The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
969 BE IT ENACTED BY THE SENATE AND HOUSE OF REPRESENTATIVES OF THE UNITED STATES OF AMERICA IN CONGRESS ASSEMBLED, That S e c t i o n 3 of t h e Act approved December 23, 1913, known as t h e F e d e r a l R e s e r v e Act, be amended and r e e n a c t e d so as t o r e a d as f o l l o w s : S e c . 3 . The F e d e r a l R e s e r v e Board may p e r m i t o r r e q u i r e any F e d e r a l r e s e r v e bank t o e s t a b l i s h b r a n c h banks w i t h i n t h e F e d e r a l r e s e r v e d i s t r i c t i n which i t i s l o c a t e d o r w i t h i n t h e d i s t r i c t of any F e d e r a l r e s e r v e bank which may h a v e been s u s p e n d e d . Such b r a n c h e d , s u b j e c t t o such r u l e s and r e g u l a t i o n s a s t h e F e d e r a l R e s e r v e Board may p r e s c r i b e , s h a l l be o p e r a t e d u n d e r t h e s u p e r v i s i o n of a b o a r d of d i r e c t o r s t o c o n s i s t of n o t more t h a n s e v e n n o r l e s s t h a n t h r e e d i r e c t o r s , of whom a m a j o r i t y of one s h a l l b e a p p o i n t e d by t h e F e d e r a l r e s e r v e bank of t h e d i s t r i c t , and t h e r e m a i n i n g d i r e c t o r s by t h e F e d e r a l Reserve B o a r d . D i r e c t o r s of b r a n c h banks s h a l l h o l d o f f i c e d u r i n g t h e p l e a s u r e of t h e F e d e r a l Reserve B o a r d , 1/13/17
@FedFRASER