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370 A meeting of tile Federal Reserve Board was held in the Office of the Governor on Friday, May 13, 1921, at 3:40 p.m. PRESENT: Governor Harding Mr. Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Crissinger Mr. Hoxton, Secretary. PRESENT ALSO: Mr. Logan, General Counsel. Reading of the minutes was omitted. Governor Harding stated that he had received the opinion of the General Counsel furnished in accordance with the action of the meeting of the Board on May 12th, with respect to the memorandum prepared by the Governor of the Federal Reserve Bank of Mew d by York, covering a proposed acceptance credit to be extende certain banks in New York City to certain banks in Argentine, for the purpose of furnishing dollar exchange. After full discussion, Governor Harding was l authorized to advise Governor Strong that the Federa tion, transac this with tion connec in Reserve Board, y does not contemplate suspending t13 authority alread of furgranted to accept drafts drawn for t1 purpose any plate contem it does nor ge, exchan nishing dollar which es countri n foreig the to respect revocation with have heretofore been designated. proLetter from the Secretary of the Treasury, submitting posed amendment to the Federal Reserve Act whereby,under the l supervision of the Federal Reserve Board, the Federa reserve ' •••• banks shall scrutinize and pass Ton all securities offered for sale in their respective Federal reserve districts. It was the sense purpose of the law is Reserve System should the responsibility of of the Board that, while the praiseworthy, the Federal not be called upon to assume its observance and enforcement. At 4:20 p.m. the meting adjourned. Secretary.
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