Title 12 — Banks and BankingRelease 119-73
§306 Assistants to Federal reserve agent
Title 12 › Chapter CHAPTER 3— - FEDERAL RESERVE SYSTEM › Subchapter SUBCHAPTER VII— - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS AND ASSISTANTS › § 306
Summary
With Board approval, the Federal reserve agent may appoint one or more assistants with proven banking experience who can act for the agent when absent or disabled; the Board may require bonds to protect the U.S., and assistants are paid annually like the agent.
Full Legal Text
Title 12, §306
Banks and Banking — Source: USLM XML via OLRC
Subject to the approval of the Board of Governors of the Federal Reserve System, the Federal reserve agent shall appoint one or more assistants. Such assistants, who shall be persons of tested banking experience, shall assist the Federal reserve agent in the performance of his duties and shall also have power to act in his name and stead during his absence or disability. The Board of Governors of the Federal Reserve System shall require such bonds of the assistant Federal reserve agents as it may deem necessary for the protection of the United States. Assistants to the Federal reserve agent shall receive an annual compensation, to be fixed and paid in the same manner as that of the Federal reserve agent.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of par. 23 of section 4 of act Dec. 23, 1913, as added June 21, 1917. 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. § 306
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73