§244 Principal Offices of Board; Chairman of Board; Obligations and Expenses; Qualifications of Members; Vacancies

Summary

Keeps the Board’s main offices in Washington, D.C., and says the chairman leads meetings. If the chairman is gone, the vice chairman leads. If both are gone, the Board picks a member to lead temporarily. Lets the Board decide how it will incur debts and pay its bills. It can keep assessment money on deposit in Federal Reserve banks to pay expected expenses and salaries. Employee jobs, pay, leave, and expenses are governed only by this law and Board rules. Those assessment funds are not government or appropriated money. Board members may not be officers, directors, or stockholders of banks or trust companies. Before starting, each member must swear they meet this rule and file that oath with the Board’s secretary. If one of the seven presidentially appointed members leaves before their term ends, the President, with Senate approval, appoints someone to finish the term.