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1728 Linutes of actions taken by the Board of Governor: on 'clay, December 4 3. • 1946. The Board met in the Special Library p.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom Evans Vardaman . Carpenter, Secretary Chzirman Eccles stated that the Federal Advisory Council, 4hich 's meeting in sepnrate session in the Board Room, had approved °I.'".11611'11 in response to the statement submitted by the Board at the rrteetlitlit; with the Executive Comaittee of the Council on November -3 1914, and Would like to kno. whether the procedure suggested eln for future meetings of the Board of Governor: Lnd the Council Itfacs zet, sc'..q.sfLctory to the Board. -orth in The text of the Council statement is full in the minutes of the joint meeting of the Council '41c1 the t hichvvas held today. Chairman Eccles also said that Li-. Brown had advised that the° t: ° 11cil 11"q3 (7- reed that the statements submitted by the Board 41q 4 Council vdth resl)ect to 'rocedur, would not be given to the , ()1 ' of the Feder;;1 Reserve B:n'..cs but that each member of the Aoul6 rer,ort to the hoard of directors that the Council and the had agreed on a four—point procedure in connection the 'heetii-&s. It was understood that the members of the Council , clle Itlr,k it clear in their reports to the boards of directors that -sc'n for the :,,emorandum submitted by the Board was to arrive 1729 -24t4 somewhat more formal procedure for the purpose of improving 41"elationshit of the Council and the Board, preventing any oc- e41(314 for conflict from arising in the future, and allowing more tiZe for consideration of the various matters coming before the Cc4Irietl and the Board for discussion. The Council still insisted that it had a right to obtain int°rtaation from the Board as to what the Boardwas considering in e()rirlection with legislative and regulatory matters, and Chairman ccle3 said he had taken the position that the extent to which 411eh --'''ormation was furnished was a matter within the discretion (Ithe Board. Reference was made to the fact that during the gen- e41 discussion at the joint meeting of the Board and the Council thie zorning Mr. Brovm had recognized that if the Board were con441ering a hq b matter such as a change in margin requirements it would 413Pr°Priate for the Board to confer with the Council as to the tiki kc -ng of such action or the amount of the change. Chairman les a, the, `Ided that the ciuestion as to the information to be furnished ‘40114cil had been debated for a long time but need not interfere the adoPtion of a satisfactory meetilig procedure. The procedure suggested in the Council statement was discussed and it was agreed unanimously that Chairman Eccles should advise President Brolm, who in turn would advise the Council which was still in seslon, that the four-point procedure suggested by the Council was satisfactory to the Board. 3 ; 3
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