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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Monday, March 8, 1954. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Martin, Chairman Szymczak Vardaman Mills Robertson Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Kenyon, Assistant Secretary Thurston, Assistant to the Board Prior to this meeting there had been circulated among the members of the Board a letter dated February 15, 1954, and enclosure, from Mr. Burgess, Deputy to the Secretary of the Treasury, to Chairman Martin suggesting a basis upon which the Federal Reserve Banks might Pay the cost of luncheon or dinner meetings held in connection with eamPaignB to promote the sale of United States savings bonds. The ground rules" suggested by Mr. Burgess were as follows: 1. That the request be limited to luncheon or dinner meetings of top flight volunteers and outstanding business and civic leaders. 2. That requests be for meetings with a specific sales promotional purpose. 3. That the request be made by the State Chairman Who will have approved, and will outline the nature of the meeting to the Federal Reserve Bank. 4. That the request be made only after other avenues Of sponsorship have been exhausted. During a discussion of the matter, Chairman Martin said that he had reviewed the matter on several occasions recently with Secretary of the Treasury Humphrey, that Mr. Humphrey understood the pralem, that he would have no objection to the Board referring in its annual 386 3/8/54 -2- reports to Federal Reserve payments in connection with savings bond luncheons and dinners, but that he doubted whether the Treasury could get appropriations to cover such expenses. Chairman Martin expressed the view that in the circumstances it would be a mistake for the Board to take a position that expenses on the basis set forth above should not be paid by the Board or the Federal Reserve Banks. It was then suggested that the 'ground rules" proposed by Mr. Burgess be accepted and that they be transmitted to the Presidents of the Federal Reserve Banks with a covering letter signed. by Chairman Martin which would indicate that the suggestions were being made available in the thought that they might be helpful to the Reserve Banks in determining what course they should follow in handling requests that they pay the cost of savings bond luncheons or dinners. These suggestions were approved unanimously. At this point Mr. Cherry, Legislative Counsel, entered the meeting. Chairman Martin stated that after the meeting of the Board last Friday, March 5, the Bureau of the Budget advised by telephone that it had received from the Treasury Department a proposed bill which would extend from June 30, 1954 (the present termination date) to June 30, 1956, the authority for Federal Reserve Banks to purchase Government securities direct from the Treasury up to a total of $5 billion held at any one time. Re said that according to the Budget Bureau, the Treasury was anxious to get a prompt reply and that in the light of previous discussions of the 387 3/8/54 matter by the Board, he authorized advice to the Budget Bureau that it might proceed with the proposal on the basis that the Board agreed with It and that it would not be necessary to submit the proposal to the Board for a formal report. The other members of the Board indicated that they concurred in Chairman Martin's action. Mr. Cherry then commented on certain legislative matters of Interest to the Federal Reserve System following which the meeting adjourned. During the day the following additional actions were taken by the Board with all of the members except Governor Evans present: Minutes of actions taken by the Board of Governors of the Federal Reserve System on March 5, 1954, were approved unanimously. Memoranda from appropriate individuals concerned recommending Personnel actions as follows: Appointments, effective upon the date of assuming duties Name and title Division Type of appointment Doris G. Schwarzkopf, Research and Clerk-Typist Statistics Alexander S. Barnes, Examinations 1/ Assistant Federal Reserve Examiner Robert N. WestmoreExaminations 1/ land, Jr., Assistant Federal Reserve Examiner 1/ Official headquarters: Temporary indefinite Temporary indefinite Temporary indefinite Washington, D. C. Basic annual salary $3,030 $3,795 $3,410 -4- 3/8/54 Extension of a I.ointment as S ecial Assistant Federal Reserve Examiner Louise S. Anderson, Division of Examinations. of appointment to July 24, 1954. Extension BIRIenatiosi effective February 26, 1954 Sylvia L. Edelson, Economist, Division of Research and Statistics. Approved unanimously. Letter to Mr. Millard, Vice President, Federal Reserve Bank Of San Francisco, reading as follows: As recommended in your letter of February 24).1954, the Board of Governors extends to September 13, 1954, the time within which the Security Trust & Savings Bank of San. Diego, San Diego, California, may establish a branch at Burgener Street and Clairemont Drive in San Diego. Please notify the bank of this extension. Approved unanimously.
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