Board of Governors of the Federal Reserve System (U.S.), 1935- and Federal Reserve Board, 1914-1935. "Meeting Minutes, June 30, 1950, Volume 37, Part 2," Minutes of the Board of Governors of the Federal Reserve System (June 30, 1950). https://fraser.stlouisfed.org/title/821/item/31744, accessed on April 2, 2025.

Title: Meeting Minutes, June 30, 1950, Volume 37, Part 2

Author: Board of Governors of the Federal Reserve System (U.S.), 1935-
Date: June 30, 1950
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image-container-0 866 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Friday, June 30, 1950. The Board met in the Board Room at 10:35 a.m. PRESENT: Mr. Eccles, Chairman pro tem. Mr. Szymczak Mr. Draper Mr. Evans Mr. Carpenter, Secretary Mr. Kenyon, Assistant Secretary Mr. Morrill, Special Adviser Mr. Thomas, Economic Adviser to the Board Mr. Vest, General Counsel Mr. Young, Director, Division of Research and Statistics Mr. Chase, Assistant Solicitor There were presented telegrams to the Federal Reserve Banks f Boston, Atlanta, Chicago, St. Louis, and San Francisco stating that the Board approves the establishment without change by the Federal Reserve Bank of San Francisco on June 27, by the Federal Reserve Bank of St. Louis on June 28, by the Federal Reserve Banks c ' t Atlanta and Chicago on June 29, 1950, and by the Federal Reserve Bank of Boston today, of the rates of discount and purchase in their existing schedules. Approved unanimously. Pursuant to the discussion at the meeting on June 23, 1950, dilring which it was agreed that the Board would proceed with the &banization within its staff of a Division of International Finance July 1, 1950, there was presented a memorandum from Mr. Marget dated June 28, reading as follows: "In accordance with the Board's decision to set up
image-container-1 867 6/30/5 0 -2- "in its staff, effective July 1, 1950, a Division of International Finance, I wish to make the following recommendations as to the internal organization of the Division. A separate memorandum, on coordination of work between the new Division and the Division of Research and Statistics is being simultaneously sub- mitted as a joint memorandum from Messrs. Thomas and Young, and myself. "The new Division should be set up by the trans- fer of that part of the existing personnel and func- tions of the Division of Research and Statistics which is now engaged in international work. The establish- ment of the new Division will therefore not require the creation of any new positions except those of Director and Assistant Director (as contemplated by the Board's action of September 27, 19h9), and their secretaries. The present position of.Adviser on International Finance (and of his secretary) would be abolished. "For the new position of Assistant Director, I recommend that the Board appoint Mr. Levis N. Dembitz. Mr. Dembitz has already been performing to a large ex- tent the functions of supervising and coordinating the staff work in the field of international finance, which would be among the principal functions of the new po- sition. I regard him as thoroughly qualified for the Proposed new position, and I do not know of any equally suitable candidate who would be available. I recommend that Mr. Dembitz' salary be fixed at $11,000. "For the resulting vacancy in the position of Chief of the Financial Operations and Policy Section, I rec- ommend that Mr. Frank M. Tamagnal now an economist in the section, be designated as Acting Chief. His train- ing and experience, both here at the Board and in pre- Ce ding positions, make him outstandingly qualified for uhis assignment. "The proposed organization does not make provision for the positions referred to in the Board's action of September 27, 1949, relating to the employment of addi- tional staff to carry the work in the absence of indi- viduals who might be sent on foreign assignments. Spe- cific recommendations to implement this proposal will be S ubmitted for the Board's consideration as the need arises . ,nd as suitable candidates can be recruited. The estab- 1 : 1 shment of a separate Division of International Finance "es not in itself require such additional positions. "Neither is it recommended at this time to make any change in the classifications of any positions. Some changes in individual classifications will, of course,
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Date: June 30, 1950
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