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746 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Tuesday, May 20, 1947. The Board met in the Board Room at 9:35 a.m. PRESENT: Mt. Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Draper Evans Clayton Mr. Mr. Mr. Mr. Mt. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Assistant Thurston, Assistant to the Chairman Smead, Director of the Division of Bank Operations Parry, Director of the Division of Security Loans Thomas, Director of the Division of Research and Statistics Vest, General Counsel Leonard, Director of the Division of Examinations Young, Assistant Director of the Division of Research and Statistics Knapp, Assistant Director of the Division of Research and Statistics Townsend, Assistant General Counsel Before this meeting the Federal Advisory Council submitted a MeMorandvan covering five topics which it discussed at a separate meettng (3n MaY 18 and 19, and which were to be reviewed with the Board at Jotiat meeting to be held at 10:30 this morning. The Board consider- ea the topics listed and it was agreed that Chairman Eccles would state the views of the Board substantially as recorded in the minutes of the iotat meeting. 747 5/20/47 -2At this point Messrs. Smead, Parry, Thomas, Vest, Leonard, T°Illaig, Knapp, and Townsend withdrew and the action stated with re8Pect to each of the matters hereinafter set forth was taken by the 80ard. Minutes of actions taken by the Board of Governors of the Federal Reserve System on May 19 1947, were approved unanimously. Memorandum dated May 19, 1947, from Mr. Bethea, Director of the Division of Administrative Services, recommending the separation fl'ft service, without prejudice, of Mrs. Dorothy H. Akers, a cafetetta helper in that Division, effective at the close of business May 16 '1947. The memorandum stated that Mrs. Akers had been on leave without pay since May 2, 1947, that she had overdrawn her annual leave by one day, five hours and thirty minutes, and that an effort /Icalld be made to obtain reimbursement for the overdrawn leave in the 81110111A of $10.97. Approved unanimously. Letter to Mr. Diercks, Vice President of the Federal Reserve 11411k of Chicago, reading as follows: "Reference is made to your letter of May 8, 1947, submitting for the consideration of the Board the proposed change of the location of the head office of the Ecorse-Lincoln Park Bank, Ecorse, Michigan, to the present location of its branch in Lincoln Park, Michigan, and that of the branch to the present location of the head office. 748 V20/47 -3- "In accordance with your recommendation, the Board approves the proposed change of designation of the two Offices. Specifically, in order to meet the technical requirements involved, the Board approves the establishment and operation by the Ecorse-Lincoln Park Bank of a branch in Ecorse, Michigan, coincidentally with the removal of the head office to Lincoln Park. This approval is given with the understanding that formal approval of the appropriate State authorities will be obtained and that counsel for the Reserve Bank will review and satisfy himself as to the legality of all steps taken to effect the proposed changes of location." Approved unanimously. Memorandum dated May 20, 1947, from Mr. Hooff, Assistant C°unsel, recommending that there be published in the law departzent of the June issue of the Federal Reserve Bulletin statements in the form attached to the memorandum with respect to the following subjects: Purchase of Government Obligations by Federal Reserve Banks Amendment to Section 14(b) Consumer Credit Automobile Appraisal Guides Sales of Mortgages by State Member Banks Approved unanimously. Secretary. Chairman.
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