Sec. 3. Appointment of Federal Reserve bank presidents
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The fifth paragraph of the fourth unenumerated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 341 ) is amended— in the first sentence, by striking president, vice presidents, and inserting vice presidents ; in the second sentence, by striking Class B and Class C directors of the bank, with the approval of the Board of Governors of the Federal Reserve System, for a term of 5 years and inserting President of the United States (by and with the advice and consent of the Senate) for a term of 5 years ; by striking the third sentence and inserting The first vice president of the bank shall be appointed by the Class B and Class C board of directors of the bank for a term of 5 years, and shall, in the absence or disability of the president or during a vacancy in the office of the president, serve as chief executive officer of the bank, until a nominee for president is confirmed by the Senate or the President of the United States appoints an acting president under sections 3345 through 3349b of title 5, United States Code. ; in the fourth sentence, by striking the president or ; by inserting A president may continue to serve after the expiration of the term of office to which the president was appointed until the earlier of the date on which a successor has been appointed and qualified, the date on which the next session of Congress subsequent to the expiration of such term expires, or the date on which the President of the United States removes the president.
No appointed president shall serve more than a total of 10 years, not including any such continuation in service. after the period at the end of the fourth sentence; and by inserting The president shall have their primary residence and principal place of business located in that Federal Reserve district for not fewer than 4 years before the date on which the President nominates the individual to be president of the Federal Reserve bank for that Federal Reserve district. after the period at the end of the fifth sentence, as added by paragraph
(5)of this subsection. Section 11(f) of the Federal Reserve Act ( 12 U.S.C. 248(f) ) is amended by inserting (except the president) after reserve bank . Sections 3345 through 3349b of title 5, United States Code, shall apply to presidents of Federal Reserve banks in the same manner as officers of Executive agencies.
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