PRIA, Government Policy, Made Personal

Summary

The Federal reserve agent can hire one or more assistants, but the Board of Governors of the Federal Reserve System must approve them. The assistants must have proven banking experience. They must help the agent with duties and may act for the agent when the agent is away or disabled. The Board can require bonds for the assistants if it thinks those bonds are needed to protect the United States, and the assistants get an annual pay set and paid the same way as the Federal reserve agent.

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.

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.

§306 Assistants to Federal Reserve Agent