Chapter 205. To amend the Federal Reserve Act approved December 23, 1913
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CHAP. 205.— An Act To amend the Federal Reserve Act approved December 23, 1913. June 3, 1922.[[S. 2263](/us/bill/67/s/2263).][[Public, No. 230](/us/67/pl/230).] *Be it enacted by the Senate and Rouse of Representatives of the United States of America in Congress assembled*, Federal Reserve Act Amendment.Vol. 39, p. 260, amended.Federal Reserve Board.Composition; membership increased. That section 10 of the Federal Reserve Act, approved December 23, 1913, is amended to read as follows:
" Sec. 10. A Federal Reserve Board is hereby created which shall consist of eight members, including the Secretary of the Treasury and the Comptroller of the Currency, who shall be members ex Appointive members.Agricultural interests to be represented.officio, and six members appointed by the President of the United States, by and with the advice and consent of the Senate. In selecting the six appointive members of the Federal Reserve Board, not more than one of whom shall be selected from any one Federal reserve district, the President shall have due regard to a fair representation of the financial, agricultural, industrial and commercial interests, and geographical divisions of the country.
The six members of the Federal Reserve Board appointed by the President and confirmed as aforesaid shall devote their entire time to the business of the Federal Reserve Board and shall each receive an annual salary of $12,000, payable monthly, together with actual necessary Duties, salaries, etc.Additional pay to Comptroller of the Currency.traveling expenses, and the Comptroller of the Currency, as ex officio member of the Federal Reserve Board, shall, in addition to the salary now paid him as Comptroller of the Currency, receive the sum of $7,000 annually for his services as a member of said board.
Prohibition against holding office, etc., in member banks, modified.The Secretary of the Treasury and the Comptroller of the Currency shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any member bank. The appointive members of the Federal Reserve Board shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any member bank, except that this restriction shall not apply to a member who has served the full term for which he was appointed.
Tenure of appointive members.Of the six members thus appointed by the President one shall be designated by the President to serve for two, one for four, one for six, one for eight and the balance of the members for ten years, and thereafter each member so appointed shall serve for a term of ten years, unless sooner removed for cause by the President. Of the six persons thus appointed, one shall be designated by the President 621as governor and one as vice governor of the Federal Reserve Board.Governor and vice governor.The governor of the Federal Reserve Board, subject to its supervision, shall be the active executive officer.
The Secretary of the Offices, etc.Treasury may assign offices in the Department of the Treasury for the use of the Federal Reserve Board. Each member of the Federal Reserve Board shall within fifteen days after notice of appointment make and subscribe to the oath of office. The Federal Reserve Board shall have power to levy semiannually Assessment on reserve banks for expenses.upon the Federal reserve banks, in proportion to their capital stock and surplus, an assessment sufficient to pay its estimated expenses and the salaries of its members and employees for the half year succeeding the levying of such assessment, together with any deficit carried forward from the preceding half year.
The first meeting of the Federal Reserve Board shall be held Meetings, etc.in Washington, District of Columbia, as soon as may be after the passage of this Act, at a date to be fixed by the Reserve Bank Organization Committee. The Secretary of the Treasury shall be ex officio chairman of the Federal Reserve Board. No member of the Federal Disqualifications.Reserve Board shall be an officer or director of any bank, banking institution, trust company, or Federal reserve bank nor hold stock in any bank, banking institution, or trust company; and before entering upon his duties as a member of the Federal Reserve Board he shal certify under oath to the Secretary of the Treasury that he has complied with this requirement.
Whenever a vacancy shall Vacancies in unexptred terms.occur, other than by expiration of term, among the six members of the Federal Reserve Board appointed by the President, as above provided, a successor shall be appointed by the President, with the advice and consent of the Senate, to fill such vacancy, and when appointed he shall hold office for the unexpired term of the member whose place he is selected to fill. The President shall have power to fill all vacancies that may happen Commissions during recess of the Senate.on the Federal Reserve Board during the recess of the Senate by granting commissions which shall expire with the next session of the Senate.
Nothing in this Act contained shall be construed as taking away Powers of Secretary of the Treasury unimpaired.any powers heretofore vested by law in the Secretary of the Treasury which relate to the supervision, management, and control of the Treasury Department and bureaus under such department, and wherever any power vested by this Act in the Federal Reserve Board or the Federal reserve agent appears to conflict with the powers of the Secretary of the Treasury, such powers shall be exercised subject to the supervision and control of the Secretary.
The Federal Reserve Board shall annually make a full report Annual report.of its operations to the Speaker of the House of Representatives, who shall cause the same to be printed for the information of the Congress. Section three hundred and twenty-four of the Revised Statutes [R. S., sec. 324, p. 54, amended](/us/rs/sec324/p54).of the United States shall be amended so as to read as follows: " “Sec. 324. There shall be in the Department of the Treasury a Office of Comptroller of the Currency.Duties.bureau charged with the execution of all laws passed by Congress relating to the issue and regulation of national currency secured by United States bonds and, under the general supervision of the federal Reserve Board, of all Federal Reserve notes, the chief officer of which bureau shall be called the Comptroller of the Currency and shall perform his duties under the general directions of the Secretary of the Treasury. 622 Buildings for reserve banks.Erection, etc., withoutconsent of Congress, forbidden.*Post*, p. 1223.“No Federal reserve bank shall have authority hereafter to enter into any contract or contracts for the erection of any building of any kind or character, or to authorize the erection of any building, in excess of $250,000, without the consent of Congress having previously *Proviso*.Exception.been given therefor in express terms: *Provided,*, That nothing herein shall apply to any building now under construction.
" " Approved, June 3, 1922.