The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
/187 Minutes of actions taken by the Board of Governors of the NeraReserve System on Tuesday, September 5, 1950. ilatlit Board Room at 11:10 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. The Board met McCabe, Chairman Szymczak Evans Norton Powell Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser to the Board Thurston, Assistant to the Board Riefler, Assistant to the Chairman Thomas, Economic Adviser to the Board Leonard, Director, Division of Bank Operations Vest, General Counsel Townsend, Solicitor Young, Director, Division of Research and Statistics Youngdahl, Chief, Government Finance Section, Division of Research ard Statistics Leach, Economist, Division of Research and Statistics • Thomas reported on developments in the open market during st tvo %leeks. the 1)8. 41)°rt, 14essr6. v .i.oungdahl and Leach withdrew following Mr. Thomas' Reference as then made to a memorandum prepared by Mr. Leonard date of July 14, 1950, with respect to activities of Federal : 11 ser\Te bralich.es. The memorandum had been submitted pursuant to the 1114881°11 at the meetings on June 2 and 16, 1950, concerning the ways Vhich branches of Federal Reserve Banks might play a more significant 111Xer 98/50 -2- r°1e in the field of bank and Public relations and whether there sholad be further expansion in functions that branches perform. Chairman McCabe stated that he had been concerned about the ra" that branches of Federal Reserve Banks still felt they were a minor ' 1381-t Of the System's activities and that he thought this could be c°1'rected Of brano, - some degree if more emphasis were placed on the selection managers. Mr. Nelson, Director of the Division of Personnel Administration, j°114ed the meeting at this point. There ensued a general discussion of the role played by branch 411.8*6ers and directors of Federal Reserve branches in activities of the System and the of ways and means that might be developed to increase illterest of directors appointed to the Federal Reserve Bank branch '4341'ds and the e ffectiveness of the branch managers in carrying on the Or the SYstem. e:Nctive means of McCabe suggested that one of the most helping to develop branch managers would be to have keetin€ of all branch managers in Washington. The advantages and clit ' kl Iratitages of such a meeting were discussed as well as alternative t114ezti°48 for bringin6 Fed„ about a greater realization on the part of '1'41 ReRp --rve Banks of the potentialities of their branch managers 41111 clirectors. 1)1111-4 this discussion it was suggested that the Personnel CC)r41Ittee study the problem particularly the possibility of arranging 9/5/50 for -3- either a conference of branch managers or for inviting some of the roariagers to a meeting in Washington at the time the Presidents Of the Federal Reserve Banks were here. The foregoing suggestion was approved unanimously, with the understanding that the Personnel Committee would study the general problem outlined by Chairman McCabe a-ad submit a recommendation to the Board. M.r. Vest stated that he had been informed that the conferees °14the Federal Deposit Insurance Corporation bill had agreed to permit thePederal Deposit Insurance Corporation to make a special examination Or ''44Y State member bank or any national bank whenever in the judgment t3r the 130ard of Directors of the Federal Deposit Insurance Corporation sqeh e 3teluitation was necessary for the protection of the insurance All members of the staff except Mr. Carpenter withdrew from the ni"tihg at this tvorley point. Chairman McCabe stated that with the addition to the Board of memlers, it would be necessary to make some changes in the Igrullftts of subjects for initial consideration by members of the toard, that he had given a great deal of thought to the matter in co4stzltatio4 with members of the staff, and that he had a list of 6'ssIgrIMetIt5 'which he would like to recommend to the Board for contideratiort arid approval. The proposed assignments were discussed 9/5/5o -4and were acceptable to the members present. It was understood, however, that if either of the absent members of the Board had any objection to make to the assignments consideration would be given to the member's views. Minutes of actions taken by the Board of Governors of the Feder al Reserve System on September 1, 1950, were approved unanimously.
@FedFRASER