12 U.S.C. § 303 — Qualifications and disabilities

This section bans certain people from certain Federal Reserve jobs, to avoid conflicts of interest. It has no lettered subsections, so it is covered here as three plain rules. No Senator or Representative in Congress can be a member of the Board of Governors of the Federal Reserve System. A Senator or Representative also cannot be an officer or a director of a Federal Reserve Bank. The Federal Reserve System has different classes of bank directors. A class B director cannot also be an officer, director, or employee of any bank. A class C director faces an even stricter rule: a class C director cannot be an officer, director, employee, or stockholder of any bank.