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840 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Monday, July 14, 1941, at 11:15 a.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein— after referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Federal Reserve System held on July 8, 1941, were approved unanimously. The minutes of the meeting of the Board of Governors of the Federal Reserve System held on July 9, 10, and 11, 1941, were approved and the actions recorded therein were ratified unanimously. Memorandum dated July 12, 1941, from Mr. Nelson, Assistant Secretary, submitting the resignation of Mrs. Frances Miller as a char— woman, effective as of the close of business on July 13, 1941, and recommending that the resignation be accepted as of that date. The resignation was accepted. In accordance with the action taken by the Board at its meeting on July 8, 1941, the following letter to the Secretary of the Treasury was approved unanimously, with the understanding that a similar letter would be sent to the Secretary of State, the Secretary of Agriculture, the Secretary of Commerce, the Office of Production Management and the Office of Price Administration and Civilian Supply, all for the signature of Chairman 841 7/14/41 -2Eccles, and that a specimen copy of the letter would be sent to each Federal Reserve Bank: "It has been reported to the Board of Governors that there have been instances recently in which Departments or Agencies of the Government in Washington have employed men in the service of Federal Reserve Banks without first having taken the matter up with the Federal Reserve Bank concerned. "The Federal Reserve Banks are being called upon by the Government to an increasing extent for services in aid of the defense program. Since much of this work requires reliance upon highly trained and experienced personnel, their retention by the Federal Reserve Banks may be at least as important as the service they could render to a Government Department or Agency without previous experience in such an organization. "Therefore, it is suggested that when your Department desires to offer a position to a Federal Reserve Bank employee, the matter be taken up first with the President of the Federal Reserve Bank concerned so that the question where such employee can render service to the best advantage to all concerned may be determined, in the light of all the circumstances, before any commitment is made. This course would be in line with the policy of the President's recent Executive Order with respect to Civil Service employees in the executive branch of the Government, and the Board of Governors would greatly appreciate your cooperation with the Federal Reserve System in the manner suggested in this letter." Thereupon the meeting adjourned. , 01ALq /Secretary. Approved: / Chairman.
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