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FEDERAL RESERVE BANK
OF DALLAS

Dallas, Texas, March 10, 1933.
To the Bank Addressed:
The following executive order signed by President of the United States this after­
noon:
“ By virtue of the authority vested in me by Section 5 (b) of the act of October 6,
1917 (40 Stat. L 411), as amended by the act of March 9,1933, and by Section 4 of the
said act of March 9, 1933, and by virtue of all other authority vested in me, I hereby issue
the following executive order:
“ The Secretary of the Treasury is authorized and empowered under such regulations
as he may prescribe to permit any member bank of the Federal Reserve system and any
other banking institution organized under the laws of the United States, to perform any
or all of their usual banking functions, except as otherwise prohibited.
“ The appropriate authority having immediate supervision of banking institutions in
each state or any place subject to the jurisdiction of the United States is authorized and
empowered under such regulations as such authority may prescribe to permit any bank­
ing institution in such state or place, other than banking institutions covered by the
foregoing paragraph to perform any or all of their usual banking functions, except other­
wise prohibited.
“All banks which are members of the Federal Reserve System desiring to reopen for
the performance of all usual and normal banking functions except as otherwise prohibited
shall apply for a license therefor to the Secretary of the Treasury. Such application shall
be filed immediately through the Federal Reserve Banks. The Federal Reserve Bank shall
then transmit such applications to the Secretary of the Treasury. Licenses will be issued
by the Federal Reserve Bank upon approval of the Secretary of the Treasury. The Federal
Reserve Banks are hereby designated as agents of the Secretary of the Treasury for the
receiving of applications and the issuance of licenses in his behalf and upon his instruc­
tions.
“ Until further order, no individual, partnership, association or corporation, including
any banking institution, shall export or otherwise remove or permit to be withdrawn
from the United States or any place subject to the jurisdiction thereof, any gold coin,
gold bullion, or gold certificates, except in accordance with regulations prescribed by or
under license issued by the Secretary of the Treasury.
“ No permission to any banking institution to perform any banking functions shall
authorize such institution to pay out any gold coin, gold bullion or gold certificates ex­
cept as authorized by the Secretary of the Treasury, nor to allow withdrawal of any cur­
rency for hoarding,fnor to engage in any transaction in foreign exchange except such
inrmay "bgUndertaken for legitimate and normal business requirements, for reasonable
traveling and other personal requirements, and for the fulfillment of contracts entered
into prior to March 6, 1933.
“ Every Federal Reserve Bank is authorized and instructed to keep itself currently
informed as to transactions in foreign exchange entered into or consummated within its
district and shall report to the Secretary of the Treasury all transactions in foreign ex­
change which are prohibited.
(Signed) FRANKLIN D. ROOSEVELT.
“ The White House, March 10, 1933.”
Yours very truly,

Governor.

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