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A meeting of the Executive Conuaittee of the Federal Reserve Board Wag held on Wednesday, Iuly 13, 1932, at 4:45 p. m. PRESENT: Governor Meyer Mr. Hamlin Mr. Miller Mr. Magee Mr. Mr. Ur. Ur. Mr. Morrill, Secretary McClelland, Assistant Secretary Harrison, Assistant to the Governor Wyatt, General Counsel Vest, Assistant Counsel. In accordance with the action taken at the meeting this morning Q01414e1 submitted an analysis of section 208 of the new unemployment relief bill) H. R. 9642, amending section 13 of the Federal Reserve Act; together with a preliminary draft of a regulation to be adopted by the Board in e°1111ect1on with the proposed amendment should it become law. In submitting the draft of the regulation Mr. Wyatt stated that he had incorporated there14 aeveral restrictions and limitations, the advisability of which he 111 /1581f questioned, but which were included solely in order that the Ille3ti°11B involved might receive consideration. During the discussion which followed, it was pointed out that the - ent in its present form would authorize Federal reserve banks to ' -lint paper only for individuals and corporations, and Mr. Hamlin was le(Illested to communicate with Senator Glass, the sponsor of the amendment, 161° 13 also one of the conferees on the bill, by telephone, and to suggest to hira that the amendment be changed to make it apply to any individual, 1)"lership, association or corporation. At this point the Governor left the meeting. FUrther discussion of the draft of regulation followed during which klatt, er of additional changes were suggested and Counsel was requested to ) 7/13/32 -2- 1311bmIt a redraft of the regulation to be used as a basis for a discussion Of the Proposed amendment and regulation at a meeting of the Federal Reserve Board with the Governors of the Federal reserve banks who will be in W8441ngton tomorrow in connection with a meeting of the Open Market Policy Coriference. Thereupon the meeting adjourned. 0 •Th rr‘ Secretary.
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