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1_553 A meeting of the Board of Governors of the Federal Reserve 83rstem Was held in Washington on Tuesday, December 12, 1939, at 4:45 PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Davis Draper Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman Mr. Thurston, Special Assistant to the Chairman Dreibelbis, Assistant General Counsel Chairman Eccles stated that in accordance with the under4111Q41/1.g reached at the meeting of the Board on December 4, 1939, he went to the Treasury this afternoon and presented to the Secrethe statement approved at the meeting of the Board on December 737, With respect to the Bank of America National Trust and 471438 Association. Ho said he explained to the Secretary why .t4 Board felt that it had some responsibility in the matter and tilat it should be fully informed with respect to the situation rethe bank. Chairman Eccles added that after the Secretary the memorandum he stated that he would like the Board to write 4 letter to the Comptroller of the Currency presenting its request th," 11 be fully informed, and that if this were done the Compt o1 -.er of the Currency would comply with the Board's request within tlflerItY-four hours. 444 1554 12/12/39 -2- Chairman Eccles said that the Secretary referred to an Understanding on his part that the Board did not want to particiPate in any discussions relating to the bank because of its re8Ponsibility in the event a section 30 proceeding were instituted ard that had he understood differently there would have been no cill"tion about such participation by the Board. Chairman Eccles stated that his response to the Secretary's comment was that when the matter was taken up with Mr. Ransom September a year ago it IIPPeared that a section 30 action would be instituted very promptly alld the Board felt that because of its judicial relationship to slich e proceeding, it properly could not take a position as to the rilellits of the charges or whether a section 30 case should be intit uted) that apparently the Treasury got the impression that the Bc3al'd felt it should not participate in any discussions of the matter ) but that with the passage of time during which no proceeding kis b, °len instituted and particularly in the light of more recent (11%1°Ilitents the Board had felt it necessary to review its position alici that it did have a responsibility which made it necessary for it to be fully informed, and that it desired to be helpful in any 1781 ' . it Properly could. As a result of the discussion, Chairman Eccles said, it was %-k that the Board should write a letter to the Comptroller of the e l'eney expressing its desire to be fully informed concerning the b ' ellke s situation. 1555 12/12/39 -3_ There ensued a discussion of the letter to be addressed to the Comptroller of the Currency and Messrs. Morrill and Dreibelbis were requested to draft a letter along the lines suggested during the discussion. Thereupon the meeting adjourned. 11161QA4111110142021ocge_ ecretary. APProved:
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