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X-1303
BY-LAWS OF THE FEDERAL RESERVE BOARD.
Approved at Board
Meeting, Decerrber
91 1918 •
Article 1.
The Cha. irn;an.
The Secret~ry of the TreasuryJ as Cha.irrr.a.n of the Board 1 shall preside
at all meetings Nhen present, In the absence of the Chai~n, the Governor
shall act as presiding officer. In the absence of both the Chairrran and the
Governor, the Vice- Governor shall preside, and in the absence of all three
such officers, the rerraining reeffiber of the Executive Corrrrittee shall preside.
Article 11.
The Governor.
Section 1.
The Governor of the Federal Reserve Board shall be the
active executive officer thereof; subject, however,to the supervision of the
Board and to such r~les and regulations as may be incorporated herein or rray
from time to time, by resolution, be established.
Section 2. The Governor shall have seneral charge of all executive
business of the Board not specifically assigned by resolution to any individual
member or corrrrittee thereof.
Section 3. It shall be the duty of the GQvernor to oversee and control
the submission of state~ents to the press expressive of the Board's policy
or descriptive of its action.
Article 111.
The Vice Governor,
Section 1. In the ;:.bsence or disability of tha Governor, his powers
shall be exercised ~nd his duties discharzed by the Vice Governor, and in the
absence or disability of both of these officers, such powers sh~ll be
exercised and such duties discharged by the remaining ~ember of the Executive
Corr:rr itt e e.
Section 2~ It sh::.ll be the duty of the Vice Governor to cooperate ·Nith
the Governor in the administration of the executive businesJ of the Board.
Article lV.
The Executive Corrrr:ittee.
Section 1.
There shall be an Executive Corrrr.ittee of the Board consisting
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of three merrbers 1 which shall include the Governor and Vice Governor and
one other. The third member shall be nominated ~nd elected at a regular
meeting of the Board. Members of the Board shall serve as far as practicable
in rotation and for periods to be fixed by the Board from tirre to time. Tvvo
members shall constitute a quorum for the transaction of business.
Section 2. It shall be the duty of the Executive Corr.mittee of the
Board to transact a.J.l business of s_n administrative nature which can be
transacted in accordance with principles or policies already established by
the Board .• ::~.nd such as rr.ay be delegated to it from time to titte; to review
ind a~prove irr.portant correspondence involving the expression of opinions
or decisions of the Board~ and to prepare and rrake recommendations soverning
the conduct of the Board's business.
Article V.
The Secretary and Assistant Secretaries.
Section l. T1!e Board shall appoint a Secretary and one or more
Assistant Secretaries.
Section 2. The Secretary or one of the .Assistant Secretaries shall
attend each meeting of the Board and shall keep an accurate record of ·its
proceedinzs# The Secretary shall assist the Governor ::~.nd rrembers of the Board
in the administration of the genera1 ibusiness and in conducting the general
correspondence of the Board. Under the direction of the Governor he shall
have gener~l supervision of all employees of the Board, except the staff of
merrobers of the Board and Counsel. The Secretary shall perform such other
duties as may be :::~.ssigned to him frorr tin:e to time by the Board.
Section 3. The Secrotary shall have custody of the seal and 1 acting
under the authority of the Board, shall have power to affix the same to all
instruments requiring it. Such instruments shall be attested by the Secretary~
Section 4. The Assistant Secretary designated by the Board or by the
Secretary shall exercise the powers ~nd discharge the duties of the Secretary
in his absence or disability. The Assistant Secretaries shall perform such
other duties as rray be :;,ssigned to them from time to tin:e by the Board or by
the Secret::~.ry of the Board.
Article
VI.
The Fisc:1l .Arzent and Depu,ty Fiscal
Agen·~.
Section 1. The Board shall appoint a Fiscal Agent and a Deputy Fiscal
Agent. The duty of the Fiscal Agent shall be to collect and deposit all
moneys receivable by the Board Nith the Treasurer of the United Stcctes 1 to
be placed in a special fund established on the books of the Treasurer for
th0 Feder~l Reserve Board. The Deputy Fiscal Agent shall perform the duties
of the Fiscal Agent during his absence or disability.
Section 2. The Fiscal Agent ~d Deputy Fiscal Agent shall each,execute
a separate bond Nith surety satisfactory to the Board.
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X-1303
Section 3. Payments of expenses and other disbursements of the Board
shall be rrade by the Eiscal Agent upon proper vouchers out of rroneys advanced
to him by requisition and warrant o'.lt of the spee;ial fund and placed to his
offichl credit rvith the 'l'reasurcn· 0f the United States as provided by Section
5 of this Article. In the absence of the Fist!al Agent payrrent 0f expenses and
other disburserr,ents sh:l.ll be m::L(ie l:.y the Deputy Fiscal Agent upon proper
vouchers out of moneys advancer. to the Fiscal Agent by requisition and warrant
out of the special fur"d and placed to his official credit with the Treasurer
of the United States 2•s provided by Sections 5 and 6 of this Article.
Section 4. The Fisc::-1 Agent shall prepare a quarterly account in such
form as shall be approved by the Con:ptroller of the Treasury and .. after
approval by the Govemor., sHch q1.:.al~terly account shall be submitted to the
Auditor for the State and 0 Ghe:r departrr.ents. Such account shall cover payments
of expenses and other disburset:uents made by both the Fiscal Agent and the
Deputy Fiscal Agent.
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4S::>ct5.on 5. Tho Gov3rnc..r shal,_ 1 Nl·:.3n necessary., make requisition on the
Treasu:-er of tho Unibd Sb.t::Js for the advance of such sums to the Fiscal Agent
as rrcay be necessary from thu Federal Reserve Board fund.
Secticn 6. Th::J
upon propor vouchers
against funds to the
of the United States
Fisc:c.l Agent.
Deputy Fiscal Agent in rraking disburs0monts cf tho Board
out of the rr,onoys advanr:ed to tho Fiscal Agent shall sign
offichl credit of tho Fiscal Ag:;nt Nith the •rrcasurer
in the nan:e of tho Fiscal Agent by himself as Dc::puty
Article Vll.
Gold Sottlomont Fund and
Foder~l
Re§Q[Ve Agent's Fund.
All funds d3;:>ositcd by or fer acc<..unt of the rAsp·ective Fod3:ral reserve
agents in th.'3 Federal reserve agent's fund of the FedJral R;;,sel\lo Board and c.ll
fvnds dJpositad by or for account of tho respective FedJral R::;serve Banks in
th3 Gold Settlement Fund of tho Federal Reserve Board shall be held on deposit
·:1ith tho Treasuror of th-J Unitsd States· and shall be subject to withdrawal only
by chock of the Fodcr~l Reserve Board signed by its Secretary or an Assistant
Socr3tary and counters ig11 "ld by the Governor 1 Vic3 Gov0rnvr~ or tho remaining
mortb~:r of the: Executivo Corr:rr.ittc.J.
In tho absence of the Gov~rnor, Vice
Govornlilr, and rerraining memb3r of the Executive Cor,rrittoG such checks shan be
counbrdgned by thJ senior merrber of the Buard present.
Article Vlll.
Rcguisi tiun for lll.Jlivory of Federal Reservo Notes ..
RoquisitLns upon th3 C;.Jrrptrolle r of tho Currency for the delivery of
F;;;;dJnl Reserve: nctes to the r3spoctive Fcdoral Reserve agents shall be signed
by the Secr~tary or ~n Assistant Secretary and countersigned by tho Governor or
Vice Governvr* In the abs:mc-s of beth the Governor and the Vic::J Governor 1 the
poNer shall rost in the r3rraining rr:0mber of the Executive Corrn~ittee. In the
absence of all throe of thgs3 officers 1 the senior member of the Board present
shall be authcrized to countorsign.
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Article lX.
The SeaL
The following is an impressjon of the seal adopted by the Board:
(SEAL)
.Article X.
Counsel.
Section 1. The Board shall appoint a General · CounsJl whose duty it shall
be to advise with the BoardJ or any rrember thereof, as to such legal questions
as rray arise in the conduct of its business; to prepare, at the Board's request,
op1n1ons, regulations 1 rulings, forrrs and other'legal papers and to perform
generally such legal. services as he may be called upon by the Board to perfonn.
Section 2. Subject to the direction of the GovernorJ the General Counsel
shall have authority to correspond directly with the Couns~l of the various
Federal Res:rve Banks and to request their opinions as to the intorpratation
of the local laws of the Stat3s included in their respective Federal Reserve
Districts. Copies of all such correspondence to be furnished to th~ Board for
its inforn:ation.
Sectie;n 3.. VJhen:>vor it rr:ay bo de:;med 3.dvisable 1 the Board rray appoint
on8 or more Asscciate cr Assistant Couns0l, or one or more Assistants to Counsel.
Tho duty cf such AssociatG or Assistant Counsel shall be to assist the General
Coum:Jl in the perf orn:ance of his duties and to perform the duty of tho General
Couns81 in his absence. The duty of such Assistant to Counsel or Assistants to
Couns~l ah~ll be to assist tho Gsnoral Counsel in the performance of his duties.
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S3ction 4. The Board may appoint from time tc tirr.G Consulting Counsel.,
.vho rray be atturncys at law engaged in outside practice.
Article XL
Meetings.
Section 1. St;;:ted m~etings of the Board shall be held on such days of th3,
week at such hours as th3 Board by majority vote may adopt from time to time.
Special mc~tings of the Bo~rd shall be called upon the written request of three
merr.bers of the Board.
Section 2, A rraj ority of tho Board shall constitute a quorum for tho
transaction of businoss, exc3pt that an affi~ative vote of at least five
members of the Board shall be necessary to require F;;:dcral reserve banks to
rediscount thG di~countod paper o£ other FGdoral reserv~ banks, or to change
rcs~rves of banks in outlying districts.
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X-1303
Section 3. At all meetings of the Board the following shall be the
o rd or of bus in o s s :
Ql) .Reading or inspection of the Minutes of tho last regular rneoting
{ 2)
(3)
(4)
{ 5~.
and Minutes of meetings of all committees.
Roport of the Governor.
Report of the Secretary.
Reports of the con,nittoes or rr;embers on assigned business.
Unfinished business.
Article Xll.
Infornation.
Section 1. All perscns employed by the Board shall keep inviolate its
business 1 af fairs 1 and conc-3rns, :md shall not disclose or divulge the .san:e
to any unauthorized p0rson whomsoever 1 and any employee Nho shall give infortr'.ation contrary to this by-la'N shall be liable to innediate dismissal.
Section 2. While each momb:;r of the Board nust determine for himself
the propriety or necessity of expressing publicly his individual opinion on
any question, rrembors shall not quote publicly the opinions of other members
on n:atters vvhich have not fortr'ally be:m passed u~on by the Board.
Article Xlll.
Corr.mittge on ~dgot and ~Audit •
The Board shall appoint a con:mittJe cc..nsisting of t-.vo marr.b0rs of the
BoardJ whose duty it shall ba to audit the accounts thcr~of for the six month's
period for -..vhich th3y shall have beon appointed, and roport to the Board a
tentative budget of expenses fur tho next succeeding six months.
Article XlV •
.Arrpndrren t s ..
Th0se by-la:ns rra.y b~ an:·;mdod at any regular meJting of the Board by a
rr.ajority vote of the entire Bc:trd 1 prcvid0ri that a copy of such arr.endments
shall haV3 boon doliv~r3d to each merr.ber at least sovsn days prior to such ·
meeting ..
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