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A. meeting of the Board of Governors of the Federal Reserve 8Yetem was held in Washington on Wednesday, September 6, l99, at 2:40 P.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Davis Draper Mr. Morrill, Secretary Mr. Ransom reported that Mr. Berle, Assistant Secretary of St "e: called him on the telephone this morning and stated that under exi -u-olg circumstances the Department was giving consideration to the roliriation of a subcommittee which would consist of representatives the State, Treasury, end Commerce Departments and the Federal Reeery. 0 oYstem to consider what might be done to assist South American PUblice through the crisis period and that the matters to be discu sed by the committee might include credits and, in the event of request, the more important matter of advice and help on the subject of banking systems, any action taken along these lines being ileceeserily related to reciprocal trade agreements. Mr. Berle also sElid, Mr. Ransom stated, that the assistance of the Federal Reserve SYstem would be valuable in considering these and related problems that that assistance would be appreciated. There followed a di a eussion of the matter. Mr. Thomas joined the meeting at this point. 9/6/39 -2Mr. Ransom moved that Mr. Berle be advised that the Board is willing to participate with the three departments by naming a representative as a member of the proposed committee. Mr. Ransom's motion was put by the chair and carried unanimously. Thereupon the meeting adjourned. tr- Secretary.
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