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Si Minutes of actions taken by the Board of Governors of the Reserve System on Tuesday, August 16, 1949. PRESENT: Mr. Eccles, Chairman pro tern Mr. Draper Mr. Clayton Mr. Mr. Mr. Mx. Carpenter, Secretary Hammond, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board Memorandum dated August 1'), 1949, from Mr. Bethea, Director of the D ivision of Administrative Services, recommending that the resigti°11 of James R. Robinson, a laborer in that Division be accepted tt) be effective, in accordance with his request, at the close of 88 August 15, 1949. Approved unanimously. Memorandum dated August 8, 1949, from Messrs. Bethea, Young, Etitliorbett, Director of the Division of Administrative Services, 48°ele.te Director of the Division of Research and Statistics, and Assist ezt Director of the Division of Bank Operations, respectively, reecrilmending that the machine tabulation unit of the Division of Adkillistrative Services rent additional equipment at an annual rental or 84'1)roxitaately $8,820 and also recommending that an experienced ra l1141., planner be employed in the machine tabulation unit, the Dt0D08 ed Position to be classified in salary group "S" with a range or $.4,k7960 to $5,232, or one or two grades higher. Approved unanimously, with the 1 8/16/49 -2understanding that the appropriate items of the budget of the Division of Administrative Services would be increased to cover the additional expense involved. Letter to His Excellency Kim Do Yun, Minister of Finance, 8 e0111, Korea, reading as follows: "With reference to your letter of June 7, and to cur letter of July 11, 1949, I have the pleasure of in°rra1ng you, in the absence of Chairman McCabe, that 'flis Board has approved the extension of technical assistance to your Government in the fields of banking and Furrency, and that the Federal Reserve Bank of New York has agreed to make available for this purpose two speciaaists from its staff. Dr. Arthur Bloomfield, Chief of the Balance of PayInents Division, and Mr. John P. Jensen, Assistant Chief the Auditing Department of the Federal Reserve Bank of " . 1/ York, are scheduled to leave for Korea in the latter Part of the month. Dr. Bloomfield's primary responsibility will be in the fields of central banking and legisla' 40u and monetary and credit policies, while Mr. Jensen yill concern himself mainly with problems of the internal !?organization of the Bank of Chosen. Dr. Bloomfield : .111 be available for a period of about six months, while Jensen may be in a position to stay for a somewhat -Longer period. We that the Federal Reserve Bank of New York Is understand completing the necessary arrangements with the Co1 B, "°mic Cooperation Administration in relation to Dr. : °0mfield's and Mr. Jensen's travel to and sojourn in Korea.0 1 Y Approved unanimously. Letter to the Honorable Emanuel Celler, Chairman of the tzlnlittee 011 the Judiciary, House of Representatives, reading as "In the absence of Chairman McCabe, I wish to acknow- r 8/16/49 -3- "ledge receipt of your letter of August ), 1949, requestan expression of the Board's views on the bill H. R. :)811, which has been referred to your Committee and which vould amend section 1007, title 18, United States Code, and add a new subsection (aa) to section 12B of the Federal Reserve Act, as .amended. "The bill would appear to be of principal concern to the Federal Deposit Insurance Corporation, the agency Whose activities would be directly affected by the proposed legislation. It is understood that the introduction of similar bills during the 80th Congress was prompted by certain litigation of interest to the Federal Deposit InIc.,1rance Corporation. These bills were S. 2817 and H. R. `)°>3. Both the Federal Deposit Insurance Corporation and the Board submitted adverse reports on S. 2817. "There is enclosed herewith a copy of a letter dated June 18, 1948, to Senator Charles W. Tdbey, then Chairman Of the Senate Banking and Currency Committee, in reply to 8. request for an opinion as to the merits of the bill S. 2817 For the same reasons contained in that letter, the Board is of the opinion that the enactment of H. R. 5811 tls.0 would not be desirable. "Your request for the Board's views is appreciated." Approved unanimously. Chairman pro tem.
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