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3194 A meeting of the Federal I'Leserve Board was held in Washington 011 Thursday, October 18, 1934, at 10:30 a. in. PRESENT: Mr. Mr. Mr. Mr. Thomas, Vice Governor Hamlin Miller James Szymczak Mr. O'Connor Mr. Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Wyatt, General Counsel Paulger, Chief of the Division of Examinations Smead, Chief of the Division of Bank Operations Mr. Goldelyreiser, Director of the Division of Research and Statistics Mr. Thomas, Research Assistant, Division of Research and Statistics Mr. Riefler, Economic Adviser to the President's Executive Council In a ccordance with the action taken at the meeting of the on October 10, 1934, Mr. James A. Moffett, Federal Housing Adrai Ilistrator, and gr. Roger Steffan, Director of Modernization P 8- -e'eral Housing Administration, were also present for the PlIrPose of discussing with the Board the activities of the Federal 4g Administration. the s s. Moffett and Steffan m[de statements with regard to Pri°graill and activities of the Administration, referring particularto the call1Paign being conducted by the Administration in connecti04 'Ith home loans by bas banks and other financing institIltic3118* 114r. Steffan PNq)a. left with the Board copies of pamphlets l'ed bY the Federal Housing Administration with regard to moderncredits. 31.95 10/18/34 In response to an inquiry from Yr. O'Connor as to whether llessrs. Moffett and Steffan had any suggestions to make as to how theBoard could cooperate with the Administration, Mr. Steffan stated that it r:ould be helpful if (1) the Federal reserve banks) in their contacts with financing institutions, would take an enc(31.-Il'aZing position with regard to loans by banks under the National H"sing Act, and (2) the examiners of banks would take a friendly attitude toward such loans so that the bankers will not feel that the le'alls will be criticized if made. Mr. Steffan stated that he would e glad to work with anyone whom the Board would designate in the 111ration of a letter to be sent by the Board to the Federal re- 15 Withregard to the activities of the Federal Housing rlistration and requesting that the reserve banks cooperate with the A ULUaistration ties to the in transmitting information regarding its activi- commercial banks in their respective districts. M" James suggested that the most satisfactory way of handthe matter would be for a representative of the Federal Housing ballk lstration to arrange to visit each of the twelve Federal reserve 8 aild for the Board to reauest the banks t:e::v:ii tltis t:::::: : keluctitig the tire of th. managing directors of branches, enta- Federal Housing Administration on a date to be agreed 1113°11 ' He also stated that it might be desirable to hold slar Illeeti4re,s with officers of banking and other financial institutions. 14 l'"9°11se to this suggesti, on Mr. Steffan said that consideration 11:)eetigi_ en v to this matter) and that, while as yet he had been 1111EC°1e to work out a schedule of meetings because of the demands 3196 4 4'ae upon his time in Washington, he would attempt to arrange schedule as soon as possible. Certain questions suggested by the statements made by Messrs. Moffett and Steffan were discussed, and, at the conclusion of the discussion, upon motion of Mr. Szymczak, it was decided that the Board would give consideration to the question of how the Board and the Federal reserve banks can be helpful and that Mr. Moffett would be advised of the action taken. Thereupon the meeting adjourned. Secretary. A•PProved. c Vice Governor.
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