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Story
January 4, 1916
Grand Forks Daily Herald
Grand Forks, Grand Forks County, North Dakota
What is this article about?
Governor Hanna of North Dakota, a director of the Minneapolis Federal Reserve Bank, is affected by a federal reserve board rule prohibiting office-holders from serving as directors. His term ends in 1918, but he may resign sooner if running for U.S. senator.
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GOVERNOR HANNA MUST RESIGN
Minneapolis, Minn., Jan. 4.--Governor Hanna of North Dakota, a member of the board of directors of the Minneapolis Federal Reserve bank, is the only member to be affected by the decision of the federal reserve board that office-holders and members of political committees cannot be directors of reserve banks, according to Theodore Wold, governor of the local bank.
The reserve board has sent to the reserve banks a circular which states, in addition to the original resolution of the board, that directors now in office who are affected will not be required to resign until the end of their terms.
"Governor Hanna's term as director does not expire until 1918," said Wold today, "but if he becomes a candidate for United States senator, as has been frequently suggested, he probably would resign, as the federal reserve act prohibits senators or representatives from being connected with reserve banks."
Minneapolis, Minn., Jan. 4.--Governor Hanna of North Dakota, a member of the board of directors of the Minneapolis Federal Reserve bank, is the only member to be affected by the decision of the federal reserve board that office-holders and members of political committees cannot be directors of reserve banks, according to Theodore Wold, governor of the local bank.
The reserve board has sent to the reserve banks a circular which states, in addition to the original resolution of the board, that directors now in office who are affected will not be required to resign until the end of their terms.
"Governor Hanna's term as director does not expire until 1918," said Wold today, "but if he becomes a candidate for United States senator, as has been frequently suggested, he probably would resign, as the federal reserve act prohibits senators or representatives from being connected with reserve banks."
What sub-type of article is it?
Historical Event
What themes does it cover?
Justice
What keywords are associated?
Governor Hanna
Federal Reserve Board
Reserve Bank Director
Resignation
Political Office
United States Senator
What entities or persons were involved?
Governor Hanna
Theodore Wold
Where did it happen?
Minneapolis, Minn.
Story Details
Key Persons
Governor Hanna
Theodore Wold
Location
Minneapolis, Minn.
Event Date
Jan. 4
Story Details
Governor Hanna is the only director affected by the federal reserve board's decision barring office-holders from reserve bank directorships. His term ends in 1918, but he may resign earlier if running for U.S. senator due to federal reserve act prohibitions.