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208 A meeting of the Executive Committee of the Federal Reserve Board was held in the office of the Federal lIeserve Board on Wednesday, 1:arch 9, 1927 at 111Q9 a.m. P3ESE1T: There were Governor Crissim3er 21r. Platt Mr. Hamlin Mr. Miller Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary 'eseat also Messrs. W. W. Hoxton and :i. McC. rtin, Chairman of the Federal Reserve Banks of Richmond and St. Louis, resrective1Y, who are members of a special committee appointed at the last Conference Of Federal Reserve .A.ents to work it details and submit forms in connection With a proposed change in the present procedure in elections of Class A and B directors of Federal Reserve batiks, which was tentatively approved by the Board on November 30, 1926. 2he Governor presented a memorandum from Counsel dated March 4th, aavisinr; that in his opinion the plan suggested by the committee complies With the requirements of the Federal Reserve Act with regard to elections. Thereupon the members of the committee discussed with the Board members the various features of the proposed plan. Following the discussion, 1,:r. Platt moved that the Board formally approve the plan, and that it be made effective at the time of the next regular elections of Class A and B directors of the Federal Reserve banks. Mr. Platt's motion being put by the Chair was carried. F217i5oaTs OF STAL.,.eLG COZZTTEES: Dated, march 9, 1927, ecommending changes in stock at a Federal Reserve bank as set forth in the Auxiliary 7inute Book of this date. Approved. 209 3/9/27 -2- .BZPORTS OF STANDING COLSIITTE2q: (Oonttd) Dated, March 8th, Beoommending action on application for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Approved. The meeting adjourned at 12:00 o'c creta
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