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. x-3755 (Superseding X-20J3) BY-LAWS OF THE FEDERAL RESERVE BOARD. June ^7, I 9 2 3 , Article I . The Chairman* The S e c r e t a r y of t h e T r e a s u r y , as Chairman of the Board, s h a l l p r e s i d e a t a l l meetings whan p r e s e n t . In t h e absence of t h e Chairman, the Governor s h a l l a c t a s p r e s i d i n g o f f i c e r . In t h e absence of b o t h t h e Chairman and the Governor, t h e Vice-Governor s h a l l p r e s i d e , and i n the absence of a l l t h r e e such o f f i c e r s , t h e remaining member of the Executive Committee s h a l l p r e s i d e . Article I I . The Governor. S e c . 1 . The Governor of t h e F e d e r a l Reserve Board s h a l l be t h e a c t i v e e x e c u t i v e o f f i c e r t h e r e o f ; s u b j e c t , however, t o t h e s u p e r v i s i o n of the Board and t o such r u l e s and r e g u l a t i o n s as may be i n c o r p o r a t e d h e r e i n or may from time t o t i n s , by r e s o l u t i o n , be e s t a b l i s h e d . Secv 2', The Governor s h a l l have g e n e r a l charge of the e x e c u t i v e and r o u t i n e b u s i n e s s of t h e Board n o t s p e c i f i c a l l y a s s i g n e d under t h e b y laws o r by r e s o l u t i o n ' of the Board t o any i n d i v i d u a l member or committee t h e r e o f , and s h a l l have s u p e r v i s i o n of the B o a r d ' s s t a f f . Sec. 3* I t s h a l l be the d u t y of the Governor t o o v e r s e e and c o n t r o l the submission of s t a t e m e n t s t o t h e p r e s s e x p r e s s i v e of the B o a r d ' s p o l i c y or d e s c r i p t i v e of i t s a c t i o n . Sec. 4 . The Governor s h a l l be an e x - o f f i c i o member of a l l S t a n d i n g Committees of the Board. Article I I I . The Vice-Governor. S e c . 1 . I n the absence or d i s a b i l i t y of t h e Governor, h i s powers s h a l l b e e x e r c i s e d and h i s d u t i e s d i s c h a r g e d by t h e Vice Governor, and i n the absence or d i s a b i l i t y of b o t h of t h e s e o f f i c e r s , such powers s h a l l be e x e r c i s e d and such d u t i e s d i s c h a r g e d by the remaining member of t h e Executive Committee; i n t h e absence or d i s a b i l i t y of a l l members of t h e E x e c u t i v e Committee t h e powers and d u t i e s of the Governor s h a l l be e x e r c i s e d by the s e n i o r member of the Board p r e s e n t . - 2 - x-3755 Sec. 2 . I t s h a l l be the duty of the Vice Governor to cooperate with the Governor in the a d m i n i s t r a t i o n of the executive business of t h e Board. A r t i c l e IV. The Executive Committee. Sec. 1 . There s h a l l be an Executive Committee of the Board c o n s i s t i n g of three members, which shall include the Governor and Vice-Governor and one o t h e r . The t h i r d member s h a l l be nominated and e l e c t e d a t a r e g u l a r meeting of the Board. Members of the Board s h a l l serve as f a r a s p r a c t i c a b l e i n r o t a t i o n and f o r p e r i o d s to be f i x e d by the Governor from time t o time» Two members s h a l l c o n s t i t u t e a quorum f o r the t r a n s a c t i o n of b u s i n e s s . 89c. 2. I t s h a l l be the duty of the Executive Committee of the Board t o t r a n s a c t a l l business of an executive n a t u r e which can be t r a n s a c t e d i n accordance with p r i n c i p l e s or p o l i c i e s already e s t a b l i s h e d by the Board, and such as may be delegated to i t from time to time; t o review and approve imp o r t a n t correspondence involving the expression of opinions or d e c i s i o n s of the Board, and to prepare and make re commendations governing the conduct of the Board's b u s i n e s s . Sec. 3* The Executive Committee s h a l l a l s o have charge of a l l m a t t e r s a p p e r t a i n i n g to the i n t e r n a l o r g a n i z a t i o n of the Board, and s h a l l make r e commendations from time to time on t h i s m a t t e r . I t s h a l l a l s o prepare a m u a l l y a budget of proposed expenditures. The S e c r e t a r y of the Board s h a l l serve as S e c r e t a r y of t h e Executive Committee. : A r t i c l e V. Standing Committee. In a d d i t i o n to the Executive Committee t h e r e s h a l l be the f o l lowing Standing Committees: Sec. 1. Law. To the Law Committee s h a l l be r e f e r r e d f o r study and r e p o r t a l l questions of a l e g a l n a t u r e . To t h i s Committee s h a l l a l s o be assigned the p r e p a r a t i o n or r e v i s i o n of the Board's r e g u l a t i o n s , contemplated amendments to the Federal Reserve Act, a p p l i c a t i o n s under the Kern amendment to the Clayton Act, and a p p l i c a t i o n s f o r the e x e r c i s e by n a t i o n a l banks of t r u s t powers. The General Counsel s h a l l serve as S e c r e t a r y of the CommitteeSec. 1 Examination. To t h i s Committee s h a l l be r e f e r r e d a l l questions r e l a t i n g to the examination of Federal Reserve or member banks i n c l u d i n g admission of s t a t e banks and permission to e s t a b l i s h and operate branches* The Chief Examiner s h a l l serve as S e c r e t a r y of t h i s Committee. - 3 - X-3755 Sec# 3* C l e a r i n g s • To t h i s Committee s h a l l be r e f e r r e d a l l q u e s t i o n s r e l a t i n g to the F e d e r a l Reserve p a r c l e a r a n c e system. The S e c r e t a r y of the Board s h a l l s e r v e a s S e c r e t a r y of t h i s Committee, Sec. 4 . Discount and Open Market Policy* I t s h a l l "be the d u t y of t h i s Committee t o s t u d y and a d v i s e the Board from time t o time of the t t e n d of b u s i n e s s and c r e d i t and t o make recommendations w i t h r e g a r d t o the c r e d i t p o l i c y and o p e r a t i o n s of t h e F e d e r a l Reserve Banks i n c l u d i n g changes of d i s c o u n t r a t e s and t h e purchase , or s a l e of open market investments# The D i r e c t o r of t h e D i v i s i o n of Research and S t a t i s t i c s s h a l l serve a s S e c r e t a r y of t h i s Committee• Sec. 5* A g r i c u l t u r a l C r e d i t C o n d i t i o n s . I t s h a l l be the duty of t h i s Committee t o keep the Board i n formed of the c o n d i t i o n of a g r i c u l t u r e and i t s c r e d i t needs i n d i f f e r e n t Federal Reserve D i s t r i c t s i n order to b r i n g about a b e t t e r a d a p t a t i o n of t h e c r e d i t o p e r a t i o n s of the Federal Reserve Banks t o the meeting of t h e s e needs„ A member of the D i v i s i o n of Research and S t a t i s t i c s s h a l l be d e s i g n a t e d t o serve as S e c r e t a r y of t h i s Committee. Sec* 6* Research and S t a t i s t i c s * This Committee s h a l l have charge of a l l i n v e s t i g a t i o n s of an economic and s t a t i s t i c a l c h a r a c t e r a u t h o r i z e d by the Board and s h a l l s u p e r v i s e the work of the D i v i s i o n of Research and S t a t i s t i c s and the p r e p a r a t i o n and p u b l i c a t i o n of t h e F e d e r a l Reserve B u l l e t i n , This Committee s h a l l a l s o have s u p e r v i s i o n of the s t a t i s t i c a l and p u b l i c a t i o n work of the F e d e r a l Reserve Banks. The D i r e c t o r of the D i v i s i o n of Research and S t a t i s t i c s s h a l l serve as S e c r e t a r y of t h i s Committee. Se c • J* S a l a r i e s and Expenditures of F e d e r a l Reserve Banks. t h i s Committee s h a l l be a s s i g n e d a l l recommendations from F e d e r a l Reserve Banks f o r changes of s a l a r i e s and o t h e r e x p e n d i t u r e s - This Committee s h a l l a l s o make r e p o r t s wi t h r e s p e c t t o c h a r g e - o f f s and f r a n c h i s e • t a x of F e d e r a l Reserve Banks. The A s s i s t a n t S e c r e t a r y of the Board s h a l l serve a s S e c r e t a r y of t h i s CommittRA. Sec* S . D i s t r i c t Committees# To each F e d e r a l Reserve Bank and D i s t r i c t s n a i l be a s s i g n e d a Committee of n o t l e s s than two members of the F e d e r a l Reserve Boaru* I t s n a i l be the ^duty of eacn Committee t o k e e p i t s e l f informed by c o r r e s p o n d ence ana v i s i t of the a . f f a i r s of the Bank, and the c o n d i t i o n of the D i s t r i c t , and make i n v e s t i g a t i o n and r e p o r t on a l l q u e s t i o n s a p p e r t a i n i n g to the o p e r a t i o n of any F e d e r a l Reserve Bank or the c o n d i t i o n of any F ^ a e r a l Reserve D i s t r i c t t h a t may be r e f e r r e d to i t by the Board. These Committees s h a l l a l s o a i d t h e Committee on S a l a r i e s and E x p e n d i t u r e s of F e d e r a l Reserve Banks x-3755 w i t h i n f o r m a t i o n r e g a r d i n g p e r s o n n e l of the r e s p e c t i v e F e d e r a l Reserve Banks of which they have charge. These Committees s h a l l a l s o make recommendations to t h e Board f o r the appointment of D i r e c t o r s a t F e d e r a l Res e r v e Banks and B r a n c h e s . Sec. 9* NOMINATIONS. I t s h a l l be t h e duty of t h i s Committee t o i n v e s t i g a t e and r e p o r t on t h e q u a l i f i c a t i o n s of a l l recommendations f o r t h e appointment of C l a s s C D i r e c t o r s and o t h e r v a c a n c i e s t o be f i l l e d by t h e Board a t F e d e r a l Reserve Banks or t h e i r b r a n c h e s . A r t i c l e VI The S e c r e t a r y and A s s i s t a n t S e c r e t a r i e s S e c . 1. The Board s h a l l a p p o i n t a S e c r e t a r y and one or more Assistant Secretaries. Sec. 2 . The S e c r e t a r y s h a l l a t t e n d each meeting s h a l l keep an a c c u r a t e r e c o r d of i t s p r o c e e d i n g s , and correspondence as may be a s s i g n e d to him by t h e Board He s h a l l p e r f o r m such o t h e r d u t i e s a s may be a s s i g n e d Governor. of t h e Board and s h a l l conduct such or t h e Governor; t o him by t h e Sec. 3» The S e c r e t a r y s h a l l have custody of t h e s e a l , and, a c t i n g u n d e r t h e a u t h o r i t y of t h e Board, s h a l l have power to a f f i x t h e same t o a l l i n s t r u m e n t s r e q u i r i n g i t . Such i n s t r u m e n t s s h a l l b e a t t e s t e d by the Secretary. Sec. 4. The A s s i s t a n t S e c r e t a r y d e s i g n a t e d by t h e Board or b y t h e S e c r e t a r y s h a l l e x e r c i s e t h e powers and d i s c h a r g e t h e d u t i e s of t h e S e c r e t a r y i n h i s a b s e n c e or d i s a b i l i t y . The A s s i s t a n t S e c r e t a r i e s s h a l l p e r f o r m such o t h e r d u t i e s a s may be a s s i g n e d t o them f r o m time to time by t h e (Board or by t h e S e c r e t a r y of t h e Board. A r t i c l e VII. A s s i s t a n t to t h e Governor. Sec. 1. The Board nay a p p o i n t an A s s i s t a n t to t h e Governor. Sec. 2 . The A s s i s t a n t t o t h e Governor s h a l l p e r f o r m such d u t i e s a s s h a l l be a s s i g n e d t o him by t h e Governor. •5- X-3755 Sec. 3* The A s s i s t a n t t o t h e Governor s h a l l have power to s i g n checks of t h e F e d e r a l Reserve Board withdrawing f u n d s f r o m t h e Gold S e t t l e m e n t Fund a s described, in A r t i c l e 1Z of t h e s e b y - l a w s , and r e q u i s i t i o n s upon- t h e Comptroller of the Currency f o r the d e l i v e r y of F e d e r a l Reserve n o t e s to t h e r e s p e c t i v e F e d e r a l R e s e r v e Agent? or t o t h e i r o r d e r and F e d e r a l R e s e r v e Bank n o t e s to t h e r e s p e c t i v e F e d e r a l Reserve Barks o r bo t h e i r o r d e r a s d e s c r i b e d i n A r t i c l e X of t h e s e b y - l a w s , such c h e c k s and r e q u i s i t i o n s t o b e c o u n t e r signed by the Governor or a c t i n g e x e c u t i v e o f f i c e r of t h e Board. Article VIII. The F i s c a l Agent and Deputy F i s c a l Agent. Sec.. 1. The Board s h a l l a p p o i n t a F i s c a l Agent and a Deputy F i s c a l Agent. The duty of t h e F i s c a l Agent s h a l l b e t o c o l l e c t and d e p o s i t a l l moneys r e c e i v a b l e "by t h e Board w i t h t h e T r e a s u r e r of the Un".t.ed S t a t e s , t o be p l a c e d i n a s p e c i a l f u n d e s t a b l i s h e d on t h e books of t h e T r e a s u r e r f o r the F e d e r a l Reserve B e a r d . The Deputy F i s c a l Agent s h a l l p e r f o r m t h e d u t i e s of t h e F i s c a l Agent d u r i n g h i s absence or d i s a b i l i t y . Sec. 2. The F i s c a l Agent and Deputy F i s c a l Agent s h a l l each e x e c u t e a s e p a r a t e bond w i t h s u r e t y s a t i s f a c t o r y t o the Board. Sec. 3* Payments of expenses and o t h e r d i s b u r s e m e n t s of t h e Board s h a l l be made by t h e F i s c a l .Agent upon p r o p e r vouchers out of moneys advanced to him by r e q u i s i t i o n and w a r r a n t out, of t h e s p e c i a l f u n d and p l a c e d t o h i s o f f i c i a l c r e d i t w i t h t h e T r e a s u r e r of t h e U n i t e d S t a t e d as p r o v i d e d by s e c t i o n 5 of t h i s A r t i c l e . I n t h e absence of t h e F i s c a l Agent payment of expenses and o t h e r d i s b u r s e m e n t s s h a l l be made by t h e Deputy F i s c a l Agent upon p r o p e r vouchers o u t of moneys advanced to t h e F i s c a l Agent by r e q u i s i t i o n and warrant out of t h e s p e c i a l f u n d and p l a c e d t o h i s o f f i c i a l c r e d i t w i t h t h e T r e a s u r e r of t h e U n i t e d S t a t e s a s p r o v i d e d by S e c t i o n s 5 and 6 of t h i s a r t i c l e . Sec. 4 . The F i s c a l Agent s h a l l p r e p a r e a q u a r t e r l y account i n such form a s s h a l l be approved by t h e Comptroller General of t h e U n i t e d S t a t e s and, a f t e r a p p r o v a l by t h e Governor, such q u a r t e r l y account s h a l l be subm i t t e d t o t h e General Accounting O f f i c e . Such account s h a l l cover payments of expenses and o t h e r d i s b u r s e m e n t s made by b o t h t h e F i s c a l Agent and t h e Deputy F i s c a l Agent. Sec. 5 . The Governor s h a l l , when n e c e s s a r y , make r e q u i s i t i o n on t h e T r e a s u r e r of the U n i t e d S t a t e s f o r t h e advance of such sums t o t h e F i s c a l Agent a s may be n e c e s s a r y f r o m t h e F e d e r a l Reserve Board f u n d . t> T X-3755 Sec. 6 . The Deputy F i s c a l Agent i n waving d i s b u r s e m e n t s of the Board upon p r o p e r vouchers out of the moneys advanced t o the F i s c a l Agent s h a l l s i g n a g a i n s t f u n d s to t h e o f f i c i a l c r e d i t of the F i s c a l Agent w i t h t h e T r e a s u r e r of the United S t a t e s i n the name of the F i s c a l Agent by h i m s e l f as Deputy F i s c a l Agent. A r t i c l e IX. Gold S e t t l e m e n t Fund and F e d e r a l Reserve Agents' Fund A l l f u n d s d e p o s i t e d by or f o r account of the r e s p e c t i v e F e d e r a l Res e r v e Agents i n t h e F e d e r a l Reserve Agents' f u n d of the F e d e r a l Reserve Board and a l l funds d e p o s i t e d by o r f o r account of the r e s p e c t i v e F e d e r a l Reserve Banks in t h e Gold S e t t l e m e n t Fund of the F e d e r a l Reserve Board s h a l l be h e l d on d e p o s i t w i t h t h e T r e a s u r e r of the United S t a t e s and s h a l l be s u b j e c t t o withdrawal only by check of t h e F e d e r a l Reserve Board signed by t h e S e c r e t a r y or an A s s i s t a n t S e c r e t a r y o r t h e A s s i s t a n t t o the Governor and c o u n t e r s i g n e d by the Governor or a c t i n g e x e c u t i v e o f f i c e r of the Board. A r t i c l e X. Requisition for Delivery of F e d e r a l Reserve Notes R e q u i s i t i o n s upon the Comptroller of the Currency f o r the d e l i v e r y of F e d e r a l Reserve n o t e s t o the r e s p e c t i v e F e d e r a l Reserve Agents s h a l l be signed by the S e c r e t a r y or an A s s i s t a n t S e c r e t a r y o r the A s s i s t a n t t o the Governor and c o u n t e r s i g n e d by t h e Governor or a c t i n g e x e c u t i v e o f f i c e r of the Board. A r t i c l e XI• The Seal• The f o l l o w i n g i s an i m p r e s s i o n of the s e a l adopted by the Board. SEAL A r t i c l e XII. Sec. to a d v i s e may a r i s e opinions, generally Counsel 1 . The Board s h a l l a p p o i n t a General Counsel whose duty i t s h a l l be w i t h t h e Board, or any member t h e r e o f , a s t o such l e g a l q u e s t i o n s a s i n t h e conduct of i t s b u s i n e s s ; t o p r e p a r e , a t t h e B o a r d ' s r e q u e s t r e g u l a t i o n s , r u l i n g s , forms and o t h e r l e g a l p a p e r s and to p e r f o r m such l e g a l s e r v i c e s as he marj bs c a l l e d upon by t h e Board t o perform-. -7- X-3755 Sec. 2. S u b j e c t t o the d i r e c t i o n of t h e Governor, the General Counsel s h a l l have a u t h o r i t y t o correspond d i r e c t l y w i t h t h e Counsel of the v a r i o u s F e d e r a l Reserve Banks and t o r e q u e s t t h e i r o p i n i o n s a s t o the i n t e r p r e t a t i o n of t h e l o c a l laws of t h e S t a t e s i n c l u d e d in t h e i r r e s p e c t i v e F e d e r a l Reserve D i s t r i c t s . Copies of a l l such correspondence t o b e f u r n i s h e d to t h e Board for i t s information. Sec. 3. Whenever i t may be deemed a d v i s a b l e , the Board may a p p o i n t one or more A s s o c i a t e or A s s i s t a n t Counsel, or one or more A s s i s t a n t s to Counsel. The duty of such A s s o c i a t e or A s s i s t a n t Counsel s h a l l be t o a s s i s t t h e General Counsel i n t h e performance of h i s d u t i e s and t o p e r f o r m the d u t y of t h e General Counsel i n h i s absence. The duty of such A s s i s t a n t t o Counsel or A s s i s t a n t s t o Counsel s h a l l b e t o a s s i s t t h e General Counsel i n t h e p e r formance of h i s d u t i e s . Sec. 4 . The Board may appoint f r o m time to time C o n s u l t i n g Counsel, who may be a t t o r n e y s a t law engaged i n o u t s i d e p r a c t i c e * Article XIII. Mee tin g s . S e c . 1. S t a t e d meetings of t h e Board s h a l l b e h e l d on such days of the week a t such h o u r s a s t h e Board by m a j o r i t y v o t e may adopt f r o m time to t i m e . S p e c i a l meetings of t h e Board s h a l l be c a l l e d by t h e Chairman, or t h e Governor or upon t h e w r i t t e n r e q u e s t of t h r e e members of t h e Board, S e c . 2» Four members of t h e Board s h a l l c o n s t i t u t e a quorum f o r t h e t r a n s a c t i o n of b u s i n e s s , except a s o t h e r w i s e r e q u i r e d by the F e d e r a l Reserve Act. Sec. 3. of b u s i n e s s : At a l l meetings of the Board the f o l l o w i n g s h a l l b e t h e order (1) (2) (3) (4) (5) Reading or i n s p e c t i o n of t h e Minutes of t h e l a s t r e g u l a r meeting and Minutes of m e e t i n g s , of the E x e c u t i v e Committee. R e p o r t of t h e Governor. R e p o r t of t h e S e c r e t a r y . R e p o r t s of t h e committees or members on assigned business, * Unfinished business. A r t i c l e XIV. I n f o r m a t i o n and P u b l i c a t i o n . Sec. 1. A l l p e r s o n s employed by t h e Board s h a l l keep i n v i o l a t e i t s b u s i n e s s , a f f a i r s , and c o n c e r n s , and s h a l l n o t d i s c l o s e or d i v u l g e t h e same t o an£ u n a u t h o r i z e d p e r s o n whomsoever, and any employee who s h a l l g i v e i n f o r m a t i o n c o n t r a r y t o t h i s by-law s h a l l be l i a b l e t o immediate d i s m i s s a l . * » -S- X-3755 X-2033 Except upon vote of t h e Board, no one o t h e r than a Member of t h e Board, or the S e c r e t a r y , -Assistant S e c r e t a r y . -Assistant t o t h e Governor, and Counsel, s h a l l be p e r m i t t e d t o i n s p e c t aiTr of t h e B o a r d ' s minutes. Sec. 2. V.'hile each member of the Board must determine f o r himself t h e p r o p r i e t y or n e c e s s i t y of e x p r e s s i n g -publicly h i s i n d i v i d u a l o p i n i o n on any question, members s h a l l not quote p u b l i c l y the opinion of o t h e r members on m a t t e r s which have not formally been passed upon by t h e Board. Sec, 3- There s h a l l be p u b l i s h e d monthly, under t h e s u p e r v i s i o n of a committee of t h e Board, a b u l l e t i n t o be known a s "The Federal Reserve B u l l e t i n " , which s h a l l be t h e o f f i c i a l p e r i o d i c a l organ or p u b l i c a t i o n of t h e Federal Reserve Board. Sec. 4. No r e s o l u t i o n s of a p e r s o n a l c h a r a c t e r , except upon t n e death of a member of t n e Federal Reserve Board while s e r v i n g a s such, s h a l l appear i n any p u b l i c a t i o n of tho f e d e r a l Reserve Board. A r t i c l e XV. Audit The executive committee, a c t i n g as a committee of A u d i t , s h a l l a u d i t the accounts of tha Board f o r each s i x months 1 p e r i o d . A r t i c l e XVI, Amendments. These by-laws may be amended a t any r e g u l a r meeting of t h e Board by a m a j o r i t y vote of t h e e n t i r e Board, provided t h a t a copy of such amendments s h a l l have been d e l i v e r e d t o each member a t l e a s t seven days p r i o r t o such meeting.
@FedFRASER