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12 U.S.C. § 302 — Number of members; classes

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 172 words · no verdicts yet

in plain englishAI-generated · not legal advice

Each Federal Reserve Bank's board has nine directors serving three-year terms, split into three classes. Class A represents stockholding banks, while Classes B and C represent the public, considering agriculture, industry, and other interests. No one can be excluded from serving based on race, sex, or similar traits.

A Federal Reserve Bank's board of directors, selected as this chapter specifies, consists of nine members serving three-year terms, divided into three classes: A, B, and C. Class A has three members, chosen by and representative of the stockholding banks, selected without discrimination based on race, creed, color, sex, or national origin. Class B has three members who represent the public. They are elected without that kind of discrimination, and their election must give due — but not exclusive — consideration to the interests of agriculture, commerce, industry, services, labor, and consumers. Class C has three members designated by the Board of Governors of the Federal Reserve System. Like Class B members, they represent the public and are elected without discrimination based on race, creed, color, sex, or national origin, with due but not exclusive consideration to those same interests: agriculture, commerce, industry, services, labor, and consumers.
the actual law source: uscode.house.gov ↗public domain

Such board of directors shall be selected as hereinafter specified and shall consist of nine members, holding office for three years, and divided into three classes, designated as classes A, B, and C.

Class A shall consist of three members, without discrimination on the basis of race, creed, color, sex, or national origin, who shall be chosen by and be representative of the stockholding banks.

Class B shall consist of three members, who shall represent the public and shall be elected without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.

Class C shall consist of three members who shall be designated by the Board of Governors of the Federal Reserve System. They shall be elected to represent the public, without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.

Source credit: (Dec. 23, 1913, ch. 6, § 4 (pars.), 38 Stat. 255; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 95–188, title II, § 202, Nov. 16, 1977, 91 Stat. 1387.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 255
  • 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
  • 1977Amended · Pub. L. 95-188 · 91 Stat. 1387

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

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