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317 A meetinF of the Board of Governors of the Federal Reserve 8Ystem was held in Washington on Tuesday, February 29, 1944, at 1:30 P.m. PRESENT: Mr. Eccles, Chairman Mr..Pansom, Vice Chairman Mr. Szymczak Mr. McKee Mr. Draper Mr. Evans Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinatter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pecier el Reserve System held on February 28, 1944, were approved unani— tnoilsiy. Letters to "The Johnstown Bank", Johnstown, New York, and the New Cumberland Bank", New Cumberland, Pennsylvania, reading as follows: "The Board is glad to learn that you have completed all arrangements for the admission of your bank to the Phederal Reserve System and takes pleasure in transmitting erewith a formal certificate of your membership. "It will be appreciated if you will acknowledge re— "elpt of this certificate." Approved unanimously. Letter to Mr- George W. Fitch, Managing Director of the Retail Plzrniture Association of California, Inc., San Francisco, California, re`/4ing as follows: 318 2/29/44 -2- "We are glad to acknowledge your letter of February 16 an which you remind us of the position taken by your association with respect to the future of Regulation W and 811ggest a means for ascertaining the sentiment of Registrants on this matter. "As a wartime measure, this regulation has met with widespread approval, as your letter affirms, and we have 11T0ted this fact with a very real sense of appreciation. Vathout such approval, the job of the Federal Reserve System; in administering the regulation would have been ex!,rsmely difficult. At the same time, we have noted with Interest the active two-sided discussion in the trade concerning the question of post-war continuation, but without Irselves taking any part in that discussion on either e. In fact, we have not as yet even gone so far as to develop a stand of our own on this question, since we !,ecognize that if and when it comes 1.110 for decision the u?elsion will be for the Congress and will depend in considerable part upon the conditions prevailing at the time. "Your suggestion as to sending out a brief questionto ascertain whether registrants favor or oppose conulnuation of regulation after the war has been given very fareful c consideration by Board and staff members. Their eeling is that if we were to do this it would be construed ; 8 an effort to perpetuate the regulation rather than as ..11,effort to obtain imnartielly the views of those inter-8Led in or affected by the regulation. To put the matter !cfaewhat differently, the question is whether we would be o J uStifled, particularly in view of the rigid restrictions in.use of paper and the shortage of man-power, in circularsome 500,000 registrants with a view solely to finding tut how they feel about a matter which the Congress must deeermlne. As you know there has been some criticism of govnment on the ground that the public and business men in - articular are already over-burdened with official reports, lestionnaires and similar recuests, if not demands. It 2111d be interesting and important to have the information ..70°,u contemplate, but at this time it seems to us that we ()I nt not to underteke to conduct such a poll of public Inion. When the matter reaches the stage of Congres02nal consideration, the considered opinions of leading ,:ganizations like your own will undoubtedly carry great ight with those members of Congress who will have the _.!sPonsibility for determining whether such regulation °Elould be continued. j T 7 319 2/29/14,11 —3— "Your letter, the spirit that prompts it, and your suggestions are sincerely appreciated." Approved unanimously. Thereupon the meeting adjourned. Secrete/J.
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