Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, April 1, 1946, Volume 33, Part 2

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474
A meeting of the Board of Governors of the Federal Reserve
System was held in Washington on Monday, April 1, 1946, at 10:30
a.m.
PRESENT:

Mr.
Mr.
Mr.
Mr.

Ransom, Vice Chairman
Szymcaak
Draper
Evans

Mr. Carpenter, Secretary
Mr. Morrill, Special Adviser
Mr. Thurston, Assistant to the Chairman
The action stated with respect to each of the matters hereinafter referred to was taken by the Board:
The minutes of the meeting of the Board .of Governors of the
Federal Reserve System held on March 28, 1946, were approved unanimously.
The minutes of the meeting of the Board of Governors of the
Federal Reserve System held on March 29, 1946, were approved and the
actions recorded therein were ratified unanimously.
Memorandum dated March 25, 1946, from Mr. Thomas, Director of
the Division of Research and Statistics, submitting the resignation
of Roland I. Robinson, an Economist in that Division, effective, in
accordance with Mr. Robinson's request, at the expiration of such
annual leave as may be due him following his last day at the office,
which, according to his present plans, would be April 30, 1946, unless
he is able to complete his assignments somewhat sooner.




The resignation was accepted
as recommended.

475
4/1/46

-2Letter to Mr. Wayne, Vice President of the Federal Reserve

Bank of Richmond, reading as follows:
"This refers to your letter of March 22, 1946, with
respect to the Board's permission for the establishment of
an intracity branch by the Bank of Washington, Washington,
North Carolina.
"Although this bank in 1921 accepted a condition of
membership requiring the Board's approval before the establishment of a branch, Congress subsequently passed legislation dealing with the whole subject of branch banking by
member State banks and section 8(b)1 of Regulation H provides that 'branches established within the corporate
limits of the city, town, or village in which the parent
bank is situated do not require the approval of the
Board.'
"Accordingly, the Board considers this condition of
membership as having been superseded by legislation and
regulation, and therefore no approval by the Board for
the establishment of the branch in Washington, North Carolina,
is necessary."
Approved unanimously.

Thereupon the meeting adjourned.

Approve