Sec. 302. Federal Open Market Committee membership
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Section 12A(a) of the Federal Reserve Act ( 12 U.S.C. 263(a) ) is amended— by striking five representatives of the Federal Reserve banks to be selected as hereinafter provided. and inserting 1 representative from each of the Federal Reserve banks. ; and by striking and, beginning with the election for the term commencing March 1, 1943, shall be elected annually as follows: One by the board of directors of the Federal Reserve Bank of New York, one by the boards of directors of the Federal Reserve Banks of Boston, Philadelphia, and Richmond, one by the boards of directors of the Federal Reserve Banks of Cleveland and Chicago, one by the boards of directors of the Federal Reserve Banks of Atlanta, Dallas, and St.
Louis, and one by the boards of directors of the Federal Reserve Banks of Minneapolis, Kansas City, and San Francisco. In such elections each board of directors shall have one vote; and the details of such elections may be governed by regulations prescribed by the committee, which may be amended from time to time. and inserting and shall be elected by the board of directors of the Federal Reserve bank that they are to represent. .
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Sec. 302
Federal Open Market Committee membership
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