Sec. 4. Federal reserve districts

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Section 2 of the Federal Reserve Act ( 12 U.S.C. 222 ) is amended by striking the first undesignated paragraph and inserting the following: The continental United States shall be divided into 5 Federal Reserve districts. The First Federal Reserve District shall be composed of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, Pennsylvania, New Jersey, Delaware, the Commonwealth of Puerto Rico, and the United States Virgin Islands, with the city of New York, New York, as the location of the Federal Reserve bank.

The Second Federal Reserve District shall be composed of Ohio, West Virginia, Virginia, Maryland, Michigan, Indiana, Kentucky, Illinois, Wisconsin, Minnesota, and the District of Columbia, with the city of Cleveland, Ohio, as the location of the Federal Reserve bank. The Third Federal Reserve District shall be composed of Missouri, Kansas, Oklahoma, Colorado, Wyoming, Nebraska, Iowa, North Dakota, South Dakota, and Montana, with the city of Kansas City, Missouri, as the location of the Federal Reserve bank.

The Fourth Federal Reserve District shall be composed of Texas, Arkansas, Louisiana, Mississippi, Alabama, Tennessee, Georgia, North Carolina, South Carolina, and Florida, with the city of Dallas, Texas, as the location of the Federal Reserve bank. The Fifth Federal Reserve District shall be composed of California, Oregon, Washington, Alaska, Hawaii, Idaho, Nevada, Utah, Arizona, New Mexico, Guam, American Samoa, and the Northern Mariana Islands, with the city of San Francisco, California, as the location of the Federal Reserve bank.

Every national bank in any State shall, upon commencing business, become a member bank of the Federal Reserve System by subscribing and paying for stock in the Federal Reserve bank of its district in accordance with the provisions of this Act and shall thereupon be an insured bank under the Federal Deposit Insurance Act, and failure to do so shall subject such bank to the penalty provided by the sixth paragraph of this section. . Section 12A of the Federal Reserve Act ( 12 U.S.C. 263 ) is amended by striking subsection

(a)and inserting the following: There is hereby created a Federal Open Market Committee (hereinafter referred to as the Committee ), which shall consist of the members of the Board of Governors of the Federal Reserve System and the chief executive officers of the 5 Federal Reserve banks. . Section 11 of the Federal Reserve Act ( 12 U.S.C. 248 ) is amended by striking subsection (e). The third undesignated paragraph of section 16 of the Federal Reserve Act ( 12 U.S.C. 413 ) is amended, in the third sentence, by striking twelve and inserting 5 .

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Sec. 4

Federal reserve districts

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