12 U.S.C. § 244 — Principal offices of Board; chairman of Board; obligations and expenses; qualifications of members; vacancies

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 300 words · no verdicts yet

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The Federal Reserve Board's main office is in Washington, D.C. The chairman leads meetings, with the vice chairman or an elected member filling in when needed. Board members can't work for or own stock in any bank, and vacancies are filled by the President with Senate approval.

This section covers where the Board is based, who runs its meetings, how it handles money, and rules on conflicts of interest and vacancies. The Board's main offices must be in the District of Columbia. The chairman presides over Board meetings. If the chairman is absent, the vice chairman presides instead. If both the chairman and vice chairman are absent, the Board elects one of its members to serve as chairman pro tempore for that meeting. The Board decides how it takes on obligations and how it approves and pays its bills and expenses. It can keep the money from assessments on the Federal Reserve banks on deposit at those banks, to cover its estimated expenses and staff salaries. This assessment money is not treated as government funds or as money appropriated by Congress. No member of the Board can be an officer or director of any bank, banking institution, trust company, or Federal Reserve bank, and no member can own stock in any bank, banking institution, or trust company. Before starting the job, each member must swear under oath that they meet this requirement, and file that certification with the Board's secretary. If a seat becomes vacant for any reason other than a member's term simply ending — among the seven Board members the President appoints — the President appoints a successor, with the Senate's advice and consent. That new member serves out the rest of the departing member's term.

the actual law source: uscode.house.gov ↗public domain

The principal offices of the Board shall be in the District of Columbia. At meetings of the Board the chairman shall preside, and, in his absence, the vice chairman shall preside. In the absence of the chairman and the vice chairman, the Board shall elect a member to act as chairman pro tempore. The Board shall determine and prescribe the manner in which its obligations shall be incurred and its disbursements and expenses allowed and paid, and may leave on deposit in the Federal Reserve banks the proceeds of assessments levied upon them to defray its estimated expenses and the salaries of its members and employees, whose employment, compensation, leave, and expenses shall be governed solely by the provisions of this chapter and rules and regulations of the Board not inconsistent therewith; and funds derived from such assessments shall not be construed to be Government funds or appropriated moneys. No member of the Board of Governors of the Federal Reserve System shall be an officer or director of any bank, banking institution, trust company, or Federal Reserve bank or hold stock in any bank, banking institution, or trust company; and before entering upon his duties as a member of the Board of Governors of the Federal Reserve System he shall certify under oath that he has complied with this requirement, and such certification shall be filed with the secretary of the Board. Whenever a vacancy shall occur, other than by expiration of term, among the seven members of the Board of Governors of the Federal Reserve System appointed by the President as above provided, a successor shall be appointed by the President, by and with the advice and consent of the Senate, to fill such vacancy, and when appointed he shall hold office for the unexpired term of his predecessor.

Source credit: (Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; June 16, 1933, ch. 89, § 6(b), 48 Stat. 167; Aug. 23, 1935, ch. 614, title II, § 203(a)–(c), 49 Stat. 704, 705.)

history & why it existsrecord from the source credit

1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 261
1922Amended · Act of June 3, 1922, ch. 205 · 42 Stat. 621
1933Amended · Act of June 16, 1933, ch. 89 · 48 Stat. 167
1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704, 705

A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.

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