View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FE D E R AL R E SE R V E BAN K
OF DALLAS

Dallas, Texas, January 30, 1937

POSTPONEMENT OF EFFECTIVE DATE OF SUBSECTION (F)
OF SECTION 1 OF REGULATION Q

To the Member Bank Addressed:
The Board of Governors of the Federal Reserve System has deferred
until May 1, 1937, the date upon which subsection ( f ), entitled “ Interest” ,
of section 1 of Regulation Q, will become effective. In explanation of this
action, the Board of Governors has given out the following statement:
“ Chairman Steagall, of the House Banking and Currency Committee,
and Chairman Wagner, of the Senate Banking and Currency Commit­
tee, have requested the Board of Governors of the Federal Reserve
System to postpone the effective date of the definition of interest
contained in subsection (f) of section 1 of the Board’s Regulation Q,
which the Board on December 21, 1936, announced would become
effective on February 1, 1937.
The Board, after careful consideration, has reached the conclusion
that the law and the existence of certain banking practices required
the adoption of this definition but the Board feels that the request
which these two chairmen have now made should be granted in view
of the fact that the Board has been informed that a number of mem­
bers of Congress are giving consideration to the question of the
advisability of amending the law under which the Board’s regulation
was issued, and desire additional time for that purpose. The Board,
therefore, has postponed from February 1 to May 1, 1937, the effective
date of subsection (f) of section 1 of Regulation Q, which contains the
definition of interest.”
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)


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102