Title 12, Banks and BankingRelease 119-102
§620 Members of Board of Governors of the Federal Reserve System Without Interest in Corporation
Title 12 › CHAPTER 6 — FOREIGN BANKING › SUBCHAPTER II — ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING › § 620
Summary
Board members must not be officers, directors, or stockholders of any corporation organized under this subchapter or of similar state companies. Before serving, they must swear to the Secretary of the Treasury that they have followed this rule.
Full Legal Text
Title 12, §620
Banks and Banking, Source: USLM XML via OLRC
No member of the Board of Governors of the Federal Reserve System shall be an officer or director of any corporation organized under the provisions of this subchapter or of any corporation engaged in similar business organized under the laws of any State, nor hold stock in any such corporation, and before entering upon his duties as a member of the Board of Governors of the Federal Reserve System he shall certify under oath to the Secretary of the Treasury that he has complied with this requirement.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
This subchapter, referred to in text, was in the original “this section”, meaning section 25A of act Dec. 23, 1913, which is classified to this subchapter (§ 611 et seq.). Codification Section is comprised of par. 12 (undesignated) of section 25A of act Dec. 23, 1913, which comprises this subchapter. For complete classification of section 25A of this Act, see Codification note set out under section 611 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. § 620
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102