12 U.S.C. § 243 — Assessments upon Federal reserve banks to

Page 90 TITLE 12—BANKS AND BANKING § 243 ommendations for the Board regarding super- vision and regulation of depository institution holding companies and other financial firms su- pervised by the Board, and shall oversee the su- pervision and regulation of such firms. The Chairman of the Board, subject to its super- vision, shall be its active executive officer. Each member of the Board shall within fifteen days after notice of appointment make and subscribe to the oath of office. Upon the expiration of their terms of office, members of the Board shall continue to serve until their successors are ap- pointed and have qualified. Any person ap- pointed as a member of the Board after August 23, 1935, shall not be eligible for reappointment as such member after he shall have served a full term of fourteen years. (Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 260; June 3, 1922, ch. 205, 42 Stat. 620; June 16, 1933, ch. 89, § 6(a), 48 Stat. 166; Aug. 23, 1935, ch. 614, title II, § 203(b), 49 Stat. 704; Pub. L. 95–188, title II, § 204(a), Nov. 16, 1977, 91 Stat. 1388; Pub. L. 111–203, title XI, § 1108(a)(1), July 21, 2010, 124 Stat. 2126.) Editorial Notes CODIFICATION Section is comprised of second 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 2010—Pub. L. 111–203 substituted ‘‘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, and 1 of whom shall be designated Vice Chairman for Supervision. The Vice Chairman for Supervision shall develop policy rec- ommendations 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.’’ for ‘‘Of the persons thus appointed, one 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 four years, and one shall be des- ignated by the President, by and with the consent of the Senate, to serve as Vice Chairman of the Board for a term of four years.’’ 1977—Pub. L. 95–188 substituted in third sentence ‘‘one shall be designated by the President, by and with the advice and consent of the Senate, to serve as Chair- man of the Board for a term of four years, and one shall be designated by the President, by and with the con- sent of the Senate, to serve as Vice Chairman of the Board for a term of four years’’ for ‘‘one shall be des- ignated by the President as chairman and one as vice chairman of the Board, to serve as such for a term of four years’’. 1935—Act Aug. 23, 1935, § 203(b), extended term of ap- pointive members from twelve to fourteen years, and inserted provisions for continuance in office until suc- cessor qualified and against reappointment. 1933—Act June 16, 1933, extended term of appointive members from ten to twelve years. 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. EFFECTIVE DATE OF 2010 AMENDMENT Pub. L. 111–203, title XI, § 1108(a)(2), July 21, 2010, 124 Stat. 2126, provided that: ‘‘The amendment made by subsection (a) [amending this section] takes effect on the date of enactment of this title [July 21, 2010] and applies to individuals who are designated by the Presi- dent on or after that date to serve as Vice Chairman of Supervision.’’ EFFECTIVE DATE OF 1977 AMENDMENT; APPLICABILITY Pub. L. 95–188, title II, § 204(b), Nov. 16, 1977, 91 Stat. 1388, provided that: ‘‘The amendment made by sub- section (a) [amending this section] takes effect on Jan- uary 1, 1979, and applies to individuals who are des- ignated by the President on or after such date to serve as Chairman or Vice Chairman of the Board of Gov- ernors of the Federal Reserve System.’’ REPEALS Act Mar. 3, 1919, ch. 101, § 2, 40 Stat. 1315, formerly cited as a credit to this section, was repealed by Pub. L. 89–554, § 8(a), Sept. 6, 1966, 80 Stat. 644. COMPENSATION OF CHAIRMAN OF BOARD Annual basic compensation of Chairman of Board of Governors, see section 5313 of Title 5, Government Or- ganization and Employees. § 243. Assessments upon Federal reserve banks to pay expenses The Board of Governors of the Federal Reserve System shall have power to levy semiannually upon the Federal reserve banks, in proportion to their capital stock and surplus, an assessment sufficient to pay its estimated expenses and the salaries of its members and employees for the half year succeeding the levying of such assess- ment, together with any deficit carried forward from the preceding half year, and such assess- ments may include amounts sufficient to pro- vide for the acquisition by the Board in its own name of such site or building in the District of Columbia as in its judgment alone shall be nec- essary for the purpose of providing suitable and adequate quarters for the performance of its functions. After September 1, 2000, the Board may also use such assessments to acquire, 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 approving such plans, estimates, and spec- ifications as it shall have caused to be prepared, the Board may, notwithstanding any other pro- vision of law, cause to be constructed on any site so acquired by it a building or buildings suitable and adequate in its judgment for its purposes and proceed to take all such steps as it may deem necessary or appropriate in connec- tion with the construction, equipment, and fur- nishing of such building or buildings. The Board may maintain, enlarge, or remodel any building or buildings so acquired or constructed and shall have sole control of such building or buildings and space therein. (Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; June 19, 1934, ch. 653, 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 and paid, and may leave on deposit in the Federal Reserve banks the pro- ceeds 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 gov- erned solely by the provisions of this chapter and rules and regulations of the Board not in- consistent 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 Fed- eral Reserve System shall be an officer or direc- tor of any bank, banking institution, trust com- pany, or Federal Reserve bank or hold stock in any bank, banking institution, or trust com- pany; and before entering upon his duties as a member of the Board of Governors of the Fed- eral Reserve System he shall certify under oath that he has complied with this requirement, and such certification shall be filed with the sec- retary 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 ad- vice and consent of the Senate, to fill such va- cancy, and when appointed he shall hold office for the unexpired term of his predecessor. (Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; June 16, 1933, ch. 89, § 6(b), 48 Stat. 167; Aug. 23, 1935, ch. 614, title II, § 203(a)–(c), 49 Stat. 704, 705.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act, specific amendments thereof’’, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under sec- tion 226 of this title and Tables. CODIFICATION Section is comprised of fourth par. of section 10 of act Dec. 23, 1913. For classification to this title of other pars. of section 10, see Codification note set out under section 241 of this title. Word ‘‘seven’’ was substituted for ‘‘six’’ in last sen- tence on authority of section 203(b) of act Aug. 23, 1935, which increased membership of the Board of Governors. AMENDMENTS 1935—Act Aug. 23, 1935, § 203(c), substituted second and third sentences for former related provisions. 1933—Act June 16, 1933, fixed the principal offices of the Board, made the Secretary of the Treasury chair- man, provided for chairman pro tempore, and referred to disbursements, obligations, salaries and leaves. 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. § 245. Vacancies during recess of Senate The President shall have power to fill all va- cancies that may happen on the Board of Gov- ernors of the Federal Reserve System during the recess of the Senate by granting commissions which shall expire with the next session of the Senate. (Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 260; June 3, 1922, ch. 205, 42 Stat. 620; Aug. 23, 1935, ch. 614, title II, § 203(a), 49, Stat. 704.) Editorial Notes CODIFICATION Section is comprised of fifth par. of section 10 of act Dec. 23, 1913. For classification to this title of other pars. of section 10, see Codification note set out under section 241 of this title. 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. § 246. Powers of Secretary of the Treasury as af- fected by chapter 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,