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1077 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Saturday, July 8, 1944, at 11:00 a.m. PRESENT: Mr. Ransom, Vice Chairman Mr. McKee Mr. Evans Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: Memorandum dated July 6, 1944, from Mr. Thomas, Assistant Director of the Division of Research and Statistics, recommending (1) that the appointment of Walter F. Stettner, an Economist in that Division, be made permanent, effective as of the expiration of his present temporary appointment at the close of business on July 15, 1944, and (2) that his basic salary be increased from $3,600 to $4,000 per annum, effective July 16, 1944. Approved unanimously. Letter to Mr. Gilbert, President of the Federal Reserve Bank of Dallas, reading as follows: "It is believed that it would be more appropriate to consider the position of Mr. Dolley as Director of Research and Statistics an official one rather than a Position to be incorporated in the personnel classification plan. It is understood that it is entirely agreeable to your Bank to consider the position an official one. "Accordingly, the Board's records will show Mr. Dolley as an officer and the request contained in your 1078 7/8/44 -2- "letter of June 24 for the incorporation of the position of Director of Research and Statistics in the personnel classification plan will be filed without action." Approved unanimously. Letter to the Presidents and Chairmen of all the Federal Reserve Banks reading as follows: "Section 3(h) of the Regulations relating to Branches of Federal Reserve Banks includes the following sentences: 'The directors appointed by the Federal Reserve banks shall be persons who are either well qualified and experienced in banking or actively engaged in agriculture, industry or commerce. The directors appointed by the Board of Governors shall be persons who are actively engaged in agriculture, industry or commerce and who are not primarily engaged in banking (although they may be stockholders or directors of banks).' "The regulations have been amended by substituting for the above the following: 'The directors appointed by the Federal Reserve banks shall be persons who are either well qualified and experienced in banking or actively engaged in commerce, agriculture or some other industrial pursuit. The directors appointed by the Board of Governors shall be persons who are actively engaged in commerce, agriculture, some other industrial pursuit, or the practice of a profession, who are not primarily engaged in banking and preferably are not directors of banks, although they may be stockholders.' ."The only change in the sentence relating to directors appointed by the Reserve Banks is a slight change in wording Without any significance in itself and made simply in order to have the language consistent with the language of the act relating to Class B directors and with the corresponding Phrase applicable to Branch directors appointed by the Board. "Copies of the revised page 1154 in the Federal Reserve Loose-Leaf Service will be forwarded in the usual course." Approved unanimously. 1079 7/8/44 Thereupon the meeting adjourned. Assistant Secretary. Approved
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