Title 12 — Banks and BankingRelease 119-73
§303 Qualifications and disabilities
Title 12 › Chapter CHAPTER 3— - FEDERAL RESERVE SYSTEM › Subchapter SUBCHAPTER VII— - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS AND ASSISTANTS › § 303
Summary
Senators and Representatives must not serve on the Federal Reserve’s Board of Governors or be officers or board members of any Federal Reserve Bank. Class B directors must not be officers, directors, or employees of a bank, and Class C directors must not be officers, directors, employees, or stockholders of a bank.
Full Legal Text
Title 12, §303
Banks and Banking — Source: USLM XML via OLRC
No Senator or Representative in Congress shall be a member of the Board of Governors of the Federal Reserve System or an officer or a director of a Federal reserve bank. No director of class B shall be an officer, director, or employee of any bank. No director of class C shall be an officer, director, employee, or stockholder of any bank.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of pars. 13 to 15 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.
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.
Reference
Citations & Metadata
Citation
12 U.S.C. § 303
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73