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12 U.S.C. § 244 — Principal offices of Board; chairman of Board; obligations and expenses; qualifications of members; vacancies
Federal law — U.S. Code and appendices · legal_authorities
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.
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Source file: Laws/federal/codes/united-states-code/title-12/section-244-principal-offices-of-board-chairman-of-board-obligations-and-expenses-qu--c678d8f11d.md
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Source location: Title 12, Chapter 3, § 244; chapter-003-federal-reserve-system.md
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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.
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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
The members of the Board shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any member bank, except that this restriction shall not apply to a member who has served the full term for which he was appointed. Upon the expiration of the term of any appointive member of the Federal Reserve Board in office on August 23, 1935, the President shall fix the term of the successor to such member at not to exceed fourteen years, as designated by the President at the time of nomination, but in such manner as to provide for the expiration of the term of not more than one member in any two-year period, and thereafter each member shall hold office for a term of fourteen years from the expiration of the term of his predecessor, unless sooner removed for cause by the President. Of the persons thus appointed, 1 shall be designated by the President, by and with the advice and consent of the Senate, to serve as Chairman of the Board for a term of 4 years, and 2 shall be designated by the President, by and with the advice and consent of the Senate, to serve as Vice Chairmen of the Board, each for a term of 4 years, 1 of whom shall serve in the absence of the Chairman, as provided in [section 244 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section244&num=0&edition=prelim), and 1 of whom shall be designated Vice Chairman for Supervision. The Vice Chairman for Supervision shall develop policy recommendations for the Board regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the Board, and shall oversee the supervision and regulation of such firms. The Chairman of the Board, subject to its supervision, shall be
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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
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 244
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