§ 241. Creation; membership; compensation and expenses
776 words·~4 min read·
/usc/title-12/section-241A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Board of Governors of the Federal Reserve System (hereinafter referred to as the “Board”) shall be composed of seven members, to be appointed by the President, by and with the advice and consent of the Senate, after August 23, 1935, for terms of fourteen years except as hereinafter provided, but each appointive member of the Federal Reserve Board in office on such date shall continue to serve as a member of the Board until February 1, 1936, and the Secretary of the Treasury and the Comptroller of the Currency shall continue to serve as members of the Board until February 1, 1936.
In selecting the members of the 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. In selecting members of the Board, the President shall appoint at least 1 member with demonstrated primary experience working in or supervising community banks having less than $10,000,000,000 in total assets.
The members of the Board shall devote their entire time to the business of the Board and shall each receive basic compensation at the rate of $15,000 per annum, payable monthly, together with actual necessary traveling expenses.
(Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 260; June 3, 1922, ch. 205, 42 Stat. 620; Aug. 23, 1935, ch. 614, title II, § 203(b), 49 Stat. 704; Pub. L. 114–1, title I, § 109(a), Jan. 12, 2015, 129 Stat. 9.)
Connections76 cite this · traces to 1
Cited by 76 sections · top 60
U.S. Code
- § 6701Operation of State law
- § 8332Creditable service
- § 244Principal offices of Board; chairman of Board; obligations and expenses; qualifications of members; vacancies
- § 243Assessments upon Federal reserve banks to pay expenses
- § 247bAppearances before Congress
- § 8402Federal Employees’ Retirement System; exclusions
- § 247Reports to Congress
- § 242Ineligibility to hold office in member banks; qualifications and terms of office of members; chairman and vice chairman; oath of office
- § 8411Creditable service
- § 247aRecords of action on policy relating to open-market operation and policies determined generally; inclusion in report to Congress
- § 522Federal Reserve branch bank buildings
- § 246Powers of Secretary of the Treasury as affected by chapter
- § 245Vacancies during recess of Senate
register
statute-compilations
statutes-at-large
- Public Law 114–1To extend the termination date of the Terrorism Insurance Program established under the Terrorism Risk Insurance Act of 2002, and for other purposes
- Public Law 106–102To enhance competition in the financial services industry by providing a prudential framework for the affiliation of banks, securities firms, insurance companies, and other financial service providers, and for other purposes
- Public Law 111–203To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes
bill
- Sec. 2Amendments to Federal Reserve Act
- Sec. 109Membership of Board of Governors of the Federal Reserve System
- Sec. 8Membership of Board of Governors of the Federal Reserve System
- Sec. 2Membership of Board of Governors of the Federal Reserve System
- Sec. 109Membership of Board of Governors of the Federal Reserve System
- Sec. 109Membership of Board of Governors of the Federal Reserve System
- Sec. 109Membership of Board of Governors of the Federal Reserve System
- Sec. 109Membership of Board of Governors of the Federal Reserve System
- Sec. 2Membership of Board of Governors of the Federal Reserve System
- Sec. 41503Data collection on race and wealth
- Sec. 2Board of Governors of the Federal Reserve System
- Sec. 5Board of Governors of the Federal Reserve System
- Sec. 2Board of Governors of the Federal Reserve System
- Sec. 2Removal of the Vice Chairman for Supervision designation
- Sec. 401Removal of the Vice Chairman for Supervision designation
- Sec. 401Removal of the Vice Chairman for Supervision designation
- Sec. 5Board of Governors of the Federal Reserve System
- Sec. 2Board of Governors of the Federal Reserve System
- Sec. 4401Removal of the Vice Chairman for Supervision designation
- Sec. 4401Removal of the Vice Chairman for Supervision designation
- Sec. 2Review of discount window operations
- Sec. 501Review of discount window operations
- Sec. 501Review of discount window operations
- Sec. 4Prohibition on the use of central bank digital currency for monetary policy
- Sec. 4Prohibition with respect to central bank digital currency
- Sec. 4Prohibition with respect to central bank digital currency
- Sec. 2Review of discount window operations
- Sec. 2Review of discount window operations
- Sec. 604Prohibition with respect to central bank digital currency
- Sec. 604Prohibition with respect to central bank digital currency
- Sec. 5104Prohibition with respect to central bank digital currency
- Sec. 2Cause for removal of the Chairman of the Board of Governors of the Federal Reserve System
Traces to 1 document
19 references not yet in our index
- Dec. 23, 1913, ch. 6, § 10
- 38 Stat. 260
- June 3, 1922, ch. 205
- 42 Stat. 620
- Aug. 23, 1935, ch. 614
- 49 Stat. 704
- 129 Stat. 9
- 42 Stat. 621
- Aug. 23, 1935, ch. 614, § 203(d)
- 49 Stat. 705
- Pub. L. 111–203, title XI, § 1108(b)
- 124 Stat. 2126
- Act Aug. 23, 1935, ch. 614, title II, § 203(a)
- Act Oct. 15, 1949, ch. 695, § 4
- 63 Stat. 880
- Pub. L. 89–554, § 8(a)
- 80 Stat. 655
- Pub. L. 106–102, title VII, § 728
- 113 Stat. 1475
Citation graph
cites case law
§ 241
Creation; membership; compensation and expenses
Bills×43
U.S.C.×15
Fed. Reg.×8
Stat. Comp.×4
Stat.×4
Pub. L.×2
ActDec. 23, 1913, ch. 6, § 10
Stat.38 Stat. 260
ActJune 3, 1922, ch. 205
Stat.42 Stat. 620
ActAug. 23, 1935, ch. 614
Cites 20 · showing 6Cited by 76 across 6 sources