Chairman Thomas B. McCabe, of Scott Paper Company, is inaugurated as Chairman of the Federal Reserve Board of Governors (a Federal agency).

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

       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

to read,

       THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE

       [restored 8/27/2022]