Regional President Speech

ENABLING LEGISLATION The proposed bill 1. Acceptance of membership 2. Appointment of governors and executive directors A. President, by and with the advice and consent of the Senate B. Terms of governors and alternates: 5 years of executive directors: 2 years 3» Reports President to Congress every six months 4» Certain acts controlled by Congress A. Change in quotas B. Subscription to additional shares of Bank C. Change in par value of dollar D. Loans to the Fund E. Amendments to the agreements 5. Par value of dollar equals 15 5/21 grains of gold ,9 fine 6« Depositaries Federal Reserve Banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis - 2 - 7. Payment of subscriptions A. Stabilization fund B. Appropriations C. Repayments become miscellaneous receipts 8. Obtaining and furnishing information 9* Financial transactions with foreign gov'ts in default Johnson Act repealed for members of the Fund 10. Jurisdiction in venue of actions Location of principal office in U.S.for actions brought within the U.S. 11. Status, immunities, and privileges II. International financial council 1. Executive vs. Congressional responsibility A. Relative independence of members B. Permanent agencies 2. Advantages of a council legally established A. Continuity and consistency of policy with existing agencies in related fields B. U.S. action as example to other countries Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis - 3 - 3* Size and composition Qf council A. ABA proposal p B. 5 members, including Treasury, State, Federal Reserve 4• Functions A* Instruct American representative in important decision of broad policy B. Act as U.S. where member action is Called for (except as specified in 1-4.) C. Consult with appropriate Congressional committees D. Make reports to the President and Congress Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Karl R. Bopp (1944, December 31). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19450101_karl_r_bopp

@misc{wtfs_regional_speeche_19450101_karl_r_bopp,
  author = {Karl R. Bopp},
  title = {Regional President Speech},
  year = {1944},
  month = {Dec},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19450101_karl_r_bopp},
  note = {Retrieved via When the Fed Speaks corpus}
}