Appointment of Committee for Investigation of Administration of Federal Reserve Act: Hearings...on H.res. 476

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Page 47 - That nothing in this or any other section of this Act shall be construed as prohibiting a member or nonmember bank from making reasonable charges, to be determined and regulated by the Federal Reserve Board, but in no case to exceed 10 cents per $100 or fraction thereof, based on the total of checks and drafts presented at any one time, for collection or payment of checks and drafts and remission therefor by exchange or otherwise; but no such charges shall be made against the Federal reserve banks.
Page 76 - An Act to provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.
Page 19 - Minnesota, Mississippi, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Oklahoma, Oregon, South Carolina, South Dakota, Tennessee, Texas, Utah...
Page 16 - Federal reserve banks and their branches, and may at its discretion exercise the functions of a clearing house for such Federal reserve banks, or may designate a Federal reserve bank to exercise such functions, and may also require each such bank to exercise the functions of a clearing house for its member banks.
Page 83 - Provided, Such nonmember bank or trust company maintains with the Federal reserve bank of its district a balance sufficient to offset the items in transit held for its account by the Federal reserve bank...
Page 15 - Any Federal reserve bank may receive from any of its member banks, and from the United States,* deposits of current funds in lawful money, national-bank notes. Federal reserve notes, or checks, and drafts, payable upon presentation, and also, for collection, maturing notes and bills...
Page 19 - The charges herein specified shall in all cases be collected at the time of deposit or not later than the tenth day of the following calendar month. No collecting bank shall, directly or indirectly, allow any abatement, rebate, or return for or on account of such charges or make in any form, whether of interest on balances or otherwise, any compensation therefor. SEC.
Page 83 - My DEAR SENATOR: I have been a good deal disturbed to learn of the proposed amendment to the Federal Reserve Act which seems to contemplate charging the Federal Reserve banks for payment of checks cleared by them, or charging the payee of such checks passing through the Reserve banks with a commission. I should regard such a provision as most unfortunate and as almost destructive of the function of the Federal Reserve banks as a clearing house for member banks, a function which they have performed...
Page 17 - This deals with labor disputes between individuals, not where the Government is involved. It is my notion that under this bill the Government can function with an injunction, if that is necessary in order to carry out the purpose of the Government. I should like to see this clarified, but I want to go on record as saying that under my interpretation of this bill the Federal Government will not at any time be prevented from applying for an injunction, if one is necessary in order that the Government...
Page 48 - The cost to the Federal Reserve banks of handling these checks was about $3,450,000. This cost was borne by the Federal Reserve banks and does not represent any expense whatever to the member banks or their customers. The number of checks handled has increased almost every year, and was greatest in 1939.

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