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.
Dec. 23, 1913, ch. 6, § 1038 Stat. 261June 3, 1922, ch. 20542 Stat. 621June 16, 1933, ch. 89, § 6(b)48 Stat. 167Aug. 23, 1935, ch. 61449 Stat. 704( (par.), ; , ; , ; , title II, § 203(a)–(c), , 705.)
Editorial Notes
References in Text
act Dec. 23, 1913, ch. 638 Stat. 251section 226 of this titleThis chapter, referred to in text, was in the original “this Act, specific amendments thereof”, meaning , , known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under and Tables.
Codification
section 241 of this titleSection is comprised of fourth par. of section 10 of act . For classification to this title of other pars. of section 10, see Codification note set out under .
Word “seven” was substituted for “six” in last sentence on authority of section 203(b) of act , which increased membership of the Board of Governors.
Amendments
1935—Act , § 203(c), substituted second and third sentences for former related provisions.
1933—Act , fixed the principal offices of the Board, made the Secretary of the Treasury chairman, 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 , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.