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• Upon call of the Vice ,overnor, a special meeting of the 2ederal eserve was held in the office of the Federal eserve :3oard duly 16, 1928, at 3:00 p. m.• PRESENT: Vice _overnor ilatt • Hamlin • Miller Mr. James • LcIntosh Mr. Eddy, Secretary. The lice Governor referred to the following resolution, presented at the meeting of the Executive Committee yesterday, which was apDroved uy the Executive Committee subject to approval by the Federal 4eserve Board: ""dHE:IELS: The Federal deserve Board at its meeting on July 10th approved the establishment of a rediscount rate of 5 per cent by the Federal Reserve Bank of Chicago after full discussion, and 'WBEREAS: The Board, having considered the question of possible increases to 5 ,per cent by action of the directors of the other eleven Banks, delegated to a committee of three by resolution authority to approve further increases to 5 per cent if and when they should be voted by the directors of the several Banks, and WIE,REAS: the aforesaid committee in pursuauce of this authority has since then approved increases to 5 per cent by the Federal Reserve Banks of Aichmond, New York and .&tlanta, and WHEHELS: the establishment of 5 per cent rates by the remaining Reserve banks is a matter purely for regional determination, the approval of which may be considered an executive or administrative act, 2H-2.REFORE, BE IT IMOLVED: That if within the next 30 days the directors of any of the remaining Federal Reserve Banks notify the Board that they have established 5 per cent rates the Executive officer of the Board present at the time be and is hereby authorized and directed to notify such bank or banks of the Board's approval." 7/18/28 -2- Upon motion, the above resolution was adopted, Lessrs. James and McIntosh voting in the affirmative as to the method of procedure outlined in the resolution for the handling of applications from Federal Reserve Banks to increase rediscount rates to 5p which may be received within the Ilext thirty days with the understanding that they both sapprove of rate increases. The meeting adjourned at 3:10 p.m Secretary. 413Proved: Vice Governor.
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