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Minutes of actions taken by the Board of Governors of the Federal Reserve System on 7ednesday, March 19, 1947. PRESEYT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Draper Evans Vardaman Clayton Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Thurston, Assistant to the Chairman Ninutes of actions taken by the Board of Governors of the Fedeiel. Reserve system on March 18, 1947, were approved unanimously. Memorandum dated March 17, 1947, fror Mr. Thom-s, Director of the Division of Research and Statistics, recommending the apPointment of Miss Anna Er. Garrick as a clerk-stenographer in that DI isien, on a temporery indefinite hcsiss with basic salary at the rate of 12,394 per annum, effective as of the date upon which she enters upon the perform nee of her '1u-ties after having passed the usucl physical exeminution. The memorandum Plso stated that Miss Garrick was a n1E-I-ter of the Civil flervice retirement system WI would remain in that system. Ppl)roved unanimously. Memorandum dated March 19, 1947, from MI-. Bethea, Director Of thc Division of Pd:rinistretive Services, recommending the apPeintment of Yrs. Dorothy H. Ikers as n cafeteria helper in that Di'Tisl.on, on a temporery basis for e period of two months, with 423 3/19/47 -2- basic salary at the rate of $1,690 per annum, effective as of the date upon which she enters upon the performance of her duties after having passed the usual physical examination. Approved unanimously. Letter to the Presidents of all the Federal Reserve Benks reading as follows: "One of the Reserve Panics has requested that the restrictions on the payment of overtime to employees exempt under the provisions of the Fair Labor Standards Act as set forth in the Board's letter of July 2, 1943 (5-670 - Item .49081.1 Federal Reserve Loose Leaf Service) be terminated. "As you know, the progrem outlined in that letter was established under the salary stabilization reLulations then in effect, and it appears that the limitstions prescribed at that time may not provide a suitable program under present conditions. "Accordingly, the Boerd has decided to cancel its letter of July 2, 1943 (S-670) and to permit each Rank to work out a suitable program with respect to the payment of overtime to exempt employees if it is deemed necessary to do so. Ps r general policy the Board believes that overtime should not be paid to officers :lnd that payments should not be made for occasional or small amounts of overtime to senior personnel exempt from the provision of the Fair Labor StEndrrds Act. It will be expected that payments of extra compensation for overtime work will be held to a minimum." Approved unanimously. Telegram to Mr. Volberg, Vice President of the Federal Reserve Bank of San Francisco, reading as follows: "Relet March 15. In view your recommendation Board approves establishment and operation of branch at Geneva Avenue and Rio Verde Street, Sen Mateo County, California, by American Trust Company, San 3/19/47 -3- "Fr- ncisco, California, from March 29 through April 2, 1947, In connection with Junior Livestock Exposition provided Counsel for the Reserve BankAgeissPt• • ' to legal aspects involved." 0 1101111, Approved unanimou: 0 )010 4 . 0 111 //141.71 -A AL V Chairman. ,Jecre ary.
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