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19_19 A meeting of the Board of Governors of the Federal Reserve vratem was held in Washington on Thursday, December 21, 1944, at 10:30 a.ra, PRESENT: Mr. Mr. Mr. Mr. Mr. Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinaft sr referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Peciel'al Reserve System held on December 20, 1944, were approved unaniraously. Letter to the Presidents of all the Federal Reserve Banks read- as follows: . "In accordance with the recommendation of its special Committee on Job Classification in the Research DePartments of the Reserve Banks, the Conference of Presidents agreed, during its recent sessions, that the title 'Research Department' should be used in the interest of Uniformity and simplicity. "The Board of Governors approves changes in the personnel classification plans of the Federal Reserve Banks to effect the recommended departmental title. It will not be necessary to submit revised Form A sheets if the only change is in the title of the department, as appropriate changes will be made in the Board's copies of the liarious personnel classification plans upon receipt of advice from a Reserve Bank that the changes have been Illade on its records. . "According to the report, job classifications and titles recommended or suggested are set forth as objectives 1.2/21/414. —2— "rather than as immediate attainable goals, since the Committee recognized that in some banks the objectives might not be attained for some time either because of present salary stabilization regulations or because of Particular situations existing within a bank. "The Board is sympathetic with the desire of the Committee and the Presidents to simplify the personnel classification plans, make them more uniform, and yet Provide flexibility of operation." Approved unanimously. Letter to the Chairmen of all the Federal Reserve Banks, pre— P4red in accordance with the action taken by the Board on December 7, 1944, and reading as follows: "The Board has been reviewing its general policies 112:th respect to the appointment of Class C directors and directors of branches of the Federal Reserve Banks. As a result of the review, the Board has decided that, as a general policy, it will not hereafter appoint as a director an individual who is 70 years of age or who would become 70 prior to the expiration of his term. "As you will recognize, this is analogous to the P°1ioy adopted some years ago with respect to the approval Of appointments of presidents and first vice presidents." Approved unanimously. Memorandum dated December 16, 1944, from Mr. Bethea, Director °t* th Division of Administrative Services, referring to a circular lett r e- received by the Board from the Director of the Bureau of the 1114get under date of December 1, 1944, in which it was stated that, "recta.' ve January 1, 1945, each department and establishment of the Qove 111Ment would prepare pay rolls after the close of the pay period, bent to be made within 12 days thereafter in accordance with a 11/44 -3- achedule of pay days to be established by the Secretary of the TreasMr. Bethea's memorandum stated that, while it was the Board's 17 ftleral policy to conform to procedures adopted by the Government, &1`ter exploring the situation thoroughly it was believed that the advantages of the proposed change definitely outweighed any ad4rtagee, that the Board's counsel was of the opinion that the Board Wa8 not required to comply with the circular from the Director of the 811c1M, and that in all the circumstances, in the absence of objection bY the Board, it was proposed that the existing pay roll procedure be eontinued without change. Approved unanimously. Telegram to Mr. Flanders, President of the Federal Reserve Bank Qt 13°8ton, reading as follows: "Relet December 18,. please wire assessed value and aPproximate market value of land on which your present building is situated and of land recently purchased on Pearl and Milk Streets. It has been policy of Board not to authorize write-down of land below market value." Approved unanimously. Thereupon the meeting adjourned. Secret ry. Ap, Vice Chairman.
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