§244 Principal offices of Board; chairman of Board; obligations and expenses; qualifications of members; vacancies

Summary

Keep the Board's main offices in Washington, D.C. The chair runs Board meetings. If the chair is gone, the vice chair runs them. If both are gone, the Board picks a member to act as temporary chair. The Board decides how it will make promises to pay and how it will approve and pay bills. It can keep fees it charges member banks on deposit in Federal Reserve banks to pay its expected expenses and salaries. That money is not government or appropriated money. The Board’s employees follow this law and the Board’s rules for pay, leave, and expenses. No Board member may be an officer, director, or stockholder of any bank, trust company, or Federal Reserve bank. Before starting work, each member must swear under oath that they meet this rule and file that oath with the Board’s secretary. If one of the seven presidential appointee seats becomes vacant for a reason other than the term ending, the President, with the Senate’s approval, appoints someone to finish that term.