§302 — Title 12 Banks and Banking | U.S. Code

Summary

The board must have nine members. They serve three-year terms and are split into three classes called A, B, and C, with three people in each class. Each class must be selected without discrimination based on race, religion, skin color, sex, or where someone comes from. Class A members are chosen by and represent the stockholding banks. Class B members represent the public and are elected with attention, but not only, to the interests of farming, business, industry, services, labor, and consumers. Class C members are picked by the Board of Governors of the Federal Reserve System and also represent the public with the same considerations.

Title 12, §302

Banks and Banking — Source: USLM XML via OLRC

Such board of directors shall be selected as hereinafter specified and shall consist of nine members, holding office for three years, and divided into three classes, designated as classes A, B, and C. Class A shall consist of three members, without discrimination on the basis of race, creed, color, sex, or national origin, who shall be chosen by and be representative of the stockholding banks. Class B shall consist of three members, who shall represent the public and shall be elected without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers. Class C shall consist of three members who shall be designated by the Board of Governors of the Federal Reserve System. They shall be elected to represent the public, without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.

Notes & Related Subsidiaries

Editorial Notes

Codification Section is comprised of pars. 9 to 12 of section 4 of act Dec. 23, 1913. For classification to this title of other pars. of section 4, see Codification note set out under section 301 of this title. Provisions of section which related to appointment of Class C directors when the necessary subscriptions to the capital stock have been obtained for the organization of any Federal Reserve Bank and which required the organization committee to exercise the powers and duties appertaining to the office of chairman in the organization of such Federal Reserve Bank pending the designation of a chairman, were omitted as obsolete. Another section 202 of Pub. L. 95–188 enacted section 225a of this title.

Amendments

1977—Second par. Pub. L. 95–188, § 202(a), required Class A members to be chosen without discrimination on the basis of race, creed, color, sex or national origin. Third par. Pub. L. 95–188, § 202(b), substituted requirement that Class B members represent the public and be elected without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers for prior requirement that such Class B members, at the time of their election, be actively engaged in their district in commerce, agriculture or some other industrial pursuit. Fourth par. Pub. L. 95–188, § 202(c), required Class C members to be elected to represent the public, without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.

Statutory Notes and Related Subsidiaries

Change of Name

section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.

§302 Number of members; classes