The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
1527 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Tuesday, October 29, 1946. 111 the Special Library at 10:40 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. The Board met Eccles, Chairman Ransom, Vice Chairman Draper Evans Vardaman Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thomas, Director of the Division of Research and Statistics Mr. Vest, General Counsel Mr. Leonard, Director of the Division of Examinations Mr. Nelson, Director of the Division of Personnel Administration Mr. Mr. Mr. Mr. F ollowing receipt of replies from the Chairmen of the Federal Reserve to tees their b Barlit8 Or ta Banks to the Board's letter of August 27, 19461 with respect and allowances of directors at the Federal Reserve Banks and ranches, a draft of a proposed letter to the Federal Reserve -c1-8 Prepared stating that the Board approved a single schedule 4411111114 fees and allowances for the twelve Reserve Banks and their bches within which payments might be made to the directors 1 ithout ti4ther ac • tl°11 by the Board of Governors. The schedule proposed a Lee for attendance at directors' meetings, committee meetings, °1'Whi1e o therwise engaged on official business for the Bank of not 111(Ire than 450 for head office directors and ;30 for branch directors, °Ile tee to be paid for each day regardless of the number of meetings. It elso proposed allowances for expenses to include necessary trans— 1528 10/29/46 -2- P°rtaticll and subsistence allowance for directors residing outside the City in which the meeting was held, or in connection with travel by a . director away from his home city, of kl5 for each day or portion c't a day. Mr. Vardaman raised for discussion the question whether the Board enould establish a lower maximum fee for directors of branches Of Fez , eral Reserve Banks than that fixed for head office directors. This point was discussed, and it was decided unanimously to defer taking action at this time and to place the draft of letter on the docket for consideration at a meeting of the Board in December when all of the members present at this meeting would be in attendance. It was also agreed that the question of establishing uniform standards for travel and subsistence allowances by the Federal Reserve Banks should be considered at the same meeting. At this point, Messrs. Thomas, Vest, Leonard, and Nelson withthe meeting and the action stated with respect to each of the ri141.18 hereinafter referred to was then taken by the Board: The minutes of actions taken by the Board on October 28, 1946, approved unanimously. Memorandum dated October 28, 1946, from Mr. Bethea, Director sion of Administrative Services, recommending that the e aPPo* try, 14--ent of Mrs. Naomi Robertson, a cafeteria helper in that Divi-, be A„ -"Mded on a temporary indefinite basis, with no change in her p resent The salary of $1,690 per annum, effective November 2, 1946. Itieril°ranclum also stated that it was contemplated that Mrs. Robertbecome a member of the Federal Reserve retirement system. Approved unanimously. 1529 10/29/46 —3— Letter to Mr. Gentry, First Vice President of the Federal Reserve Bank of Dallas, reading as follows: "In vie of the circumstances described in your lettert of October 25, 1946, the Board of Governors ap— proves the payment of salary to Mr. W. B. Jeffries, Supervisor of Porters, at the rate of $2,460 per annum, Ilhleh is 480 in excess of the maximum annual salary established under the personnel classification plan of Your Bank for the position he occupies." Approved unanimously. Memorandum dated October 29, 1946, from Mr. Hooff, Assistant 00tiris el) recommending that there be published in the November issue of the Federal Reserve Bulletin statements in the form attached to the m einc)rc•nolum with respect to the following subjects: Reserves Balances Due to or from Banks in Territories Consumer Credit Vvater Heaters Kitchen Cabinets "Jeep" Station Wagons Approved unanimously. Thereupon the meeting adjourn Secretary.
@FedFRASER