president franklin d. roosevelt inaugurated janu 20,1933 united states government executive officers...

1933 UNITED STATES GOVERNMENT

EXECUTIVE OFFICERS

President

Secretary of Treasury

- Franklin D. Roosevelt (elected Nov., 1932, inaugurated Janu 20, 1933)

- Ogden L. Mills (appointed Feb. 13, 1932, served until March 3, 1933)

William M. Woodin (appointed March 4, 1933, served until Dec. 31, 1933)

Comptroller of Currency - J. F. T. O'Connor (date of appointment May 11, 1933, resigned April 16, 1938)

Secretary of State - Henry L. Stimsoh, Cordell Hall Secretary of War - Patridk J. Hurley, George H. Dern Secretary of Navy - Charles F. Adams, Claude A. Swanson Secretary of Interior - Ray L. Wilbur, Harold L. Ickes Secretary of Agriculture- Arthur M. Hyde, Henry A. Wallace Secretary of Commerce - Roy D. Chapin, Daniel C. Roper Secretary of Labor - William N. Doak, Franc" Perkins Postmaster General - Walter F. Brown, James A. Farley Attorney General - William D. Mitchell, Homer S. Cummings

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

I-

1933 June

73rd Congress

FLETCHER, Duncan U. GLASS, Carter WAGNER, Robert F, BARKLEY, Alben W. BULKLEY, Robert J. GORE, Thomas P. COSTIGAN, Edward P. REYNOLDS, Robert R. BYRNES, James F, BANKHEAD, John H. McADOO, William Gibbs ADAMS, Alva B.

Florida Virginia New York Kentucky Ohio Oklahoma Colorado North Carolina South Carolina Alabama California Colorado

NORBECK, Peter GOLDSBOROUGH, Phillips Lee TOWNSEND jr., John G. WALCOTT, Frederic C. CAREY, Robert D. COUZENS, James STEIWER, Frederic KEAN, Hamilton F.

South Carolina Maryland Delaware Connecticut Wyoming Michigan Oregon New Jersey

U. S. GOVERNMENT

SENATE Banking and Currency Committee

.2apni - 4


1933 June

STEAGALL, Henry B. GOLDSBOROUGH, T. Alan PRALL, Anning S. BUSBY, Jeff REILLY, Michael K. HANCOCK, Frank WILLIAMS, Clyde DISNEY, Wesley E. CROSS, 0. H. SPENCE, Brent CHURCH, Denver S. BROWN, Prentiss M. SISSON, Fred J. FARLEY, James I. MEEKS, James A. KOPPLEMANN, Herman P.

Alabama Maryland New York Mississippi

Wisconsin North Carolina Missouri Oklahoma Texas Kentucky California Michigan New York Indiana Illinois Connecticut

LUCE, Robert BEEDY, Carroll L. STOKES, Edward L. HOLLISTER, John B. WOLCOTT, Jesse P. CAVICCHIA, Peter A. WADSWORTH, James W. SIMPSON, Jr. James

Massachasetts Maine Pennsylvania Ohio Michigan New Jersey New York Illinois

U. S. GOVERNMENT

HOUSE OF REPRESENTATIVES

Banking and Currency Committee

73rd Congress

B0pubi4ena


FEDEPAL RESERTE BOARD

Ex Officio Members

Ogden L. '.ills, (resigned Mar. h) Secretary of the Treasury

Chairman William H. Woodin (succeeded Mills, Mar. 4)

Secretary of the Treasury Chairman

J. F. T. O'Connor (effective Mayll) Comptroller of the Currency

Secretary's Office

Eugene Meyer (res. May 10) Governor Eugene R. Black (effective May 17)

Charles S. Hamlin Adolph C. Miller George R. James Wayland VW. Magee

Floyd R. Harrison,Assistant Governor (resigned May 15) E. M. Mc Clelland, " " (effective May 18)

(died July 27) H. Warren Martin " " (effective August 16)

.Chester Morrill, Secretary E. M. Mc Clelland, Asst. Sec. (May 18, appointed Asst. Gov.) S. R. Ca-perter, Asst. Sec. (effective May 18, succeeds Mc Clelland) J. C. Noell, Asst. Secretary. L. P. Bethea, Asst. Secretary

Counsel's Office Walter W;yatt, General Counsel

Fiscal Agent Uliver E. Foulk, Fiscal Agent

Josephine E. Lally, reputy Agent (turn over)

1933


Livisjcn of Examinations Leo I. Paulger, Chief

T srn cf Resecarch and St,t-stics A .;oldlenv,eiser, Director

Carl. fra 'r, 1sst. Lirector

ivisicn of >!lnk CperAicns L. brnead, Chief


1933

District No. 12 (San Francisco) Henry M. Robinson

Walter Lichtenstein, Secretary

District

District

District

District

District

District

District

District

District

District

District

No.

No.

No.

No.

No.

No.

No.

No.

No.

No.

No.

1

2

3

4

5

6

7

8

9

10

11

(Boston

(New Yc

(Philac

(Cleve]

(Richmc

(Atlant

(Chicag

(St. Lc

(Minnea

S(Kanss

(Dall

FEDERAL RESERVE SYSTEM FEDERAL ADVISORY COUNCIL

i) Thomas M. Steele

Mrk) Walter E. Frew

elphia) Howard A. Loeb

.and) H. C. McEldowney

)nd) Howard Bruce

,a) John K. Ottley

o) Melvin A. Traylor, Vice President

uis) Walter W. Smith, President

ipolis) Theodore Wold

Ls City) W. T. Kemper

Ws) Joseph H. Frost

I


Composed

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta -

FEDERAL RESERVE SYSTEM

OPEN MARKET POLICY CONFERENCE to June 16

FEDERAL OPEN MARKET COMMITTEE June 16

of 12 Governors of Federal Reserve Banks s

Roy A. Young 7* Chicago - J. B. McDougal

G. L. Harrison 8. St. Louis - William Mc. Martin

- George W. Norris 9. Minneapolis - W. B. Geery

E. R. Fancher 10. Kansas City - George H. Hamilton

George J. Seay 11. Dallas - B. A. McKinney

Eugene R. Black 12. San Francisco - John U. Calkins

1.

2.

3.

4.

5.

6.


1933 Federal Reserve Bank of Boston (Dist. 1)

OFFICERS

Governor

Deputy Governor

Chairman and Federal Reserve Agent

Deputy Chairman

- R.A. Young

- W. W. Paddock

- F. H. Curtiss

- Allen Hollis


1933 Federal Reserve Bank of Boston (Dist. 1)

DIRECTORS

Class A

KENNARD, E. S. (Bunford, Maine) CHAMBERLAIN, F. S. (New Britain, Conn.) RIPLEY,A. L. (Boston, Mass.)

Term Expires Dec. 31

1933 1934 1935 (re-elected)

Class B

FROST, E. J. (Boston, Mass.) FRENCH, E. S. (Boston, Mass.) ALLEN, P. R.(East Walpole, Mass.)

1933 (elected) 1934 1935 (re-elected)

Class C

HOLLIS, Allen (Concord, N.H.) Deputy Chairman MERRIMAN, C. H. (Providence, R.I.) CURTISS, F. H. (Boston, Mass.) Chairman and FR Agent

1933 1934 1935 (re-appointed)


1933

Governor - G. L. Harrison

Deputy Governors W. R. Burgess J.E. Crane A. h. Gilbart L. F. Sailer

E. R. Kenzel W. S. Logan L. R. Rounds

Chairman and Federal Reserve Agent - J. Herbert Case

Deputy Chairman - Owen D. Young

Federal Reserve Bank of New York (Dist. 2)

OFFICERS


1933

DIRECTORS

CLASS A

WARNER, David C. (Endicott)

WIGGIN, Albert .. (New York)

MILLS, .EdWard. . (Morriatevw)

DAVISON, George W. (Greenwich)

Term Began

1/1/31

1/1/32

1/1/33

5/3/33

Dec. 31 Term Ended

1933

1934 (resigned 3/15/33)

1935 (elected)

1934

CLASS B

REYBURN, Samuel W. (New York)

WOODIN, William H. (New York)

TEAGLE, Walter C. (Port Chester)

WATSON, Thomas J. (Short Hills)

1/1/31

1/1/32

1/1/33

5/3/33

1933

1934 (resigned 3/3/33)

1935 (elected)

1934

CLASS C

WOOLLEY, Clarence M. (Greenwich CASE, J. Herbert (Plainfield) YOUNG, Owen D. (New York)

1/1/31 1/1/32 1/1/33

1933

1934 1935

(Chairman) (reappointed)(Dep Chai)

FederaL Reserve Bank of NEW YORK (dist. 2)


1933

Governor

Deputy Governor


Deputy Chairman

- G. W. Norris

- V3. H. Hutt

- R. L. Austin

- A. B. Johnson

I

Federal Reserve Bank of Philadelphia (Dist. 3)

OFFICERS


1933 Federal Reserve Bank of Philadelphia (Dist. 3)

DIRECTORS

Class A

REILY, G. W. (Harrisburg, Pa.) COSGROVE, J. C. (Johnstown, Pa.) WAYNE, J. (Jr.) (Philadelphia, Pa.)


1933 1934 1935 (re-elected)

Class B

DELaCOUR, J. C. (Camden, N. J. ) STOUT, C.F.C. (Philadelphia, Pa.) SEALL, A. W. (Philadelphia, Pa.)

1933 1934 1935 (re-elected)

Class C

JOHNSON, A. B. (Philadelphia, Pa. ) Deputy Chairman CANNON, H. L. (Bridgeville, Del.) AUSTIN, R. L. (Philadelphia, Pa.) Chairman and FR Agent)

1933 193L 1935 (re-appointed)


?1933

Governor - E. R. Fancher

Deputy Governors


Deputy Chairman

- M. J. Fleming F. J. Zurlinden

George De Camp (res. Mar. 14) L. B. Williams

- . S. Burke, Jr.

Federal Reserve Bank of Cleveland (Dist. 4)

OFFICERS

I7ic. -- ------------- - --


1933 Federal Reserve Bank of Cleveland (Dist. 4)

DIRECTORS

Class A

CONNER, B. R. (Ada, Ohio) LAMBERTON, C. (Franklin, Pa.) WARDROP. R. A. (Pittsburgh, Pa.)

Class B

GLAVIN, J. E. (Lima, Ohio) WRIGHT, R. P. (Erie, Pa.) CRABBS, G. D. (Cincinnati, Ohio)


1933 1934 1935 (re-elected)

1933 1934 1935 (re-elected)

Class C

DeCAMP, George (Cleveland, Ohio) Chairman and FR Agent

WILLIAMS, L. B. (Cleveland Ohio) Chairman and FR Agent BURKE, E. S. (Jr.) (Cleveland, Ohio) Deputy Chairman KNIGHT, W. W. (Toldeo, Ohio)

1935 (re-appointed resigned Mar. 14)

1935 (succeeded DeCamp)

1935 (appointed) 1933


Federal Reserve Bank of Richmond (Dist. 5)

OFFICERS

Governor

Deputy Governors


- G. J. Seay

C. A. Peple R. H. Broaddus

- W. W. Hoxton

F. A. DelanoDeputy Chairman


1933

Federal Reserve Bank of Richmond (Dist. 5)

DIRECTORS


RIEMAN, C. E.(Baltimore, Md.) BRASWELL, J. C. (Rocky Mount, N.C.) JOHNSON, L. E. (Alderson, W. Va.)

1933 1934 1935 (re-elected)

Class B

REED, C.C. (Richmond, Va.) HANNA, J. H. (Washington, D. C.) COKER, D. R. (Hartsville, S.C.)


Class C

DELANO, F.A. (Washington, D.C.) Deputy Chairman LASSITER, Robert (Charlotte, N.C.) HOXTON, W. W. (Richmond, Va.) Chairman and FR Agent

1933 1934 1935 (re-appointed)

Class A


1933Federal Reserve Bank of Atlanta (Dist. 6)

OFFICERS

Governor

Deputy Governors


- E. R. Black ('til May 17)

- W. S. Johns (acting Gov. after May 17) H. F. Conniff

- Oscar Newton

Deputy Chairman - W. H. Kettig


1

1933Federal Reserve Bank of Atlanta

DIRECTORS

Class A

YOUNG, H.L. (Atlanta, Ga.) MELVIN, E.C. (Selma, Ala.)

VARE, G. G. (Leesburg, Fla.)

(Dist. 6)


1933 1934 1935 (re-elected)

Class B

McCRARY, Decatur, Ga.) HILL, J. B. (Nashville, Tenn.) SIMON, L. C. (New Orleans, La.)

1933 1934 1935 (re-elected)

Class C

ALLEN, J. P. (Atlanta, Ga.) KETTIG, W.H. (Birmingham, Ala.) Deputy Chairman NEWTON, Oscar (Atlanta,Ga.) Chairman and FR Agent

1933 1934 1935 (re-appointed)


Federal Reserve Bank of Chicago (Dist. 7)

OFFICERS

Governor

Deputy Governors


Deputy Chairman

- J. B. McDoitgal

C. R. McKay J. H. Dillard H. P. Preston

- E. M. Stevens

- James Simpson


Federal Reserve Bank of Chicago

DIRECTORS

Class A

LEAVELL, J. R. (Chicago, Ill.) ESTBERG, E. R. (Waukesha, Wis.) SCHALLER, G. J.(Storm Lake, Iowa)

(Dist. 7)



Class B

BABB, M. W. (Milwaukee, is.) CRAPO, S. T. (Detroit, Mich.) NOYES, N. H. (Indianapolis, Ind.)

1933 1934 1935 (elected)

Class C

STEVENS, E. M. (Chicago, Ill.) Chairman and FR Agent BALL, F.C. (Muncie, Ind.) SIMPSON, James (Chicago, Ill.) Deputy Chairman

1933 1934 1935 (re-elected)

1933


1933 Federal Reserve Bank of St. Louis (Dist. 8)

OFFICERS

Governor

Deputy Governors


Deputy Chairman

- W. McC. Martin

- 0, M. Attebery

J. S. Wood

- Paul Dillard


Federal Reserve Bank of St. Louis

DIRECTORS

Class A

NAHM, M. B. (Bowling Green, Ky.) HITT, F. Guy (Ziegler, Ill.) LONSDALE, J. G. (St. Louis, Mo.)

(Dist. 8)


1933 1934 1935 (re-elected)

Class B

HARRIS, J.W. (St. Louis, Mo.) PLUNKETT,W. B. (Little Rock, Ark.) STURDIVANT, M. P. (Glendora, Miss.)

1933 1934 1935 (re-elected)

Class C

WOOD, J. S. (St. Louis, Mo.) Chairman and FR Agent DILLARD, Paul (Memphis, Tenn.) Deputy Chairman STANLEY,J. R. (Evansville, Ind.)

1933 1934 1935 (appointed)

1933


Federal Reserve Bank of Minneapolis (Dist. 9)

OFFICERS

Governor

Deputy Governors


Deputy Chairman

- W. B. Geery

- Harry Yaeger H. I. Ziemer

J. R. Mitchell (died Jan. 31) J. N. Peyton (succeeded Mitchel May 15)

- H. P. Clark


Federal Reserve Bank of Minneapolis (Dist. 9) 1933 Federal Reserve Bank of Minneapolis (Dist. 9)

DIHECTORS

Class A

HANSEN, H. C. (Churchs Ferry, N. Dak.) LEEMAN, P. J. (Minneapolis, Minn.) KIBBEE, H. R. (Mitchell, S. Dak.)


1933 1934 1935 (re-elected)

Class B

OWEN, J. S. (Eau Claire, Wis.) WASHBURN, W. O. (St. Paul, Minn.) O'CONNELL, J. E. (Helena, Mont.)

1933 1934 1935 (re-elected)

Class C

CLARK, H. P. (St. Paul, Minn.) Deputy Chairman McCORMICK, G. W. (Menominee, Mich.)

,NITCHELL, J. R. (Minneapolis, Minn.) Chairman and FR Agent

*PEYTON, J. N. (Minneapolis, Minn.) Chairman and FR Agent

1933 1934 1935 (re-appointed

died Jan. 31) 1935 (succeeded 5/1l

Mitchell)


Federal Reserve Bank of Kansas City (Dist. 10)

OFFICERS

Governor

Deputy Governors


G. H. Hamilton

C. A. Worthington J. W. Helm

- M. L. M Clure

Deputy Chairman - J. B. Doolin

1933

I


1933 Federal Reserve Bank of Kansas City (Dist. 10)

DIRECTORS

ClasB A

PARKS, C. C. (Denver, Colo.) SPONABLE, F. W. (Paola, Kans.) MULLANEY, E. E. (Collyer, Kans.)


1933 1934 1935(re-elected)

Class B

HOSFORD, W. D. (Omaha, Nebr.) BERNARDIN, J. M, (Kansas City, Mo.) PHILLIPS, L. E. (Bartlesville, Okla.)

1933 1934 1935 (re-elected)

Class C

BROWN, E. P. (Davey, Nebr.) DOOLIN, J. B. (Alva, Okla.) Deputy Chairman McCLURE, M. L. (Kansas City, Mo.) Chairman and FR Agent

1933 1934 (appointed) 1935 (re-appointed


1933Federal Reserve Bank of Dallas (Dist. 11)

OFFICERS

Governor

Deputy Governors


B. A. Mc Kinney

R. R. Gilbert R. B. Coleman

- C. C. Walsh

- S. B. PerkinsDeputy Chairman


1933 Federal Reserve Bank of Dallas (Dist. 11)

DIRECTORS

Class A

HARDING, R. E. (Forth Worth, Tex.) PATRICK, W. H. (Clarendon,Tex.) MORRIS, Alf (Winnsboro, Tex.)

Term Expires

1933 1934 1935 (elected)

Class B

MILAM, J. R. (Waco, Tex.) CLEVELAND, A. S. (Houston, Tex.) MIDDLETON, J.D, (Greenville, Tex.)

1933 193L 1935 (elected)

Class C

PERKINS, S. B. (Dallas,Tex.) Deputy Chairman WALSH, C. C. (Dallas, Tex.) Chairman and FR Agent BROWN, E. R. (Dallas, Tex.)

1933 1934 1935 (re-appointed)

i


Federal Reserve Bank of San Francisco (Dist. 12)

OFFICERS

Govern or - J. U. Calkins

Deputy Governors


William A. Day Ira Clerk

Isaac B. Newton

Deputy Chairman

K - i-j-

- W. N. Moore


1933Federal Reserve Bank of San Francisco (Dist. 12)

DIRECTORS

Class A

POWELL, Keith,(San Francisco, Calif) McINTOSH, C. K. (San Francisco, Calif.) RAMSAY,T.H. (San Francisco, Calif.)


1933 1934 1935 (re-elected)

Class B

McNAGHTEN, Malcolm (Los Angeles,Calif.) COX, E. H. (Madera, Calif.) DOHRMANN, A. B. C. (San Francisco, Calif.)

1933 1934 1935 (re-elected)

Class C

MOORE, W. N.(San Francisco, Calif.) Deputy Chairman 1933 WELCH, A. P. (San Francisco, Calif.) 1934 NEWTON, Isaac B. (San Francisco, Calif.) Chairman and FR Agentl935 (re-appointed)


HEARINGS

TTS.Congress. Banking Act of 1933 - .R.5661 (S.1631)

No hparinre held by either Touse or Senate Banking Pnd Currency Committees.

Note: After hearings on in 1932, a committee met and became BANKING ACT OF 1933.

See c.rd (this file)

1933 BANKING ACT OF 1933

S.Res. 71 and S.h115 formulated bill which

H25 2565

1932

1933


1933 / HEARINGS

Jan. 18 U.S.Congress. Senate. Committee on banking HG and currency. 2560 Amendments to Federal reserve act permitting .A2

the discounting of notes of finance and credit 1933 companies; bearing before a subcommittee .. ,72d cong.,2d sees. on S. 4 454, to amend sec. 13 of the F.R.act by making notes of automobile finance companies subject to discount abd S.4550, to amend sec.13 of the F.R.act by making notes of finance and credit companies subject to discount, Jan.18,

1933. Wash.,Govt.ptg.off.,1933. 17 p.

Testimony: Meyer,Eugene (Gov.) Jan.l1 pp.16-17

a


1933 Feb. HEARINGS

Stock Exchange Practices Hearings...on S. Res. 84 & S. Res. 239 before

Senate Banking and Currency Committee. (72nd Cong. 2nd Sess. 1933)

pt. 5. p. 1397 - 1758 (Continued from April 1932)


1933 HEARINGS

June 1 T.S.Congress. Senate. Committee on banking and HG currency. 2066 Credit unions: FEARING before a subcommittee .A2

... 73d cong.,lst sess. on S.1639 (ub.467) a (1933) bill to establish a Federal credit union system ... S.1640 a bill to amend sec. 13 of the Federal reserve act ... S.1641, a bill to amend section 4 of the Act approved June 25,1910, authorizing the postal savings system. June 1, 1933. Wash., Govt.ptg.off.,1933.

3'2 p.

F.R.Bd.L.

I


1933 HEARINGS

May 3 U.S.Congress. Senate. Committee on banking HG and currency. 2562

Relief to municipalities: hearing...73d .A2

cong.,lst.sess. on S.1539, a bill to amend 1933 sec.13 of the Federal reserve act, as amended,

with respect to rediscount powers of Federal reserve banks, May 3, 1933. Wash.,Govt.ptg.

off.,1933. 22 p.

F.R.Bd.L.


1933-1934

May23-Dec.'33 Dec. '33-Mar.'34 Mar.23-Apr.5 Apr.18,May

U.S. Congress. Senate. Committee on Banking and Currency. (Pecora investigation) Stock exchange practices: hearings ... 73d cong.,lst

sess. on S. Res. 84 (72d cong.) a resolution to investigate the matter of banking operations and practices ... May 23-Dec. 7, 1933; and 6.Res.97 ... Dec. 19, 1933-Mar. 16, 1934, Mar. 23-Apr.5, 1934; Apr. 18, 1934; 4 ay 1, 1934. Wash. Govt. ptg. off., 1933-34.

20pts. Index to hearings (853 p.) Testimony: Black, Eugene, (Gov.F.R.Bd.) Mar.23,1934,

vol. 16 Natl Sec. Exchange Act,p.7425-7436 Thomas, Woodlief, (F.R.Bd.) vol. 15, p.6449

6461 p. 7188-7202.

** HEARINGS 4575 .A2 1934

(also 1933)


1933 February 3 i < -: f c t A A

x xd W # LEGISIATION

[PT hLIC-No. 32 6 -72D COOWRiSSB [S. 5484]

AN ACT : To extend the time during which certain provfsions of the Act of February 27, 1932, relating to improving the facilities of the Federal reserve system to

meet the needs of member banks in exceptional circumstances, shall be effective.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 10(b) of the Federal Reserve Act, as amended (U. S. C., Supp. VI, title 12 sec. 347b), and the second paragraph of section 16 of the Federal Reserve Act, as amended by section 3 of the Act entitled "An Act to improve the facilities of the Federal reserve system for the service of commerce, industry, and agriculture, to provide means for meeting the needs of member banks in exceptional circumstances and for other purposes," approved yebruary 27, 1932 (U. S. C., upp. VI title 12, sec. 412), are ,aniepd by striking out the date " arch 8, 1933 " whereyer it appas inserting in lieu thereof "Marcht,

Approved, Februa 'ijDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1933 February 3 Advances to member banks on ineligible paper. LEGISLATION

Section 10(b) of Federal Reserve Act was amended so as to extend until March 3,.1934, the time within which Federal Reserve banks might make advances

to individual member banks having a capital not exceeding $5,000,000 which

lacked sufficient eligible and acceptable assets to enable them to obtain adequate credit accommodations from the Federal Reserve banks by the custom

ary methods. (47 Stat. 794, Ch. 34.)

United States obligations as collateral for Federal Reserve notes.

Section 16 of Federal Reserve Act was amended so as to extend iuntil Mrch 3,

1934, the authority of the Federal Reserve Board to permit the use of direct obligations of the United States as collateral security for Federal Reserve notes. (47 Stat. 794, Ch. 34.)

Source: Suoolement to statement on Evolution of Banking Legislation -by Valter Wyatt, October 26, 1939. Exhibit G


1933 LEGISLATION February 25

(PUBLIC EBSOLUTI0TN-T- 0. 59-l 'w B8s

(S. J. Res. 256]

JOINT RESOLUTION

S- Comptroller of the Currency to exercise with respect to nattI lll iic8iaieS riowers ,*th' tatoffieialUe may havs~*it&t espeo

lie ika Mit banks, and/or trust companies under Statmina. s

Resolved by the Senate and House of Representative~;of nitdmerica in Congress assembled, Thiat, wth the

ppretry of the Treasury, the Compitoll of ur iave and may exercise to such extent ' h1%. s dvis respect to any national bankin association'an4b7 er§ hie t e officials having supervisionof'State b a, avi anhl and . 'trust companies in the State in which u nktifonnl

bank ~ig ascations are located may have with respec 'to cli'S kt 'insti fltions under State laws now in force or herefter enactd Provised,~Tht not hig herein shall be construed'to permit' th establishnent'of branches of either national or State ihemier bank or allow qp 1lidation of either national or State member banks n allowed by "festing las. '." _ i ,

Expenses incurred by the Comptroller of the Currenc in thi exercise of such powers may be assesa Mlm.against thebank concerned and, when so assessed,4@ll be p by such banks.

Nothing heein shall be costrued to impair any power otherwise posseemedy the mbi f the Currency, the Secretary of the Treasury vr the ~ , e Board.

The powers herein co shall terminate six months from its approval by the President; but the President of the United States may extend its force by proclamation for an additional six months.

Approved, February 25, 1933.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1933

The Stock Exchange closed on March 4, 1933 and reopened on March 15, 1933.


1933 March 9 LEGISLATION

This Act confirmed the President's "banking holiday" under the "Trading with the Enemy Act" of October 6, 1917

sec. 5(b)). It also amended the Federal Reserve Act with

proclamation (40 Stat. 415, regard to:

Recapture of gold. Transaction of banking business in emergencies. Issuance of Federal Reserve bank notes. Advances to member banks in exceptional circumstances. Advances to individuals, partnerships, or corporations on the security of

obligations of the United States.

For summary see Source: Supplement to statement on Evolution of Banking Legislation by

Walter Wyatt, October 26, 1939. Exhibit G.

"Emergency Banking Act of 1933"


1933 March 24 Loans to nonmember banks. ---- "Robinson-Steagall Act" LEGISLATION

The Act of March 9, 1933, was amended by adding thereto a new section which

authorized Federal Reserve banks under certain conditions to make loans to any

State bank or trust company not a member of the Federal Reserve System upon se

curity aoproved by such Federal Reserve bank and after a thorough examination

of the borrowing institution. During the time that such borrowing bank or trust

company was indebted to a Federal Reserve bank it was required to comply in all

respects with the provisions of the Federal Reserve Act applicable to State mem

ber banks and the regulations of the Federal Reserve Board issued thereunder, in

cluding the maintenance of the reserve balance required under section 19, but was

not required to subscribe to stock in the Federal Reserve bank. Notes representing

such loans were eligible as security for Federal Reserve bank notes issued to Federal

Reserve banks under the conditions prescribed in section 18. Loans could be made

under this section during the existing emergency in banking or until the section was

declared no longer operative by proclamation of the President, but in no event after

March 24, 1939. (43 Stat. 20, Ch. 8.)

Source: Supplement to statement on Evolution of Banking Legislition by Walter Wyatt,

October 26, 1939. Exhibit GDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1933 May 12 "Thomas Amendment" LEGISLATION

This Act amended the Federal Reserve Act with regard to: Purchase of obligations of the United States by the Federal Reserve banks.

Prevention of undue credit expansion.

Security for advances to member banks.

Change in Reserve requirements.




1933 May 20 LEGISLATION

[PUBLI-NO. 19--73D CONGRBSS) [8. 1410)

AN ACT To amend section 207 of the Bank Conservation Act with respect to bank

reorganizations.

Be it enaoteds e Senate and House of Repreentatives of the aited Bt~s of America in Conorees assembled, Tt section 207

of thi' vt riisg out "national banking a ars thoin and inserting-in

lieu pproved M 19 Approved May 20th 193-Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1933 May 20 Exceptions to limitation on indebtedness of a national bank. LEGISLATION

Section 5202 of the Revised Statutes, made a part of section 13 of

the Federal Reserve Act and limiting, with certain exceptions, the total

indebtedness of a national bank, was amended to exempt from such limitation nll liabilities incurred on account of loans made to banks or agents in

charge of their properties with the express approval of the Comptroller

of the Currency under paragraph (9) of section 5200 of the Revised Statutes.

(48 Stat. 73, Ch. 35, sec. 2.)

Source: Supplement to statement on Evolution of Banking Legislation by



1933 May 20 LEGISLATION

PUBLIc--No. ?0Q-773 CONGRESS] (S. 1415] AN ACT

To amend sections 5200 and 5202 of tie Revised Statutes, as amended, to remove the limitations on national banks in certain cases.

Be it enacted by the Senate and House of Representative8 of the United States of America in Congress assembled, That sectl&n 5200 of the Revised Statutes, as amended, is amended by adding at the. end thereof the following new i ra -ph:

"(9) Obligations representin i4 '.t . y' national banking association or to any b n:ngiirganized under the.laws of any State, or to any receiver, conservator, or superintenident of banks, or to any other agent, in charge of the business and property of any such association or banking institution, when such loans are approved by the Comptroller of the Currency, shall not be subject und# this section to analiititation based upon such capital and surpi.tl*

SEC. 2. Section 5202 of the Revised Statutes, as amended, is amended by adding at the end-thereof the following new paragraph: / "Ninth. Liabilities incurred on account of loans made with the express approval of the Comptroller of the Currency under paragraph (9) of section 5200 of the Revised Statutes, as amended."

Approved May 20" 1933Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1933 June 13 Redemption of bank notes. LEGISLATION

This Act provided for the redemption by the United States Treasurer, and destruction by the Comptroller of the Currency, of any national bank notes, Federal Reserve bank notes, or Federal Reserve notes presented to the Treasurer for redemption and incapable of identification as to the bank of issue or through which issued. Provision was made for charging such redeemed national bank and Federal Reserve bank notes against redemption deposits, and charging such redeemed Federal Reserve notes against the twelve Federal Reserve banks in certain proportions and ultimately against the gold-redemption fund of such Federal Reserve banks. (48 Stat. 127-123, Ch. 62.)

Source: Supplement to statement on Evolution of Banking Legislation by Walter Wyatt, October 26, 1939. Exhibit G


1933 - 1 June 16 "Banking Act of 1933" LEGISLATION

This Act added to the Federal Reserve Act a new section (12B) which

provided for the insurance of bank deposits. For this purpose it established

a new agency, the Federal Deposit Insurance Corporation, with three directors

of whom the Comptroller of the Currency was one. It also amended the Federal

Reserve Act with regard to: Control of Federal Reserve bank credit by Federal Reserve Board.

Voting by groups or chains in elections of Federal Reserve bank directors.

Distribution of earnings of Federal Reserve banks. Membership of Morris Plan banks. Branches of State member banks. Membership of mutual savings banks and other banking institutions without

capital stock. Reports of affiliates of State member banks. Dealings in stocks and investment securities by State member banks.

Divorce of stock of State member bank from stock of other corporations.

Right of an affiliate of a State member bank to vote stock held by it in such bank.

Examination of the affiliates of State member banks. Capital requirements of State member banks. Terms of Federal Reserve Board members. Other provisions regarding the Federal Reserve Board.

Loans by member banks on stock or bond collateral.

For summary see

Source: Supplement to statement on Evolution of Banking Legislation by Walter Wyatt, October 26, 1939. Exhibit G.


1933 June 16 "Banking Act of 1933"c6 7 LEGISLATION

This Act amended the Federal Reserve Act with regard to:

Federal Open Market Committee. Loans on member banks' collateral notes. Farm loan bonds as security for member banks' promisso r notes.

Foreign transactions of Federal Reserve banks. Member banks as mediums in making loans on collateral.

Interest on deposits of member banks. Examinations of affiliates of national banks. Loans by member banks to executive officers. Loans to or investments in stock of affiliates. Limitation on investment in bank premises. Jurisdiction of Federal courts over cases involving foreignbanking transactions. Jurisdiction of suits by or against Federal Reserve banks.

Relationships between member banks and securities dealers.

Removal of bank directors or officers from office. Board of directors of national and State member banks. Relations of member banks with securities companies. Interlocking directorates.




1933 March 1933

Open Market Operations

Discount Rate

Selective Regulations

Surrounding Circumstances -

FEDERAL RESERVE SYSTEM POLICY ACTION

Apparent Intent - For other purposes

- Bought large amounts of bankers' acceptances at increased

rates.

- Raised from 21/2 to 31/2 percent at New York and Chicago.

Run on gold and on bank deposits preceding bank holiday, depleting the reserves of Federal Reserve Banks.

Source: Joint Committee on the Economic Report

Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 219.


1933 April 1933 to November 1933

Open Market Operations

Discount Rate

FEDERAL RESERVE SYSTEM POLICY ACTION

Apparent Intent - Expansionary

- Bought $595 million of Government securities. Buying rate on bankers' acceptances reduced sharply, but

purchases of Government securities partly offset by decline

in acceptance portfolio.

- Reduced from 31/2 to 2 percent at New York; 31/2 to 3 oercent at St. Louis; 31/2 to 21/2 percent at 5 other Banks*.

Selective Regulations

Surrounding Circumstances - Action taken to ease the position of banks and promote

recovery after bank "holiday". Production and commodity

orices advanced sharply, as well as prices of stocks and

speculative bonds, from low levels reached in March.

Source: Joint Committee on the Economic Report

Monetary Policy and the Management of the Public Debt (Patman Report) 1952,

Page 219.

*Boston, Philadelohia, Cleveland, Chicago, and San Francisco


1933 LITIGATION

13.644. Statute allowing preference held inapplicable because of insufficiency of title.-The Federal Reserve Bank of San Francisco brought suit to establish a preferred claim against the assets of a closed State bank which had remitted to the Reserve bank a draft in payment of checks drawn upon such State bank. The suit was based upon a State statute which expressly gave a preference to the collecting bank in such circumstances. It was held that the title of the statute in question was insufficient to express the subject matter of the section giving preferred claims; was therefore in violation of the State constitution; and did not apply to the transaction. under consideration. Accordingly, judgment for the defendant was affirmed. Fed era.Jes.erve Bank of San Francisco v. Citizens' Bank & Trust Co., 53 Idahcr16, 23 c. (2d) 735 (1933).


1933 LITIGATION

722. Possession of note wemp etkwld not to affect. F $lVe

ba ,sstatus.-In a suit by a Firdi wsej rve ba a promisory

ttokhe maker contendedAlt iff noa in s e, (and that since she, exec drety4or her husbab's debt, she w

gea4e judgmeft for that circumstantial e idence1 was in th os

session oft ayee n5 we-kendirect and ui

atra evienq t- ,eff ib pyep he* the note as agent fet the YW' 1 1 ba . Ao ingly, it wetd that the Federal

Reserve bz taF e dek of the,, in due course and that therefore

:-ydgmenti de endant should be reversed. Federal Reserve Bank

if Atk v.AG 5Han,1(A .E (1__

_ _


president franklin d. roosevelt inaugurated janu 20,1933 united states government executive officers...

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