12 U.S.C. § 246 — Powers of Secretary of the Treasury as af-

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, Page 92 TITLE 12—BANKS AND BANKING § 247 1 See References in Text note below. and control of the Treasury Department and bu- reaus 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 su- pervision and control of the Secretary. (Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classi- fication of this Act to the Code, see References in Text note set out under section 226 of this title and Tables. CODIFICATION Section is comprised of sixth 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. § 247. Reports to Congress The Board of Governors of the Federal Reserve System shall annually make a full report of its operations to the Speaker of the House of Rep- resentatives, who shall cause the same to be printed for the information of the Congress. The report required under this paragraph shall in- clude the reports required under section 1691f of title 15, section 57a(f)(7) 1 of title 15, section 1613 of title 15, and section 247a of this title. (Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 106–569, title XI, § 1103(b), Dec. 27, 2000, 114 Stat. 3030.) Editorial Notes REFERENCES IN TEXT Section 57a(f)(7) of title 15, referred to in text, was re- pealed by Pub. L. 111–203, title X, § 1092(3), July 21, 2010, 124 Stat. 2095. CODIFICATION Section is comprised of seventh 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. AMENDMENTS 2000—Pub. L. 106–569 inserted at end ‘‘The report re- quired under this paragraph shall include the reports required under section 1691f of title 15, section 57a(f)(7) of title 15, section 1613 of title 15, and section 247a 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. MEMBERSHIP OF INTERNATIONAL BANKS IN FEDERAL RESERVE SYSTEM; REPORT TO CONGRESS Pub. L. 95–369, § 3(g), Sept. 17, 1978, 92 Stat. 610, pro- vided that the Board report to Congress not later than 270 days after Sept. 17, 1978 recommendations with re- spect to permitting corporations organized or operating under section 25 or 25(a) of the Federal Reserve Act to become members of Federal Reserve Banks. EFFECT OF INTERNATIONAL BANKING ACT OF 1978 ON INTERNATIONAL BANKS; REPORT TO CONGRESS Pub. L. 95–369, § 3(h), Sept. 17, 1978, 92 Stat. 610, pro- vided that: ‘‘As part of its annual report pursuant to section 10 of the Federal Reserve Act [this section], the Board shall include its assessment of the effects of the amendments made by this Act [see Short Title note set out under section 3101 of this title] on the capitaliza- tion and activities of corporations organized or oper- ating under section 25 or 25(a) of the Federal Reserve Act [sections 601 to 604 and 611 to 631 of this title], and on commercial banks and the banking system.’’ § 247a. Records of action on policy relating to open-market operation and policies deter- mined generally; inclusion in report to Con- gress The Board of Governors of the Federal Reserve System shall keep a complete record of the ac- tion taken by the Board and by the Federal Open Market Committee upon all questions of policy relating to open-market operations and shall record therein the votes taken in connec- tion with the determination of open-market policies and the reasons underlying the action of the Board and the Committee in each instance. The Board shall keep a similar record with re- spect to all questions of policy determined by the Board, and shall include in its annual report to the Congress a full account of the action so taken during the preceding year with respect to open-market policies and operations and with respect to the policies determined by it and shall include in such report a copy of the records required to be kept under the provisions of this section. (Dec. 23, 1913, ch. 6, § 10 (par.), as added Aug. 23, 1935, ch. 614, title II, § 203(d), 49 Stat. 705.) Editorial Notes CODIFICATION Section is comprised of tenth par. of section 10 of act Dec. 23, 1913, as added Aug. 23, 1935. For classification to this title of other pars. of section 10, see Codification note set out under section 241 of this title. § 247b. Appearances before Congress The Vice Chairman for Supervision shall ap- pear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Com- mittee on Financial Services of the House of Representatives and at semi-annual hearings re- garding the efforts, activities, objectives, and plans of the Board with respect to the conduct of supervision and regulation of depository institu- tion holding companies and other financial firms supervised by the Board.