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The attached minutes of the meeting of the Board of Governors of the Federal Reserve System on October 21, 1966, which you have previously initialed, have been amended to make certain changes on page 2 suggested by Governor Shepardson. If you approve the minutes as amended, please initial below. Chairman Martin Governor Robertson Governor Daane Governor Maisel Minutes for To: Members of the Board From: Office of the Secretary October 21, 1966 Attached is a copy of the minutes of the Board of Governors of the Federal Reserve System on the above date. It is not proposed to include a statement With respect to any of the entries in this set of minutes in the record of policy actions required to be maintained pursuant to section 10 of the Federal Reserve Act. Should you have any question with regard to the minutes, it will be appreciated if you will advise the Secretary's Office. Otherwise, please initial below. If you were present at the meeting, your initials will indicate approval of the minutes. If You were not present, your initials will indicate only that you have seen the minutes. Chm. Martin Gov. Robertson Gov. Shepardson Gov. Mitchell Gov. Daane Gov. Maisel Gov. Brimmer Minutes of the Board of Governors of the Federal Reserve SYstem on Friday, October 21, 1966. The Board met in the office of Chairman Martin at 935 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Martin, Chairman Robertson, Vice Chairman Shepardson Mitchell Maisel Brimmer Mr. Kenyon, Assistant Secretary Denver Branch building. Governor Shepardson related that Chairman Scott of the Federal Reserve Bank of Kansas City had called the telephone yesterday evening and reported that the Reserve Bank had 'net with all of the general contractors who submitted bids for the cons truction of a new Denver Branch building. An explanation was made to the contractors of the changes proposed to be made in the original Plat' 8 for the building, now consisting only of changes in the vault sPeci fications. After discussion, the contractors expressed the riellini°us opinion that the contract should be awarded to the original 1°14 b idder, and none indicated a desire to submit a revised bid. Chairman Scott observed, Governor Shepardson continued, that as an alternative, though not a recommended alternative, the Reserve taro. could draw up revised specifications and allow a certain period of time for the submission of new bids. There was no indication, however, that , uids would be submitted by any of the contractors except the °inal low bidder. 10/21/66 -2- Governor Shepardson said he had inquired of Chairman Scott what record would be available, and the latter had replied that a minute record of the meeting with the contractors would be provided. There would also be a letter from a member of the group of contractors c°11firming that in the contractors' opinion the Reserve Bank had followed the appropriate procedure and that the contract should be awarded to the original low bidder. Governor Shepardson said he had told Chairman Scott that he 14°111d inform the latter of the Board's reaction. In discussion, some of the members of the Board indicated that the Y believed it would have been preferable if the Reserve Bank had dealt with the contractors individually. The meeting with the contrac- tors having been held, however, with the result reported, there was aelleral agreement that no objection should be interposed to the Reserve Bank's going ahead on the basis contemplated. gested that it might be desirable if the record included a letter from each of a Governor Brimmer sug- the original bidders confirming that an opportunity to submit revised bid was not desired. It was understood that Governor Shepardson would inform Chair- %an 'cott of the Board's view and that he would make reference to the suggestion by Governor Brimmer. the (Note: A minute record of the meeting contractors and a letter signed by all bidders--it proved im- Prec tical to get individual letters as suggested by Governor Brimmer-stibs equently were received at the Board's offices.) The meeting then adjourned. 7 Assistant Secretar 71
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