Full text of District Notices (Federal Reserve Bank of Dallas) : Exemption of War Loan Deposits from Reserve Requirements Terminates June 30, 1947

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F e d e r a l R e s e r v e Ba n k
O F DALLAS

Dallas, Texas, May 27, 1947

EXEMPTION OF WAR LOAN DEPOSITS FROM RESERVE
REQUIREMENTS TERMINATES ON JUNE 30,1947

To the Member and Nonmember Clearing Banks
in the Eleventh Federal Reserve District:
It will be recalled that by the Act of April 13, 1943, Section 19 of the
Federal Reserve Act was amended to provide that War Loan Deposits were
to be exempt from reserve requirements until six months after the cessation
of hostilities of World War II. The President of the United States pro­
claimed the cessation of hostilities as of noon December 31, 1946; accord­
ingly, the provision exempting War Loan Deposits from reserve require­
ments will expire at the close of June 30, 1947. Therefore, on and after
July 1, 1947, War Loan Deposits may not be deducted from “ Gross Demand
Deposits” in arriving at “ Net Demand Deposits” which are subject to
reserve requirements as prescribed in Regulation D issued by the Board
of Governors of the Federal Reserve System.
Revised report forms, for use after July 1, 1947, will be furnished your
bank in due course.
Yours very truly,
R. R. GILBERT
President

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