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12 U.S.C. § 246 — Powers of Secretary of the Treasury as affected by chapter
Federal law — U.S. Code and appendices · legal_authorities
Nothing in this chapter contained shall be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury which relate to the supervision, management, and control of the Treasury Department and bureaus under such department, and wherever any power vested by this chapter in the Board of Governors of the Federal Reserve System or the Federal reserve agent appears to conflict with the powers of the Secretary of the Treasury, such powers shall be exercised subject to the supervision and control of the Secretary.
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Source file: Laws/federal/codes/united-states-code/title-12/section-246-powers-of-secretary-of-the-treasury-as-affected-by-chapter--839e605361.md
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Source location: Title 12, Chapter 3, § 246; chapter-003-federal-reserve-system.md
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Nothing in this chapter contained shall be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury which relate to the supervision, management, and control of the Treasury Department and bureaus under such department, and wherever any power vested by this chapter in the Board of Governors of the Federal Reserve System or the Federal reserve agent appears to conflict with the powers of the Secretary of the Treasury, such powers shall be exercised subject to the supervision and control of the Secretary.
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Federal law — U.S. Code and appendices · legal_authorities
The Board of Governors of the Federal Reserve System (hereinafter referred to as the “Board”) shall be composed of seven members, to be appointed by the President, by and with the advice and consent of the Senate, after August 23, 1935, for terms of fourteen years except as hereinafter provided, but each appointive member of the Federal Reserve Board in office on such date shall continue to serve as a member of the Board until February 1, 1936, and the Secretary of the Treasury and the Comptroller of the Currency shall continue to serve as members of the Board until February 1, 1936. In selecting the members of the Board, not more than one of whom shall be selected from any one Federal Reserve district, the President shall have due regard to a fair representation of the financial, agricultural, industrial, and commercial interests, and geographical divisions of the country. In selecting members of the Board, the President shall appoint at least 1 member with demonstrated primary experience working in or supervising community banks having less than $10,000,000,000 in total assets. The members of the Board shall devote their entire time to the business of the Board and shall each receive basic compensation at the rate of $15,000 per annum, payable monthly, together with actual necessary traveling expenses.
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Federal law — U.S. Code and appendices · legal_authorities
The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the “Federal Reserve Act.”
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Federal law — U.S. Code and appendices · legal_authorities
Page 91
TITLE 12—BANKS AND BANKING
§ 246
§ 4, 48 Stat. 1108; Aug. 23, 1935, ch. 614, title II,
§ 203(a), 49 Stat. 704; Pub. L. 106–569, title X,
§ 1001, Dec. 27, 2000, 114 Stat. 3027.)
Editorial Notes
CODIFICATION
Section is comprised of third par. of section 10 of act
Dec. 23, 1913. For classification to this title of other
pars. of section 10, see note set out under section 241 of
this title.
AMENDMENTS
2000—Pub. L. 106–569 inserted ‘‘After September 1,
2000, the Board may also use such assessments to ac-
quire, in its own name, a site or building (in addition
to the facilities existing on such date) to provide for
the performance of the functions of the Board.’’ after
first sentence, inserted ‘‘or buildings’’ after ‘‘building’’
wherever appearing in third and fourth sentences, and
substituted ‘‘constructed on any site’’ for ‘‘constructed
on the site’’ in third sentence.
1934—Act June 19, 1934, inserted provisions after ‘‘the
preceding half year’’ in first sentence and inserted sec-
ond and third sentences.
Statutory Notes and Related Subsidiaries
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of
Federal Reserve Board to Board of Governors of the
Federal Reserve System.
§ 244. Principal offices of Board; chairman of
Board; obligations and expenses; qualifica-
tions of members; vacancies
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 ab-
sence, the vice chairman shall preside. In the ab-
sence of the chairman and the vice chairman,
the Board shall elect a member to act as chair-
man pro tempore. The Board shall determine
and prescribe the manner in which its obliga-
tions shall be incurred and its disbursements
and expenses allowed
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