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972 A meetin of the Board of Governors of the Federal Reserve SYstem was held in -4ashinton on Tuesday, August 12, 1941, at 2:30 p.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the ChairAlan There was presented a memorandum dated August 5, 1941, from Yatt referring to a letter dated July 25, 1941, from the Assistant „ '''or of the Budget requesting an expression of the Board's views /71-th reference to a bill drafted by the Treasury Department which would 84711e nd existinc: law regarding financial agents and depositaries of pub- , ' lulus. 84ch brn. The memorandum stated that the draft of bill was written in broad terms and would give the Secretary of the Treasury such Powers that it was almost impossible to visualize all of its ili- Plications and possibilities and tha, in view of a question as to Whether the Board would prefer to incorporate its criticisms of the bill tri a , -Letter to the Bureau of the Budget or to discuss the matter with the Treasury Department, there were submitted with the memorandum two 1ternative drafts of the lett(:r to the Bureau of the Budget, one of VihieL a contained detailed criticisms of the bill and the other merely ted that the bill contained objectionable features which the board 144, ued to discuss with the Treasury Department before submitting a N)0P+- The file had been circulated among the members of the Board 273 8/12/41 -2- Prior to consideration at this meeting. Chairdian Eccles suggested that the draft of report containing the criticisp.s of the bill be sent to the Secretary of the Treasury with a letter of transmittal stating thdt file Board proposed to send the rePort to the Budget Bureau in response to its request for a report on the bill but that before doin6 so would like to have the caJdents of the Treasury with respect to the draft or, if the Treasury preferred, a e°11-lerence with representatives of the Treasury at which the draft of rePort could be discussed. Chairman Eccles' suggestion was approved unanimously and, at the suggestion of Mr. Wyatt that someone be requested to review the draft of report before it was sent to the Treasury, Messrs. Morrill and Thurston were requested to go over the draft with the anderstanding that when it was in a foria satisfactory to them, it would be sent by Mr. Morrill to the Secretary of the Treasury with the letter of transmittal suggested by Chairman Eccles. It was also understood ti.LA a letter would be addressed to the Bureau of the Budget stating that it was desired that the bill be discussed with the Treasury Department and suggesting that the Bureau withhold a clearance of the proposed legislation until the Board could have an opportunity to confer with the Treasury Department regarding it. There was also presented a letter dated August 14, 1914, from ' Lichtenstein, Secretary of the Federal Advisory Council, reques'l.ng al; -4-st of the topics which the Board of Governors desired the Cour.cil t3cil scuss at its meeting in Lashington on Septanber 14-16, 1941. 974 8/12/41 Morrill was requested to advise Lichtenstein that the Board had no suggestions to make at this time with respect to topics for the agenda of the meeting. The minutes of the meeting of the Board of Governors of the Fed- eral Reserve System held on August 11, 1941, were approved unanimously. Thereupon the meeting adjourned. ez Secretary. APProved: Chair-tan.
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