section 244 of this titleThe 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 , 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 , 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 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 appointed and have qualified. Any person appointed as a member of the Board after , 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, § 1038 Stat. 260June 3, 1922, ch. 20542 Stat. 620June 16, 1933, ch. 89, § 6(a)48 Stat. 166Aug. 23, 1935, ch. 61449 Stat. 704Pub. L. 95–188, title II, § 204(a)91 Stat. 1388Pub. L. 111–203, title XI, § 1108(a)(1)124 Stat. 2126( (par.), ; , ; , ; , title II, § 203(b), ; , , ; , , .)
Editorial Notes
Codification
section 241 of this titleSection is comprised of second par. of section 10 of act . For classification to this title of other pars. of section 10, see note set out under .
Amendments
Pub. L. 111–203section 244 of this title2010— 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 , 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.” 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 designated 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.”
Pub. L. 95–1881977— substituted in third sentence “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 designated 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” for “one shall be designated 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 , § 203(b), extended term of appointive members from twelve to fourteen years, and inserted provisions for continuance in office until successor qualified and against reappointment.
1933—Act , extended term of appointive members from ten to twelve years.
Statutory Notes and Related Subsidiaries
Change of Name
Section 203(a) of act , 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)124 Stat. 2126
Effective Date of 1977 Amendment; Applicability
Pub. L. 95–188, title II, § 204(b)91 Stat. 1388
Repeals
Act Mar. 3, 1919, ch. 101, § 240 Stat. 1315Pub. L. 89–554, § 8(a)80 Stat. 644, , formerly cited as a credit to this section, was repealed by , , .
Compensation of Chairman of Board
section 5313 of Title 5Annual basic compensation of Chairman of Board of Governors, see , Government Organization and Employees.