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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Monday, February 16, 19)3. The Board met in the Special Library at 2:30 p.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Szymczak, Acting Chairman Evans Vardaman Mills Robertson Carpenter, Secretary Sherman, Assistant Secretary Kenyon, Assistant Secretary Riefler, Assistant to the Chairman Leonard, Director, Division of Bank Operations Mr. Vest, General Counsel Mr. Young, Director, Division of Research and Statistics Mr. Mr. Mr. Mr. Mr. Before this meeting there had been sent to the members of the Board copies of a memorandum of topics to be discussed at the meeting °f the Board with the Federal Advisory Council to be held tomorrow. at 10:30 a.m. °r the The matters were discussed and it was agreed that the views Board would be presented at the joint meeting substantially as recorded in the minutes of that meeting. Governor Mills recalled that at the last meeting of the Board with the Council, held on November 18, 1952, the Council suggested that the Board t'a the bring up through 1952 its survey of the impact of the excess profits on commercial banks, that subsequently such a survey was approved by Board, that a letter concerning the plans for the survey was sent to JAIent Brown of the Council under date of January 8, 1953, but that no 2/16/53 -2- reply from the Council had been received. He went on to say that, accord- ing to information from other sources, i.t appeared that the views of the C°uncil with respect to the survey might have changed in the interim, perhaP8 because it was proposed to include in the questionnaire to the sample ballke an inquiry regarding their borrowings during 19)2, a matter which he discussed at the meeting of the Board on February ), 19)3, following 4 d iscussion with Mr. Rowland R. Hughes, Chairman of the Special Committee °I1 Excess Profits Tax of the American Bankers Association. Governor Mills inquired whether it was the view of the Board that the matter should be referred to at the meeting with the Council tomorrow. Following discussion, it was understood that mention might be made or the letter which had been sent to President Brown and that it might be 8tated that, although the Board recognized that the letter did not specifically call for a reply, it would be interested in having the current Ilieve of the Council regarding the survey. The meeting then adjourned. During the day the following addi- t10nal actions were taken by the Board, with all of the members except Chairman Martin present: Minutes of actions taken by the Board of Governors of the Federal Reserve System on February 13, 1953, were approved unanimously. Memorandum dated February 4, 1953, from Mr. Sloan, Director, 14vision of Examinations, stating that George E. Good, Federal Reserve 322 2/16/53 3- Rxaminer in that Division, having attained age 60, has submitted his alVlication for retirement under the Board Plan of the Federal Reserve Retirement System, effective March 11 1953. Noted. a
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