The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
352 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Friday, February 26, 1957, at 11:15 PRESENT: Mr. Eccles, Chairman Mr. Szymczak Mr. Davis Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman Consideration was given to each of the matters hereinafter referred to and the action stated with respect thereto was taken by the 81Dard: Telegrams to Messrs. Kimball and Clark, Secretaries of the Federal Reserve Banks of New York and Atlanta, respectively, stating tht the Board approves the establishment without change by the New 1311t bank on February 25, 1957, and by the Atlanta bank today, of the e of discount and purchase in their existing schedules. Approved unanimously. of the FedTelegram to Mr. Worthington, First Vice President "41 Reserve Bank of Kansas City, reading as follows: assist"Retel today; Board approves designations as that order in ,r examiners of the three employees named they may lend clerical assistance to your regular examApproved unanimously. banks, readLetter to the Presidents of all Federal reserve ing 88 follows: "The Board has given further consideration to the stIbiect of Federal reserve bank participation in, and 353 2/26/37 -2- "suPport of, the activities of the American Institute of Banking in the lip;ht of the action taken at the Presidents' Conference on November 181 1936, when the opinion was exPressed that circumstances and conditions make it impracticable for all Federal reserve banks to pursue exactly he same course with respect to encouragement and support of the American Institute of Banking and that the manner and extent to which the Federal reserve banks give such en- . cou ratLement and support to the local chapters of the American Institute of Banking and the Graduate School of Banking at Rutgers University should be left to the judgment of the several Federal reserve banks. "The Board of Governors feels that the officers and employees of the Federal reserve banks should be encouraged 10 participate in the educational activities of the American institute of Banking and the Graduate School of Banking at Rutgers University and to this end that the Federal reserve 1;,Danks should follow a system policy which is as nearly uniin its application as may be practicable in view of the varYing local conditions and responsibilities of the individual reserve banks. With this principle in mind, howexpenditures for this purpose should not exceed those ever,, Ilalch would be permitted under the procedure proposed in the statement attached to the Board's letter of October 301 19360 -9729, and therefore advance approval of the Board should , ue obtained for the expenditures exceeding those provided for by that statement." Approved unanimously. Thereupon the meeting adjourned. APProvedt Chairman.
@FedFRASER