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Minutes of actions taken by the Board of Governors of the N[eral Reserve System on Tuesday, April 11, 1950. ill the The Board met Board Room at 10:10 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Fccles Sumezak Draper Vardaman Carpenter, Secretary Sherman, Assistant Secretary Kenyon, Assistant Secretary Morrill, Special Adviser Riefler, Assistant to the Chairman Vest, General Counsel Nelson, Director, Division of Personnel Administration Mr. Young, Director, Division of Research and Statistics Mr. Mr. Mr. Mr. Mr. Mr. Mr. There was presented a letter dated April 7, 1950, from the CIO •m4-1-1 Employment Committee, Washington, D. C., stating that the " 11q1.0,. 'al office of the Congress of Industrial Organizations had arf.Neci 'or delegations of unemployed workers in some of the more I eNr elY stricken areas and industries in the nation to visit WashingtO j iXig the period April 18-28, 1950 for the purpose of meeting with ators, cabinet officials, and others and that they would like to ge a few meetings in which some of these delegations could meet and their problems with as many of the members of the Board as were kvq1 "Dle. The letter also transmitted a copy of a press release Collee 171111g the delegations referred to. During a discussion of the letter, the view was expressed that f) ) liha/so the -2- Board should meet with some of the delegations if suitable times %tad he selected and that prior to such meetings consideration should be given to the views that would be expressed by the Board to the delegati0ns . The foregoing suggestion was approved unanimously and Chairman McCabe said he and members of the staff would work out a program for the meetings. Before this meeting there had been sent to each member of the toarci memorandum from the Division of Personnel Administration dated 29/ 1950, with respect to officers' salaries proposed informally "he Federal Reserve Bank of Philadelphia for the year beginning 144 1) 1950. Mr. Szymczak stated that the Personnel Committee had considered the tentative list of salaries submitted by the Philadelphia bank, that ill'eaSes appeared selective and moderate with the exception of a procrease of $2,000 per annum in the salary of Vice President and eaahier Philip M. Poorman, that this proposed increase was discussed by 4 telePhone with President Williams of the Philadelphia Bank who sub1y advised that upon further consideration the Board of Direcf eit that a $1,000 increase for Mr. Poorman would be satisfactory th. 13 time, and that with that adjustment the Personnel Committee Neoit mended that the Philadelphia Bank be advised informally that if the 4411 es vere fixed by the Directors of the Philadelphia Bank at the 4/1a/50 14ve1s proposed for the year beginning May 1, 1950, he Board would '117e favorable consideration to them. During the ensuing discussion, Mr. Vardaman stated that he 111541d vote to approve the proposed salaries but that he felt the 'lc) " should appraise each Federal Reserve Bank and the value of each "cel'is position in each bank with a view to developing a classifi4404 Plan or some other system to assist the Board in reviewing the altlaries of reserve bank officers. Following the discussion, (1) the recommendation of the Personnel Committee was approved unanimously, and (2) the Personnel Committee was requested to review the procedure followed by the Board in approving the salaries of officers' of the Federal Reserve Banks. There had been circulated among the members of the Board a ketor "alum from Mr. Young dated March 28, 1950, recommending that Albert FL Koch, Chief of the Business Finance and Capital Markets 3ec04 4 Of the Division of Research and Statistics, be authorized to par— ticip ate in a study of the economic and financial situation in Costa t be ° made by the Twentieth Century Fund, a private non—profit teee., "eh organizetion, at the request of the President of Costa Rica, t hie he understanding that he would use annual leave accumulated to etedit for the purpose and that he would be absent from the Board's off. leer, for a period not to exceed three months beginning about April ' 14, 19 5°. There had also been circulated a memorandum from the Per— -4844e1 Committee dated April 6, 1950, submitting the matter for the COh -°1401erati0n of the Board without recommendation but stating that (1) a 1513r°val of Mr. Young's recommendation would appear to be in line with the Board's current policy of encouraging the utilization of ated annual leave; (2) arrangements satisfactory to the Director of the Division of Research and Statistics had been made for during Mr. Koch's absence the work program of the Business e and Capital Markets Section which was fully staffed; (3) pert faion for members of the Board's staff to accept remuneration for 4asiftuents performed while on annual leave was not without precedent; 4 ) IlUilletcnis members of the Board's staff had maintained outside busi488 c°44ections from time to time, particularly in the teaching field. Mr. Szymczek stated that while the Personnel Committee was " 114 4/1g the matter without recommendation, he felt the request was 1151't c)f approval in that Mr. Koch would obtain valuable experience allti the mission could be expected to make a contribution in a field of 1.4terest to the Federal Reserve System and the general relations of the 11111 States to international finance. Mr. Vardaman stated that even though the Twentieth Century li.as a private organization he would prefer that Mr. Koch be loaned to the q, ' wentieth Century Fund for the mission and that the Board contb, to Pay his salary without requiring that he use accumulated antkai leav_. However, he said, he would be willing to approve the pro- 4/4/50 P°Becl arr ellgement if the Board felt it preferable to an outright loan clf14.1% Koch's services. Mr. Young stated that Mr. Koch was a valuable employee of the B°411 vho was becoming increasingly useful 2 that he would like to 141411e the proposed mission, and that he was entirely willing to klalulal leave for the purpose it being understood that the Twentieth Fund would pay him at the rate of $1,000 per month while eng4geci 0/1 the project plus reimbursement for travel and living expenses 144.4 outside the United States. Thereupon, the recommendation contained in Mr. Young's memorandum was approved unanimously. At this point Mr. Millard, Director, and Mr. Hostrup, Assistant Nto r) Division of Examinations, joined the meeting and Messrs. kerier and Young withdrew. the ilet Mr. Szymczak referred to the discussion at meetings in March of of Mr. Towle, Vice President of the Federal Reserve Bank of 11441ea P°1-is in charge of the Helena Branch, in failing to disclose to 41114 ent Peyton of that Bank information with respect to the misappro- Pbtation — Of b, orric et funds from the Prescott Company by Mr. C. J. Larson, formerly of the Helena Branch, while in the employ of the Bank. He 'sted t h4t in accordance with a request of the Minneapolis Bank, Mr. went to Minneapolis on Tuesday, March 21, 1950, and subsequently 11-' 4 a committee of officers of the Minneapolis Bank to Helena, ( 71) -1 • : 4/4/50 —6— beat -ails, r t°r the Missoula, and Kalispell, Montana, and Seattle, Washington, Purpose of assisting them in developing a full statement of regarding the case. 4et8 Mr. Szymczak also referred to telephone 4118vh1ch Mr. Morrill received last week from President Peyton of the MirilleaPolis Bank with respect to the matter and asked that he report 111)°4 theas Mr. Morrill stated that in his telephone conversations, Mr. 41,4. Said that arrangements were being made for a joint meeting of the ' ead office and Helena Branch directors on April 28, 1950, to conthe available information and the action to be taken in the Towle Mr- Peyton pointed out, ra% Morrill said, the very great con- Itiatters cerrlof the Helena Branch directors as well as the head office directors illthis matter, and urged that the Board send a committee of three of Its kerabers to attend the joint meeting. Mr. Peyton's request was considered and it was the consensus that 8inoe the initial responsibility in respect to the disposition "the platter rested with the directors of the Federal Reserve Bank of P°118, the participation by members of the Board in the forthC 4 '41 .11g • . Joint meeting would not be desirable or necessary. At Chairman McCabe's request, Mr. MilLard then reported the aIlbatela ee of the additional information gained during the recent trip 11 c h he Participated with Vice President McConnell and Vice Presi1kt aro ' General Counsel Ueland of the Minneapolis Bank for the purpose ,ej 4() 41. '1 - 4/11/50 -7- ' laking a complete investigation of the subject, and from which he l'eturIled yesterday. He stated that after reviewing the files of the ?ed"al Reserve Bank of Minneapolis on March 22, he and Messrs. 14eC°1111ell and Ueland proceeded to Helena, reaching there on March 24. '14c111 then until April 3, Mr. Millard said, they interviewed 19 indiviclilals in Helena, Great Falls, Missoula, and Kalispell, Montana, Se6'ttle, Washington, and Minneapolis, Minnesota. A copy of the list of illdividuals interviewed is attached to a memorandum from Mr. Millard Ilith respect to the matter prepared under date of April 17, 1950. During his report Mr. Millard read or referred to the following 4tte s Or documents, copies of which were incorporated in, referred to, Ett tached to his memorandum of April 17: (1) Letter from First Vice ?rest dent Powell of the Minneapolis Bank to Mr. Towle dated March 16, 1950 'informing Mr. Towle of the interest taken by the Board of Govortior 8 ta the circumstances surrounding Larson's defalcations and that th neapolis Bank had been asked to present the matter to its Board ,r Directors at the earliest practicable date; (2) Memorandum dated 44411ary 61 1950, prepared by Paul Brazier, Certified Public Accountant 1'44 the office of F. A. Johnson, the firm employed by the Prescott C°1111)a-nY to take over the bookkeeping formerly done by Larson, describing theanalysis made of the accounts of the Prescott Company at Mr. Towle's l'ecitlest on or about October 10, 1948, which showed the misappropriations by Larson the audit for the from that Company as disclosed by —8— November 30, 1940-June 30, 1948; (3) An affidavit of J. Maurice iltetrich, brother-in-law of Mr. Towle and a stockholder and director Or tb ""e Prescott Company, submitted to Mr. Towle for his assistance 11419rdate of March 20, 1950, since Mr. Dietrich was to leave shortly t1114triP to Hawaii; (4) Letter from Mr. Towle to Mr. Gray Edmiston, vent of the Conrad National Bank, Kalispell, Montana, dated August la ' 48, congratulating the latter on procuring the services of Mr. Larsn "a as Executive Vice President of the Conrad National Bank; (5) Two (talda from Mr. Towle dated February 28, 1950: one of these placed a„ PY' of his letter to Mr. Edmiston on August 25, 1948, in the files -'Pained the circumstances under which the letter was written; the other stated the circumstances under which Mr. Larson was employed by *cualipt+--411 of Conrad National Bank and why in Mr. Towle's opinion he llot o bligated to pass along to Mr. Edmiston the information he re- fl November 1948 that Larson had misappropriated funds of the "cott Company; (6) Letter from President Peyton of the Minneapolis 4flk to L, . Towle. dated January 21, 1946, transmitting a request of the -eeto I'S he of the Minneapolis Bank that Mr. Towle notify Mr. Larson that Ilst di -a ho4tza 8 continue an outside business activity as secretary of the 14411 Eakers Association and that he (Mr. Towle) correct any other ceE of the same character with the least possible delay; and (7) 'Lars (41's "Report of Financial Obligations" filed with the Minneapolis 114der dates of November 13, 1945: November 12, 1946, end December — Mr. Millard reviewed the additional information obtained as a te8ult of interviews with Mr. Towle, Mr. Groth, Assistant Vice Presi— fiellt (If the Helena Branch, and others in Helena, stating that the 4PParent fact that Mr. Towle was unaware of Larson's manipulations in the pi, eecott Company for such a long period was largely due to Towle's sness as a business man in general as well as a branch manager. This as evidenced by the fact, Mr. Millard said, that Towle had failed to car 17 out effectively instructions from President Peyton given in hie letter of January 21, 1946, to see to it that Larson discontinued %ill° business activities; that Mr. Towle handled employees debt reports c arelessly inasmuch as Larson reported in both 1946 and 1947 that he was not working for compensation other than for the Bank whereas iretwle knew he was still working as bookkeeper for the Prescott Com— Pall.; that for several years Mr. Towle kept investment securities of the p reseott Company in one of three lock boxes assigned to him at the 4% 44 Branch to which Mr. Larson at all times had access; and by the t4et that th S signature cards for the Prescott Company checking account at Illon Bank and Trust Company, Helena, showed that the signatures of b°t41T -0/11e and Larson were in force until March 23, 1950, almost 20 : 14 tils after Mr. Larson ceased to serve as a bookkeeper for the Company k- 16 tqconths after Mr. Towle knew positively that Mr. Larson was an iltlezzlel‘ ' Mr. Millard added that subsequently Mr. McConnell interviewed -10141%41 ' 80n in California at which time Mr. Larson was asked about the 13°88i-batty that Mr. Towle had not seen his debt reports for 1946 and 1947 IL-cu h contained false statements as to his outside business contlecti0118 and which had been forwarded to Mr. Towle from Minneapolis, to 141141111% Larson replied that Mr. Towle sometimes did not get around to (31Perlang his mail for several days. After presenting the additional factual information obtained, 111% Millard stated that it was apparent from the interviews made on his t111) that Mr. Towle was popular among Montana bankers, including at 448t 4fte of those who had learned of his action in failing to disclose Lara°4's defalcations for more than a year after he knew of them. How" 61re 11. Millard said, the investigation confirmed in all substantial tletalls the report presented at the meeting of the Board on March 7, 1950 'and as also set forth in his memorandum to Chairman McCabe dated Pet) 114L1"Y 14, 1950. It% In commenting on Mr. Towle's attitude during the investigation, vlillard stated that when Messrs. McConnell and Ueland and he arrived 1441811a on March 24: Mr. Towle was obviously somewhat nervous and ill at 414) bilt that as discussions progressed he regained his usual self-assurklee 4(1 stated that since he was being investigated he felt that he was Iltitled to ictiow just what he was being accused of. Mr. Millard said thq 8Pew ng in the presence of Messrs. McConnell and Ueland and in his .41:111eit"3 48 Director of the Division of Examinations in the light of the (71:15 4/11/50 —11— ' dltdon developed during and since the recent examination of the Peda"al Reserve Bank of Minneapolis, he informed Mr. Towle that in his °Pillion Towle's willingness to comply with Larson's request in November 1948 th -at the latter's peculations be kept inviolate was a grievous error c'r judgment, that as the officer in charge at Helena it was Mr. Towl e's responsibility to keep President Peyton informed on all matters Pertinent to the Helena Branch, that by his decision he had left the breLlich ih an exposed position for a period of more than 13 months, and that the Auditor of the Minneapolis Bank was placed in a position where be°4118e of his lack of knowledge of Larson's peculations he was unable PerlY to Carry out the responsibilities of his office. Mr. Millard 3414 that he also stated to Mr. Towle that he considered any officer of Et ?ederea Reserve Bank as being morally bound to inform any banker of the faCts concerning an employee of such banker who had confessed to in the handling of money. Mr. Towle's only reply to these lie4.18' Mr. Millard said, was that he had appreciated everything said by lIrs Millard both before and after the meeting in November 1948 at which 1414. Larson confessed his defalcations from the Prescott Company. tto. Ilad be Ia a further comment, Mr. Millard said that Mr. Towle gave no - so far as he observed that he now felt his course of action fetched" to Nietoen 141"°ng and that he (Mr. Towle) stated it was "far er that there might be any legal or moral liability on either his that of the Minneapolis Bank to make good the losses sustained lilt of Mr. Larson's misconduct after Mr. Towle learned that Mr. 4/11/50 —12 144°11 had embezzled funds from the Prescott Company. Mr. Millard also reported the visit to Seattle, Washington, on 29 of Messrs. McConnell, Ueland, and himself and the discussion of the matter with officers of the National Bank of Commerce of Seattle, 141ich had made Mr. Larson a loan of 0,500 in the spring of 1949 after he becate Executive Vice President of the Conrad National Bank. He 8141ted that, in reviewing the making of the loan and efforts to collect (1114, Mr. Hoerr, Vice President of the National Bank of Commerce, made eleaz that their loan to Larson was a bank accommodation loan (the Corir , 4Q National Bank being a correspondent of the National Bank of e) and that Mr. Hoerr felt that, through his efforts to have the "ligation taken care of, he was the one who brought the entire matter to 1. lght. Mr. Hoerr also said that the national bank examiner in Seattle 4143rt 4219:d the matter fully to the Comptroller of the Currency on December Itat 49) and that the loan was charged off on the books of the National Qf Commerce on December 29, 1949. 14r. Millard stated that he and Mr. Ueland returned from Seattle °4ectly. to Minneapolis while Mr. McConnell proceeded from Seattle to 4%rniligt°n3 California for the purpose of interviewing Mr. Larson who 44(lbeet i ndicted and was free re on bail awaiting trial. On April 3, kl% millard said, President Peyton asked him for his evaluation of the t"c/rtilatiori Obtained, to which he replied that for the most part those tttervieli_ ect were personal friends of Mr. Towle. At President Peyton's 114eztion, he (Mr. Millard) and Mr. Ueland in company with First Vice 4/11/50 -13- 4esident Powell interviewed E. 0. Jenkins, President of the First Bank Stock Co rporation, Minneapolis who expressed the view that Mr. Towle's eerie a-lment of the Prescott Company shortage was criticized in some baNr4... quarters in Montana and that, although Mr. Towle was popular with 4111ker. Montana, he thought probably the decision of the Minneapolis Itesve Bank with respect to how the matter should be handled would be "CePted. AS to losses suffered, Mr. Millard stated that the Conrad National 14111( had been reimbursed under its blanket bond for the $3,650 embezzled that bank by Larson, that the Bank of Columbia Falls, Inc. which loatted Larson $1,500, said now to be secured by a second deed of trust geinat the home he purchased in Kalispell, expected to recover that : t 4t ill full after payment of the $7,900 first deed of trust against t 121%1DertY held by the First National Bank of Kalispell, and that the 4404 el Bank of Commerce had attached the equity in the Kalispell house 44c1 ht have a salvage from 03 to $4 thousand to apply against the 19)500 1 'Allan which had been charged off. 14' kr t There followed a discussion of the additional information supplied llard and of Mr. Peyton's request that three members of the 41'd att end the joint meeting of the Minneapolis and Helena directors 04 4141.1 oo ", 1950, at which action was to be taken on the matter. It was 1111E111 itc4is view of the Board that the additional information submitted rmed and strengthened the original impression, which had been corn- S 4/11/50 44hicated in its letter of March 8, 1950 to Mr. Powell, to the effect that kr. Towle had failed to recognize and discharge the important re813°118ibi1ity resting on him as an officer of the Minneapolis Bank. This l'elated primarily to his nondisclosure of information regarding L al13°Ia's misappropriations of funds from the Prescott Company, and (11the basis of the additional information supplied by Mr. Millard it 1,408 r eit that Mr. Towle was negligent and careless in other related tatter's Ilhich emphasized his failure to recognize his responsibility as 41 °fficer of the Bank. With further reference to Mr. Peyton's request that members of tile to "z'cl attend the meeting of the Minneapolis directors on April 28, It a 1' s suggested that, although as indicated above, participation by raeraber 8 of the Board in the meeting would not be desirable or necessary, g4t be of assistance to the directors in their consideration of the qtet 60 be informed of the Board's views and that, accordingly, Chair— r11411 tipr —410a should call Chairman Shepard of the Minneapolis Bank on the telePh Nate a °-e and express to him the views discussed at this meeting. In this cticsla, there was also a discussion of the action that the Minneapolis 44ctol., might take and of alternative courses that might be followed. The foregoing suggestion was approved unanimously with the under— standing that members of the staff would prepare and submit for the con— sideration of the Board a draft of memorandum which Chairman McCabe might read over the telephone to Chairman Shepard. 439 -15At this point all of the members of the staff with the excep'of Messrs. Carpenter, Sherman, and Kenyon withdrew, and the action statei with respect to each of the matters hereinafter referred to was ta414 by the Board: Minutes of actions taken by the Board of Governors of the Fed- e4a eserve System on Monday, April 10, 1950, were approved unanimously. Letter to Honorable Brent Spence, Chairman, Committee on Bank- 41g uu Currency, House 8.8 roliovs: of Representatives, Washington 25, D. C., reading ru "This is in response to Mr. Hallahan's letter of Febt arY 24, 1950, requesting the Board's views with respect the bill H. R. 7340 'To amend section 5192 of the Reed Statutes with respect to the reserves of certain national banks'. ar "This bill would apply only to national banks which see located in Alaska or in dependencies or insular pos: 4 sl0n6 or parts of the United States outside the conti4tal United States and which are not members of the Fedlael Reserve System. The bill would amend the present tall to permit such national banks to carry four-fifths, r ead of three-fifths, of their required reserves in the 11 of balances with other national banks. 1 ,; Stated conof !elY, it would require them to maintain only one-fifth 'heir reserves in the form of cash in vault instead of fths as required by present law. 114 "Under existing law, national banks in Alaska and EiZil are not required to be members of the Federal Ree System and none of them has elected to join the sysar: It is the Board's view that, if Alaska and Hawaii are sTttted to Statehood, national banks located in such new quites, like national banks in other States, should be reth:?,c1 to become members of the Federal Reserve System, and :-board has recommended an mendment to the pending Alaskph end Hawaiian Statehood bills (H. R. 331 and H. R. 49) ' eh would have this effect. If the Board's recommendation 4 4/11/50 -16- followed, national banks in Alaska and Hawaii, after the admission of these Territories to Statehood, would become subject to the reserve requirements ,PPlioable to member banks under the Federal Reserve ;!et, instead of those prescribed by sections 5191 and ) 192 of the Revised Statutes. "For the present, however, the applicable require3l,nts are those prescribed by the Revised Statutes. 14ce these requirements relate to national banks which ar's not members of the Federal Reserve System, they are adzinistered by the Office of the Comptroller of the Currather than by the Board. The change in such requirements which would be made by H. R. 7340 would not be significant in connection with national monetary and credit e°nditions and, from the Board's standpoint, there is no °I)jection to the enactment of the bill. "We have been advised by the Bureau of the Budget that it has no objection to the submission of this report to Your Committee." t Approved unanimously. Letter to Honorable Emanuel Celler, Chairman, Committee on the Cja rY, House of Representatives, Washington 25, D. C., reading as "This refers to your letter to Chairman McCabe dated ve ivruarY 6, 1950, requesting an expression of the Board's u sws on the bill H. R. 6976 to amend Title 18 of the lilted States Code relating to bank robbery. of ."The bill would amend subsection (f) of section 2113 rnlItle 18 of the United States Code (the so-called bank tc,"'erY statute) so as to bring within the definition of !term 'bank' an institution the accounts of which are n4, mt by the Federal Savings and Loan Insurance Corpo" " . 311. Under the law, the Federal Savings and Loan InCorporation shall insure the accounts of all Fed: 4 1 savings and loan associations and it may insure the ileoUnts of building and loan associations and other aiminstitutions organized and operated according to the ci78 of the State, district or territory in which they are "artered or organized. "The so-called bank robbery statute was first enacted 2 : :flaY 1 18, 1934 and was amended on August 23, 1935, August rei 1937 and June 29, 1940. This statute as thus amended ated to banks and did not refer to Federal savings and p 1, % 4- I 4/11/50 -17"loan associations or other similar financial institutions. The inclusion of Federal savings and loan tilssociations in the present definition of the term bank' was brought about at the time of the codification of Title 18 approved June 25, 1948. "The Board sees no objection to extending the protection of the robbery statute to include institutions illsured by the Federal Savings and Loan Insurance CorPoration. However, Federal savings and loan associations and similar institutions whose accounts are insured by Ira Federal Savings and Loan Insurance Corporation are not ; .t41-ks, and a definition of the term 'bank' which includes 'Ilch institutions, even though merely for the purpose of criminal statute, will tend to cause confusion and misBo rstanding on this point. In the circumstances, the ard wishes to suggest for your consideration that the ! i nguage of the bill be so revised as to eliminate the :'PlicPtion in the law that Federal savings and loan asrelations and similar institutions whose accounts are ; 11sured by the Federal Savings and Loan Insurance Corpoation are to be regarded as banks. el "In accordance with the procedure outlined for the Burrance of matters of this kind with the Bureau of the ti'get, we have just been advised that there is no objecon to the submission of this report." J Approved unanimously. Letter to the Chairmen and Presidents of all Federal Reserve 'reading as follows: m„ . "Reports from the Federal Reserve Banks on their i'ecutive Training and Development Programs, which were miZtributed in October 1949 by the Chairman of the Comwe, tee on Personnel of the Conference of Presidents, t_46 reviewed with much interest. The Board is pleased ev e note from these reports that the need for continuous : . 02.:!ction and training for executive positions is rec. ra'lzed by a majority of the Reserve Banks and that, in : t 11Y instances, considerable time and effort are devoted b boadening the knowledge and experience of those posse ! ssIng definite potentialities. oi "In the decade which we have just entered the problem be °facer replacement at the Federal Reserve Banks will Irlore pressing -- approximately 37 per cent of the pres- W AT 2 4/1a/50 -18eat officers will retire for age within the next nine Years. Some of the Banks have training programs which are adequate to meet the needs of their organizations in this period and as they look further to the future, !md it is also apparent from the reports submitted that 6he Reserve Banks generally recognize the need for continued a gressive and sympathetic leadership for such programs, 14-th appropriate variations to suit the needs of the indivIclual Banks. This letter is being sent to you at the request of the Board to assure you that it feels strongly reding the importance of these training programs and would ne that they receive continued effective recognition by e directors and presidents of all of the Reserve Banks." Approved unanimously.
@FedFRASER