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1199 A meeting of the Board of Governors of the Federal Reserve aYstem was held in Washington on Friday, August 4, 1944, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Draper Evans Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein— after referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Reserve System held on August 3, 1944, were approved unani1401184 Telegrams to Mr. Flanders, President of the Federal Reserve krIk of Boston, Mr. Brome, Assistant Secretary of the Federal Reserve /34111c of New York, Mr. McCreedy, Secretary of the Federal Reserve Bank qlahiladelphia, Mr. McLarin, President of the Federal Reserve Bank °t Atlanta, Messrs. Dillard and Stewart, Secretaries of the Federal 11""ve Banks of Chicago and St. Louis, respectively, and Mr. Earhart, Vice President of the Federal Reserve Bank of San Francisco, stating that the Board approved the establishment without change by the Fed— aLl. Reserve Bank of San Francisco on August 1, by the Federal Reserve 84k8 of Atlanta and St. Louis on August 2, by the Federal Reserve ktike of New York, Philadelphia, Chicago, and San Francisco on August 1200 8/4144 —2- ' 3 1944, and by the Federal Reserve Bank of Boston today, of the rates f discount and purchase in their existing schedules. Approved unanimously. Memorandum dated August 3, 1944, from Mr. Goldenweiser, Di— liect°r of the Division of Research and Statistics, recommending that 14.8. Ruth F. Gould be appointed as a clerk in that Division on a tern— basis for an indefinite period, with basic salary at the rate c)f k)440 per annum, effective as of the date upon which she enters /113°/1 the Performance of her duties after having passed satisfactorily the usual Pllysical examination and subject to a satisfactory check of her references. Approved unanimously. Letter to Mr. Hays, First Vice President of the Federal Reserve 8411c of of the Cleveland, prepared pursuant to the action taken at the meeting Board on July 29, 1944, and reading as follows: "The Board has reviewed the various items included in the bill for services for $1,250 submitted by Squire, & Dempsey, approval of which was requested in your -L-etter of letter June 16, 1944. "The Board, after reviewing the bill, including the Supplemental information in your letter of July 3 concern— ing th 4 of o -e v750 item, has concluded that the annual retainer ki 95,000 paid to the firm should cover services of the th2d for which the bill was submitted. However, since th;arrangement between your Bank and the firm regarding not services which the $5,000 retainer is to cover is the Board is approving the payment of the 1l as defi submitted with the understanding that a clear nition of the relationship All be worked out with 1201 8/4/44 -3- "the firm and submitted to the Board for approval before arW further bill for special services is submitted." Approved unanimously. Memorandum dated July 31, 1944, from Mr. Vest, Assistant General Attorney, reading as follows: "The Contract Settlement Act of 1944 authorizes the Federal Reserve Banks to act on behalf of Government contracting agencies as fiscal agents of the United in carrying out the purposes of the Act, subject Sttates 0 such regulations as the Board may prescribe with the approval of the Director of Contract Settlement. In the clrcumstances a revision of Regulation V is needed. Ace°Pdingly a draft of such a revision was prepared and eent to the Federal Reserve Banks early in June for their aomments. This draft was revised in the light of the Jew comments which were received from the Reserve Banks arid was submitted to the War Department, Navy Department rd Maritime Commission as a proposed regulation. Letters have now been received from each of these agencies Stating that the regulation in the proposed form is satis4-actory a "The proposed revised regulation is attached hereto, it will be observed that it relates both to loans under s.!!utive Order No. 9112 and to loans under the Contract fil lenient Act of 1944--in other words, both to so-called t„10ans' and to so-called 'T loans'. The regulation con11-1-11? largely formal or technical provisions rather than °71si°ns of policy. Rates and fees under the proposed gulation will be prescribed by the Board with the concurrence of the Director of Contract Settlement. It is now recommended that the Board authorize the tnsmission of the proposed regulation, in the form at,faZched to the Director of Contract Settlement with the wi.11 ement that if he approves the regulation the Board pr4-1- Prescribe it pursuant to the provisions of the law. sorumably it will be in order to advise the Director or th e member of his staff with regard to this matter before e r egulation is actually transmitted." tZ4 4 Approved unanimously. 1202 8/4/44 -4- Thereupon the meeting adjourned. Assistant Secretary. Chairman.
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