Sec. 8. Treatment of certain directors and presidents
456 words·~2 min read·
/bill/113/hr/3928/ih/section-8A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 4 of the Federal Reserve Act is amended— in the provision enumerated Fifth of the fourth undesignated paragraph, by striking and Class C ; in the ninth undesignated paragraph, by striking classes A, B, and C and inserting classes A and B ; in the tenth undesignated paragraph, by striking three members and inserting four members ; in the eleventh undesignated paragraph, by striking three members and inserting five members ; by striking the twelfth and fifteenth undesignated paragraphs; by amending the twentieth undesignated paragraph to read as follows:
One of the class A or B directors who has tested banking experience shall be designated by the Board of Governors of the Federal Reserve System as chairman of the board of directors of the Federal reserve bank and as Federal reserve agent. The chairman shall— maintain, under regulations to be established by the Board of Governors of the Federal Reserve System, a local office of said board on the premises of the Federal reserve bank; make regular reports to the Board of Governors of the Federal Reserve System; and act as the official representative of the Board of Governors for the performance of the functions conferred upon it by this Act.
The chairman shall receive an annual compensation to be fixed by the Board of Governors of the Federal Reserve System and paid monthly by the Federal reserve bank to which the chairman is designated. One of the class A or B directors shall be appointed by the Board of Governors of the Federal Reserve System as deputy chairman to exercise the powers of the chairman of the board when necessary. ; and by amending the twenty-fourth undesignated paragraph to read as follows: Every director of a Federal reserve bank shall hold office for a term of three years, and such terms shall be staggered, from the date of the enactment of this paragraph, such that— with respect to the four class A directors, one director’s term shall expire in each of the first and second years and two directors’ terms shall expire in the third year; and with respect to the five class B directors, one director’s term shall expire in the first year and two directors’ terms shall expire in each of the second and third years.
Vacancies that may occur in the several classes of directors of Federal reserve banks may be filled in the manner provided for the original selection of such directors, such appointees to hold office for the unexpired terms of their predecessors. . The provision enumerated Fifth of the fourth undesignated paragraph of section 4 of the Federal Reserve Act is amended by striking with the approval of the Board of Governors of the Federal Reserve System, .