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FED E R A L R ESER VE BANK O F NEW YORK J"Circular No. 7 3 8 3 1 L April 29, 1974 J Amendment to Board of Governors’ Rules of Organization T o A ll M em ber Banks, and O thers Concerned, in the Second Federal R eserv e D istrict: Enclosed is a copy o f an amendment, effective November 7, 1973, to section 3 of the Rules of Organization o f the Board of Governors o f the Federal Reserve System. The amendment reflects the reorganization of the Board’s staff management functions by establishing two positions o f Managing Director, one having responsibilities in the areas o f research and economic policy and the other in operations and supervision. Additional copies of the enclosure will be furnished upon request. A lfred H a y e s , President. Board of Governors of the Federal Reserve System RULES OF ORGANIZATION AMENDMENT Effective November 7, 1973, amended by deleting paragraph nating paragraphs (b ) through graphs (c ) through ( m) , and paragraphs (a ) and (b ) to read * * section 3 is ( a) , redesig ( 1) as para adding new as follow s: * SE C TIO N 3— C E N T R A L O R G A N IZ A T IO N The B oa rd ’s central organization consists o f the members o f the Board and the following Offices, Divisions, and officials: in international finance, securities credit reg ulation, Federal Open Market Committee staff activities, regulatory philosophy regarding banking (including domestic and international banking structure), and inter-agency activities involving the analysis, planning and coordina tion o f economic policies. (b ) Office of Managing Director for Opera tions and Supervision, headed by the Manag ing D irector fo r Operations and Supervision, is responsible for the planning and coordina tion o f programs in the follow ing general (a ) Office of Managing Director for R e areas: Supervision and regulation of banks search and Economic Policy, headed by the and affiliated organizations, Federal Reserve Managing D irector for Research and Econom ic Bank operations and liaison and coordina Policy, is responsible fo r the planning and tion o f Reserve Bank functions and activities, coordination o f programs in the follow ing gen data processing, contingent operations and eral areas: Monetary policy planning and fo r equal employment opportunity, and personnelmation, domestic research activities, research related activities.
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