Title 12 — Banks and BankingRelease 119-73
§2 Comptroller of the Currency; appointment; term
Title 12 › Chapter CHAPTER 1— - THE COMPTROLLER OF THE CURRENCY › § 2
Full Legal Text
Title 12, §2
Banks and Banking — Source: USLM XML via OLRC
The Comptroller of the Currency shall be appointed by the President, by and with the advice and consent of the Senate, and shall hold his office for a term of five years unless sooner removed by the President, upon reasons to be communicated by him to the Senate.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification R.S. § 325 derived from act June 3, 1864, ch. 106, § 1, 13 Stat. 99, which was the National Bank Act. See section 38 of this title. Provisions of this section which prescribed the annual basic compensation of the Comptroller of the Currency were omitted to conform to the provisions of the Executive Schedule. See section 5314 of Title 5, Government Organization and Employees.
Amendments
1935—Act Aug. 23, 1935, struck out “on the recommendation of the Secretary of the Treasury” after “President”, where first appearing, and changed the salary from “$5,000 a year” to “$15,000 a year”.
Statutory Notes and Related Subsidiaries
Repeals
Act Oct. 15, 1949, ch. 695, § 4, 63 Stat. 880, formerly cited as a credit to this section, was repealed by Pub. L. 89–554, § 8(a), Sept. 6, 1966, 80 Stat. 655.
Executive Documents
Exception as to
Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, were not included in
Transfer of Functions
to Secretary of the Treasury, see note set out under section 1 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 2
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73