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1933 Rep. of Operations 1 (1933)

handle is hein.usfed/fdicar1933 and id is 1 raw text is: REPORT OF OPERATIONS FEDERAL DEPOSIT INSURANCE CORPORATION, Washington, D.C., March 31, 1984. SIR: Pursuant to the provisions of subsection (r) of section 12B of the Federal Reserve Act, as the same is incorporated in section 8 of the Banking Act of 1933, the Federal Deposit Insurance Corporation has the honor to submit its report with respect to its operations. The Federal Deposit Insurance Corporation was created by the Banking Act of 1933. Since its creation it has been concerned with making the insurance provisions of that act effective, and this report is concerned with its operations in that connection. According to the provisions of the law the Comptroller of the Currency is designated as a director, and under that designation Mr. J. F. T' O'Connor, Comptroller of the Currency, has continuously acted as a director. The President appointed as the other directors Mr. Walter J. Cummings and Mr. E. G. Bennett. The directors organized on September 11, 1933, and elected Mr. Walter J. Cum- mings chairman of the board. Mr. Cummings served in the capacity of chairman of the board until February 1, 1934, at which time his resignation became effective and he was succeeded by Mr. Leo T. Crowley. The board of directors of the Corporation, immediately following their organization, adopted bylaws to regulate the manner in which the general business of the Corporation would be conducted. The board appointed the necessary officers and employees to enable the Corporation to proceed with the insurance of bank deposits in accord- ance with the provisions of the act. In order to obtain funds for operation and to avail itself of the provisions of the law providing for its capital, the Corporation in September 1933 received $500,000 from the Secretary of the Treasury. In November 1933 it received the remainder of the Government's contribution to its capital, or $149,500,000, in accordance with the provisions of the act which require the Secretary of the Treasury, on behalf of the United States, to subscribe to stock of the Corpora- tion in the amount of $150,000,000. On January 3, 1934, the Corpora- tion called upon the Federal Reserve banks to subscribe to its class B stock under the provision of the act which requires them to subscribe to shares of class B stock of the Corporation in an amount equal to 663&3-3H

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