Title 12 — Banks and BankingRelease 119-73
§308 Terms of directors; vacancies
Title 12 › Chapter CHAPTER 3— - FEDERAL RESERVE SYSTEM › Subchapter SUBCHAPTER VII— - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS AND ASSISTANTS › § 308
Summary
At each Federal Reserve Bank's first board meeting, classes A, B, and C must stagger terms so they end 1 year, 2 years, and 3 years from the January 1 nearest the meeting. Then directors serve 3-year terms. Vacancies are filled the same way; replacements serve the unexpired term.
Full Legal Text
Title 12, §308
Banks and Banking — Source: USLM XML via OLRC
At the first meeting of the full board of directors of each Federal reserve bank, it shall be the duty of the directors of classes A, B, and C, respectively, to designate one of the members of each class whose term of office shall expire in one year from the 1st of January nearest to date of such meeting, one whose term of office shall expire at the end of two years from said date, and one whose term of office shall expire at the end of three years from said date. Thereafter every director of a Federal reserve bank chosen as hereinbefore provided shall hold office for a term of three years. Vacancies that may occur in the several classes of directors of Federal reserve banks may be filled in the manner provided for the original selection of such directors, such appointees to hold office for the unexpired terms of their predecessors.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of par. 26 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.
Reference
Citations & Metadata
Citation
12 U.S.C. § 308
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73