PRIA, Government Policy, Made Personal

Summary

The Board of Governors of the Federal Reserve must charge the Federal Reserve banks twice a year, in proportion to their capital stock and surplus, an amount big enough to cover the Board’s expected expenses and pay for its members and staff for the next half year, plus any unpaid shortfall from the prior half year. These charges can also include money to buy a site or building in the District of Columbia for the Board’s offices. After September 1, 2000, the Board can also use these charges to buy additional sites or buildings beyond what it owned on that date. Once the Board approves plans and cost estimates it had prepared, it may build on any site it owns, do all work needed to construct, equip, and furnish the building or buildings, and later maintain, expand, or remodel them. The Board has sole control over those buildings and the space inside.

Title 12, §243

Banks and Banking, Source: USLM XML via OLRC

The Board of Governors of the Federal Reserve System shall have power to levy semiannually upon the Federal reserve banks, in proportion to their capital stock and surplus, an assessment sufficient to pay its estimated expenses and the salaries of its members and employees for the half year succeeding the levying of such assessment, together with any deficit carried forward from the preceding half year, and such assessments may include amounts sufficient to provide for the acquisition by the Board in its own name of such site or building in the District of Columbia as in its judgment alone shall be necessary for the purpose of providing suitable and adequate quarters for the performance of its functions. After September 1, 2000, the Board may also use such assessments to acquire, in its own name, a site or building (in addition to the facilities existing on such date) to provide for the performance of the functions of the Board. After approving such plans, estimates, and specifications as it shall have caused to be prepared, the Board may, notwithstanding any other provision of law, cause to be constructed on any site so acquired by it a building or buildings suitable and adequate in its judgment for its purposes and proceed to take all such steps as it may deem necessary or appropriate in connection with the construction, equipment, and furnishing of such building or buildings. The Board may maintain, enlarge, or remodel any building or buildings so acquired or constructed and shall have sole control of such building or buildings and space therein.

Notes & Related Subsidiaries

Editorial Notes

Codification Section is comprised of third par. of section 10 of act Dec. 23, 1913. For classification to this title of other pars. of section 10, see note set out under section 241 of this title.

Amendments

2000—Pub. L. 106–569 inserted “After

September 1, 2000, the Board may also use such assessments to acquire, in its own name, a site or building (in addition to the facilities existing on such date) to provide for the performance of the functions of the Board.” after first sentence, inserted “or buildings” after “building” wherever appearing in third and fourth sentences, and substituted “constructed on any site” for “constructed on the site” in third sentence. 1934—Act

June 19, 1934, inserted provisions after “the preceding half year” in first sentence and inserted second and third sentences.

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.

§243 Assessments Upon Federal Reserve Banks to Pay Expenses