Registry No. 1707-03 

NATIONAL RECOVERY ADMINISTRATION 

CODE OF FAIR COMPETITION 

FOR 

MUTUAL SAVINGS BANKS 

AS APPROVED ON OCTOBER 9, 1933 

BY 

PRESIDENT ROOSEVELT 

WE 00 OUR PART 

1. Executive Order 

2. Letter of Transmittal 

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I A t. I 

UNITED STATES 

GOVERNMENT PRINTING OFFICE 

WASHINGTON: 1933 

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(II) 
EXECUTIVE ORDER 

CODE OF FAIR COMPETITION 

FOR 

MUTUAL SAVINGS BANKS 

A.n application having been duly made, pursuant to and in full 

compliance with the provisions of title I of the National Industrial 

Recovery Act, approved June 16, 1933, for my approval of a Mutual 

Savings Banks Code of Fair Competition, and hearings having 

been held thereon and the Administrator having rendered his report containing an analysis of the said code of fair competition 

together with his recommendations and findings with respect thereto, 

and the Administrator having found that the said code of fair com..-

petition complies in all respects with the pertinent provisions or. 

title I of said act and that the requirements of clauses (1) and (2) 

of subsection (a) of section 3 of said act have been met: 

NOW, THEREFORE, I, Franklin D. Roosevelt, President of th~ 

United States, pursuant to the authority vested in me by title I ot 

the National Industrial Recovery Act, approved June 16, 1933, and 

otherwise, do adopt and approve the report, recomn1endations, and 

findings of the Administrator and do order that the said code of 

fair competition be and is hereby approved. 

THE WHITE HousE, 

October 9, 1933. 

Approval recommended : 

HUGH s. JOHNSON' 

Administrator. 

FRANKLIN D. ROOSEVELT. 

15092°-133-203-33 cm> 
OcToBER 4, 1!m3. 

Tne PRESIDENT, 

The lV hite House. 

11Y DEAR MR. PRESIDENT: I have the honor to submit and recomn1end for your approval the Mutual Savings 13anks Code of Fair 

Competition. Within sixty days after your approval, a supplen1entary code of fair practices provisions shall be filed with the 

Administrator for his approval. 

The Code was proposed by, and has been accepted by, the National Association of Mutual Savings Banks, representing 92% of 

the 565 mutua.l savings banks in the country, 96% of their total 

assets of $10,938,000,000, and 96% of their total number of depositors 

of 13,300,000. 

The Code has been approved by the several Advisory Boards of 

the National Recovery Administration. 

A complete report is being transmitted herewith to you. Significant features are: there have been only a few minor failures of 

mutual savings banks and not one in the State of New York; they 

have more employees now than in 1929; a small number of employees fall within the minimum wage level of the Code; and the 

statement by Labor Advisors that banking employees receive higher 

comparative wages than those paid by industry generally. 

I find that the Code complies with the pertinent provisions of 

clauses ( 1) and ( 2), subsection (a) of Section 3 of the National 

Industrial Recovery Act. 

Respectfully submitted. 

HuaH S. JOHNSON, Admini<Jtrator. 

(IV) 
CODE OF FAIR COMPETITION FOR MUTUAL SAVINGS 

BANKS 

PR•EAMBLE 

To effectuate the policy of Title I of the National Industrial Re- l 

covery Act during the period of emergency, the following provisions ' 

are established as a Code of Fair Competition for Mutual Savings 

Banks. 

ARTICLE I-DEFINITIONS 

The term "mutual savingt, bank" as used herein means a savings 

bank operating under a state law, without capital stock or stockholders, and solely in the interests of its depositors. 

The provisions of this Code shall apply to and affect only the 

regular banking operations of ::Mutual Savings Banks. 

The term "employer" as used herein means any mutual savings 

bank. 

The terms "employee" or "banking employee" as used herein 

shall mean any pe.rson employed by a mutual savings bank in any 

capacity in connection with its banking functions and operations. 

The term "United States proper" as used herein shall mean the 

forty-eight ( 48) states of the United States and the District of 

Columbia. 

The term "Administrator " as used herein shall mean the National 

Recovery Administrator. 

Population for the purposes of this Code shall be determined by 

reference to the 1930 Federal Census. 

ARTICLE II-EFFECTIVE DATE 

The effective date of this Code, except as specifically provided :for 

hereinafter, shall be the second Monday after its approval by the 

President of the United States. 

ARTICLE III-GENERAL LABOR PROVISIONS 

Employers shall comply with the following provisions of Section 

7 (a) of Title I of the National Industrial Recovery A.ct: 

(1) Employees shall have the right to organize and bargain collectively through representatives of their own choosing and shall be 

free from the interference, restraint or coercion of employers of 

labor, or their agents, in the designation of such representatives or 

in self-organization or in other concerted activities for the purpose 

of collective bargaining or other mutual aid or protection. 

(2) No employee and no one seeking employment shall be required 

as a condition of employment to join any company union or to refrain 

(1) 
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from joininO', organ1z1ng, or assisting a labor organization of his 

own choo ing. 

(3) Employers shall comply with the maximmn hours of labor, 

minimum rates of pay, and other conditions of employment, approved or prescribed by the President. 

ARTICLE IV-CHILD LABOR 

On and after the effective date of this Code no person under sixteen ( 16) years of age shall be employed by any bank; provided, 

however that where a state law prescribes a higher minimum age, no 

person below the age specified by such state law shall be employed 

within such state. 

ARTICLE V-HOURS OF EMPLOYMENT 

(1) On and after the effective date of this Code no banking employee shall work or be permitted to work more than forty ( 40) 

hours per week averaged over a period of thirteen (13) consecutive 

weeks. 

(2) The maximum hours of employment prescribed in the foregoing paragraph shall be subject to the following exceptions: 

(a) ,vhere cases of seasonal or peak requirements impose upon 

banking facilities an unusual demand, employees of banks subject 

to such peak demand may work forty-eight ( 48) hours per week for 

a period not to exceed twelve (12) consecutive weeks in any calendar 

year. Any such increase in hours of employment shall be reported 

monthly to the Banking Code Committee provided for in Article 

VII hereinafter. 

(b) All banking employees required to perform extra work or 

observe later hours in connection with examinations as required by 

law, over which the bank has no control, shall be exempt during 

such periods from the limitations upon hours of employment prescribed in the foregoing paragraphs. 

( c) Employees in banking institutions employing not more than 

two (2) persons in addition to executive officers, in towns of less than 

2,500 population, not part of a larger trade area, and employees in a 

managerial or executive capacity or in any other capacity of distinction or sole responsibility ( regardless of the location of the bank) 

who receive more than thirty-five (35) dollars per week shall be 

exempt from the limitations upon hours of employment prescribed 

in the foregoing paragraphs. 

( d) These provi ·ions for working hours shall not apply to night 

watchmen employed to safeguard the assets of the bank, who cannot ,, ith safety be shifted or changed during the night period. 

ARTICLE VI-vv AGEs 

(1) On and after the effective date of this Code no employee in 

cities of over 500,000 population, or in the immedjate trade area of 

such cities, shall be paid less than at the rate of 15.00 per week; 

no employee in cities between 250,000 and 500,000 population or in 

the immediate trade area of such cities, shall be paid less than at 
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the rate of $14.50 per week; no employee in cities between 2,500 and 

250,000 population, or in the immediate trade area of such cities, 

shall be paid less than at the rate of $14.00 per week. In towns of 

less than 2,500 population the wages of all classes of employees shall 

be increased by not less than twenty (20) per cent, provided that 

this shall not require an increase in wages to more than the rate of 

$12.00 per week. 

(2) It is provided, however, that employees without previous 

banking experience or training employed as apprentices may be paid 

during a continuous period of not more than six ( 6) months at the 

rate of eighty {80) per cent o:f the minimum wages prescribed in 

the foregoing paragraph. No bank shall include within the category 

of apprentices more than one such employee for every twenty (20) 

employees or :fraction thereof. 

(3) Employers shall not reduce the compensation for regular employment now in excess of the minimum wages provided for herein, 

notwithstanding that the h0urs worked in such employment may be 

hereby reduced. 

ARTICLE VII-ADMINISTRATION 

(1) To effectuate further the policies of the National Industrial 

Recovery Act, a Mutual Savings Banks Code Committee is hereby set 

up to act as a planning and fair-practice agency and to cooperate 

with the Administrator in the administration and enforcement of 

i:his Code. This Committee shall consist of fifteen (15) representatives of the National Association of Mutual Savings Banks, who 

shall be truly representative of the membership of the Association, a 

representative selected by fifty-one (51) per cent (measured by total 

:resources) of the non-members of the National Association of Mutual 

Savings Banks, and a representative or representatives, without 

vote, appointed by the President of the United States. 

(2) The Mutual Savings Banks Code Committee may from time 

to time present to the Administrator recommendations, based upon 

conditions in the banking business, which will tend to effectuate the 

operation of the provisions of this Code and the policy of the National Industrial Recovery Act. Such recornmendn.tions shall, upon 

approval of the Administrator after such public notice and hearing 

as he may prescribe, become operative as part of this Code. 

(3) The Mutual Savings Banks Code Committee may, subject to 

the approval of the Administrator, require from all banks such 

reports as are necessary to effectuate the purposes of this Code, 

and shall upon its own initiative or upon complaint of any person 

affected make investigation as to the functioning and observance 

of any provision of the Code and report the results of such investigation to the Administrator. 

( 4) The Administrator may from time to time, after consultation 

with the Mutual Savings Banks Code Committee, is ue such administratiYe interpretations of the Yarious provisions of this Code as 

are necessary to effectuate its purposes within the proYisions of 

the National Industrial Recovery Act of 1D33, and such interpretations shall become operative as a part of this Code. Such interpre-
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tations shall be promptly communicated to members of the Association, and any member shall have the right to appeal to the Administrator and be heard. 

ARTICLE VIII-FAIR TRADE PRACTICES 

(1) Within sixty (60) days after the approval of this Code, the 

Mutual Savings Banks Code Committee shall present to the Admin- . istrator for his approval a supplementary Code containing fair trade 

practice provisions. 

(2) If the hours of banking operation of any mutual savings bank 

are reduced, no such bank shall by reason of this fact reduce the 

number of its employees below the number employed as of June 1, 

1933. By hours of banking operation is meant the time within 

which the doors of the mutual savings bank are open for the purpose 

of serving the public. 

ARTICLE IX-GENERAL PROVISIONS 

(1) Member.ship in the National Association of Mutual Savings 

Banks shall be open to all banks included within the provisions of 

this Code and said Association shall impose no inequitable restrictions upon admission to membership therein. 

(2) It is expres.sly provided that no provision of this Code shall 

be interpreted or applied so as to conflict in any way with any 

federal or state banking law or any rule, regulation, or order which 

may have been or may be issued by any federal or state banking 

authority applicable to mutual savings banks. 

(3) This Code and all the provisions thereof are expressly made 

subject to the right of the President, in accordance with the provisions of Section 10 (b) of Title I of the National Industrial Recovery Act, from time to time to cancel or modify any order, approval., 

license, rule, or regulation issued under Title I of said Act, and 

specifically to the right of the President to cancel or modify his 

approval of this Code or any conditions imposed by him upon his 

ap:proval thereof. 

( 4) Such other provisions of this Code as are not required to be 

included herein by the National Industrial Recovery Act, may, with 

the approval of the President,-.,be modified or eliminated as changes 

in the circumstances or experience may indicate. 

( 5) The provisions of this Code shall expire on the expiration 

date of Title I of the Act or on the earliest date ~prior thereto on 

which the President shall by proclamation, or the Congress shall by 

joint resolution, declare that the emergency recognized by Section 

I of the National Industrial Recovery Act has ended. 

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