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459 A. meeting of the Board of Governors of the Federal Reserve System was held in Washington on Thursday, March 30, 1939, at 11:00 a. m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak Davis Draper Mr. Bethea, Assistant Secretary Mr. Clayton, Assistant to the Chairman Mr. Wyatt, General Counsel Mr. Goldenweiser, Director of the Division of Research and Statistics Mr.'Snead, Chief of the Division of Bank Operations Mr. Parry, Chief of the Division of Security Loans Mr. Leonard, Assistant Chief of the Division of Examinations This meeting was called for the sole purpose of discussing with division heads the question of salaries of the Board's personnel. At the request of the Chairman the members of the staff representing the six divisions of the Board's organization explained the salary Policy and procedure followed in the respective divisions and exPressed their views regarding questions raised by individual members Of the Board. Following a general discussion, all staff members with the exception of Mr. Bethea withdrew from the meeting. Mr. Szymczak thereupon presented a number of suggestions for the Board's consideration. After further discussion, during which suggestions were made by other members of the Board, it was agreed Illuantmously that the following proposals should be submitted to a 458 /3o/39 3 9 staff conference consisting of division heads and the Assistant to the Chairman for consideration and submission to the Board of the staff's recommendations with respect thereto: Board's Personnel Committee appoint Chairman of staff's Personnel Committee; (2) All staff heads constitute staff's Personnel Committee; (3) Each staff head informally organize Personnel Committee in and for his department; (4) Each staff head with his department Personnel Committee review department organization once a year. Staggered dates to be set by Board's Personnel Committee; (5) Findings and recommendations at conclusion of review to be submitted by staff head to staff's Personnel Committee; (6) Staff's Personnel Committee refer its recommendations to Board's Personnel Committee, which in turn will make its recommendations to Board. (1) It was also agreed that Mr. Clayton should act as chairman of the staff conference to be called for this purpose. Thereupon the meeting adjourned. Assistant Secretary. APproved: Chairman.
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