Sec. 2. Amendments to Federal Reserve Act
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The first sentence of the first undesignated paragraph of section 10 of the Federal Reserve Act ( 12 U.S.C. 241 ) is amended by striking fourteen years and inserting 7 years . The 2nd sentence of the 2nd undesignated paragraph of section 10 of the Federal Reserve Act ( 12 U.S.C. 242 ) is amended by striking fourteen years the 2nd place such term appears and inserting 7 years . The ultimate sentence of the 2nd undesignated paragraph of section 10 of the Federal Reserve Act ( 12 U.S.C. 242 ) is amended by striking fourteen years and inserting 7 years .
The first sentence of the 2nd undesignated paragraph of section 10 of the Federal Reserve Act ( 12 U.S.C. 242 ) is amended by striking two years and inserting 4 years . The 3rd sentence of the 2nd undesignated paragraph of section 10 of the Federal Reserve Act ( 12 U.S.C. 242 ) is amended by striking 1 shall be designated and inserting a member who is currently serving on the Board and has already served at least 2 consecutive years on the Board shall be designated . The 3rd sentence of the 2nd undesignated paragraph of section 10 of the Federal Reserve Act (12 U.S.C. 242) is amended by striking 2 shall be designated and inserting 2 members who are currently serving on the Board and have already served at least 1 year on the Board, shall be designated .
The 4th undesignated paragraph of section 10 of the Federal Reserve Act ( 12 U.S.C. 244 ) is amended— in the ultimate sentence, by inserting , before the end of the 90-day period beginning on the date such vacancy occurs, after shall be appointed ; and by adding at the end the following new sentences: If, as of 30 days after the end of such 90-day period, no nomination has been made by the President, the chairperson and ranking Member of the Committees of the House of Representatives and the Senate which have jurisdiction over this Act, under the rules of the respective House, the Speaker and the minority leader of the House of Representatives, and the majority leader and minority leader of the Senate shall jointly create a list of 5 candidates in rank order to present to the President for consideration for the vacancy.
Not later than 30 days after the transmittal of such list to the President, the President shall nominate a person, whether from such list or another person, to fill the vacancy. . The 1st sentence of section 12A(a) of the Federal Reserve Act ( 12 U.S.C. 263 ) is amended by striking five and inserting 6 . Section 12A(a) of the Federal Reserve Act ( 12 U.S.C. 263 ) is amended by striking the 2nd sentence and inserting the following: Such representatives shall be presidents or first vice presidents of Federal reserve banks and shall be elected annually as follows:
In even numbered calendar years, from among the presidents and first vice presidents of the Federal Reserve Banks of Boston, Kansas City, Philadelphia, San Francisco, Richmond, and St. Louis and in odd numbered calendar years from among the presidents and first vice presidents of the Federal Reserve Banks of New York, Dallas, Chicago, Cleveland, Atlanta, and Minneapolis. .
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U.S. Code
- Creation; membership; compensation and expenses§ 241
- Ineligibility to hold office in member banks; qualifications and terms of office of members; chairman and vice chairman; oath of office§ 242
- Principal offices of Board; chairman of Board; obligations and expenses; qualifications of members; vacancies§ 244
- Federal Open Market Committee; creation; membership; regulations governing open-market transactions§ 263
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