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Minutes of actions taken by the Board of Governors of the
'
leClerea
Reserve System on Friday, November 17, 1950.
PREsENT: Mr. McCabe, Chairman
Mr.
Mr.
Mr.
Mr.
Mr.
Szymczak
Evans
Vardaman
Norton
Powell
Mr. Carpenter, Secretary
Mr. Sherman, Assistant Secretary
Mr. Kenyon, Assistant Secretary
Minutes of actions taken by the Board of Governors of the
Peder_, _
dl
Reserve System on November 16, 1950, were approved unanimously.
Telegrams
to the Federal Reserve Banks of Boston, New York,
13hiladelphi
---a) Atlanta, Chicago, St. Louis, Kansas City, and San
P
.48e(3 stating that the Board approves the establishment without
by the
by the
Federal Reserve Bank of San Francisco on November 14,
Federal Reserve Bank of Atlanta on November 15, by the Federal
Reeerve
0,..u4S of New
York, Philadelphia, and Chicago on November 16,
eY the pede
ral Reserve Banks of St. Louis and Kansas City on November
17) 1950) ana u
--- LI' the Federal Reserve Bank of Boston today, of the
tete
disco
,
-4.
m-uti. and purchase in their existing schedules.
Approved unanimously.
Memoranda from Mr. Marget, Director of the Division of
national Finance,
recommending increases in the basic annne
84411"ee of the
follow ng employees in that Division, effective
hclveller 26, 1950:
11/17/50
-2-
bate of
Memo
and Name
11 10
50
Florence I
11/13/50.
Robert
Title
Jaffy
Solomon
Salary Increase
To
From
Economist
$4,725
$),Itoo
Economist
4,725
5,400
Approved unanimously.
Memoranda
dated October 30, 1950, from Mr. Marget, Director
or the D
ivision of International Finance, recommending increases in
the basic
annual salaries of the following employees in that Division,
erfecti„
November 26, 1950:
Name
Prank M.
Tamagna
Arthur B.
Hersey
Title
Acting Chief, Financial
Operations and Policy Section
Chief, Special Studies Section
Salary Increase
To
From
$9,000
T517700
8,800
9,200
Approved unanimously.
In accordance with the informal discussion at the meeting of
theBoard on
November 14, 1950, consideration was given to the
rec°1414e4dations contained in a memorandum submitted by Mr. Carpenter
114aer
date of
November 15, 1950, and reading as follows:
"As
111fonia1the
members of the Board know, there have been
discussions of the organization of the staff
x4- h respect
to the administration of Regulations W and
tanl the suggestion has been made that the Board underAg to obtain the services on a temporary basis of Mr.
;
47Tllr Phelan, Vice President of the Federal Reserve Bank
or '
York, to serve as Director of a new division of
the staff
Re
to be called the Division of Selective Credit
thgnni°u. Mr. Sproul advised Chairman McCabe yesterday
" Mr. Rounds that the Bank would be willing to
mair the
ture
services of Mr. Phelan available for this
40
2
°8e
i
and that he is prepared to report for duty on
"4aY, November 20, 1950.
or?
+OA 7)
C
.4
11/17/50
-3-
"In accordance with the informal discussion at
the
meeting of the Board on Tuesday, it is recommended
that the
Board approve the following arrangement:
1. Effective as soon as Mr. Phelan
recommends that the change be made, there
will be created in the staff a new division
to be called
the Division of Selective Credit
Regulation which will take over (1) the
activities and personnel in the Division of
Bank Operations engaged on work in connection
with Regulation W, and (2) the activities and
personnel in the Division of Real Estate
Credit which Division will thereupon be
di
scontinued.
2. The Federal Reserve Bank of New York
will make the services of Mr. Phelan available
to the
Board to enable him to serve for a
temporary
period beginning November 20, 1950,
as a member of the Board's staff and as soon
as the new Division of Selective Credit Regulation is created he will be appointed the
Director of
that Division. It will be underStood that
the period of his service will be
or at least three months with the understanding
.', ,11at in January if his services are still needed
''ne Board will request that the arrangement
ilclaer which his services are made available
be
extended for a further period of three or
four months.
3. Effective as of the date upon which
the new
Division of Selective Credit Regulation
is created, Mr. Charles T. Fisher, Jr., who has
urged that he be relieved as promptly as possible
!
c)
., his duties as Administrator of the Office of
Irral Estate Credit, will continue as a Special
'
-onsultant to the Board on financial and credit
matters with the same compensation and allowances
for
official travel as were approved by the Board
for him as
.idministrator of the Office of Real
Estate Credit.
4. Mr. Phelan will remain on the pay roll
21
' the Federal Reserve Bank of New York and the
Board will
reimburse the Bank for his salary and
itravel and
other official expenses incurred by
htM, •
including hotel accommodations in Washington.
A 7('')(4
11/17/5o
-4"Since he will retain his present home and will
have occasion to travel frequently between
Washington and his home, such travel will be
regarded as reimbursable official travel. Reimbursement of salary and official expenses as
outlined in this paragraph will be on such
basis as is approved by the Board's Personnel
C
ommittee."
Approved unanimously, with the
understanding that the appropriate
accounts in the 1950 Budget of the
Office of Real Estate Credit would
be increased by amounts sufficient
to cover the costs of reimbursing the
Federal Reserve Bank of New York for
Mr. Phelan's services and travel
expenses prior to establishment of a
Division of Selective Credit Regulation.
or 1,
0%7
Letter to Mr.
Clarke, Secretary of the Federal Reserve Bank
04'4) reading as follows:
"
Pt s acknowledged of your letter of November
14 adv.,Recei
'sing that your Bank has consented to an extension4.
to
arrange ments with the Department of State pursuant,
04 nich Mr. Fred H. Klopstock has been made available
Aft,- Part-time basis to serve the Bureau of German
reoairs as a consultant on the proposed German banking
IDenization, and that a leave of absence without
or
'
d "as been granted
to Mr. Eugene R. Schlesinger in
tim
:
r1,that his services may be available on a partOf ib ua
,
s,is as a consultant to the Washington office
tnit"
e Economic Commission for Latin America of the
bef,ed Nations, this arrangement to terminate on or
'fte March 31,
1951.
fo "These arrangements, which have been discussed inhave lY by your Bank with members of the Board's staff,
are- ueen brought to the attention of the Board and
noted without
objection."
Approved unanimously.
11/17/5o
-5-
Letter to Mr. Leedy, President of the Federal Reserve Bank
Of
r-Quisas City,
reading as follows:
8
"Reference is made to your letter of November
'1950, requesting the Board of Governors to approve
increase in the salary structure of the Federal
Reserve Bank of Kansas
City.
m, "The Board of
Governors approves the following
taiMUM and maximum salaries for the respective
grades
Of the
Federal
Reserve
Bank
of
Kansas
City,
including
the
Branches, effective Immediately:
Minimum
Maximum
Grade
Salary
Salary
1
1440
$1980
2
1620
2220
3
4
5
6
7
8
9
10
11
1800
2040
2280
2580
2880
3180
3600
4020
4.)oo
)
o4o
12
13
)640
14
15
16
6300
7020
7860
2460
2760
3120
3480
3900
4320
486o
546o
6o6o
6780
7560
8460
9480
10620
the "The Board approves the payment of salaries to
emPloyees, other than officers, within the limits
rreed for the
grades in which the positions of the
tilective employees are classified. It is assumed
efath8i1 employees whose salaries are below the minimum
grades as a result of the structure increase
8.8
oe brought
within the appropriate range as socT
Practicable and not later than January 31, 1951.
Approved, Mr. Vardaman
voting "no".
Letter 4-,,c)
Honorable Charles 4. Tobey, United States Senate,
4t°11, D. C.,
reading as follows:
11/17/5o
-6-
YOU very much for referring to us Mr.
Bishop's letter
concerning the new restrictions on
1(31
,
1sing credit. We welcome all constructive comment
criticism, whether favorable or adverse.
"As you
authorized
Y Congress know the new regulations were
T4
in the Defense Production Act of 1950.
.111 1411ting Title VI of this Act Congress recognized
ce substantial
inflation already existing in the
field and took vigorous steps to prevent
further
inflationary pressures and to assure the
jailability of materials and labor required for
he defense
program.
It is
unfortunate that it is necessary to employ
such
regui
ations to restrain inflation; we believe it
de
whenever possible to rely upon voluntary
to do the job. But past experience has shown
hat credit
o
Credit - even though sound, and usually through
thefault of
lenders - does contribute to inflation when
Iltd
;
uPPlY of goods is limited. The expansion of credit,
current circumstances, adds to demand at a time
An4 Part of the
supply of goods must be diverted to
;7211se in,,4---Poses. The real estate credit controls
JI:lict the
zstem the general philosophy of the Federal Reserve
u it is better to attack inflation at the
ittlice than to
combat its symptoms. We feel that
the 2ct controls such as these are preferable, in
va
esent
situation, to direct controls over prices,
ott
, and the like, which interfere in the daily lives
. are much more destructive
i=4:d
C/f TZ7117Tia7fir
1
oue "It is the
expectation of the Board and the Federal
yolreing authorities
that the regulation will reduce the
of
of housing construction from the record levels
if ti,
J5°. It has been suggested that it would be desirable
be c"
e Production of new housing units next year could
thatUt to about 800,000. Should the regulation have
cot effect, such a level of construction would still
actii!"4e favorably with the high levels of construction
v4Y in other years since the war.
call be lease do not hesitate to call upon us if we
of further
service."
Approved unanimously.
A
0
11/1715o
•••,
41i.--,Li
t
-7-
Letter to Honorable Wayne L. Hays, House of Representatives,
114gU)
n, D. C., reading as
follows:
1
"This refers to
November
10,
your letter of
50; in which you quote a telegram from Mr. William
2
Ilress
Cronin, President, Cronin China Company,
nerva;
Ohio, concerning Regulation IN.
cut f2PParently the 'Group E category ten dollar
referred to by Mr. Cronin arose from an
;confirmed news report. Although such a possible
:.'ang)e had been
the subject of confidential con;ideration by this Board's staff and the Federal
erve Banks, it has not been, and is not presently,
Ler con
sideration by the Board of Governors.
"The Board's staff, often in consultation with
Federal
Reserve Banks, is constantly considering
as and
suggestions in connection with the general
°f the System including problems in connection
With
Regulation W. This method of operation insures
arour,l,
'oil consideration of the various technical and other
, of these problems and often results in many
tePec
ats
oultit"ive ideas being discarded without any need for
Th.side consultation or formal Board consideration.
of course, is done on a confidential basis to
avoid
,4 the very thing that the communication from Mr.
il
lustrates. It is not the Board's wish to
Use
of se needless unrest
among trade groups because
be !tate studies
of possibilities which may never
'-'0t1sidered by the Board.
do 40tIf we can be of any further assistance, please
hesitate to write."
Z
li:
Approved unanimously, with the
understanding that similar replies
would be made in other cases where
applicable.
Letter to
Honorable Edward J. Robeson, Jr., House of
lePl'esevv4.
-".tives, Washington, D. C., reading as follows:
elacio
is is in reply to your letter of October 27
Pree i;'ng a further letter from Mr. R. Silk, Jr.,
(
40 'Aent of
.011es.
Patrick and Silk, Newport News, Virginia,
Roverniing the terms of this Board's Regulation W,
consumer credit.
11/17/50
-8-
note that among other things Mr. Silk contends
that insufficient notice was given before the recent
!
Illenament to the Regulation was effective. We have
heard this
same protest in various forms, most of them
t
eLE,Iilling. that by its action in adopting the amendment
Board violated the provisions of Section 709 of
,"e Defense Production Act relating to conferences with
trade
representatives.
s.1 "We shall appreciate it if you will assure Mr.
el-Lk that all
aspects of the regulation were thoroughly
,xPlored with represe
ntatives of various industries
before
the original regulation was issued effective
September
18, 1950. The Board fully recognized at that
en that the
trade representatives favored terms even
A-e
'
er than those prescribed in the original regulation.
lis
ei 1t1. result of those consultations the Board also was
aware that many sellers and lenders would not be
ca
e5111PathY
with the recent amendment. After giving
clreful
consideration to those facts, the Board cone.:11ded that
the terms issued effective September 18 and
i
;amended
effective October 16 should be prescribed
th the Public interest in order to help in protecting
di
:national economy and the defense effort against the
'4”.rou5 consequences
of further inflationary pressures.
the The Board was also faced with the fact that in
the Period Prior to the September 18 effective date of
Of °riginal Regulation there had been a large expansion
searedit as a
result of forward buying and high-pressure
ti"ing based on the anticipated terms of the new Regulaco -; In addition to the fact that the Board was fully
the 1112rt of the views of the industry representatives,
sucia
711ulic1tY attendant upon further consultations with
'
of
representatives would have raised serious danger
had ,
1,fther
1
expansion of credit similar to that which
1- eceded the Septemb
er 18 effective date.
wad
In the circumstances,
the Board was convinced,
istated
in publishing the amendment in the Federal
ster
that: 'Special circumstances have rendered
izriacticable and contrary to the interest of the
tive°nal defense consultation with industry representa.) including
trade association representatives,
tore e formulati
on of the above amendment; and, there,ii,j1,12s authorized
by the aforesaid section 709/ the
'
s'
4 ent has been issued without such consultation.'
4
"/17/50
-9-
"Mr. Silk also expresses the belief that this Board
'had no
detailed analysis of the effects of Regulation
14' when the
amendment was adopted. The responsibilities
delegated to us by the Congress are in the broad fields
m°neY and credit. Therefore, we try to look at all
Of the
special credit powers granted to the Board against
t
Fi background of
the general credit situation. Regulaii°n W in the field of consumer credit, Regulation X
t4 real estate credit, Regulations T and U with regard
.
2 security loans
and margin requirements are all types
vi sPecialized
credit instruments designed to supplement
:
11eral credit controls such as discount rates and open
o
When dealingwith
dealing
inflationary
PressurePerations.
, these in
turn must be coordinated with fiscal
pt)'Licies to achieve maximum effectiveness.
ar "Loo
kiL-146 at the general credit situation, there
foe ale.rming symptoms of the extent to which inflationary
roes are
already at work. It is truly startling,
inst
ance, to realize that the total loans of all
rallercial banks are estimated to have increased more
Z
(
1!. $5 billion
since the beginning of hostilities
th,„,°1
;
e0.• This may be compared to an expansion less
to- 1 billion in
the comparable period of 1949, and
you
'
93 billion in the same months in 1947, which, as
remember, was a highly inflationary period.
in consumer credit outstanding and real
at
:
111:4
11 :h
1
credit during this period has been a
bd
::t.7.r
cause of this increase in credit. Nearly $2
duril°n °f new consumer instalment credit was extended
vol ng the
third quarter of this year -- a record
-- and the net growth in outstandings during
that
the Period was roughly 20 per cent larger than in
t
firs.c°111Parable
1949 months. The increase during the
war)", i nine months of this year was larger than the
increase
during any other postwar year. The
1,Tier real
estate credit is equally striking and
e
greater significance in its volume and effect
aciai Panding bank credit -- or, in other words, in
ng to the
already excessive money supply.
to te,
"
4These few figures on the credit situation help
As
4-YOU4t uP our concern over the growth in credit.
bil
know, there are two sources of demand or
$1001 Power -- money and credit. The man who borrows
just as potent a customer as the man who
gets
is "14 his pay check. So long as the demand
l'elatively in balance with the supply of goods
Z
of7
4117/50
-10-
:all is well from an economic standpoint. However,
the defense
program now under way hits an economy
already
moving at full steam, which is quite
different
from the situation in 1940-41. If the
program
is to be met, there will of necessity
be c
utbacks in the output of civilian goods. Therethe credit controls are designed to restore
ore
.„
of a balance between total demand and the supply
available
goods. If this objective is not accomplished,
the result, with
demand in excess of supply, will
e higher
prices and continuing inflationary trends.
to th"We are constantly reviewing the factors relating
ese regulations. We are getting excellent
c
oc1)
1°Peration from the trade in supplying the latest data
rti4rket trends and, of course, are constantly receiv„g l'elports from the twelve Federal Reserve Banks and
four branches on the situation in all parts
7-ithetinanYt;y. I believe you will agree that our record
°I
lonstrevio
.J
us
administration of these Regulations
rates that we maintain an open mind on such
tiosti°10-s and we have been quick to adapt the RegulaPrells t° changing economic conditions. This we are
f_cpared to do
again whenever the underlying economic
61. Is warrant
such action.
to us"We thank you for referring Mr. Silk's second letter
the 11, We are glad to receive such expressions from
in our continuing study of the
r
cons.;:113.12efel
field."
lit
Approved unanimously. ,
Te
legram to
First Vice President of the Federal
Mr.
aeser\re Bank
of St. Louis, reading as follows:
It
ReguiRetel November
ng
14 concernin
g application of
t
X in case involving proposed loan to
build'4er to
finance construction of houses where
10
er holds an October
11 firm commitment covering
13rrs to
purchasers of the houses. We agree that
hilgdure
outlined in your telegram is not proby Regulatio
n X."
buil:t
Approved unanimously.
11/17/50
-11-
Letter to the Presidents of all Federal Reserve Banks,
IseMillg as
follows:
"The purpose of this letter is to transmit the
13oF41,,a
8 views on the administration and enforcement of
'.xegulation X, and to inform you of the program already
for the correlation of the enforcement program
with
with other
supervisory authorities.
"Enforcement
by Supervisory Agencies -- The resPolis-L
ul.Lity which the law has placed on the Federal
;eeeerve System
for the regulation and limitation of
al estate
construction credit makes it essential that
aXi effect
ive and uniform enforcement procedure be estabt,s"ed throughout
the country. As a means of correlating
e activities
of all supervisory authorities in a uniform
bly
clure, a summary of the general actions to be taken
various supervisors is set forth in the attached
'
11 line of Enforcement Program for Regulation X'.
with "
r:!cently, meetings have been held in Washington
the
vresentatives of supervisory authorities for
ce4 Purpose of
discussing the general enforcement proto be
followed in connection with Regulation X.
!e rePresentatives concurred in the program set forth
era.`td,le attached
Outline, and gave assurances of coop1°11
ft, in the enforcement of the Regulation.
rte
followinggroups were
ipl
'
esent:Presentations from the
4
The Comptroller of the Currency
Federal Deposit Insurance Corporation
Home Loan Bank Board
Farm Credit Administration
National Association of Supervisors
of State Banks
National Association of Insurance
Commissioners
BosrtNel 4ts mentioned in section I-B-2 of the Outline, the
orT, will
continue to maintain contact with the head
but
'
ees of the
cooperating Federal supervisory agencies,
tactexPects the Federal Reserve Banks to maintain conassis,with the
regional offices of those agencies,
regall'ing. them in any way possible. Copies of the
age4,,tion. have been supplied to the Federal supervisory
41:leas-Lesfor the use of their field staffs, and an
be filate supply of the 'Outline of Enforcement' will
°rwarded to
them.
11/17/50
-12-
"The Board would like each Federal Reserve Bank
to maintain
close contact with State supervisors and
assist them in
whatever manner is feasible in providing
effective supervision of financial institutions subject
°n1Y to State
supervision. Copies of the Outline
°uld be forwarded
directly by the Federal Reserve
'
lIanks to State
supervisors. It will be the responsit;IlitY of the Federal Reserve Banks to work out with
114
. State
authorities, if necessary, the means of
dling such State institutions as may not be
-4roPr1ately covered under the State program.
The
:
Administration
and Enforcement by Reserve Banks -ro;
would like to be informed about the program
1.11-4.11e administration of Regulation X now in force
.rle Federal
Reserve Banks. This information should
diclude the
names
of official personnel and others
Rerent,
---LY responsible for the administration of the
me!,lillati°11 in the Banks and branches, and the general
tiLlods which
have been pursued to bring to the attenRecn of the
trade and the public information about
the sati°4 X. It would also be of interest to know
mett-e°Pe of the program contemplated for the enforceced of the P
-egulation through investigational proe and, in this connection, it is contemplated
tiolit
thatthe To.
,,eserve Banks will furnish the Board with
viuhr reports in respect to activities in connection
adv; wle e
nforcement of Regulation X. You will be
Sed shortly
of the nature of such reports.
lati "°f greatest
importance at this time is the formuvest °f Plans for the institution of an effective incuiti ative Program. The Board is aware of the diffistarie8 14hioh are involved in organizing an adequate
Jubte
investigators, especially in view of the
Pareef 1951, expiration date. However, it is preProve whatever cost may be reasonably
Progr-a17 to organize an adequate investigational
about
tianua.,,
ein
,' and would appreciate the inauguration
are ;
'
1 1 1, 1951, of field investigations since they
fore -4uestionably a most important part of the enenl
procedure
th
:
The basic investigative procedure is summarizd
°Iltline of Enforcement Program attached hereto,
arid
tov becauseau
of the relatively short period between
that
tletiy,the expiration date, the Board believes
the
reas -"es there
on
a
conducted
be
°nably broad outlined should
scale.
V
11/17/50
-13-
"It is not possible to establish an exact measure
of the
investigative work that should be accomplished,
nd the results
of future experience will need to be
1Ployed to
determine satisfactory goals which will
tablish an effective enforcement of the Regulation.
The o
bjective to be attained probably cannot be defined
a
set percentage of registrants to be in:;stt72-Zeodf
Rather, a selective approach is suggested
Will concentrate the effort in places where the
illst can be accomplished. It seems essential, for
prstance, that investigations be made of a reasonable
:e;
Z
P
Iolitlsof
, large real estate and mortgage company
especially F.H.A. approved mortgagees,
c rIce
„ a substantial volume of all new residential
-truction is
financed through such organizations.
ePresentative
selection of other kinds of registrants
th:tiTiestigation is necessary, and it may be desirable
atIon W and Regulation X investigations of
oemdeazg
be subject to
1/7x=ir7fcit
o;
regulations
7!
W
co.;
10
stateuln connection with the regular examinations of
Member banks, it is expected that under the
Uzrent
Policy, they will be covered at least once a
Yeaz.
"112,Elstration -- No decision has been made resPv otilag the
eve
necessity for a formal registration. Howa
the Board would be interested in knowing whether
yol
:t has been
compiled of possible registrants in
iticillistrict, and, if so, how many registrants are
ed who are not regularly examined by a supervisory
agelleY.
peae:Statement of the Borrower -- Discussions wiwith
ellPervisory agencies elicited the information that
the1
Y °a
believe
many
ve1
financial institutions are not sufficiently
or re..infermed of their responsibility for the maintenance
asre ,,e()rds
which disclose whether extensions of credit
urgecir are not real estate construction credit. They
t&t, if it has not already been done, a circular
lett,
i- ue sent to all banks (and other known registrants)
sette
first4g forth the means by which compliance with the
lies
te
r:/ze of section 4(c) of Regulation X may be
z
ecl
If such a circular letter is deemed to be
reclu ble in your district, it should include the minlmal
—ements suggested in the Board's telegram 3-1166.
11/17/5o
-14-
.24,12221
11o;' Regulation X -- Consideration is
"112
liritg given to -iTie-TTIpa
TOTI--of a handbook containing
:
11a Regulation, amendments nnd interpretations, similar
to that
formerly distributed for Regulation W. Would
Such a
handbook be of assistance to the staff of your
"Public Relations -- The emphasis placed on the
enforceramin
this letter is not intended to
4divert
attention from other important administrative
tetivities, Particularly an educational program designed
1/ci) btain amicable public acceptance of Regulation X.
el -airness to
those affected by the Regulation, int1,11ding home owners, home-buyers and registrants alike,
,
14 e Board
believes that a vigorous educational effort
!flotild be
continued to acquaint such persons with the
vtlZraP°se of the law and the effect of Regulation X on
edu and their businesses. It is also necessary that
„cational activities form a part of the investigational
.?edure, for, while an early and vigorous enforcement
4.,1
8-.1- create
get oteervalTpect for the Regulation, it is desirable
of the Regulation be obtained to the
t possible by the voluntary acquiescense
it
st=rsl.
Of r
ee
gs
t7
lihet
:
The effective administration of Regulation X,
c0
,
47er for a short or a longer period, presupposes aand
the Re
exchange of information between the Board
the B 8erlie Banks. It is anticipated that you will keep
and t(18.rdinformed of the conditions in your district
Min4 he sPecial problems which you encounter in the adJa-.stration and enforcement of the Regulation. It will
obs4rec1ated if you will advise the Board of your
- 4tio1s on the operation of the Regulation and of
ealy;
04 ir-uggestions or
recommendations you wish to make based
'7
ob
servations and experience.
Regui's in the case of the enforcement program for
Mitt del''!on Wp the program for Regulation X has been subY°I1 leilAf.,the Department of Justice and we will inform
the
Lheir concurrence is received. In the meantime
to te'°gram may be put into effect in so far as it relates
841)e"e activities
of the Federal Reserve Banks and other
rvisorY agencies."
Approved
unanimously..//
-'- le
Or
.41/ A
'
11ei
4
.4
Secret
@FedFRASER