Federal Reserve Board
Washington, May 8, 1915.
CLEARINGS BETWEEN FEDERAL RESERVE BANKS
I
STATUTORY PROVISIONS UNDER SECTION 16
"The Federal Reserve Board shall make and promulgate from time to time regulations governing the transfer of funds and charges therefore among 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."
II
GENERAL PROVISIONS
In the exercise of the functions of the clearing house authorised under the provisions of section 16, quoted above, the Federal Reserve Board and the federal reserve banks will be governed by and subject to the following regulations and the Federal Reserve Board will be the custodian of the funds hereinafter termed the gold settlement fund. The board will appoint a settling agent who shall keep the necessary records and accounts.