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785 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Wednesday, May 17, 1944, at 11:00 PRESENT: Mr. Mr. Mr. Mr. Szymczak McKee Draper Evans Mr. Mr. Mr. Mr. atter Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinreferre d to was taken by the Board: The minutes of the meeting of the Board of Governors of the Nieral Reserve System held on May 10, 1944, were approved unanimously. The minutes of the meetings of the Board of Governors of the Pecleral Reserve System held on May 12, 13, and 16, 1944, and of the Meeting of the Board with the Federal Advisory Council on May 15, were Proved and the action s recorded therein were ratified unanimously. Let ter to Mr. Hilker t, Assistant Vice President of the Federal R"erve Bank of Philadelphia, reading as follows: z fe:T elI13( 1) .ard has been advised by its counsel that the Pazn;,of luncheon money as proposed in of st r letter 1941, to employees who will be asth,ed to the new location and thus not able to avail tijselves of the cafeteria facilities at the Head Ofacce d°e8 not consti tute an increase in salary and that, and°10'clinglY, the matter does not come within the Wage llary Stabilization Regulations. lett In view of the circumstances as described in your er, the Board interposes no objection to the proposed 786 5/17/44 -2"Plan of makin diffe rential payments of 35t to each en,g Ployee who is assig ned to the new location for each day actually worked. "Your a request for an op i nion as to whether the dif. ferentl payment is subject to withholding tax has been referred to the Board's counsel who feel that the re matter is one for the Federal Reserve Bank and its )11/Isel to consider or take up with the Collector of In"nal Revenue if they feel it is desirable to do so." Approved unanimously. the Bud, Letter r to Honorable Harold D. Smith, Director of the Bureau of get) reading as follows: ww_ fle YOU for are advised that there has been submitted to :Y the approval a proposed recommendation to the Congress Attorney General that Titles I to VII, inclusive, XI, and XIV of the Second War Rovers Act, 12, 9 1 g7 e24, be continued in effect until December 31, 19/46, to64eF . with a draft of a bill to accomplish this purpose. . "Title IV of the Second War Powers Act, 19/42, authore Federal Reserve Banks within certain limits to Purchase obligations of the United States directly from 4e0United States. This is to advise you that the Board °vernors of the Federal Reser ve System concurs in the th'ornmendation of the Attorney General that Ti tle IV of e Act be extended until December 31, 19L6." Approved unani,nously, together with a letter prepa red for the signature of Mr. Vest, Assistant General Attorney, to Honorable Huqh B. Cox, Assistant Solicitor ' transmitting a copy of the above Thereupon the meeting adjourned.
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