Board of Governors of the Federal Reserve System (U.S.), 1935- and Federal Reserve Board, 1914-1935. "Meeting Minutes, July 2, 1953, Volume 40, Part 4," Minutes of the Board of Governors of the Federal Reserve System (July 2, 1953). https://fraser.stlouisfed.org/title/821/item/513448, accessed on April 2, 2025.

Title: Meeting Minutes, July 2, 1953, Volume 40, Part 4

Author: Board of Governors of the Federal Reserve System (U.S.), 1935-
Date: July 2, 1953
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image-container-0 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Thursday, July 2, 1953. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Szymczak, Acting Chairman Mr. Vardaman Mr. Mills Mr. Robertson Mr. Carpenter, Secretary Mr. Allen, Director, Division of Personnel Administration On June 5, 1953, the Board approved the appointment of Mrs. Virginia B. Bowen as File Clerk in the Office of the Secretary for a temporary period of six months subject to her passing the usual Physical examination. She had been given the examination on May 29, 1953, but the examining physician failed to advise promptly by tele- phone, as had been done in all other similar cases in the past, that she was unable to pass the examination. Mrs. Bowen took the oath of office and assumed the duties of her position on June 8, 1953, and it was not until June 15, 1953, that it was learned that she had failed to pass the physical examination. Having understood that she had been accepted for employment by the Board, Mrs. Bowen had given up reemployment rights at a lower grade in the Department of Commerce, where she had been employed prior to transferring to the Defense Pro- duction Administration. The question before the Board, therefore, was
image-container-1 7/2/53 -2- whether in view of all the circumstances the requirement of a satis- factory physical examination should be waived or whether her employ- ment should be discontinued. Mr. Carpenter stated that since the examining physician had indicated that Mis. Bowen would be accepted for ordinary life insurance at an increased premium of from 15 to 20 per cent and the condition which occasioned the higher premium would not interfere with her work in any way, he would recommend that the requirement of a satisfactory physical examination be waived. This recommendation was approved unanimously, with the understanding that the question whether Mrs. Bowen would be employed beyond the six months' probationary period would depend upon the quality of her work. The meeting then adjourned. During the day the following additional actions were taken by the Board with all of the members except Chairman Martin and Governor Evans present: Minutes of actions taken by the Board of Governors of the Federal Reserve System on July 1, 1953, were approved unanimously. Letter to Mr. John P. Poe, President, New Jersey Bankers Association, 44 Broad Street, Newark, New Jersey, prepared as the result of further discussion following the meeting on June 30, 1_953, and reading as follows:
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