The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Li117 A meeting of the Federal Reserve Board was held in the office of the Pederal Reserve Board on Viednesday, October 21, 1931, at 2:50 P. PRESENT: Governor I.:leyer Yr. Hamlin Er. Miller Er. Tames Er: Magee Er. Morrill, Secretary Er. McClelland, Assistant Secretary. ALSO PRES-NT: Er. Mr. Er. Er. 11r. Er. Er. Mills, Under Secretary of the Treasury Harrison, Assistant to the Governor Wyatt, General Counsel. Smead ) Eembers, System Goldenaelser ) Committee on Fleming ) Reserves. Riefler, Secretary of the Conmittee. Governor Meyer stated that Mr. Fills was invited to attend the meet0 that he might have an opportunity to hear and participate in the discussi°n of the Plan of the System Committee on Reserves, particularly such 1)11;c8 as may be of interest to the Treasury. Mr. Snead reviewed generally the plan for computing reserves of nember orarL:s which the Comiittee has in mind to recolludend, and called attention to tl,„ Proposed requirement that member banks carry reserves against Governrile" deP°sits, which under the present law are excepted. During the dis- e''Issi°11 of this natter which followed, 1:1-. Mills expressed the opinion that tile 4 -Lnelusion of Goverment deposits in the operation of reserve requirements, "contemplated by the Corrrijttee, would be disadvantageous to the Treasury in connection with its financing Program. Mills then left the meeting. After the other features of the plan had been discussed, Mr. Smad reP011ed that during the recent visits of the Committee to the Federal Reserve Bank.s its proposals in each case were very favorably received as to all of the flltd ental Principles, although the Federal Reserve Bank officials consulted dia no t feel that they could at this time express definite opinions on all 10/21/31 deta-1 -1-s• -2Be also advised the Board of a conference which the Committee had this norning with representatives of the American Bankers Association and the 488oc1ation of Reserve City Bankers, during which the bank representatives 4) 1eared to be very much in favor of all of the features of the plan which the Committee has in mind. He further reported that the Committee hopes to be uJA: within the next few days to submit its final report to the Board and the Federal Reserve banks. The meeting adjourned at 4:15 p.m. Secretary. Appzoired:
@FedFRASER