Governor Eugene Robert Black, Sr., of the unlawful, privately owned Federal Reserve Bank of Atlanta, is inaugurated as Chairman of the Federal Reserve Board of Directors (a Federal agency that oversees the Federal Reserve System of (central) Banks).

       Postscript: Under his tenure, the obligation clause on Federal Reserve Notes (Bills of Credit) was changed from,

REDEEMABLE IN GOLD ON DEMAND AT THE UNITED STATES TREASURY, OR IN GOLD OR LAWFUL MONEY AT ANY FEDERAL RESERVE BANK

to read as,

THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE, AND IS REDEEMABLE IN LAWFUL MONEY AT THE UNITED STATES TREASURY, OR AT ANY FEDERAL RESERVE BANK

       [restored 7/3/2022]