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/ FEDERAL RESERVE BOARD WASHINGTON December 3, 1921. Governor Harding, Federal Reserve Board. Please call a meeting of the Federal reserve Board for 11:70 a.m. today, December 3, 1921. L ir A special meeting of the Federal Reserve 'Board Wbs held in the /3°121rd room at 11:30 a.m. December 3rd, 1921. PPM-NT: Governor Harding Yr. Platt Mr. Hamlin Mr. Miller Mitchell Crissinger Hoton, Secretary request, signed by The Co-/Error stated that he had received a written meeting and that there' Ires2rs. Platt, Miller and Mitchell to call this silecial f°1'e he IlLd done so in accordance with the provisions of Section 1, Article XII of the 15y-Laws of the Board. Mr. Platt moved that the Board reappoint for the full torn o three Ye ars thorn two Class "C" Directors vhose terms expire at the end of the cur?ent year, namel;T, William A. Heath, Federal reserve Bank of Chicago and 41liam McC. Martin, Federal Reserve Bank. of 2t. Louis. Carried. Platt moved that the Board redesignate as Federal Reserve Agents f°r the year 1922, the followinL7 Class "C" Directors: Frederic H. Curtiss Pierre Jay Richard L. Austin D. C. Wills Caldwell Hardy Joseph A. McCord William A. Heath %illiam McC. Martin John F. Rich Asa R. Ramsay 7silliam F. Ramsey John Perrin _ _ _ _ - Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Xansas City Dallas Ian Francisco -2- Mr. Mitchell seconded Mr. Platt's motion and said that while he was "the opinion that the managemnt of some of the Federcl Reserve banks could be gteatlY improved by the designation as Federal Reserve Agents of men other than he Present incumbents,that he regarded the present as a critical time and that change at this juncture might result in more harm than good. Governor 7arding said that should Mr. Platt's motion prevail, and should the Board next year determine to make changes he felt that those Federal Reserve 11:allts whom the Board contemplated replacing should receive ample notice in so as to enable them without embarrassment to make other connections. Mr. Crissinger stated that he had heard at a number of the Board meetConsiderable question raised as to the fitness of some of the Federal Resell'e Agents for their positions and he did not think that the Board would be 4"°MPlishing anything in the way of imIlrovement to the System by passing an (3211.1111s motion to redesignate all Agents. to In any event, he said he was opposed advising the Agents of their aprointment vithout at the same time advising theM of the salaries which vill be allowed to them by the Board. Mr. Miller stated that it was his intention to offer motions contemplatil certain drastic reductions when the matter of the salaries of Federal ResAgents comes up for determination. Mr. Miller said further that in his 41011 the Federal Reserve Act should be amended so as to provide for the sep' cn of the office of Chairman of the Board and the office of Federal Reserve 4tezif ., so that the Federal Reserve Board may be placed in a position to select el'8°ns of different tyros to fill the two offices. Mr. Miller moved to lay 4-latt's motion upon the table explaining that his motion was made in order -3- to give time for a more general overhauling of the entire subject with a view to doing something to improve the situation. Mr. Miller's motion to table being put by the Chair was lost by a tie vote. Mr. Platt's original motion being put by the Chair was carried. Mr: Crissinger voted "No". each Federal Mr. Mitchell moved that a notice be sent immediately to Reserve Agent advising him of his reappointment for the year 1922. Carried. to advising Yr. Crissinger voted "No" explaining that he was opposed advising them of the Agents of their appointment without at the same time their salaries. take above After discussion it was voted to reconsider the action upon motion, it With regard to the transmission of advice to the Agents,and W48 voted that the Secretary supply to each member of the Nouinating ComReserve Agents,and Illittse a list showing the present salaries of all Federal covering salaries to that the Committee make to the Board, recommendr:tions not later than 6btain during the year 1922, the said Committee to report 4et Tuesday, December 6th, and that no notice be given of any appointments 111411 after the said meeting of December 6th. Mr. Miller moved that the Governor be requested to prepare, with th to the Federal e assistance of the General Counsel, a proposed amendment to -eserve Act, N,J.lereby the Federal Reserve Board will have power to assign dif4. Chairman of lerent persons in any Federal Reserve bank, the position of -4- the Board and the position of Federal Reserve Agent. Carried, it being understood that thit:; affirmative action does not bind the members to approve the proposed amendment when drawn and submitted. The meeting adjourned at 12:45 p.m. Secretary. Approved:
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