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f 951 X-2033 BY-LAWS OF THE FEDERAL RESERVE BOARD -Article I , The Chairman. The Secretary of the Treasury, a s Chairman of the Board, s h a l l p r e s i d e a t a l l meetings when p r e s e n t . In the absence of the Chairman, the Governor shall a c t as p r e s i d i n g o f f i c e r . In the absence of both the Chairman and- the Governor, the Vice-Governor s h a l l p r e s i d e , and in the absence of a l l three such o f f i c e r s , the remaining member of the Executive Committee s h a l l p r e s i d e . Article II. The Governor. Sec. 1 . The Governor of the Federal Reserve Board s h a l l be the a c t i v e executive o f f i c e r t h e r e o f ; subject* however, t o the supervision of the Board and to such r u l e s and r e g u l a t i o n s as may be incorporated h e r e i n or may from time to time, by r e s o l u t i o n , be e s t a b l i s h e d . Sec. 2. The Governor s h a l l have general charge of t h e executive and r o u t i n e business of the Board n o t s p e c i f i c a l l y assigned under the by-laws or by r e s o l u t i o n of the Board t o any individual member or committee t h e r e o f , and s h a l l have supervision of the Board 1 s s t a f f , including promotions, appointments, s a l a r i e s and d i s m i s s a l s . Sec. 3. I t s h a l l be the duty of the. Governor to oversee and c o n t r o l submission of statements to the p r e s s expressive of t h e Board'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 . the Article I I I . The Vice-Governor. Sec. 1. In the absence or d i s a b i l i t y of the Governor, h i s powers s h a l l be exercised and h i s d u t i e s discharged by the Vice Governor, and i n the absence or d i s a b i l i t y of both 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 discharged by the remaining member of the Executive Committee. Sec. 2, I t s h a l l be the duty of the Vice Governor t o cooperate with the Governor in the a d m i n i s t r a t i s ^ of the executive b u s i n e s s of t h e Board. 952 -2- X-2C33 A r t i c l e IV. The E x e c u t i v e Committee. Sec4 1 , There s h a l l be an E x e c u t i v e Committee of the Board c o n s i s t i n g o f :three members, which s h a l l i n c l u d e the Governor and Vice-Governor and one other. 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 as 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 Board from time t o time. Two members s h a l l c o n s t i t u t e a quorutn f o r the t r a n s a c t i o n of b u s i n e s s . Sec. 2 , I t s h a l l be the duty of the E x e c u t i v e Committee of the Board t o t r a n s a c t a l l b u s i n e s s of an a d m i n i s t r a t i v e nature which can be t r a n s a c t e d i n accordance w i t h p r i n c i p l e s or p o l i c i e s a l r e a d y e s t a b l i s h e d by the Board, and such a s may be d e l e g a t e d to i t from time t o time; to r e v i e w and approve imp o r t a n t correspondence i n v o l v i n g the e x p r e s s i o n of o p i n i o n s o r d e c i s i o n s of the Board, and to prepare and make recomrrendati ons governing the conduct of the Board's b u s i n e s s . A r t i c l e V. 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 . Sec, 1 . Secretaries* The Board s h a l l appoint a Secretary and one or more A s s i s t a n t 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 of the Board and s h a l l keep an a c c u r a t e record of i t s proceedings, and s h a l l conduct such correspondence as may be a s s i g n e d to him by the Board or the Governor. He s h a l l be S e c r e t a r y of a l l s t a n d i n g committees of the Board and s h a l l perform such o t h e r d u t i e s as may be a s s i g n e d t o him b y t h e Governor. Sec. 3« The S e c r e t a r y s h a l l have custody of the s e a l , and, a c t i n g under the 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 the same t o a l l i n s t r u ments r e q u i r i n g i t . Such instruments s h a l l be a t t e s t e d b y the S e c r e t a r y , 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 the Board or by 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 the powers and d i s c h a r g e the d u t i e s of the S e c r e t a r y i n h i s absence 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 perform such other d u t i e s a s may be a s s i g n e d t o them from time t o time by t h e Board or by the Secretary of t h e Board. A r t i c l e VI. A s s i s t a n t to the Governor. Sec. 1 . The Board may appoint an A s s i s t a n t t o the Governor. Sec. 2, The A s s i s t a n t t o the Governor s h a l l perform 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. 953 -j- x-2033 Sec. 3- The A s s i s t a n t to the Governor s h a l l have power to s i g n checks of the Federal Reserve Board, withdrawing funds from t h e Gold Settlement Fund as described i n A r t i c l e VIII of these by-laws, and 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 Federal Reserve notes t o the r e s p e c t i v e Federal Reserve Agents or t o t h e i r order and Federal Reserve Bank notes t o the r e s p e c t i v e Federal Reserve Bariks o r t o t h e i r order a s described i n A r t i c l e IX of these by-laws, such checks atid r e q u i s i t i o n s to be countersigned by t h e Governor or a c t i n g executive o f f i c e r of the Board. A r t i c l e VII. The F i s c a l Agent and Deputy F i s c a l AgentSec. 1, The Board s h a l l appoint a F i s c a l Agent and a Deputy F i s c a l Agent. Hie duty of t h e F i s c a l Agent shall be t o c o l l e c t and deposit a l l moneys r e ceivable by the Board with the Treasurer of the United S t a t e s , to be placed i n a s p e c i a l fund e s t a b l i s h e d on the books of the Treasurer f o r the Federal Reserve Board. The Deputy F i s c a l Agent s h a l l perform the d u t i e s of the 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 execute a separate bond with s u r e t y s a t i s f a c t o r y to t h e Board. Sec. 3* Payments of expenses and other disbursements of the Board s h a l l be made by the Fiscal Agent upon proper vouchers out of moneys advanced to him by r e q u i s i t i o n and warrant out of the special fund and placed to h i s o f f i c i a l c r e d i t with the Treasurer of t h e United States as provided by Section 5 of t h i s A r t i c l e . In the absence of the Fiscal Agent payment of expenses and other disbursements s h a l l be made by the Deputy F i s c a l Agent upon proper vouchers out of moneys advanced to the F i s c a l Agent by r e q u i s i t i o n and warrant out of the special fund and placed to h i s o f f i c i a l c r e d i t with the Treasurer of the United S t a t e s as provided by Sections 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 shall prepare a q u a r t e r l y account i n such form as s h a l l be approved by the Comptroller of t h e Treasury and, a f t e r approval by the Governor, such q u a r t e r l y account s h a l l be submitted to the Auditor f o r the State and other Departments. Such account s h a l l cover payments of expenses and other disbursements made by both the 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 necessary, mdce r e q u i s i t i o n on t h e Treasurer of t h e United S t a t e s f o r the advance of such sums t o the F i s c a l Agent as may be n e c e s s a r y from the Federal Reserve Board f u n d . -4- x-2033 : 9 5 4 > Sec. 6 . The Deputy F i s c a l Agent i n making disbursements of the Board, upon proper vouchers out of the moneys advanced t o the F i s c a l Agent s h a l l sign a g a i n s t funds t o the 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 the Treasurer of the United S t a t e s i n the name of the F i s c a l Agent by himself as Deputy F i s c a l Agent. A r t i c l e VIII Gold Settlement Fund. and Federal Reserve Agents 1 Fund All funds deposited by or f o r account of the r e s p e c t i v e Federal Reserve Agents in t h e Federal Reserve Agents' fund of the Federal Reserve Board and a l l funds deposited by or f o r account of the r e s p e c t i v e Federal Reserve Banks in the Gold Settlement Fund of the Federal Reserve Board s h a l l be h e l d on deposit with the Measurer of the United S t a t e s and shall be s u b j e c t to withdrawal only by check of t h e Federal Reserve Board signed by the A s s i s t a n t to the Governor, or by the Secretary or an A s s i s t a n t Secretary and countersigned by the Governor or a c t i n g executive o f f i c e r of the Board, A r t i c l e IX, Requisition f o r Delivery of Federal 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 Federal Reserve notes to the r e s p e c t i v e Federal Reserve Agents s h a l l be signed by the A s s i s t a n t to the Governor or by the Secretary or an A s s i s t a n t Secretary and countersigned by the Governor or a c t i n g executive o f f i c e r of t h e Board. A r t i c l e X. The Seal . The following i s an impression of the seal adopted by the Board. SEAL A r t i c l e XI. Counsel. Sec. 1 . The Board s h a l l appoint a General Counsel whose duty i t s h a l l be to advise 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 questions as may a r i s e i n the conduct of i t s b u s i n e s s ; t o prepare, a t the Board's r e q u e s t , opinions, r e g u l a t i o n s , r u l i n g s , forms and other l e g a l papers and t o perform g e n e r a l l y such l e g a l s e r v i c e s as he may be c a l l e d upon by the Board t o perform. 955 -5- X-203'5 , , . S f c * 2 * Subject to 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 to correspond d i r e c t l y with the Counsel of the various ederal Reserve Banks and to r e q u e s t t h e i r opinions a s to the i n t e r p r e t a t i o n of the l o c a l laws of the S t a t e s included in t h e i r r e s p e c t i v e Federal Reserve D i s t r i c t s . Copies of a l l such correspondence to be f u r n i s h e d t o the Board f o r i t s information. Sec. 3* Whenever i t may be deemed advisable, the Board may appoint one or more Associate 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 t o Counsel. The duty of such Associate or A s s i s t a n t Counsel s h a l l be to a s s i s t the General counsel in the performance of h i s d u t i e s and to perform the duty of the General Counsel i n h i s absence. The duty of such A s s i s t a n t to Counsel or A s s i s t a n t s t o Counsel s h a l l be t o a s s i s t the General Counsel i n the performance of h i s dutios* Sec, 4. The Board may appoint from time t o time Consulting Counsel, who may be a t t o r n e y s a t law engaged in outside p r a c t i c e . A r t i c l e XII. Meetings. Sec. 1. Stated meetings of the Board s h a l l be held on such days of the week a t such hours as the Board by m a j o r i t y vote may adopt from time to time. Special meetings of the Board shall be c a l l e d upon the w r i t t e n request of t h r e e .members of the Board. Sec. 2. A m a j o r i t y of the 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 business, except t h a t an a f f i r m a t i v e vote of at l e a s t f i v e members of the Board shall be necessary to require Federal Reserve Banks to r e d i s c o u n t the discounted paper of other Federal Reserve Banks, or to change r e s e r v e s of banks i n outlying d i s t r i c t s . Sec. 3» of b u s i n e s s : At a l l meetings of the Board the following s h a l l be the order (1) (2) (3) (U) (5) Reading or inspection of the Minutes of the l a s t r e g u l a r meeting and Minutes of meetings of a l l committees. Report of the Governor. Report of t h e Secretary. Reports of the committees or members on assigned b u s i n e s s . Unfinished b u s i n e s s . A r t i c l e XIII Information and P u b l i c a t i o n . Sec. 1. All persons employed by the Board s h a l l keep i n v i o l a t e i t s business, a f f a i r s , and concerns, and s h a l l not d i s c l o s e or divulge the same t o any unauthorized person whomsoever, and any employee who s h a l l give information c o n t r a r y to 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 . F 956 -6- X—203 3 Sec. 2 . While each member of the Board, must determine f o r h i m s e l f the 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 p u b l i c l y h i s i n d i v i d u a l o p i n i o n on any q u e s t i o n , members s h a l l n o t quote p u b l i c l y t h e o p i n i o n of o t h e r members on m a t t e r s which have n o t f o r m a l l y been p a s s e d upon by the Board. Sec. 3* There s h a l l be p u b l i s h e d monthly, under the 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 to be known as "The Federal Reserve B u l l e t i n " which s h a l l be the 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 o f the Federal Reserve Board. Sec. U, 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 , e x c e p t "upon the death of a member of the F e d e r a l Reserve Board w h i l e 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 t h e Federal Reserve Board, A r t i c l e XIV Budget and Audit The e x e c u t i v e committee, a c t i n g a s a committee of Budget and Audit, s h a l l a u d i t the a c c o u n t s of t h e Board f o r e a c h s i x months' p e r i o d , and s h a l l r e p o r t t o the Board a t e n t a t i v e budget of e x p e n s e s f o r t h e n e x t s u c c e e d i n g s i x months. A r t i c l e XV. Amendments. These b y - l a w s may be amended a t any r e g u l a r m e e t i n g of the Board by a m a j o r i t y v o t e of t h e e n t i r e Board, p r o v i d e d that a copy of s u c h amendments s h a l l have b e e n d e l i v e r e d t o e a c h member a t l e a s t s e v e n days p r i o r t o such meeting. Approved a t Board Meeting October 1 2 , 1 9 2 0 .
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