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12 U.S.C. § 302 — Number of members; classes
Federal law — U.S. Code and appendices · legal_authorities
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.
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Stable record: federal_law:legal_authorities:record_usc_cb734cbb805dcfa007b914a1
Source file: Laws/federal/codes/united-states-code/title-12/section-302-number-of-members-classes--fbcdc6143c.md
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Source location: Title 12, Chapter 3, § 302; chapter-003-federal-reserve-system.md
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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.
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Federal law — U.S. Code and appendices · legal_authorities
The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.
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Federal law — U.S. Code and appendices · legal_authorities
Every Federal reserve bank shall be conducted under the supervision and control of a board of directors.
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Federal law — U.S. Code and appendices · legal_authorities
Page 108
TITLE 12—BANKS AND BANKING
§ 302
without discrimination in favor of or against
any member bank or banks and may, subject to
the provisions of law and the orders of the Board
of Governors of the Federal Reserve System, ex-
tend to each member bank such discounts, ad-
vancements, and accommodations as may be
safely and reasonably made with due regard for
the claims and demands of other member banks,
the maintenance of sound credit conditions, and
the accommodation of commerce, industry, and
agriculture. The Board of Governors of the Fed-
eral Reserve System may prescribe regulations
further defining within the limitations of this
chapter the conditions under which discounts,
advancements, and the accommodations may be
extended to member banks. Each Federal re-
serve bank shall keep itself informed of the gen-
eral character and amount of the loans and in-
vestments of its member banks with a view to
ascertaining whether undue use is being made of
bank credit for the speculative carrying of or
trading in securities, real estate, or commod-
ities, or for any other purpose inconsistent with
the maintenance of sound credit conditions; and,
in determining whether to grant or refuse ad-
vances, rediscounts, or other credit accommoda-
tions, the Federal reserve bank shall give con-
sideration to such information. The chairman of
the Federal reserve bank shall report to the
Board of Governors of the Federal Reserve Sys-
tem any such undue use of bank credit by any
member bank, together with his recommenda-
tion. Whenever, in the judgment of the Board of
Governors of the Federal Reserve System, any
member bank is making such undue use of bank
credit, the Board may, in its discretion, after
reasonable notice and an opportunity for a hear-
ing, suspe
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 302
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