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FEDERAL RESERVE BANK
OF DALLAS

Dallas, Texas, April 27,1938

BORROWINGS OF EXECUTIVE OFFICERS OF
MEMBER BANKS

To the Member Bank Addressed:
For the information and guidance of your bank, there is quoted below
a telegram received by us today from the Board of Governors of the Federal
Reserve System, relative to the provisions of Section 22 (g) of the Federal
Reserve Act:
“ The President on April 25, 1938, approved S. 3400 amending
Section 22 (g) of the Federal Reserve Act by striking out the word
‘five’ in the first sentence of such subsection and inserting in lieu
thereof the word ‘six’. Under this amendment loans made to an
executive officer of a member bank prior to June 16, 1933, may be
renewed or extended for periods expiring not later than June 16,
1939, subject, of course, to the other conditions stated in the law
and in section 4 of Regulation 0 .”
Yours very truly,
b. a

. McK i n n e y ,
President

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)


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