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Authorized for public release by the FOMC Secretariat on 8/21/2020

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C
20551

May 8, 1973

CONFIDENTIAL (FR)

To:
From:

Federal Open Market Committee
Arthur L. Broida

Enclosed is a copy of a memorandum from Mr. Holland,
dated today and entitled "FOMC Counsel Positions."

It is

contemplated that this memorandum will be discussed at the

meeting of the Committee to be held on May 15, 1973, under
agenda item 7.

Arthur L. Broida
Deputy Secretary
Federal Open Market Committee

Enclosure

Authorized for public release by the FOMC Secretariat on 8/21/2020

BOARD

OF GOVERNORS
OF THE

FEDERAL RESERVE
WASHINGTON, D. C

SYSTEM

20551

May 8,

1973

CONFIDENTIAL (FR)
To:

Federal Open Market

Subject:

Committee
From:

FOMC Counsel

positions

Mr. Holland

As you may know, Howard Hackley plans to retire from the

Board's staff on May 31, 1973, and his service as General Counsel
of the Federal Open Market Committee will automatically terminate

at that time.
At the meeting of the Committee to be held on May 15, 1973,
I plan to recommend that, effective June 1, 1973:
1.

Section 4 of the Committee's Rules of Organization

be amended in the manner shown in the attachment, to provide for
the position of Deputy General Counsel in addition to those of
General Counsel and one or more Assistant General Counsel;

2.

Thomas J. O'Connell, General Counsel of the Board of

Governors and presently Assistant General Counsel of the Committee,

be named to succeed Mr. Hackley as General Counsel of the Committee;
3.

Edward G. Guy, Vice President and General Counsel of

the Federal Reserve Bank of New York, be named Deputy General
Counsel of the Committee;

and

Authorized for public release by the FOMC Secretariat on 8/21/2020

To:

Federal Open Market Committee

4.

John Nicoll, Assistant General Counsel of the Board

of Governors, be named Assistant General Counsel of the Committee.
The purpose of these recommendations is to provide for a
better sharing of the prospective legal workload of the Committee
and to reflect in the legal area the same kind of coordinated

staff support the Committee already has in the research and
operational areas.

Attachment

Authorized for public release by the FOMC Secretariat on 8/21/2020

Proposed Amendments to FOMC Rules of Organization

SEC. 4.

Staff.

(a)

Selection of staff officers.

At

its first meeting on or after March 1 of each year, the Committee
selects, from among the officers and employees of the Board and
the Federal Reserve Banks, the following staff officers to serve
until the first meeting on or after March 1 of the next following
year:

Secretary, Deputy Secretary, and one or more Assistant

Secretaries; General Counsel, DEPUTY GENERAL COUNSEL, and one or
more Assistant General Counsel; and Economists, one or more of
whom may be designated as Senior or Associate Economists or
given titles reflecting their areas of particular specialization.

(d)
Assistant General Counsel.

General Counsel and DEPUTY AND

The General Counsel furnishes such

legal advice as the Committee may require.

In the absence of the

General Counsel, THE DEPUTY GENERAL COUNSEL OR an Assistant

General Counsel acts as General Counsel pro tem.