Show FEDERAL RESERVE I I BANK LA LAW MAY MAYBE I BE CHANGED 1 Amendments Amendments Amendments Amend Amend- j Co Con Congress ress Considers Increase Increase Increase In In- ments ments Designed to crease Efficiency By Dy Associated Press WASHINGTON April 24 24 Changes Changes In inthe the federal reserve bank laws pending pending pending pend pend- I election of I with ing in the house deal directors permission for Cor national banks ban Its I Ito authority au- au au authority to act as in fiduciary capacities I to issue new denominations of federal reserve notes r reserve s rv requirements requirements requirements require require- ments and and other vital banking opera opera- The These e changes are proposed in a bill based on administration recommendations and have been favorably reported from Crom the banking and currency com com- Under the bill bl the present law lawIs lawis lawis is modified to leave to the discretion of the federal reserve board the groupIng groupIng grouping group group- ing of the member bunks banks of oC each district district district dis dis- dis- dis into three general genral groups without the present requirement that each group shall contain as nearly as ma may maybe maybe be third one-third of oC the banks in the district dis dis- The purpose of this modification modifications I is s to equalize representation on the directorate di directorate directorate di- di I of the federal reserve banks large arge medium sized and small banks The bill extends fiduciary capacities of oC national banks to include guardian of I states assignee receiver some som es estates es- es ales tates of ot lunatic lunatics and other fiduciary permitted to state banks bank trust rust companies or other corporations which compete with national banks un- un leI her the laws of or some somo states LARGER RESERVE NOTES Issue of oC federal reserve notes in iQ de denominations denominations denominations de- de nominations of 1000 and in addition to the denominations denominations ions under present law the largest of which is is proposed by the bill Banks larks are constantly se notes of arger denominations and there are dalIy withdrawals of oC gold certificates from Tom rom the federal re reserve erve banks It is asserted that federal reserve notes of large arge denominations would conserve j he the gold supply A practice whereby any officer director di- di rector actor or attorney of a bank stipulates for or receives a commission or r some other thins thing of value for pro pro- curing for someone else a loan or pro pro-I the purchase or discount of ot paper or 01 similar simi- simi lar ar obligation is prohibited under th they the I Jill ill The payment or a greater rate I if of f interest to any director officer at- at I at-I j I orney torney or other othel than to an any I the ther depositor is prohibited 2 l |