Reappointed in 1936, 1940, and 1944. Marriner S. Eccles Resigned July 14, 1951. Resigned Sept. 30, 1937. Feb. 3, 1936 New York Joseph A. Broderick do Served until Apr. 4, 1946." Cleveland John K. McKee do Reappointed in 1942. Died Dec. 2. 1947. Atlanta Ronald Ransom Resigned July 9, 1936. Feb. 10, 1936 Dallas Ralph W. Morrison Reappointed in 1940. Resigned Apr. 15, 1941. June 25, 1936 Richmond Chester C. Davis Mar. 30, 1938 Served until Sept. 1, 1950.3 New York Ernest G. Draper Mar. 14, 1942 Served until Aug. 13, 1954.3 Richmond Rudolph M. Evans Apr. 4, 1946 Resigned Nov. 30, 1958. James K. Vardaman, Jr. ..St. Louis Feb. 14, 1947 Died Dec. 4, 1949. Boston Lawrence Clayton Resigned Mar. 31, 1951. Apr. 15, 1948 Philadelphia Thomas B. McCabe Resigned Jan. 31, 1952. Sept. 1, 1950 Atlanta Edward L. Norton do Resigned June 30, 1952. Minneapolis Oliver S. Powell Reappointed in 1956. Term expired Jan. 31, Apr. 2, 1951 Wm. McC. Martin, Jr. ...New York 1970. Feb. 18, 1952 Reappointed in 1958. Resigned Feb.28, 1965. San Francisco A. L. Mills, Jr. Reappointed in 1964. Resigned Apr.30, 1973. do Kansas City J. L. Robertson Aug. 13, 1954 Died Oct. 21, 1954. Minneapolis Paul E. Miller Aug. 12, 1954 Served through Feb. 28, 1966. Philadelphia C. Canby Balderston  Charles S. Hamlin  For notes. see page 678  Boston  Aug. 10, 1914  678  Federal Reserve Bulletin 0 August 1979  Name  Federal Reserve District  Dzite of initial oath of office  Chas. N. Shepardson G. H. King. Jr. George W. Mitchell J. Devvey Daane Sherman J. Maisel Andrew F. Brimmer William W. Sherrill Arthur F. Burns  Dallas Atlanta .Chicago Richmond San Francisco Philadelphia Dallas New York  Mar. 17, 1955 Mar. 25, 1959 Aug. 31, 1961 Nov. 29, 1963 Apr. 30, 1965 Mar. 9, 1966 May 1, 1967 Jan. 31, 1970  John E. Sheehan Jeffrey M. Bucher Robert C. Holland Henry C. Wallich Philip E. Coldwell Philip C. Jackson. Jr. J. Charles Partee Stephen S. Gardner David M. Lilly G. William Miller Nancy H. Teeters Emmett J. Rice Frederick H. Schultz Paul A. Volcker  St. Louis San Francisco Kansas City Boston Dallas Atlanta Richtnond Philadelphia Nlinneapolis San Francisco Chicago New York Atlanta Philadelphia  Jan. 4, 1972 June 5, 1972 June II, 1973 Mar. 8, 1974 Oct. 29, 1974 July 14, 1975 Jan. 5, 1976 Feb. 13, 1976 June 1, 1976 Nlar. 8, 1978 Sept. 18, 1978 June 20, 1979 July 27, 1979 Aug. 6, 1979  Other dates and information relating to membership2 Retired Apr. 30, 1967. Reappointed in 1960. Resigned Sept. 18,1963. Reappointed in 1962. Served until Feb. 13, 1976." Ser‘ed until Mar. 8. 1974." Served through May 31, 1972. Resigned Aug. 31. 1974. Reappointed in 1968. Resigned Nov. 15. 1971. Term began Feb. 1, 1970. Resigned Mar. 31, 1978. Resigned June 1. 1975. Resigned Jan. 2. 1976. Resigned May 15, 1976. Resigned Nov. 17, 1978. Died Nov. 19, 1978. Resigned Feb. 24, 1978. Resigned Aug. 6. 1979.  Chairmen 4  Vice Chairmen'  Charles S. Hamlin.... Aug. 10, 1914-Aug. 9, 1916 W. P. G. Harding.... Aug. 10, 1916-Aug. 9, 1922 Daniel R. Crissinger . May 1, 1923-Sept. 15, 1927 Roy A. Young Oct. 4, 1927-Aug. 31, 1930 Sept 16, 1930-May 10, 1933 Eugene Meyer Eugene R. Black May 19, 1933-Aug. 15 1934 Marriner S. Eccles ...Nov. 15, 1934-Jan. 31, 1948 Thomas B. McCabe .. Apr. 15, 1948-Mar. 31, 1951 Wm. McC.Martin, Jr. Apr. 2, 1951-Jan. 31, 1970 Arthur F. Burns Feb. 1, 1970-Jan. 31, 1978 G. William Miller Mar. 8, 1978-Aug. 6, 1979 Paul A. Volcker Aug. 6, 1979-  Frederic A. Delano...Aug. 10, 1914-Aug. 9, 1916 Aug. 10, 1916-Aug. 9, 1918 Paul M. Warburg Oct. 26, 1918-Mar. 15, 1920 Albert Strauss July 23, 1920-Sept. 14, 1930 Edmund Platt Aug. 21, 1934-Feb. 10, 1936 J. J. Thomas Aug. 6, 1936-Dec. 2, 194'7 Ronald Ransom C. Canby Balderston Mar. II, I955-Feb. 28, 1966 Mar. 1, 1966-Apr. 30. 1973 J. L. Robertson George W. Mitchell .. May 1. 1973-Feb. 13, 1976 Stephen S. Gardner .. Feb. 13, 1976-Nov. 19, 1978 Frederick H. Schultz . July 27, 1979-  EX-OFFICIO MEMBERS1 Secretaries of the Treasury  Comptrollers of the Currency  W. G. McAdoo Dec. 23, 1913-Dec. 15, 1918 Carter Glass Dec. 16, 1918-Feb. 1, 1920 David F. Houston Feb. 2, 1920-Mar. 3, 1921 Andrew W. Mellon Mar. 4, 1921-Feb. 12, 1932 Ogden L. Mills Feb. 12, 1932-Mar 4, 1933 William H. Woodin Mar. 4, 1933-Dec. 31, 1933 Henry Morgenthau, Jr.. Jan. 1, 1934-Feb. 1. 1936  John Skelton Williams Feb. 2, 1914-Mar. 2. 1921 Daniel R. Crissinger1921-Apr. 30, 1923 Henry M. Dawes May 1, 1923-Dec. 17, 1924 Joseph W. McIntosh Dec. 20, 1924-Nov. 20, 1928 J W Pole Nov. 21, I928-Sept. 20, 1932 O'Connor May 11, 1933-Feb. I, 1936  I. Under the provisions of the original Federal Reserve Act the Federal Reserve Board was composed of seven members. including five appointive members, the Secretary of the Treasury, who was ex-officio chairrnan of the Board, and the Comptroller of the Currency. The original term of office was ten years, and the five original appointive members had terms of two, four. six, eight, and ten years respectively. In 1922 the number of appointive members was increased to ,ix, anc in 1933 the term of office was increased to 12 years. The Banking Act of 1935, approved Aug. 23, 1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System and provided that the Board should be composed of seven appointive members; that the  Secretary of the Treasury and the Comptroller of the Currency should continue to serve as members until Feb. 1. 1936; that the appointive members in the office on the date of that act should continue to serve until Feb. 1, 1936. or until their successors were appointed and had qualified; and that thereafter the terms of members should be 14 years arid that the designation of Chairman and Vice Chairman of the Board •should be for a term of four years. 2. Date after words — Resigned — and "Retired — denotes final day of service. 3. Successor took office on this date. 4. Chairman and Vice Chairman were designated Governor and Vice Governor before Aug. 23, 1935.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Board Organizational Changes The Board's organizational structure has changed significantly over the past ten years, reflecting new statutory requirements, banking industry changes related to the Board's responsibilities, and Board initiatives to effectively manage its operations. The following summarizes changes made in each year and lists the major restructuring that occurred. Minor actions, such as name changes and restructuring existing functions within a division, are not included. 1969 The Division of Research and Statistics established a new line organization wherein certain officers were given responsibility for several sections. The new reporting relationships reduced the Division Directors' involvement in daily operations, allowing him to focus on other responsibilities. The Division of Data Processing established the Data Development Section (to develop data banks for users), the Planning Section (to develop long-range plans), and the Resource Management Staff (to develop work standards, a career development program, and management control). 1970 The Office of Executive Director was established with responsibility for the Board's internal management functions. The Division of Federal Reserve Bank Operations created two new programs. The Payments Mechanism program recognized the growing importance of electronic and other new systems that could change the System's check payment process. The Special Studies program recognized the Division's need for research-oriented capabilities. 1971 The Division of Research and Statistics established three new programs, Special Studies, Econometric and Computer Applications, and Statistical Management and Control, from two existing programs. The Controller's Office established a Systems Improvement Program to study the potential operational and cost savings impact of major purchases and operating procedures. The Division of Personnel established the Washington Technical a work-study program for students in such technical Program, Institute and accounting. programming areas as computer The Division of Banking Supervision and Regulation formally established the Trust Activities Program to review and coordinate System procedures for examining commercial bank trust departments.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -2-  1972 The Division of Banking Supervision and Regulation established the Financial Institutions Supervisory Act program to administer the expanded cease and desist and other powers contained in that Act. A Planning and Special Studies Program was created to provide the Division with planning and research capability and EDP support. The Division of Federal Reserve Bank Operations established the Bank Protection Program to implement new regulatory requirements concerning crime prevention on bank premises. The Division of Personnel established the Concern Program, consisting of a new summer work program for disadvantaged youths in addition to the Washington Technical Institute program. 1973 The Office of the Executive Director was abolished and its functions distributed to two staff functions. The Office of Managing Director for Operations and Supervision was established to manage the Board's internal administration and to coordinate throughout the Board the growing requirements of the bank holding company movement. The Office of Managing Director for Research and Economic Policy was established to manage and coordinate the process of formulating economic policy. The Division of Research and Statistics abolished its Banking Markets program. That program's functions were divided into the Financial Structure Program (primarily concerned with the banking market implications of bank holding company applications) and the Financial Studies Program (primarily concerned with research in the banking markets and related areas). The Division of International Finance created three new programs. The International Monetary Systems program was created to work on an international monetary reform project initiated by the World Bank during 1973. The Financial Markets Program was created to research the international financial markets. The Quantitative Studies Program was created to apply quantitative techniques to analysis of the international financial system. The Office of Saver and Consumer Affairs was established as a Board Division from the consumer-oriented programs in the Division of Banking Supervision and Regulation and new responsibilities added by Congress. The Division of Personnel realigned its activities and formally recognized the three major functions of career development, System and Board personnel matters and personnel services.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  4  -3-  1973 The Division of Data Processing created the Regulatory Applications program due to the growing use of the computer for regulatory purposes. 1974 •  The Office of the Managing Director for Operations was retitled from its 1973 reorganization. A new Bank Holding Company Analysis Program was established to develop a bank holding company surveillance system including advanced computer analysis techniques. The Bank Supervision Program was formally established to coordinate functions concerned with bank holding companies. The Office of the Secretary formally established the Minutes Program, formerly part of the Administration and Minutes Programs to ensure the proper recording of the Board meeting minutes. The Division of International Finance abolished the Voluntary Foreign Credit Restraint Program upon termination of that national program by the Federal government. The International Monetary Systems program was also abolished upon completion of the monetary reform project initiated by the World Bank. The Division of Federal Reserve Bank Operations added a new management layer for Operations Review and Financial Planning and Control. The Division of Personnel restructured its functions into Career Development, Personnel Services, and System Personnel. 1975 The Division of Federal Reserve Bank Operations was divided into two new Divisions. The reconstituted Division of Federal Reserve Bank Operations was charged with planning and implementing long-range changes in System operations. The new Division of Federal Reserve Bank Examinations and Budgets was charged with overseeing current System operations, including examining and reviewing the Reserve Banks' operations and budgets. The Division of Research and Statistics established the Wages, Prices, and Productivity Program to research the relationships between, and to increase understanding of, those economic factors in an inflationary economy. The Office of the Secretary established the Clearing and Correspondence Program to promote the efficient flow of correspondence through the Board and to ensure that information required for Board meetings was expedited to the appropriate individuals.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -4-  1975 The Office of Saver and Consumer Affairs established the Overthe-Counter and Special Studies Program to monitor the over-the-counter margin list and to engage in consumer-oriented special research projects. The Division of Banking Supervision and Regulation combined its Financial Institutions Supervision Act and State Member Bank Supervision programs into the Financial Institutions Supervision Program. The new program was charged with reviewing and coordinating System supervisory activities regarding state member banks and bank holding companies. 1976 The Office of the Staff Director for Management was established as the new title for the Office of Managing Director for Operations. The Bank Holding Company Analysis program was transferred to the Division of Banking Supervision and Regulation. The Division of Banking Supervision and Regulation was reorganized into three major functions: (1) applications processing, (2) implementation of supervisory and regulatory policy, and (3) long-range special projects and financial analysis. The Legal Division established a Litigation and Legislation Program to review the increasing number of legal challenges to Board decisions on bank holding company applications and to draft legislation resulting from increased Congressional concern with the banking industry. A Law Library was also established. The Office of the Staff Director for Monetary Policy was established as the new title for the Office of Managing Director for Research and Economic Policy, and existing functions were internally restructured. 1977 The Division of Banking Supervision and Regulation established three major functions: Financial and Regulatory Policy, Applications Processing, and International Banking Policy. Two programs, Planning and Special Studies and Foreign Banking, were abolished and the functions transferred to other programs. A new Financial Analysis and Special Studies Program was created to provide in-depth analysis of current issues concerning bank and bank holding company supervision and regulation. The Office of the Staff Director for Federal Reserve Bank Activities was established to coordinate the Board's supervision of Federal Reserve Bank activities. The Staff Director was also given supervisory responsibility over the Divisions of Federal Reserve Bank Operations and Federal Reserve Bank Examinations and Budgets with general coordination with the Division of Personnel's Bank Matters Activities.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  •  -5-  1978 The Federal Reserve Bank Functions were restructured. The Office of the Staff Director for Federal Reserve Bank Activities absorbed the Staff Functions Review and Administration programs from the Division of Federal Reserve Bank Examinations and Budgets. It also absorbed the Lending and Credit and Administration programs of the Division of Federal Reserve Bank Operations. The Division of Federal Reserve Bank Examinations and Budgets absorbed the Currency and Coin program from the Division of Federal Reserve Bank Operations. The Office of the Staff Director for Monetary and Financial Policy was given a new title and expanded to include coordination and analysis of international policy issues, particularly in the areas of foreign exchange market operations and Eurodollar and international banking policy issues. The Regulatory Improvement Project (Augeas) was established in the Office of the Secretary to coordinate the System-wide review and revision of all Board regulations and related rules and interpretations. The Federal Reserve Regulatory Service was established to codify and publish Board Regulations, interpretations and previously uncirculated Board and staff rulings. The resulting publication will be publicly distributed for a price and periodically updated.  •   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Board Program Structure: Trends in Expenditures and Staffing 1971 - 1978  Introduction The following discussion focuses on trends in expenditures and staffing for the Board's four major areas of program activity: (1) Formulation of Monetary Policy, (2) Supervision and Regulation of Financial Institutions, (3) Financial Services to the System, the Government, and the Public, and (4) System Policy Direction and Board Support. These same general categorizations are found in the Reserve Bank Activity areas but with some differing emphases. For example, the Financial Services Activities at the Federal Reserve Banks is quite high as a percentage of total activity, while at the Board, it is very low in relation to the other areas, and has more of a planning emphasis whereas the Banks' activities are operational. The financial and staffing resources ascribed to the first three major areas do not include direct or indirect data processing support provided by the service Divisions of the Board. The cost of these support activities are captured in the Board support position of the fourth major area. For each of these programs, the discussion addresses its major responsibilities and the Divisions that carry out those responsibilities, its size and growth during the period relative to the other programs, and the changes that have occurred within each program. Substantive changes to programs' missions are also noted where expenditures or staffing have shown unusual trends. Formulation of Monetary Policy  (See figures 5 and 6)  The formulation of monetary policy mission is divided into two major areas: (1) the Development and Dissemination of Economic Intelligence'which includes most programs in the Divisions of Research and Statistics and International Finance, and (2) Program Direction and Support, which includes the senior management and administrative functions in those two Divisions, as well as the Research Library and the Office of Staff Director for Monetary and Financial Policy. In general, this area represented about 23.5% of total Board expenditures in 1978, compared to 26.47. in 1971. Staffing represented 26.0% of the Board total in 1978 compared to 27.7% in 1971. The decrease in overall representation is mainly due to a slower growth rate of these functions, as compared to the other functions. Expenditures and staffing have grown at annual rates of roughly 10% and 2%, respectively. Expenditures for the development and dissemination of economic policy category decreased from 69.2% to 66.8% and staffing decreased from 74.2% to 72.0%, while the program direction and support areas have grown to take up the difference. The increase in the program direction   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Formulation of Monetary Policy Expenses 1971-1978  Millions of dollars 12 PROGRAM DIRECTION AND SUPPORT  —  -  [112 ECONOMIC INTELLIGENCE  — 10  -  —8  -  —6  -  —4  —2  0 1972  1974  1976  1978 ..,  Figure 5  Formulation of Monetary Policy Employees 1971-1978  Number of employees PROGRAM DIRECTION AND SUPPORT  iTTTI  ECONOMIC INTELLIGENCE  400  — 300  200  — 100  o 1972  1974  •   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Figure 6  1976  1978  -2Office of the Managing and support area occurred primarily in 1973 when the Director for Research and Economic Policy was established. growth The general trend from 1971 to 1978 shows nearly steady periodically. Growth in expenses while staffing increased, then declined research activito 1973 reflects additional resources needed in foreign the international ties resulting from the establishment of new programs in 1973, expenses banking, financial markets, and data processing areas. In while staffing leveled off reflecting a Board-wide cost reduction program, vacancy large unusually an to due declined by nine employees, primarily staffing and creation the by rate in the foreign research area offset Economic Policy. of the Office of Managing Director for Research and From 1974 to 1976, expenditures and staffing exhibit sustained growth, primarily in the economic research area. This growth reflects increased concern with the state of the economy, resulting in an increase of 37 employees during the three years, 33 of which were added in 1975. From 1976 through 1978, expenditures continued growing while staffing decreased in both economic research and policy direction. Despite management's active concern with minimizing expenditures through reducing positions and employment, inflationary increases for personal services more than offset the reductions achieved through lower staffing levels. Supervision and Regulation of Financial Institutions  (See figures 7-9)  The Board's supervisory functions are in the following areas: supervision and regulation of State member banks, bank holding companies, and overseas activities of U.S. banks, and oversight responsibilities of the activities of the Federal Reserve Banks. These areas are shown within the five major subprograms of: (1) Federal Reserve Banks and Branches (including most programs in the Divisions of Federal Reserve Bank Examinations and Budgets and Federal Reserve Bank Operations); (2) Commercial Bank Operations and Banking Structure Changes (including seven programs in the Division of Banking Supervision and Regulation, three programs in the Legal Division and one program in the Division of Research and Statistics); (3) Regulation of Consumer Credit (including most programs in the Division of Consumer Affairs and one program in the Division of Banking Supervision and Regulation); (4) Reviewing Regulations, a sub-program established in 1978 in the Office of the Secretary; and (5) Program Direction and Support (including the management and administrative functions in the Divisions of Federal Reserve Bank Operations, Federal Reserve Bank Examinations and Budgets, Banking Supervision and Regulation, and Consumer Affairs and Office of the Staff Director for Federal Reserve Bank Activities.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Supervision and Regulation of Financial Institutions Expenses 1971-1978  -  IHPEIBEI  Millions of dollars  PROGRAM DIRECTION AND SUPPORT - 10  REVIEWING REGULATIONS REGULATION OF CONSUMER CREDIT SELECTIVE CREDIT REGULATION  -  COMMERCIAL BANK OPERATIONS AND BANKING STRUCTURE FEDERAL RESERVE BANKS AND BRANCHES -  8  -  6  -  -  4  -  ,   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  I  1972  II 1974  Figure 7  I 1976  -  2  -  o 1978   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Supervision and Regulation of Financial Institutions Employees 1971-1978  Number of employees 400 [:=1  PROGRAM DIRECTION AND SUPPORT REVIEWING REGULATIONS REGULATION OF CONSUMER CREDIT  LLW  COMMERCIAL BANK OPERATIONS AND BANKING STRUCTURE FEDERAL RESERVE BANKS AND BRANCHES  300  200  100  1972  1974  Figure 8  1976  1978  Bank Holding Company and Foreign Banking Applications 1971-1978  Number  _ FOREIGN BANKING OE  F.R. BANKS  III  BOARD  _  2000  - 1500  1000  500  o 1972  1974  •   http://fraser.stlouisfed.org/ 6 Reserve Bank of St. Louis Federal  Figure 9  1976  1978  -3-  In general, the total program represented about 20.1% of total Board expenditures in 1978, compared to 16.2% in 1971. Staffing represented 21.3% of the Board total in 1978 compared to 17.3% in 1971. The increase in overall representation of supervisory and regulatory functions reflects the Board's increasing responsibilities resulting from legislative mandates over bank holding companies, consumer credit transactions and in 1971, reviewing regulations. This area has shown the highest average growth rate among the four program structure areas, amounting to 19.1% for expenditures and 7.0% for staffing. The bulk of that growth has occurred since 1974. Within the supervision and regulation area, the regulation of consumer credit shows the largest growth, representing 11.5% of the program's total expenditures and 13.4% of its total staffing in 1978, compared to 9.3% and 10.0%, respectively, in 1971. Expenditures in the consumer credit area have grown at an average annual rate of 25.3%, compared to growth rates of 17.4% for the supervision of Federal Reserve Banks and branches, 18.6% for the commercial bank operations area, and 19.8% for the program direction area. Growth in staffing for each of these areas have been, respectively, 13.8%, 7.6%, 5.9% and 3.8%. These unusually high growth rates reflect many new legislative mandates concerning financial institutions or affecting Federal Reserve Bank operations. Among the legislative mandates in the consumer credit area are the Equal Credit Opportunity Act (enacted in 1974 with major amendments in 1976), Fair Credit Billing Act (1974), the Federal Trade Commission Improvements Act provisions concerning unfair or deceptive practices (1974), the Home Mortgage Disclosure Act (1975), the Real Estate Settlement Procedures Act (1976), the Consumer Leasing Act (1976), and the Housing and Community Development Act--also known as the Community Reinvestment Act (1977). These mandates resulted in an increase in staffing of nearly 74%, or 14 employees, during 1974 alone, with subsequent increases from 1974 to 1978 of 27%, or nine employees. In the area of commercial bank operations and banking structure, of bank holding company and other applications, as well as volume the legislative mandates, have affected resource levels. Figure 9 shows the number of applications processed by the System for the years 1971 through 1978. Those applications increased dramatically after the Bank Holding Company Act Amendments of 1970 were enacted. The Amendments brought multi-bank, in addition to one-bank, holding companies under the Board's jurisdiction and required those companies to obtain Board approval before engaging in certain activities. Both employees and applications increased through 1975 when applications decreased by about 36%, followed by a decrease in employees of about 6.5% (five employees). From 1975 to 1977, growing concern with the condition of the banking system led to several major legislative proposals, many of which   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -4-  were enacted in 1978. The 8.5% increase in expenses and 11.8% increase in staffing from 1977 to 1978 reflect resources needed to meet the demands of these proposals in addition to the resurgence of applications. The two major new statutes were the International Banking Act, concerning primarily regulation of U.S. branches of foreign banks and the international operations of U.S. banks, and the omnibus Financial Institutions Regulatory and Interest Rate Control Act of 1978 (FIRA). The FIRA's major impact on the Board's supervisory and regulatory responsibilities involves establishing uniform examination policies and techniques by the financial institution regulatory agencies, as well as joint examiner training activities. Average annual increases in staffing and expenses of 15.1% and 12.1%, respectively, in the area of Federal Reserve Banks and Branches from 1971 to 1975 are mainly due to initiatives concerning automation planning, System communications improvements, oversight of new bank or branch building plans, check clearing and electronic funds transfer systems, and general improvements to System cost control and budgeting. In addition, certain Reserve Bank operations matters were transferred in 1975 to this area of the Supervision and Regulation of Financial Institutions program from the Financial Services to the System, the Government and the Public Program. From 1975 to 1978, expenses increased at an average annual rate of 9.1%, while staffing remained unchanged, reflecting continuation of work on the earlier initiatives and no new requirements for additional resources. Finally, the direction and support area showed a modest annual growth of about 7% in expenses and a modest decline of 6.7% in staffing from 1971 to 1975. From 1975 to 1978, however, expenses surged to an average annual rate of nearly 22% accompanied by staffing increases averaging 9.8%. This rapid growth is due in part to expansion of the program's substantive workload and the resulting need to direct and manage additional staff, as well as the establishment of the Office of Staff Director for Federal Reserve Bank Activities in 1977. The increase in expenses can also be traced to a number of one-time special projects and studies undertaken in this period, such as the Consumer Awareness Survey, a Banking Practices Survey and the Home Mortgage Disclosure Study. •  Then in 1978, the Board established a regulatory review project to review all of the Board's regulations in terms of their current applicability and to make any necessary revisions. The project's expenses represented less than 0.5% of the program's total since it included only part of a full year's operations. The project's staff of three represented nearly 1% of the total program's staff in 1978. Financial Services to the System, the Government and the Public (See figures 10 and 11) cenand coordinating include es The Board's responsibiliti tralizing short-term, intermediate, and long-range planning for the   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Financial Services to the System, the Government, and the Public Expenses 1971-1978  Millions of dollars .6 El CASH AND ACCOUNTING  ED  PAYMENT MECHANISM  .5  .4  .3  .2  .1  1972  1974  Figure 10  1976  1978  Financial Services to the System, the Government, and the Public Employees 1971-1978  Number of employees 30 E]CASH AND ACCOUNTING  En PAYMENT MECHANISM -  20  _  - 10  o 1972  1974  e   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Figure 11  1976  1978  -5-  System in providing efficient and equitable funds transfer services to the public and the banking industry, as well as evaluating acquisition proposals for automation equipment and communications networks. This program now consists solely of Payments Mechanism functions composed of two programs in the Division of Federal Reserve Bank Operations. Certain cash and accounting functions were also included in this program prior to 1975 when those functions were transferred to the Federal Reserve Banks and Branches subprogram in the Supervision and Regulation of Financial Institutions program. This program represented about 1.0% of total Board expenses in 1978, compared to 1.2% of the total in 1971. Staffing also represented about 1.0% of total staffing in 1978, compared to 1.9% in 1971. The decrease in this program's overall representation is due mainly to transferring in 1975 the Cash and Accounting functions from this program mentioned above. The program's expenses grew at an average annual rate of about 8.6% from 1971 to 1978. This growth occurred basically in two periods: from 1971 to.1974 (prior to the transfer of the Cash and Accounting functions), the average growth rate was about 21%; from 1975 to 1978, the growth rate for the remaining programs moderated to about 10%. The overall average growth was significantly less over the entire period due to the transfer. Staffing in the Financial Services program has been relatively stable since 1975, having grown by one employee, or about 1.9%. Prior to 1975, staffing decreased by nearly 23% (or five employees) in 1972, then grew by a total of 35% from 1972 to 1974, prior to the transfer of the Cash and Accounting functions, which reduced the program's staffing by nearly 50%. System Policy Direction and Board Support  (See figures 12 and 13)  The Board's fourth major program involves System Policy Direction and Board Support. As the title indicates, this program includes the subprograms of: (1) System Policy Direction, including all programs in the Office of Board Members, and two programs in each of the Office of Staff Director for Management and the Office of the Secretary; and, (2) Board Support, including the remaining programs in the Office of the Staff Director for Management and the Secretary as well as four programs in the Legal Division and all programs in the Division of Data Processing, the Division of Administrative Services, the Division of Personnel, and the Office of the Controller, plus, (3) Other Support, which includes Residual Retirement and Insurance Benefits for Board retirees and Special Hearing Examiners; plus (4) the Personnel Placement Program, which provides for displaced employees whose functions are abolished; plus (5) Retroactive Pay, which represents the delayed General Pay Increase for government workers in 1973 that was paid in 1974.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  System Policy Direction and Board Support Expenses 1971-1978  Millions of do lars 28  •   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  EE RETROACTIVE PAY PERSONNEL PLACEMENT PROGRAM E: OTHER SUPPORT  [D11  24  BOARD SUPPORT  IIIII SYSTEM POLICY DIRECTION  20  16  12  8  4  1972  1974  Figure 12  1976  1978   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  System Policy Direction and Board Support Employees 1971-1978  Number of employees  n PERSONNEL PLACEMENT PROGRAM  ED  BOARD SUPPORT  — 800 III SYSTEM POLICY DIRECTION  700  600  500  — 400  300  200  100  o 1972  1974  Figure 13  1976  1978  -6-  In general, this program represented 55.4% of total Board expenses in 1978 compared to 56.2% in 1971, and it represented 51.7% of total Board staffing in 1978 compared to 53.2% in 1971. The decreased representation is due to a slower rate of growth than the Supervision and Regulation of Financial Institutions Program, although the program's growth rate exceeds the rates for the Formulation of Monetary Policy and the Financial Services Programs. The average growth rates in expenditures and staffing since 1971 are 12.5% and 2.9%, respectively. Within the program, the System Policy Direction function decreased to 7.8% of the program's expenditures in 1978, from 10.6% in 1971, while staffing decreased to 6.8% from 9.0% in the same period. The Board Support function's expenditures also decreased to 83.6% in 1978 from 88.8% in 1971, although staffing increased to 93.0% from 91.0%. The decreased representation of those two functions' expenses is offset by the dramatic increase in the Other Support function, to 8.5% of the program's expenses in 1978 from 0.5% in 1971. The growth began mainly in 1977 and is due primarily to granting cost-of-living increases to Board retirees, in conformance with similar Civil Service increases based on new statutes. Finally, the Personnel Placement Program expenses have increased to 0.11% from 0.08%, in 1978 and 1971, respectively, reflecting the Board's efforts to eliminate functions that are no longer vital to its mission. The trend since 1971 for the total program shows relatively stable growth in expenditures of about 9.9% through 1976, when the addition of the cost-of-living increase for retirees increased that overall rate to about 13%. The major portion of that growth occurred in the Board Support function, which grew steadily at an annual rate of about 11%. The growth through 1975 mainly represents growing use of computer resources (reflected by the 19% growth in data processing staff from 1972 to 1975), as well as a growing need for supporting services (particularly in the areas of mail and supply, publications, duplicating, security and building services which together increased by 49% from 1972 to 1975). The System Policy Direction area decreased at an annual rate of about 2.1% between 1972 and 1974 due to cost reduction efforts and began to increase in 1975 due to additional functions and personnel primarily in the Office of Board Members. In 1974, a Personnel Placement Programli was established, thus contributing to the increase in expenditures. Since 1975, staffing has been relatively stable, but expenses have continued to grow, primarily resulting from inflation.  1/   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Named the Manpower Utilization Program until 1978, when the current name was adopted.  Ten-Year Trend Analysis of Operating Expenses and Employment  Figure 1 shows the growth in expenses and staffing at the Board over the past ten years. Major Employment increased by 63.5% during those ten years. increases occurred in three divisions: Data Processing (111), due to growing use of the computer concomitant with the increase in the research area; Administrative Services (101), primarily due to the move to the Martin Building and increased security requirements; and Research and Statistics (81), due to increased requirements for current analysis and special reports and studies. In the regulatory divisions, increased emphasis on bank holding company legislation and consumer affairs created needs for additional staff (101). Operating expenses increased 202% from 1969 to 1978, reflecting the growth in staff and resultant facility expansion coupled with inflationary pressures, mainly in labor and utilities costs. Personal services expenses (salaries plus fringe benefits) increased by 232% as a result of new positions and an average general pay increase of 5.8% each year since 1969, in addition to normal progress and merit increases. Personal services has increased from 72.6% of total 1969 operating expenditures to 79.9% of 1978 operating expenditures.  •  Nonpersonal services increased 107% in the ten-year period, with the greatest growth occurring in utilities, furniture and equipment, and telephone and telegraph. Utilities costs have increased 1,273% since 1969, primarily due to the occupancy of the Martin Building in 1974 and inflation. Furniture and equipment increased by 492%. From 1969 to 1972, this account increased 537% resulting from computer acquisition, growth in staff, and the establishment of the International Finance offices in Watergate. By 1975, costs had declined 84% as acquisitions were funded from Martin Building construction funds. However, in 1976 costs increased 150% as acquisitions were again funded from the operating budget. In 1978 costs increased by 137% due to the acquisition of a second hardware monitor, a data storage drum and controller, and six automobiles. Telephone and telegraph costs have increased 252% primarily from rate hikes, increased usage of toll calls, installation charges associated with the construction of the Martin Building, and bulk data transmission costs. Expenditures and staffing by year are highlighted below: 1969   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Personal services costs increased $1.77 million (18.1%) as a result of the fullyear impact of the July 1, 1968 general pay increase, the general pay increase of 9.1% effective July 1, 1969, and a staff increase of 103 (mainly: 38 in Data Processing, 26 in Research and Statistics, and 11 in Supervision and Regulation). Nonpersonal services costs increased $1.0 million (33.5%) mainly resulting from computer system expansions and the cost of Truth-inLending surveys.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Board Operating Expenses and Employment 1969-1978 Ratio scale Hundreds of persons 50  Ratio scale Millions of dollars 50  40 —  40  FRB OPERATING EXPENSES  30-  30  20-  - 20  FRB EMPLOYMENT  10-  - 10  I 1970  1  1 1972  I  1 1974  Figure 1  1  1 1976  I  5 1978  1970  Personal services costs increased about $3 million (26%) because of the fullyear impact of the July 1, 1969, general pay increase, the general pay increase of 6.0% effective January 1, 1970, and a staff increase of 151 (mainly: 42 in Data Processing, 32 in Research and Statistics, and 10 each in Supervision and Regulation, FR Bank Operations, and Administrative Services). Nonpersonal services costs increased $666,000 (16.6%) mainly from the $600,000 replacement of the IBM 360-50 computer with a larger IBM 360-65. There was also a somewhat offsetting reduction in cost-ofliving retirement contributions.  1971  Personal services costs increased about $3 million (19%) with a general pay increase averaging 5.9% effective Janauary 1, 1971, a staff increase of 112 (mainly: 29 in Data Processing, 20 in Research and Statistics, 17 in FR Bank Operations, 14 in Supervision and Regulation, and 15 in Administrative Services); offset by a reduction in the Board retirement contribution rate beginning in August. Nonpersonal services costs increased $1.0 million (21.6%) mainly from computer rentals, expansion to a third shift, and requirements for additional office and garage space. These were partially offset by a decrease in Truth-in-Lending expenditures (from $97,000 to $2,000), and a decrease from about $113,000 to $41,000 in expenditures for the Linkages and Empirical Research project. During the year, printing costs increased by some $120,000, and furniture and equipment in support of staff positions increased by $230,000.  1972  Personal services costs increased about $1.6 million (9%) over 1971 from a general pay increase of 5.5% effective in January, 1972, and a staff increase of 45 (mainly: 13 in International Finance, 11 in Supervision and Regulation, and 11 in Administrative Services). Nonpersonal services costs increased by $1.0 million (18.1%) from such expenses as a $144,000 increase for furniture and equipment to furnish the International Finance area of Watergate, a $119,000 increase in printing and binding, $468,700 for rentals, and $195,000 for contractual services.  1973  Personal services costs increased about $1.8 million (9.6%) over 1972 from a general pay increase of 5.1% in January, 1973, a 4.7% general pay increase in October, 1973, and a staff increase of 40 (mainly: 14 in Legal, and 12 each in Research and Statistics and Supervision and Regulation). Nonpersonal services costs decreased by $238,466 (3.6%) with the largest decrease (29.5%) occurring in contractual professional services from outside data processing service, legal fees, and linkages and empirical research reductions.  1974  Personal services costs increased by almost $2.8 million (13.2%) over 1973 from a general pay increase of 5.5% effective October, 1974, plus a $228,000 one-time expense for former and present employees for the portion of the delayed 1972 pay increase, and an increase in staff of 94 (mainly: 4 in Board Members, 6 for bank holding company surveillance in Office of Managing Director for Operations, 3 in Office of Managing Director for Research and Economic Policy, 5 in Office of the Secretary, 11 in FR Bank Operations, 47 in Administrative Services, and 9 in Data Processing). There was a net decrease of $97,000 in nonpersonal services expenses. Costs associated with the Martin Building such as heat, light, and power account for an increase of 288%. Rentals decreased by 27% because of the move to the Martin Building and the acquisition of an IBM Model 168 computer and travel decreased by 11% because of a management-imposed policy associated with the energy crisis.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1975  Personal services costs increased by $3.15 million (13.3%) over 1974 from the full effect of the 1974 general pay increase, the approval of a 5% increase for FR employees in October along with increases for Wage Board and Printing grades, increases in retirement contributions, and the addition of 83 employees (mainly: 19 in Research, 15 in Consumer Affairs, and 20 in Data Processing). Nonpersonal services costs increased by $699,000 (11.0%) largely from increases in utility costs ($213,000) with an almost direct savings in rental costs for leased space and for the 1974 computer purchase (total of $457,000), telephone and telegraph costs (increased rates and additional FTS charges), contractual costs of $230,000 (mainly for litigation), printing and binding costs of $167,000 (due to inflation and increased usage), and increased travel costs of $184,000 resulting from postponed 1974 travel and new initiatives.  1976  Personal services costs increased by $3.8 million (14.2%) reflecting the fullyear impact of the 1975 general pay increase of 5% and the 4.83% general pay increase effective in October as well as a 59.4% increase in retirement contributions. Beginning in 1976, the Board's contribution to funding retirement costs increased significantly as reserves held by the Retirement Office were depleted. Staff increased by 25, the increases occurring mainly in Supervision and Regulation (17) and Research and Statistics (12) with a number of transfers between divisions and several minor decreases in other divisions. Nonpersonal services costs increased by 7.3% ($519,382) primarily in heat, light, and power ($146,479) due to rate increases, rentals ($108,795) due to a increase in charges and new equipment, and furniture and equipment ($130,029) caused primarily by the transfer of Martin Building furniture purchases from the capital budget to the operating budget. Partially offsetting was a $173,123 decrease in contractual professional services due largely to reduced requirements for legal services.  1977  Personal services costs increased by $4,042,000 (13.2%) reflecting the fullyear impact of the 1976 general pay increase and the 7.05% general pay increase effective in October as well as a $1,762,142 cost of living allowance for annuitants. Due to management efforts to control growth, staff increased by only 7, primarily in Data Processing (10), with offsetting Nonpersonal services costs decreases throughout the other divisions. increased by $995,817 (13.1%) primarily in printing and binding ($292,344) due to publication of new consumer pamphlets and reprints of regulations, telephone and telegraph ($135,152) caused by an increase in bulk data transmission costs, and travel ($113,462) due to increased speaking engagements, foreign travel, interactions with the Federal Reserve Banks, and moving expenses.  1978  Personal services costs increased by $3,154,528 (9.1%) reflecting the fullyear impact of the 7.05% general pay increase of October 1977 and the 5.5% general pay increase effective in October as well as a $307,858 increase in the cost-of-living allowance for annuitants. Due to the hiring freeze imposed during the last quarter of the year, staff at year-end was reduced by five positions. Nonpersonal services costs increased by $426,287 (4.9%) primarily in furniture and equipment due to the acquisition of a hardware monitor, data storage drum and controller, and six automobiles.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Personal Services Expenditures and Staffing Trends, 1974-1978  Since 1974, personal services expenditures (salaries and fringe benefits), have increased by 60.5% (figure 2). Salaries have increased by 44.8% in comparison. Employment has only risen by 8.1%. The reasons for this rapid growth in salary expenditures are four-fold: t  1. the annual General Pay Increases; 2. increasing average grade and salary; 3. the trend toward higher paid "policy/regulation" vs. "support" employees; and, 4. increasingly longer Board experience for employees. The General Pay Increase, or G.P.I., has increased Board salaries by an average of 5.4% per year since October of 1973. Concurrently, the average grade level, excluding officers, has increased from 9.3 in 1974 to 9.7 in 1978. The average Board salary has risen 33.5% since 1974, from $16,237 in 1974 to $21,672 in 1978, or an average growth of 7.48% per year. In the last five years the number of employees in2pie policy/regulation 1/ divisions - has increased by 6.6% whereas support divisions -2 have grown by only 2.8%. Although the proportion of employees in the two categories was about equal in 1974 and 1975, the average has been 52% policy/regulation and 48% support since 1976 (figure 3). The impact on Board salary expenditures is reflected by the differences in the average salary of the two groups. In 1974, the difference in average salary was $3,642. By 1978, the difference had increased to $5,315 (figure 4). Concurrently, over the past five years employees have been remaining at the Board for a longer period of time which has resulted in salary increases through progress step and merit increases and reclassifications. The proportion of employees with 6-10 years of Board experience has increased from 22% in 1974 to 34% in 1978 and employees with 11-15 years of Board experience increased from 5% in 1974 to 11% in 1978. The proportion of employees with 15 or more years of experience has remained at approximately 8% since 1974. Conversely, the proportion of employees with experience of five years or less has declined from 64% in 1974 to 47% in 1978.  •  1/ These divisions include Board Members, Monetary and Financial Policy, Banking supervision and Regulation, Consumer Affairs, Reserve Bank Activities, Bank Examinations and Budgets, Bank Operations, International Finance, Legal, and Research and Statistics. 2/ These divisions include Staff Director for Management, Secretary, Personnel, Administrative Services, Controller, and Data Processing.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Fringe benefits expenditures have increased 245.8% since 1974 due to the depletion of reserves at the Retirement Office, annual general pay increases, and increased premiums for health and life insurance (health insurance has actually decreased in the past two years). Employment rose 8.1% from 1,363 in 1974 to 1,473 in 1978. 1978 employment was reduced by 9 from year-end 1977, the decline stemming largely from the hiring freeze imposed during the last quarter of 1978. Over the past five years the largest growth has occurred in the area of supervision and regulation of financial institutions due to the Board's need to respond to legislative mandates and changes in the structure of the banking industry. Over this period the Division of Banking Supervision and Regulation increased by 41 (48.2%) and the Division of Consumer Affairs increased by 13 (46.4%). Significant growth also occurred in the Division of Research and Statistics (23 or 8.4%) due to the establishment of the Wages, Prices, and Productivity program in 1975 and increased recruiting efforts in 1976. The Division of Data Processing increased by 18 (7.1%) reflecting increasing user demand. Employment in the Division of Administrative Services, after a growth of 3.5% between 1974 and 1975 due to the move to the Martin Building, remained stable through 1977, and declined by 6 in 1978 as a result of the hiring freeze. For a more detailed discussion of staffing trends, refer to the trend analyses by Board Program Structure. Included in the fringe benefits portion of Figure 2 is the cost of living allowance for retirees.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  a   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Personal Services Expenditures 1974-1978   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Staffing 1974-1978 Policy/Regulation vs. Support Divisions  Number of persons 770  POLICY/REGULATION  750  _  730  / / /  • • • SUPPORT • .00 *".. • • • .... .00 1"... • ... • •  710  N,  / / / --/ /  690  _  1974  1976  670 1978  Figure 3  mEll\  Average Salary 1974-1978 Policy/Regulation vs. Support Divisions  Thousands of dollars  -  24  POLICY/REGULATION  22  20  SUPPORT 18 .00 .....$ .• .• .• • • I  . 0 .0° I  .00 0,0'  00  I I ...0  16  ..•  14  12  I 1974  1 1976  6  Figure 4  4   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  I 1978  Trend Analysis of Nonpersonal Services Expenditures, 1974-1978  In the following section, each nonpersonal object of expenditure is analyzed in terms of the five-year trend of expenses.  Fees  4  Thousands of dollars  280.000  270,000  — 260,000  — 250,000  1974  •  1976  240,000 1978  Expenditures for consultant fees have remained relatively stable, increasing by only 1.8% since 1974. A 10.6% decline in 1977 stemmed mainly from the inability of the Division of Banking Supervision and Regulation to find a suitable consultant to develop a Bank Holding Company Analysis School and the shift of a number of consultant functions to Board staff. The 13.6% increase in 1978 resulted primarily from establishing a Committee of Experts on Seasonal Adjustment in the Office of the Staff Director for Monetary and Financial Policy and retaining a consultant in the Legal Division for Project Augeas.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Travel Thousands of dollars 1,200  ••••••••1  1,000  800  600 1974  1976  1978  Since 1974, total Board travel expenses have increased by 69.1% as a result of both escalating costs and an increased amount of travel. Domestic air fares have increased by approximately 35.4% and the number of travel vouchers has increased by 41.4%. The largest growth has occurred in domestic travel ($198,812 or 65%) due to inflation and greater demand. Moving expenses have increased by $110,886 or 204% from hiring more System personnel. Field staff travel increased by $91,964 or 51.4%, primarily because of inflation. Between 1977 and 1978, a number of divisions experienced significant increases in travel. The Legal Division increased by $41,171 or 342.2% due primarily to the moving expenses associated with the General Counsel and a System attorney. Division of Personnel travel expenditures increased by $65,213 or 131.5% as a result of establishing two new programs: the System Interchange Program, which brought in staff on a rotating temporary basis from the Reserve Banks and the System Personnel Program which performed personnel operations reviews at Federal Reserve Banks. The three Federal Reserve Bank Divisions experienced an increase of $49,520 or 9.7% due to additional field staff travel, greater involvement in Reserve Banks building projects, a temporary duty assignment of a staff member to the New York Reserve Bank and payment of relocation expenses for new employees. Conversely, Research and Statistics travel was reduced by $23,356 or 19.2% resulting from hiring fewer System personnel.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Postage and Expressage  Thousands of dollars  400  350  300  1974  1976  1978  After a 14.6% decline from 1974 to 1975 due to trimming the mailing list and using first class postage only when necessary, this account has increased 54.1%. Increased postal rates coupled with a greater volume of publications have been the major causative factors.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Telephone and Telegraph  Thousands of dollars 800  700  600  500  1 1974  1976  400 1978  Telephone and telegraph expenditures have increased by 48.2% since 1974. From 1974 to 1975, costs increased due to installation of Martin building equipment, a substantial increase in FTS usage and a 1975 tariff change for message units. From 1975 to 1977 expenditures rose 30%. The most significant increase occurred in bulk data transmission costs due to the Board paying a larger share of total System expenses, FTS charges due to increased usage, and private leased lines resulting from the testing of security equipment. In 1978 total telephone and telegraph expenses declined by 13.5% primarily due to a revised formula for computing the Board's share of bulk data transmission costs and less than projected Board FTS usage which resulted in a credit from GSA. In addition, the cost of private leased lines increased due to installation of additional security equipment and installation charges due to completion of the Podium level offices in the Martin building.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Printing and Binding/Publications Committee •  Thousands of dollars  1,300  ••••••.1  1,100  900  1974  1976  1978  Printing and Binding costs have increased 53.5% since 1974. From 1974 to 1975 inflation and new regulations caused a 19.3% increase. From 1975 to 1976 costs declined by 2.8% due to budgeted regulations that were not printed. In 1977 expenses increased by 29.2% stemming from the unanticipated printing of consumer publications related to the Equal Credit Opportunity Act and the Fair Credit Billing Act and charges to the Board for printing notices in the Federal Register. In 1978 costs increased by only 2.5%, as the Regulatory Improvement program caused the revision of several regulations to be postponed. This was offset by a 497.7% increase in Federal Register costs required since October of 1977 due to the effect of a full-year's expenditures and the publication of 1,000,000 copies of the Consumer Handbook due to unanticipated demand.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Stationery and Supplies  Thousands of dollars 450  400  350  1974  1976  300 1973  From 1974 to 1978 expenditures for stationery and supplies rose 30.9%. The sharp rise in 1975 was attributable to a number of causes. Inflation, stemming from the lifting of wage and price controls, was a major factor. Computer room ribbons increased by 52.4% due to the purchase of another printer. However, purchase of data processing printout paper and magnetic tape tends to fluctuate from year to year depending upon the need to either take advantage of price breaks or prepare for an impending shortage. The following year fewer purchases are made as the inventory is depleted. This explains why printout paper increased by 33.8% in 1975 but declined by 22.1% the following year and magnetic tape increased by 18.2% in 1975, declined in 1976, and increased by 74% in 1977. Inflation has been the major factor in the rising expenses for stock room supplies which have increased 38.5% since 1974. Costs for graphics supplies, on the other hand, have increased 61.5% due to increased demand for these services.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Furniture and Equipment  Thousand of dollars  500  300  100  1974  S  1976  1978  Since 1974, furniture and equipment expenditures have risen 209.2%. In 1975 they decreased by 48.2% due to the completion of the Martin building. Acquisitions during that year were funded from the capital rather than operating budget. However, in 1976 costs increased by 150.3% as purchases of furniture and equipment were again funded from the operating budget. Expenditures remained stable from 1976 to 1977. In 1978, however, they increased by 137.4% due to a number of major acquisitions including a second hardware monitor ($102,500), a data storage drum and controller ($84,147), communications equipment ($65,000), and six automobiles ($35,000).   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Rentals  Thousands of dollars  — 1,900  1,800  —1,700  —1,600  1974  1976  1978  Since 1974, expenditures for rentals have declined 15.1%, primarily due to the purchase of the computer. Computer rentals declined from $949,148 in 1974 to $630,245 in 1978, or 33.6%. Leased space, primarily in Watergate, declined 21.5% from 1974 to 1975 as a result of the move to the Martin building but increased 21% from 1975 to 1978 due to the cost-of-living charges imposed. In 1979 rental costs are expected to decline significantly due to the completion of the Renovation and Podium Enclosure projects and the purchase, rather than the lease, of automobiles.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  a  Books and Subscriptions r  Thousands of dollars a  130  -  - 110  90  1974  1976  1978  Expenditures for books and subscriptions have increased by 52.1% since 1974. Sources for the rise have been the upgrade of the Law Library, inflation, and extensive demands on staff caused by Congressional hearings. A 2% reduction from 1976 to 1977 was caused by items ordered but not received by year-end while the 8.9% increase from 1977 to 1978 was primarily due to inflation. II  •   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Heat, Light, and Power  Thousands of dollars  800  700  600  500  1974  1976  1978  Expenditures for heat, light, and power have increased by 111.5% in the last five years. Between 1974 and 1975 costs rose by 51.2% as a result of the completion of the staff move to the new Martin building with its corresponding increase in utility usage. Steam rose by 55.9% in 1976 due partly to a $1 per pound price increase and partly to difficulties encountered in obtaining accurate meter readings. Electricity rose by 16.1% due to a December 1975 rate increase coupled with increased usage. Electricity rates increased again in December of 1976 but conservation efforts kept the increase in 1977 expenses to 8.9%. Steam increased by only 5.8% in 1977 due to a credit from GSA resulting from inaccurate billing. In 1978 electricity costs increased by 6.6% due to increased usage stemming from construction activity in the Board and Martin buildings partially offset by conservation efforts. There was no increase in rates during the year. Steam costs remained at approximately the same level as the prior year despite a December 1977 rate increase.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Repairs and Alterations (Buildings and Grounds)  Thousands of dollars 180 a  160  — 140 —1 — 120  — 100  — 80  — 60  40 1974  1976  1978  From 1974 to 1975, expenditures for repairs and alterations increased to the move to the Martin building and the resulting necessity to due by 209.7% purchase spare parts for the new equipment and provide grounds maintenance. These costs increased by 49.3% in 1976. Due to a major effort to control unnecessary spare parts purchases, expenditures in most repairs and alterations subaccounts were reduced in 1977. However, several unanticipated emergencies, a need for increased grounds maintenance, and a delivery of spare parts ordered in the previous year caused increases in other subaccounts, resulting in a net increase of 1.2%. In 1978, repairs and alterations expenditures declined by 11.2% as a result of Renovation and Podium project expenditures made through the capital budget coupled with improved inventory control measures in Building Services.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Repairs and Maintenance (Furniture and Equipment)  Thousands of dollars 250 230 210  ••••,.•  190 170 150 130 110 90  1974  1976  1978  Repairs and maintenance expenses have increased by 172.5% since 1974. From 1974 to 1976, outlays increased 112.8% due primarily to the 1974 purchase of the computer, the 1976 purchase of a hardware monitor, and copiers and other office equipment, including word processing systems. From 1976 to 1977, the costs decreased by 9.9% largely due to decreased computer and graphic equipment maintenance costs. However, in 1978 additional copier maintenance charges from IBM for 1977 and 1978 resulting from copier volume above the minimum level plus a rise in computer maintenance costs attributable to the new AMDAHL computer increased expenditures by 42.1%.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  6  Contractual Professional Services  Thousands of dollars  900  700  500  1974  •  1976  1978  The expenditures for Contractual Professional Services have fluctuated in the last five years, rising 46.7% from 1974 to 1975, dropping 24% the following year, increasing 77.3% in 1977 and then declining 20.3% in 1978. The new custodial contracts for the Martin building were a major factor in the 1974-75 increase. In addition, legal services were required for bank holding company cases in 1975. Legal Division's commitment to litigate cases without outside help and a decrease in bank holding company cases contributed to the 1976 decrease. However, expenses rose dramatically in 1977 primarily due to the costs associated with the FDIC survey of banking practices, investigating options related to a third site, and the Consumer Awareness Survey. As these were one-time projects not funded the following year, costs declined in 1978. However, the usage of outside computer services has increased 224.6% since 1974 due to greater user demand, increasing by 366% since 1976 as a result of the development of the Multi-Country Model by the Division of International Finance.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  All Other e Thousands of dollars  700  600  500  1 1974  1 1976  I 1978  Since 1974 costs have risen 63.1%. This has primarily been attributable costs which have grown by $121,412 or 65.9%. Other increases cafeteria higher to and/or cost of academic assistance, official guest meals, use have been in the official dinners and receptions, employee achievement awards, and the CEMLA fee.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Trends in Data Processing Labor Usage 1974-1978  Data processing labor usage increased until 1976, then began a decline to the current (1978) labor usage level of 25.2% greater than 1974. The number of data production systems has increased over the period, and is expected to continue to increase, but at a much lower rate. The usage of programmer/analyst labor was the major cause for the 1976 peak of 121.3 man-years, but has decreased by 3% since then. Graphics labor usage has remained relatively steady in spite of a significant (85.1%) increase in demand. Table 1 shows the change in labor usage over the five-year period. The usage of programmer/analyst labor, the largest data processing labor category, has been constrained by budget policy. The trend toward more emphasis on end-user responsibility for the use of data processing resources has been generally positive. However, the trend has also had the effect of increasing the amount of automated system design and programming activity being performed by users in the divisions. This causes a diverting of resources from the full-time work for which division positions were authorized to performance of data processing functions. While this "job enlargement" may have a positive benefit internally, the potential inefficient and redundant software and data is increasing; the use of design and programming standards and conventions may decrease and productivity would be negatively affected. Inherent within this is the presence of the unique programs, duplicative data files and attendant inefficiencies. At a minimum, mangement control over data processing resources is lost. The graphics function has met a growing increase in workload (such as a 24% increase in charting requirements met in 1978 alone) through greater productivity from project management and new technology. In 1978, the position and function of composition clerk was transferred from Administrative Services to the Graphic Communications Section. The data production labor increases have been met with approved new resources. The significant increase in number and complexity of data production systems has been accommodated through improved productivity and additional resources.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Table 1  Data Processing Labor Usage, 1974-1978  Data Production  Year  Programmer/ Analyst  1974  105.5  29.9  16.0  1975  116.3  41.4  15.2  1976  121.3  48.1  16.1  1977  114.2  52.8  16.1  1978  117.7  54.7  17.2  NOTE: Figures are shown in man-years   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Graphics  understand the banking situat ion and understand finance and understand the economic relati ons of all the different businesses with which we have to deal not only in this country but throughout the world." One of the most important cha nges made by the 1935 Act was the elimination of the Secret ary of the Treasury and the Com ptroller of the Currency as ex off icio members of the Board. As has already been noted, this change would probably have been mad e in 1933 if, as stated by Senator Glass, it had not been for the bad health of the then Secretary of the Tre asury. When the Conference Report on the 99/ 1935 Act was being consid ered, Senator Glass stated : "Since the establishment of the system, and now, the Secretary of the Treasury and the Comptroller of the Cur rency have been members of the Federal Reserve Board. Period ically, it has been urged upon the Banking and Currency Commit tees of the two Houses of Congre ss that these two officials sho uld be eliminated, for various reasons. With respect to the Secretary of the Treasury, it was urged--and I know it to be a fact, because I was once Secretary of the Treasury--that he exerci sed undue influence over the Board; that he treats it rather as a bureau of the Treasury ins tead of as a board independent of the Government, designed to respond primarily and altogethe r to the requirements of business and industry and agriculture, and not to be used to finance the Federal Government, which was ass umed always to be able to financ e itself. "Moreov.:, it was represent ed that these officials, except when of their cwu initiativ e they wanted something to be acted on, rarely ever attended meetings of the board. I thi nk the present Secretary of the Tre asury has attended only two or three meetings. I do not think I, as Secretary of the Tre asury, ever attended more than one or two meetings of the Board; but, all the same, I dominated the activities of the Board, and I always directed taem in the interest of the Treasury, and so did my predecessor, the present Senator from Californi a (Mr. McAdoo). That, howeve r, was because when he functione d it was during the war , and when I functioned it was in the immediate post-war per iod, when the difficulties of the Treasury perhaps exceeded those of the war period. Certai nly they were not less." 99/ Id., at 11776.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  The histoAy o4 United States money and cnedit /evotves a/Lound the deep seated conviction o4 most o6 ouA peopte in the impontance o4 the integAity o li the clutAency.  Atmost att o4 the 4namens o4 the Constitution  came 4nom count'-Les whene ctipping the coin was an accepted and disastnous pnactice.  Hence they We./Le anxious to avoid  Lts being cannied on in this countny.  TheiA onty expeAience  as a new govennment on the situs o6 new inontiets wa6 in a Continentat Congness whose onty contnibution was to vatidate the phtase, "not wonth a continentat."  They undeAstood what  was meant by ptinting money and wete scAuputous in keeping whateven pninting was done within bounds.  They weAe so  anxious to do this that despite the gnowth and devetopment aA the countty they Aesisted any attempt towand 0/ming a centAat bank untit We& a seAies oA monetany ctises 00171 the time o4 the Civit Wan on. In 1913 Congness ostabtished the Fedenat ReseAve Act.  This Act and the subsequent devetopment o4 12 negionat  banks with sepaAate boands oi dinectons coondinated by a boand oi goveAnoAs in Washington gave powen to a centAat bank to govenn as a system AatheA than as an individuat bank.  In the eanty days o4 the System the Boand inctuded  the Secitetaky (14 the TAeasuty and the Comptnotten o4 the CuAtency and it was not untit the Banking Act o4 1935 that expeAience ted to the suggestion by iitt t-447iSecnetany o4 7 ( ' the TAeasuty, Can-ten Gas, that he and tke leomptnottenz:57"  j"NI  2  outd be //Lopped o“ the Boa/td because o6 a conkeict o6 intetest.  Cuttainty the Sotem  i4  not pen6ect and can be  imp/toyed il a good many ways but in my judgment one o ti its stnongest mints i4 the estabtishment oA this independence within the Govennment. I woutd not go de4ttoy th  60  It has 6unctioned wett and white  iak ais to say that neve/using things woutd  Sotem, I am neventhetess convinced it woutd be  a setious nistake.  I hope a gneat cleat o  ca/te and study  witt be unientaken beione anything o tc this sant is estabtished.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102