12 U.S.C. § 305 — Class C directors; selection; “Federal reserve agent”
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 246 words · no verdicts yet
The Federal Reserve's Board of Governors appoints "Class C" directors to each Federal Reserve Bank. One of them becomes chairman and also serves as the "Federal reserve agent," a paid, experienced banker who represents the Board locally. A deputy chairman fills in when needed.
Class C directors are appointed by the Board of Governors of the Federal Reserve System. They must have lived in the Federal Reserve district they serve for at least two years before appointment. The Board picks one of them as chairman of the Federal Reserve Bank's board of directors and gives that person* the title "Federal reserve agent." That person must be an experienced banker, and besides chairing the bank's board, must keep a local office of the Board of Governors on the Federal Reserve Bank's premises, under rules the Board sets. The Federal reserve agent must report regularly to the Board of Governors and act as the Board's official representative for its duties under this chapter. The Board sets that person's yearly pay, which the Federal Reserve Bank pays monthly. The Board also appoints one of the other Class C directors as deputy chairman, to use the chairman's powers when needed. If both the chairman and deputy chairman are absent, the third Class C director* presides at board meetings.
Class C directors shall be appointed by the Board of Governors of the Federal Reserve System. They shall have been for at least two years residents of the district for which they are appointed, one of whom shall be designated by said board as chairman of the board of directors of the Federal reserve bank and as “Federal reserve agent.” He shall be a person* of tested banking experience and in addition to his duties as chairman of the board of directors of the Federal reserve bank he shall be required to maintain, under regulations to be established by the Board of Governors of the Federal Reserve System, a local office of said board on the premises of the Federal reserve bank. He shall make regular reports to the Board of Governors of the Federal Reserve System and shall act as its official representative for the performance of the functions conferred upon it by this chapter. He shall receive an annual compensation to be fixed by the Board of Governors of the Federal Reserve System and paid monthly by the Federal reserve bank to which he is designated. One of the directors of class C shall be appointed by the Board of Governors of the Federal Reserve System as deputy chairman to exercise the powers of the chairman of the board when necessary. In case of the absence of the chairman and deputy chairman, the third class C director* shall preside at meetings of the board.
Source credit: (Dec. 23, 1913, ch. 6, § 4 (par.), 38 Stat. 256; June 21, 1917, ch. 32, § 2, 40 Stat. 232; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 256
- 1917Amended · Act of June 21, 1917, ch. 32 · 40 Stat. 232
- 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
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