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Minutes of actions taken by the Board of Governors of the l'ecleral Reserve System on Monday, December 104 19)1. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Martin, Chairman Szymczak Evans Vardaman Norton Powell Mt. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the hde,_ 4.a1 Reserve System on December 7, 1951, were approved unanimously. Memorandum dated December 4, 1951, from Mr. Young, Director, 1141°11 of Research and Statistics, recommending increases in the 1141c 411.nual salaries of the following employees in that DivIsion, eNctive December 23, 1951: Nine t/nve..4 -mith Yamamoto Title Economist Clerk Salary Increase To From $10,000 $977 3,175 3,255 Approved unanimously. Nallei kemorandum dated December 4, 1951, from the Division of Per- 46-ministration recommending that the Miscellaneous account of the, L9,51 oudGet of the Division of Personnel Administration be increased the elnount of 4000 to cover the cost of the annual Christmas party Ineinbers of the staff on December 20, 1951. Approved unanimously. 12/10/51 Letter to the Honorable Fred E. Bushey, House of Representatives, as hilagton, D. C., reading as follows: "Your letter of November 28, 1951, addressed to Mr. G. Richard Youngdahl, Chairman, Loyalty Board, Board of Governors of the Federal Reserve System, has been referred to xe for reply. "Present members of our Loyalty Board are: C. Richard Youngdahl, Chairman John E. Horbett, Vice Chairman Robert C. Masters, Secretary "The previous members have been Messrs. Robert F. Leonard, J°}1n Baumann, and hlisha L. Brien, Jr. "There have been alternate members likewise at all times, but no occasion arose wherein they were used, and they have not had access to the files. "The General Counsel of the Board of Governors and an Assistant Counsel act as legal advisers to the Loyalty Board and 14 such capacity would have access to any file in question. "The Director of the Division of Personnel Administration, the Acsistant Director of the Division of Personnel Administraticn, and an Administrative Assistant have access to the files as do two secretaries within the division. "In addition, the seven Governors who by statute comprise the head of the agency', the Secretary of the Board of Governors, a.nd the Security Officer also have access to the files." Approved unanimously. •••
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