Full text of Federal Reserve Bank of New York Circulars : 2407. Executive Order No. 8389, as Amended, and Regulations Issued Pursuant Thereto, Relating to Foreign Funds Control

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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States

Circular No. 3 4 0 7 1
April 1, 1942
J

Executive Order No. 8389, as Amended, and Regulations Issued Pursuant Thereto,
Relating to Foreign Funds Control.

To all Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:

For your information we are advised, by the Treasury Department
that payments, transfers, or withdrawals from a "free dollar account"
of the type referred to in General License No. 32 established prior to
the issuance of General Kuling No. 11 and maintained in the name of
a banking institution which is an enemy national as defined in General
Ruling No. 11, may not be made unless authorized by an appropriate
specific license.
In certain cases the "free dollar accounts" of banking institutions
of other blocked countries were suspended pursuant to instructions
issued by this bank. Future payment orders to be debited to such
accounts should henceforth be effected only pursuant to specific licenses
issued by this bank, or the restoration or reinstatement of former
facilities should be the subject of specific applications filed with this
bank.
Additional copies of this circular will be furnished upon request.
ALLAN SPROITL,

President.

N




FEDERAL RESERVE BANK
OF NEW YORK

April 2, 1942.

To all Banking Institutions in the
Second Federal Reserve District:

We are pleased to announce that The Bank of Westchester,
Yonkers, New York, has become a member of the Federal
Reserve System effective April 2, 1942.




ALLAN SPBOUL,

President.