The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
384 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Thursday, March 27, 1941, at 11:00 a.m. PRESENT: Mr. Ransom, Vice Chairman Mr. McKee Mr. Draper Mr. Morrill, 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: Telegram to Mr. Gilbert, President of the Federal Reserve Bank of Dallas, stating that, subject to conditions of membership numbered 1 to 3 inclusive, contained in the Board's Regulation H, the Board approves the application of the "Security State Bank", Fredericksburg, Texas, for membership in the Federal Reserve System and for the appropriate amount of stock in the Federal Reserve Bank of Dallas. The telegram requested that the Federal Reserve Bank advise the applicant bank of the Board's approval of the application and conditions of membership prescribed, together with necessary instructions as to the procedure for accomplishing membership, and stated that a letter containing detailed advice regarding such approval would be forwarded to the applicant bank through the Reserve Bank. Approved unanimously. Letter to Mr. Sinclair, Chairman of the Conference of Presidents, reading as follows: 385 -2- 3/27/41 "In going over the report, dated June 11, 1936, of the Committee on the Destruction of Records Uaintained by the Federal Reserve Banks, it is noted (page 11) that the Committee recommended that in June 1941 consideration be given to the disposition of records pertaining to closed banks and of records maintained as custodians for the Reconstruction Finance Corporation. "In addition to the above, it is believed that consideration might well be given in the near future to several other matters relating to the disposition of old records. For example, one of the Reserve Banks has recently requested advice as to whether it may photograph certain records recommended for permanent retention in the Committee's report and retain the film in lieu of the original documents. The matter of photographing records, which has been the subject of recent legislation (Public No. 788, 76th Congress) is not covered in the Committee's report. "We have also been advised informally that due possibly to changed conditions it appears some of the records recommended for permanent retention in the Committee's report could be destroyed after a certain number of years. It might be advisable, therefore, to have a complete review made of the destruction procedure with a view to determining whether any changes should be made in the destruction schedule. "Several Reserve Bank officers have indicated that it would appear advisable to have a committee review the above-mentioned and other matters relating to the destruction of records maintained by the Reserve Banks, and if you agree it will be appreciated if you will appoint a committee, perhaps a continuing one, to report to the Conference of Presidents, with recommendations. If such a committee is appointed, the Board would be pleased to designate someone from its staff that has had experience in this line of work to serve with the Committee." Approved unanimously. Letter to Brigadier General R. L. Maxwell, Administrator of Export Control, reading as follows: "In Chairman Eccles' absence your letter of March 19 has been referred to me. 386 3/27/41 -3- "In reply, I wish to assure you that the Board of Governors will be very happy to cooperate with the Administrator of Export Control in any of the work that he may be carrying forward. The Board wishes to designate Mr. Walter R. Gardner, Senior Economist in charge of the section of International Finance in our Division of Research and Statistics, to be its representative in this connection." Approved unanimously. Thereupon the meeting adjourned. Secretary. Approved:------- WW1 Ia41gL4 Vice Chairman.
@FedFRASER