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FEDERAL RESERVE BANK OF CHICAGO 79 WEST MONROE STREET September 19, 1917. Circular No. 28. TO THE STATE BANK OR TRUST COMPANY ADDRESSED: This bank has been requested by the Feder·al Reserve Board to call to your attention an opinion of the Acting Attorney General of the United States, addressed to the Honorable Secretar7 of the Treasury under date of September 10, 1917, wherein it is held that State Banks and Trust Companie! which join the Federal Reserve System do not become thereby subject to the provisions of the Clayton Act (approved October 15, 19145 38 Stat. 7301 amended by Act of May 15, 1916) relating to interlocking · directorates. The Federal Reserve Board in its communication to this bank announces that it will be governed b1 said opinion, and that its regulations relatini to interlocking directorates will be modified accordingly. Copy of the opinion in question will no doubt be published in the October Federal Reserve Bulletin, and, in the meant i me, a copy thereof may be had en application to this bank. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Yours very truly, J.B. McDOUGAL, Governor.
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