Title 12 — Banks and BankingRelease 119-73
§307 Compensation of directors
Title 12 › Chapter CHAPTER 3— - FEDERAL RESERVE SYSTEM › Subchapter SUBCHAPTER VII— - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS AND ASSISTANTS › § 307
Summary
Directors of Federal Reserve banks must be paid a reasonable amount to cover needed costs when they attend their board meetings, and the bank pays that amount. Any pay or benefits that a Federal Reserve bank's board wants to give to its directors, officers, or employees must be approved by the Board of Governors of the Federal Reserve System.
Full Legal Text
Title 12, §307
Banks and Banking — Source: USLM XML via OLRC
Directors of Federal reserve banks shall receive, in addition to any compensation otherwise provided, a reasonable allowance for necessary expenses in attending meetings of their respective boards, which amount shall be paid by the respective Federal reserve banks. Any compensation that may be provided by boards of directors of Federal reserve banks for directors, officers or employees shall be subject to the approval of the Board of Governors of the Federal Reserve System.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of par. 24 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. § 307
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73