Regional President Speech

57TH ANNUAL CONVENTION OF THE AMERICAN INSTITUTE OF BANKING Philadelphia, Pa. 1. June 1, 1959: "Get Acquainted Dinner" for representatives of Federal Reserve Banks attending the AIB CONVENTION. 2. June 2, 1959: Address by President Bopp entitled: PROFESSIONAL STANDARDS TN RANKING before the Educational Conference, Morning Session. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis get acquainted dinner for representatives of the federal reserve banks attending the a. i. b. convention sderal reserve bank 'f philadelphia shiftier room londay, june 1, 1959 '.00 p.m. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The "Fed" of Philadelphia extends to you a cordial welcome to this family dinner. We hope sincerely that you will remember this occasion as a pleasant visit spent with your Federal Reserve friends. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MENU MIXED FRUIT PUNCH BROILED TENDERLOIN STEAK PO TATO ES STRINGBEANS HASHED IN CREAM TOASTED ALMONDS SPICED PEACH ES - W ATERCRESS C E L E R Y HEARTS STU FFED OLIVES RO LL B U TTER FRESH STRAW BERRY TAR T C O F FE E MINTS SA LTED NUTS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SEATING ARRANGEMENT ♦ ♦ Table One Table Six Miss Julianne K. Sturgis, Philadelphia Mr. Edward A. Aff, Philadelphia Mr. Harris A. Maloney, Chicago Mr. Herbert E. Nicholls, Atlanta Mrs. Harris A. Maloney, Chicago Miss Eleanor M. Kuhl, Philadelphia Mr. William V. Gerlich, Dallas Mr. Jack E. Barton. St. Louis Miss Frances C. Jackson, Philadelphia Mr. John H. Howard, Boston Mr. Dean E. Mayfield, St. Louis Mrs. John H. Howard, Boston Mr. Lloyd K. Hansen, Minneapolis Mr. Jack E. Soder, Kansas City Mr. Thomas J. Kyde, Cleveland Miss Frances K. Reames, Richmond Mr. Herbert Denish, Philadelphia Mr. Karl R. Bopp, Philadelphia Mrs. Karl R. Bopp, Philadelphia Table Two Table Seven Mrs. Mary L. Kehoe, Philadelphia Mr. William A. James, Philadelphia Mr. V«. Lloyd Kelley, Dallas Mrs. Roselyn H. Rutledge, Richmond Miss Gertrude E. Murray, Philadelphia Mr. Robert W. Worcester, Minneapolis Mr. Edward F. Cotter, Boston Mr. Thomas Ormiston, Cleveland Mrs. Edward F. Cotter, Boston Miss Ellen Phillips, Philadelphia Mr. Duane W. Kline, Atlanta Mr. Louis A. Nelson, St. Louis Mrs. Virginia J. Swickler, Chicago Mr. M. C. Petersen, San Francisco Mrs. Elizabeth S. Belton, Kansas City Mr. Robert W. McEllen, Atlanta Mr. Arthur V. Myers, Jr., Richmond Miss I. Nancy Webber, Philadelphia Table Three Table Eight Mr. Henry A. Rickert, Jr., Philadelphia Mr. Raymond W. Yarroll, Philadelphia Mrs. LaVerne A. Thomas, Atlanta Miss Nancy L. Bresnahan, Boston Mr. James Harvey Donahue, St. Louis Mr. John J. Davis, Philadelphia Mr. Frank L. Franzak, Chicago Mr. Charles A. Powell, Cleveland Miss Rosemary Hayden, Cleveland Mrs. Charles A. Powell, Cleveland Mr. Richard C. Heiber, Minneapolis Mrs. Patricia P. Willis, San Francisco Mr. R. Baxter Causey, Richmond Mr. Robert Mitchell, Chicago Miss Florence Cole, Dallas Mr. George W. Saunders, Dallas Mr. Wallace M. Catanach, Philadelphia Miss Florence E. Ragone, Philadelphia Table Four Table Nine Miss Dorothy Bowen, Philadelphia Miss Margaret M. Kehoe, Philadelphia Miss Mary Elizabeth Flanery, St. Louis Mrs. Rosemary E. Oden, Kansas City Mr. John L. Griffin, Richmond Mrs. Alice D. Rehn, Chicago Mrs. John L. Griffin, Richmond Mr. Robert Rehn, Chicago Mr. Harry A. Curth, Jr., New York Mr. Henry J. Nelson, Philadelphia Mr. Robert J. Cahill, Kansas City Mr. Robert G. Hoover, Cleveland Mr. Linwood F. Moss, Dallas Mr. John J. Barrett, Boston Mr. Fred A. Murray, Philadelphia Mr. John F. Lee, Kansas City Mr. William'F. Boehner, Jr., Philadelphia Mr. Edward W. Holloway, Philadelphia Table Five Table Ten Mr. Robert N. Hilkert, Philadelphia Miss Catherine L. Hickey, Philadelphia Mr. Clifford B. Beavers, Richmond Mr. D. Dewey Shea, St. Louis Mr. Ellis Bowell, Cleveland Mrs. D. Dewey Shea, St. Louis Mrs. Evelyn Harris, St. Louis Mr. D. W. Sheets, San Francisco Mrs. Allene T. Petts, Richmond Mrs. D. W. Sheets, San Francisco Miss Dorothy S. Litvany, Minneapolis Miss Ann K. Curley, Richmond Mr. F. R. Skinner, San Francisco Mr. Harry C. Tisch, New York Mrs. F. R. Skinner, San Francisco Miss Jettie A. Moore, Kansas City Mr. Gustave A. Kress, Philadelphia Miss Mcn-ion Stevenson, Cleveland Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis COMMENTS BY KARL R. POPP at the "Get Acquainted11 Dinner For Representatives of the Federal Reserve Banks attending the National Convention of the American Institute of Banking Held on Monday, June 1, 1959, at 6:00 p.m. in the Whittier Room of the Federal Reserve Bank of Philadelphia On behalf of the directors, officers, and staff of the Federal Reserve Bank of Philadelphia, it is my privilege and great pleasure to welcome you to this "Get Acquainted" Dinner for representatives of the Federal Reserve Banks attending the A.I.B. Convention. This is the first such gathering to be held under the new principle of — shall we say "austerity"? — established by the Board of Governors. I begin, therefore, by asking a question I first heard some thirty years ago: "Is there nobody here but us?" By us I mean any member, directly or by marriage, of the several parts that comprise the Federal Reserve System. I think you will appreciate why I have asked this question after I have reviewed the establishment of the new "ground rules" with you. On May 18, 1958, the Board requested the presidents of the Reserve Banks to discuss such entertainment expenditures. This was done at the Conference of Presidents in June. On October 2, 1958 the Board expressed its opinion in these words: "The Board is of the opinion that any benefits derived from dinner parties given outside of the Bank for delegates from other Federal Reserve Banks, and their wives, attending conventions of organizations such as the American Institute of Banking would not be sufficient to justify the expenditure." I want to be completely frank with you. When I read the decision of the Board, I felt a sense of annoyance, mitigated by a sense of relief. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis source of annoyance must be obvious; why should the board be concerned with this matter? The sense of relief arose because I felt that I could now get out of giving yet another speech and could blame the Board for it. Frankly, I have been giving so many speeches lately that some of my good friends have been saying: "Karl no longer stops to think; he gives a speech instead.n As I say, my initial response to the letter from the Board was: "It's unfortunate (for me, personally, however, not too bad) but the decision of the Board means that the representatives of the Federal Reserve Banks will not be able to get together during the Convention under System auspices." Thank goodness, this was not the conclusion of Bill James, our Personnel Officer, or of Bob Hilkert, our First Vice President. When I discussed the matter with them — as you may gather, I make precious few decisions without discussion — they said, discreetly to be sure, but firmly: "Look, Karl, your conclusion may get you off a hook; but it just doesn't make any sense." Bob said that he had learned more last year about his job and about what makes the Federal Reserve System "tick" from his informal association at the dinner session of the Federal Reserve Bank of Kansas City than from any other feature of the convention. In this, as in so many other matters, Bob aroused me from laziness and lethargy. We concluded that the rule of the Board was understandable and was not intended to prevent us, who are of the System, from getting together. It was in­ tended, rather, to protect all of us from spending money to entertain ourselves, an act which invariably invokes criticism of the System. With this interpretation in mind, I discussed the matter in Washington. You will understand that I concentrated on my firm belief that the values to be derived from having us get together justified the expenditure. I am happy to report that these conferences resulted in complete understanding. I agreed that there would be no cocktails, or rather that we would not serve them. I agreed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -3- also not to hold the session outside the Bank, not to have it catered by outsiders, and not to have professional entertainment. In acknowledging these understandings I relied on a staff that takes the professional approach. I knew this would be a real challenge to our cafeteria. But I knew even more deeply that Mary Alice Schwinhart and her staff are real professionals, a topic which I shall discuss at the Convention tomorrow. I knew that they would do well what they had not been asked to do before. I know that many a butterfly has flown within her since she said: "We shall do our best." I think you will agree that she can let those butterflies come to rest, safe in the knowledge that she and her staff have done a better job in their first venture than experienced outsiders would have done because outsiders would have been motivated by the feeling that this would be just «mother routine affair. This brings me to the point I am trying to make. Tonight I have spoken of Bob Hilkert and Bill James, of Mary Alice Schwinhart and her staff in the cafeteria. Tomorrow I shall be talking about Captain Dennis Casey and his Guards — without mentioning him or them ty name — and I shall be talking also about all of my colleagues at all levels without mentioning them by name. My real point is that it is fun to be president when you have — as I do — a thousand professionals who are doing the work for which you are responsible and for which you receive the credit. I have recounted the background of our meeting tonight to demonstrate how we at the Federal Reserve Bank of Philadelphia feel about our colleagues in the System and about having us get together whenever and wherever possible. # # # # # Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Karl R. Bopp (1959, May 31). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19590601_karl_r_bopp

@misc{wtfs_regional_speeche_19590601_karl_r_bopp,
  author = {Karl R. Bopp},
  title = {Regional President Speech},
  year = {1959},
  month = {May},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19590601_karl_r_bopp},
  note = {Retrieved via When the Fed Speaks corpus}
}