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, -9^9- 1813 M AMENDMENT TO SECTION 4 OF TEE FEDERAL RESERVE ACT* 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 4 of t h e Act approved December 23, 1913,1 known a s t h e F e d e r a l Res e r v e A c t , be amended, "by s t r i k i n g o u t t h e s e n t e n c e r e a d i n g a s f o l lows: "One of t h e d i r e c t o r s Of C l s s s C, who s h a l l be a p e r s o n of t e s t e d b a n k i n g e x p e r i e n c e , s h a l l be 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 Board as deputy c h a i r m a n and deputy F e d e r a l r e s e r v e a g e n t t o e x e r c i s e t h e powers of t h e chairman of t h e b o a r d and F e d e r a l r e s e r v e a g e n t i n c a s e of a b s e n c e o r d i s a b i l i t y of h i s p r i n c i p a l " , and by a d d i n g i n p l a c e t h e r e o f t h e f o l l o w i n g : " S u b j e c t t o t h e a p p r o v a l of t h e F e d e r a l R e s e r v e Board> t h e F e d e r a l r e s e r v e a g e n t s h a l l a p p o i n t one o r more a s s i s t a n t s . Such a s s i s t a n t s , who s h a l l be p e r s o n s of t e s t e d b a n k i n g e x p e r i e n c e , s h a l l a s s i s t t h e F e d e r a l r e s e r v e a g e n t i n t h e p e r f o r m a n c e of h i s d u t i e s and s h a l l a l s o have power t o a c t i n h i s name and s t e a d d u r i n g t h i s a b s e n c e or d i s a b i l i t y . The F e d e r a l r e s e r v e a g e n t may r e q u i r e s u c h bonds of h i s a s s i s t a n t s a s he may deem n e c e s s a r y f o r h i s own p r o t e c t i o n . Assistants to the Federal r e s e r v e a g e n t s h a l l r e c e i v e a n a n n u a l c o m p e n s a t i o n t o be f i x e d and p a i d i n t h e same manner a s t h a t of t h e F e d e r a l reserve agent." 1/3/16.
@FedFRASER