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1277 A meeting of the Board of Governors of the FederP1 Reserve SysWas held in Washington on Monday, September 9, 1946, at 10:30 a.m. PRLLENT: Mr. Ransom, Vice Chairman Mr. Draper Mr. Vardaman Mr. Carpenter, Secretary Mr. Morrill, Special Adviser The action stated with respect to each of the matters hereinreferred to was taken by the Board: llemorrndum dated September 4, 1946, from Mr. Thomas, Director °f the Division of Research and Statistics, submitting the resignation f 1-l1ss Alice Bourneuf, an economist in -that Division, to become effective as of the close of business September 7, 1946, and reeo=nding that the resignation be accepted as of that date, Ath the understErldiT,g that a lump sum payment be made for annual leave remaining to her credit at that time. Approved unanimously. nemorandum dated September 3, 1946, from Mr. Bethea, Director of the Division of Administrative Services, submitting a letter dated Alks'ust 12, 1946 from 1.1r. Richard E. Hall, Jr., a clerk in that Division, t'atirig that he had accepted a commission in the Regular Army and exPceted to make the Army his career. The memorandum recommended that s resignation be accepted as of the close of business August 24 30, 1946, '1946.Attached to the file was a memorandum dated August (3111 11r. Johnson, Personnel Officer, stating that under the present law ' rl 1278 9/9/46 -2- Flail would continue to have the right of reemployment by the 13°ard when he left the Army, but that it did not seem necessary for the Board to continue him on the rolls in c leave without pay status Or to col tinue to make contributions to the Retirement System for his benefit, and that therefore it was felt that Mr. Hall's letter should be treated cs a resignation and that the period covered by the reimbu rsement for premiums paid on National Service Life Insurance should -°e on the effective date of the resignation. The resignation was accepted as recommended. Memorandum from Mr. Ransom dated September 5, 1946, reading follows: "In connection with the adoption of Amendment No. 21 to Regulation 114 the suggestion was made that the Board should undertake the preparation of a statement of its position with respect to the Regulation and a draft of legislation that might be adopted by Congress to continue the consumer credit authority of the Board so that the whole matter could be presented to Congress at the proper time. "With this in mind, Messrs. Thomas and Parry have submitted the attached memorandum outlining plans for staff work on consumer credit which involve the employment, as stated in the last paragraph of the memorandum, of an additional junior economist, two statistical clerks, and possibly a senior economist. If the need for the senior economist actually develops, it is planned that there would be consultation with some of the Federal Reserve Banks in the interest of finding the best man available for the position. "It is my recommendation that the authority to nefor these additional employees be given by the 6'otiate Board with the understanding that when suitable people have been found their appointment will be submitted to the Board for action in the usual. nay." `Mb. 1279 9/9/46 —3— Approved unanimously, . recommended as Lettor to the Board of Directors, "First State Bank of Pierpont", Pierpont, South Dakota, stating that, subject to conditions of member8114 numbered 1 to 3 contained in the Board's Regulation H, the Board a4rovez the bank's application for membership in the Federal Reserve SYstem and for the appropriate amount of stock in the Federal Reserve 4111c of Minneapolis. Approved unanimously, for transmittal through the Federal Reserve Bank of Minneapolis. Letter to the "Bank of Delevan", Delevan, New York, reading r011OWS: • "The Board is glad to learn that you have completed all arrangements for the admission of your bank to membership in the Federal Reserve System and takes pleasure in transmitting herewith a formal certificate of your membership. "It will be appreciated if you will acknoLledge receipt of this certificate." Approved unanimously. Letter to Mr. Davis, PreLident of the Federal Reserve Bank of Louis, prepared in accordance with the action taken at the meeting r the Board on September 4, 1946, and reading as follows: "Your letter of August 28, 1946, with respect to the desire of your Bank to make space in the Nugent Property available for lease to the St. Louis offices Of the Treasury and the Reconstruction Finance Corporation has been considered at a meeting of the Board and have been requested to advise you that in the circum- IL ott 1280 9/9/46 -4- floes the Board concurs in the suggestion that it would be desirable to have these offices loc;tcd in Your building. "Should inquiry be made of the Board by a representative of the United States Employlaent Service or of any other agency, he will be so advised." Aporoved unanimously. Memorandum dated September 9, 1946, from Mr. Knapp, Assistant Dil'ector of the Division of Research and Statistics, recoramending that that Board authorize Participation in a joint PhilipAne-American Cornon consisting of three Filipinos and three Americans to report the Philippin e fiscal and monetary situation and make recommend,-,tions fOr reform. the It was understood that the American membership on ectIlission would include representatives from the State and Treasury 1)ePartments and the Board of Governors, and the memonndum stated in the Divithat, if the Board approved, Ir. John Exter, an economist N„ Philippine '" of Research and Statistics who had been working on the 131‘ob1ein, would be assigned to represent •the Board. Approved unanimously, Chairman Eccles having advised by telephone that he approved. Thereupon the meeting adj
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