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BY- LAWS OF THE FEDERAL RESERVE BOARD
E-~ECTii~
SEPTEM3ER 23, 1926.
Article 1.
Tho Chairman.
The Secretary of the Treasury, as Chairman of the Board, shall
preside at all meetings when present. In the absence of the Chairman,
tho Governor shall act:.a.s presiding officer. In the absence of both the
Chairman and the Governor, the Vice-Governor shall preside, and in the
absence of all three such officers, the remaining member of the Executive
Committee shall preside.
.Article 11.
The Govermr.
Sec. 1. The Governor of the Federal Reserve Board shall be the
active executive officer thereof; subject, however, to the supervision of
the Baard and to such rules and regulations as may be incorporated herein
or may from time to time, by resolution, be established.
Sec. 2. The Governor shall have general charge of the executive
and routine business of the Board not specifically assigned under the bylaws or by resolution of the Board to ~~Y individual member or committee
thereof, and shall have supervision of the Board's staff.
Sec. 3. The Governor shall be an ex-officio member of all
Standing Comrnittees of the BonrQ •
.Al~ticle
111.
The Vice-Governor.
Sec. 1. In tho absence or disability of the Governor, his powers
shall be exercised and his duties discharged by the Vice-Governor, and in
the absence or disability of both of these officers, such powers shall be
exercised and such duties discharged by the remaining member of the
Executive Committee; in the absence or disability of all members of the
Executive Committee the powers and duties of the Governor shall be exercised by the senior member of the B-Jard present.
Sec. 2. It shall be the duty of the Vice-Governor to cooperate
with the Governor in the administration of the executive business of the
Board.
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Article IV.
Secrr-;tnr" <•nd Ass is tcmt
Secreto.rj.~.
Sec. 1. 1'he i'oc::,rd shall o.:9poh1t n Secretary and one or more o.s;:is to.nt sccreto.ries.
Sec. 2. The Secretary shall keep o.n accurate record of the nroccedin~s of the :Boo.rd ~md sho.ll conduct such corres-pondence end perform
s:_;_ch other duties as :my be assigned to him by the Governor or by the BoDrd.
In the o.bsence or disability of the Socreto.ry, the duties of that office
may, b:l direction of the Board, be :performed by an assistant socrotary.
Sec. 3. The Secretar~r shall nave custody of the soo.l and, acting
under the authority of tho Boord., sho.ll have :power to affix so.me to o.ll instr-tlLients requiring it. Such L1strumonts shall b.; attested by the Socrot.:l.ry.
Sec. <1, The ass is tLw.1t secretaries sno.ll each perform such duties
as may be assigned to them from time to time by the Board or by the Secretary.
.Article V.
Assist~nt
Sec. 1.
the
D.s
to the
Gpver~.
The Bo:1rd mo.y authorize apnointment of an Assistant to
Gover-~1.or.
Sec. 2. The Assistant to the Governor shall perfor:n such duties
shall be assigned to him by the Governor.
Article VI.
The Executive
Co~nittee.
Sec. 1. There shall be an Executive Co~nittee of the Boo.rd consisting of three members, which shall include the Governor, Vice-Governor
nnd o;,1e of the appointive members of the :Bo?.rd. The ap:9ointive member of
the Comwi ttee shall be nominated a.J.d elected at o. regular meeting of the
:Soard. Members of the :Bo:.1rd sho.ll st. rv J o.s far as -pro.cticable in rotution
and for approximately equal ter:ns. The presence of three members shetll be
requisite for the tretnsactio:'l of business by the Executive Co~ni ttee, . OJ."ld
action shetll be tetkon only on unanimous vote of the Committee.
Sec. 2. In the o..bsence of the Go·.rernor and.Vico-Governor the o..pnointive member of the Executive Co~nittee shall act ns Chairman and shall,
~~i th two other appointive members of the Board present in Washington to be
~1osen by hi~ in the order of their seniority, exercise the powers and discharge the duties of the Executive Co:nmi ttee. In the absence of all three
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regular members of the Executive Committee the three remaining ~ppointive
members of the Board, provided there be three in Washington, shall act as
an interim comn1ittee and exercise the powers and discharge the duties of
the Executive Committee, the senior member acting as Chairman.
Sec.3. It shall be the duty of the Executive Committee to review and submit drafts of important correspondence involving the expression
of opinions or decisions of the Board, and to prepare and make recommendations governing the conduct of the Board's business.
·sec.4. The Executive Committee shall also have charge of all
matters appertaining to the internal organization of the Board, and shall
make recOimnendations from time to time on this matter. It shall also prepare annually a budget of proposed expenditures.
Sec.5. In the absence of a quorum of the Federal Reserve Board
and for the transaction of business requiring action during the absence of
such quorum, the Executive Co;nmittee is authorized to transact business
which can be transacted in accordance with established principles and
policies of the Board and to perform such additional duties as may be specifically delegated to it from time to time by instruction of the Federal
Reserve Board.
The Secretary of the Board shall serve as Secretary of
the Executive Committee.
.Article VII.
Stro1ding
Committ~.
In addition to the Executive Co~~ittee there shall be the following Standing Committees, appointments to which shall be made by the Governor, subject to the approval of the Board.
Sec.l. Law.
To the Law Committee shall be referred for study and report all questions of a legal nature. To this Committee shall also be assi~ned the preparation or revision of the Board's regulations, contemplated
~~endments to the Federal Reserve Act, au~lications under the Kern amendment to the Clayton Act, and application~-- for the ():;.;;:ercise by national banks
of trust powers.
The General Counsel shall serve as Secretary of the Committee.
Sec.2.
Examination.
To this Committee shall be rcfe~red all questions relating to the examination of Federal Reserve or member banks including admission of state banks ~~d permission to establish and operate branches.
The Chief Examiner shall serve as Secretary of this
Committee.
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Sec. 3.
l~es .. o.rch
ond Statistics.
Thb CoLlmitteG shall h::we chD.rge of all i:.westigatio_ts
of 0.:1 eco~1omic [UC. statistical cbD.racter authorized by the Board and shall
supervise the work of the Divisio:.l of Resenrch and Statistics and the preparation c.nd publicc.tio:t of the Federal Reserve BulletL1. This Com;ni ttee
shall also have suuervisio:1 of the statistical o.n.d uublicatio:1 work of the
Federal Reserve Bc11k;s.
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The Director of the Di visio~l of Research o.."'ld Statistics
shall serve as Secretary of this Committee, or i~ his abse~ce thQ Assist~tt
Director shall so serve.
Sec. 4.
Salaries u.:.1d Bxuc:·.di turos of Federal Reserve :Brutks.
To this CoHrnittee shall be assig:ted all recomme!tdatio~s
from Federal Reserve Banks for changes of salaries a~d other expenditures.
This Committee shall make reports with respect to dlo.rge-offs and fra~. . chise
tax of Federal Reserve Brutks.
The Secretary of the Board shall serve as Secretary of
this Committee.
Sec. 5.
District Committees.
To each Federal Reserve Bonk a~d District shall be assigned a Co~nittee of not less than two members of the Federal Reserve Board.
It stall be the duty of each Committee to keep itself infor:ned by corres~ondence and visit of the affairs of the Ba:ik aad the condition of the
District, Dnd make investigatio::l and report on all questions appertaining
to the operation of any Federal Reserve Bmik or the condition of any Federal
Reserve District that may be referred to it by the Board.
These Co~ittees
shall also aid the Committee o~ Salaries and Expenditures with information
regarding perso~~el of the respective Fedctai Reserve B~"'lks of which they
have charge. These Committees shall also m~e recommendation• to tAe Board
for the a~pointment of Directors at Federal Reserve Banks and Branches.
Article Vlll.
The Fiscal
~ent
and Deputy Fiscal #gent.
Sec. 1. The Board shall appoint n Fiscal Agent a~d a Deputy
Fiscal Agent. The duty of the Fiscal ~~ent s~ll be to collect and deposit
all mmteys receivable by the Board with the Treasurer of the United S~tes,
to be placed in o. special fu:1d established. o::l the books of the Treasurer
for the Federnl Reserve Bo::::.rd. The Deputy Fiscal .Agent shnll perform the
duties of &Jte Jtscal Agent du,.ri:1g his absc::lce or disability.
Soc. 2. The Fiscal Agent and Deputy Fiscal Agent shall ench execute o. cco;o.rnte bo~d wi t:h surety satisfactory to the :So~rd.
Sec. 3. Payme1jls of exoenses ~1d othsr disbursements of the
Board shnll be made by tHe Fiscal Agent upon proper vouchers out of moneys
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e:.dvn:.1ccd to him by roquisi tion and warrn::t out of the ~ecial f1L"ld :ud
::?ln.ced to his offici'.ll credit vii t~1 the Treasurer of tho U.1i ted Stutes as
:9rovided by Soctb:-. 5 of this Article. In tho absence of tha Fiscal Agapt
pa,y-ment of expenses and other disbursements shall be :rode by tlu.e Deputy
Fiscol .Agent upon rroper vouchers out of moneys aci.vanceci. to the Fiscal
~gent by requisition and warrant out of the special ftu1d and placed to his
official credit with the Treasurer of the United States as provided by Sections 5 and 6 of this e:.rticle.
Sec. 4. The Fiscal ~\gent shall prepare n qunrterly aeco~t in
such form ns shD.ll be approved by the Co~troller General of the United
States and, after npnrovo.l by the Gover11or, such qu.o.rterly account shall be
submitted. to the Guneral Accounting Office. Su6'1 account shall cover. r>ayments of er9'nses and oth0r disbursements ~~de by b~th the Fiscal Agent and
the Deputy Fiscal Agent.
Sec. 5. The Governor shall, when ne o::ssary, make roqui si tion on
the Treasurer of the United States for the advance of such sums to the Fiscal
Agent as may be necessary from tho Federal Reserve Board fund.
Sec. 6. The De~uty Fiscal .\gent in making disbursements of the
Board U!?On )?roper vouchers out of the moneys adv.::tnced to tl1e Fi seal Agent
shall sign against funds to the official credit of the Fis~l .Agent with
the !l'rcasurer of the United States :1,.l:l. t.he name of the Fiscal Agent by himself as Deputy Fiscal Agent.
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Article lX.
Gold Settlement Fund.
o.nd
Federal Reserve .Agents• fund.
All funds deposited by or for account of the respective Federal
Reserve ~\gents in the Federal Reserve Agents' fund of tho Federal Reserve
Board and all funds deposited by or for account of the respective Federal
Reserve Banks in the Gold Settlement ~~ of the Federal Reserve ~oard
shall be held on dsposit wit~ the Treasurer of the United States and shall
be subject to withdrawal only by chock of the Federal Reserve Board signed
by the Secretary or an Assistant Secretary c~d countersigned by the Governor
or acting exe~ative officer of the Board •
.Article X.
Rco"Lris'i tion for IJelivory.
of
Federal Roscryc Notes
Requisitions uuon tho Comptroller of the Currency for the delivery
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of Federnl Reserve notes to thu respective Federal Reserve Agents shall
be mn.de by the Secre to.ry or .i'lssis tn;.1 t Secroto.ry in rospon~o oaly to requests made by the Federal Reserve .A(;ents to the :So·1rd for such notes.
The Secreto.r~' or .Assistant Secret:;,ry shall submit do.ily for o.pproval to
the Governor or acting executive officer of the Board a schedule shQwil'lg
the amount of each denomination of Federal Reserve Notes requisitioned by
him for the accou.Tlt of each Federal Reserve .Agent •
.Article Xl.
The Seal.
The following is en impression of the seo.l adopted by the Board.
SEAL.
Arti9le Xll.
Counsel.
Sec. 1. The Board shall appoint a General Cour1sel whose duty
it shall be to.~vise with the Board, or o.ny member thereof, as to such
legal questions as mo.y arise in the conduct of its business; to prepare,
at the Board 1 s request opinions, regulations, rulings, forms Q.lld.other legal
papers and to perform generally such legal services as he may be called upon
by the Boo.rd to perform.
Sec. 2. Subject to the direction of the Governor, the General
Counsel skall have authority to correspond directly with the Cotu1sel of
the various Federal Reserve Banks and to request their opinions as to the
interpretation of the local laws of the States included in their respective
Federal Reserve Districts. Copies of all such correspondence shall be furnished to the Board for its informo.tion.
Sec. 3. Whenever it may be deemed advisable, the Board may ap1Joint one or more Associate or ..d.ssistant Counsel, or one or more Assistants
to Co"U.nsel. Tne duty of such Associate er ..:i.ssistant Counsel shall be to
assist the General Counsel in the performance of his duties and to perform
the duty of the General ColU~sel in his a.~sence. The duty of such Assistant
to Counsel or Assistants to Counsel shall be to assist the General CoUL~sel
in the performance of his duties.
Sec. 4. The Bourd may appoint irom time to time Consulting Counsel,
who may b6 attorneys .'J.t law engo.ged in ou.tsW,e practice.
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.Article Xlll.
Meetings.
Sec. 1. Five members of the Board shall constitute a quorum for
of business.
Sec. 2. Stated meetings of the Board shall be held on such days
of the week and at such hours as the Board by a majority vote may fix from
time to time. One meeting day each week shall be set apart for consideration
of the following matters, advance notice of not less than two days being
sent to members of important questions to be ta~en up at tho meeting:
the
tr~~saction
Discount and open market matters;
Approval of expenditures and salaries;
Establishment of Federal Reserve Branches,
Agencies, Currency Stations;
Permission for establishment of member
bank branches;
Amendment of Board's rules and regulations;
New policies or changes of policy;
Such other major matters as may be reserved
for consideration at the weekly meeting.
Sec. 3. Special meetings of the Board may bo called by the Cbairman or Governor or upon the written request of three members of the Board.
Sec. 4. At all meetings of the Board the following shall be the
order of business:
(1) Reading or inspection of the Minutes of the last
regular meeting and Minutes of meetings of the
Executive Committee.
(2) Report of the Governor.
(3) Report of the Secretary.
(4) Reports of the committees or m~mbers on assigned
business.
(5) Unfinished business.
(6) New business.
Sec. 5. No vote shall be taken or motion made by the Board at a
meeting or conference when others than the members of the Board and its Secretarial staff are present.
.Article XlV.
Absences.
Sec. 1. Absences of appointive members of the Board shall as far
as practicable be arranged so as not to interfere with the expeditious conduct of the Board 1 s business in Washington.
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~':..rt.icle
Inform:1tion und
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XV.
Publico.tio~l.
Sec. 1. All persons employed by the :Soc.rd shall keep inviolate
its oo.siness, affairs, and concerns, and shall not disclose or divulge the
same to o:ny unauthorized person whomsoever, and any OJ1I?loyee who shall
give informo.tion contrary to this by-law shall be liable to irmnediate dismissal. ~xcept u0on vote of tho :Soard, no one other than o. Member of the
:Eon.rd, or the Secrota:c·y, ..,\.snista.nt Secretaries, Assist.'l:1t to the Governor,
Q.nd General Counsel, shnlJ, be__:Q£rm.itted to ins-pect nny of the Boc.rd's :ninutes.
S0c. 2. lro stato:ncnts shall 'be made to L1e press expressive of
1
the :Soc.rd s ·nolicy or des cri1)ti vc of its action oxce~;t c.s .::mt:1orizod a:1d approved by tho Bonrd. Such sto.tomcnts shull be issnoO. only in written form
and when n.uthorized and approved they sh..:.'l.ll be iasuerl through the offi co of
the Governor or such other officer or memool' of tl1o :Soard. n.s :any be specifically designated. While each member of tho Board ~st determine for hinself
the propriety or necessity of expressing publicly his L1ciividu.o.l o:pinio:..1 0!1
any question, members shall not quote publicly the opinion of ot:1er members
on matters wl1ich rove not formally been passed upon by the :So:1rd.
Sec. 3. There shall be published monthly, a bulletin to be 'lmown
11
as The Federal :Reserve Bulletin", which sh~ll be the official periodical
organ or publication of the Federal :Raserve Board.
Soc. 4. No resolutions of a personal c~"racter, except upon the
death of a member of the Federal Reserve Bon.rd while serving as such, shall
appear in any publication of tho Foderal Reserve :Soar~.
4\.rticle XVl.
Junendment~.
These by-laws IDD.y bo ar.nended at any regular mectLlg of the :Board
by a 1Illljori ty vote of the en tire :Soard, provided that a copy of such amendments shall have been delivered to each member at least seven days prior to
such meeting.
@FedFRASER