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BOARD OP GOVERNORS OF THE FEDERAL RESERVE SYSTEM Statement f o r the Press For immediate release September ll*, 19U5 Following i s a copy of a l e t t e r which the Board of Governors has sent to Senator McCarran, Chairman of the Senate Committee on the Judiciary, and a l s e t o Representative Manasco, Chairman of the House Committee on Expenditures in the Executive Departments, with regard t o reorganization l e g i s l a t i o n : The Board has noted with approval the endorsement by the Comptroller General and by the Director of the Budget of reorganization l e g i s l a t i o n without exemption of any Government agency or department, excepting the General Accounting O f f i c e . The Board desires to c a l l the a t t e n t i o n of the Committee to the enclosed excerpts from the Board f s Annual Report of 1938 emphasizing the need f o r reorganization of the Federal banking agencies, i n view of the confusions and c o n f l i c t s inherent i n the e x i s t i n g d i f f u s i o n of powers and authority i n t h e Federal bank supervisory and regulatory agencies. The Board has long fayored enactment of a reorganization measure t h a t would give the President a f r e e hand, subject to Congressional approval, to i n i t i a t e necessary reorganizations i n the Executive Branch. The Board had not previously requested and does not now wish exemption from the operation of such a measure. The Board, t h e r e f o r e , favors enactment of a reorganization b i l l which does not include exemptions, except f o r t h e General Accounting O f f i c e . Such a measure would make possible a reorganization of the Federal banking agencies which the Board f e e l s i s urgently needed t o meet the needs of the postwar world. Sincerely yours, (Signed) M. S. Eccles. M. S. Eccles, Chai rman.
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