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724 A meeting of the Board of Governors of the Federal Reserve 8Ystem Was held in Washington on Monday, May 17, 1943, at 11:0u a.m. PRESENT: Mr. Mr. Mr. Ir. Mr. Eccles, Chairman Ransom, Vice Chairman Szymezak McKee Draper Mr. Mr. Mr. Mr. The 8Aer Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman action stated with respect to each of the matters herein— referred to was taken by the Board: 411 —era, The minutes of the meeting of the Board of Governors of the Reser/r., vU System held on May 15, 1943, were approved unanimously. Letter to Mr. Clerk, First Vice President of the Federal Reserve atik or 0 Qaa Francisco, reading as follows: " whethYour letter of March 24, 1943, presents the question men er the procedure recommended at the Conference of Ch October 5, 1942, relative to the reporting of infor— cer n rcund in reports of examination of member banks con— the inl Personal indebtedness of officers and employees of tion e'eral Reserve Banks is orooer in view of the prohibi— whichoontained in section 22(b) of the Federal Reserve Act bo Provides that no examiner shell disclose the names of othe; v7, : 1 e or the collateral for loans of a member bank to cert,'"aft the --r1 specialprooer officers of such bank', except under techn.ilhe Board conditions. recognizes that, while this prohibition is baeedlallY a limitation only upon the 'examiner', 811Pervi n a Princiole Thich has been followed by all it is of the fident:—°rY authorities for many years of orese).ving the con— soMe lalitY of reports of examination. On the other hand, kttiks°f the member banks are examined by the Federal Reserve Whilell of them, under the law, could be. Moreover, regard j" Federal Reserve Bank has made its own rules with ha ' ) it8 officers and employees within the bank who -Ire access to the reports of examination, it has always 725 5/11/43 o "be A en considered oroJer for the Chairman and Federal Reserve !Tent to have such access. Finally, the information would ?late only to officers and emoloyees of the Federal Reserve r:nks and should not conflict with that given in their own i cZ ts, as contemplated under the procedure. In these cirp;'neee the Board does not believe that the recommended ei'.?edure violates either the statute or the established prinP-Le upon which it is based." Approved unanimously. Letters to "The Andover Bank", Andover, Ohio, the "Sidell State 134110 ) Sidell 4..) Illinois, and the "First State Bank of Forest Park", rest p ark, Illinois, reading as follows: arran wrhe Board is glad to learn that you have completed all Res gements for the admission of your bank to the Federal tZ,Ze System and takes pleasure in transmitting herewith a t- icertificate of your membership. s will be appreciated if you will acknowledge receipt °rth't ce rtificate." Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks, read- a follows. ' !To_ copy of ' Your information Direct a and guidance, there is enclosed a letter, dated May 11, 1943, from Mr. R. E. Anderson, res °r of Finance, United States Maritime Commission, with thePo eet to guarantees executed by the Maritime Commission for PlIr' silill'P°se of financing an s War Shipoing Administration contracts a titt to xecut Eive 9336. Order • exteel there Is also enclosed a copy of the 'requestAfor guarlett referred to in the fourth oaragraph of Mr. ndersonl alith:n The r Seab epresentatives of the War Shi?..)ing Administration Assisiaz nie ,d to execute reauests for guarantees are R. ury, ,reet -7,,DePutY Administrator for Fiscal Affairs, R. H. Over?-tleri:,--Lrector, Division of Operating Cost Control, and M. rol. A ssistant Director, ivision of Operating Cost Con4tilrej. ec)PY of the original authorization and certified sig- °f the above representatives is not enclosed. Approved unanimously. 726 Letter to the Presidents of all the Federal Reserve Banks eel% New York, reading as follows: ex- 1, _ "There are enclosed for your information a copy of a 7ter dated 110 1943, and its enclosures, received from May ii!/' Phelan, Assistant Vice President of the Federal Reserve 444 n "ev. York, and a copy of a reply- thereto from Mr. D. B. um,„-Lluti, Assistant to Director of Finance, United States me Commission. rais .“)11 1;111 note that this correspondence relates to minor ancunclerstandings between the Federal Reserve Bank of New York sio the Regional Office of the United States Maritime Commisn at Philadelphia." Approved unanimously. Thereupon the meeting adjourned..
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