Sec. 5. Board of Governors of the Federal Reserve System
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The first undesginated paragraph of section 10 of the Federal Reserve Act ( 12 U.S.C. 241 ) is amended— in the second sentence, by striking one of whom shall be selected from and inserting 2 of whom may be residents of ; and by inserting In this paragraph, the term after the period at the end of the fourth sentence. resident of any one Federal Reserve district means an individual whose primary residence and principal place of business has been located in a Federal Reserve district for not fewer than 4 years before the date on which the President nominates the individual as a member of the Board.
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Sec. 5
Board of Governors of the Federal Reserve System
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