-CITE- 12 USC CHAPTER 3 - FEDERAL RESERVE SYSTEM 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM -HEAD- CHAPTER 3 - FEDERAL RESERVE SYSTEM -MISC1- SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM Sec. 221. Definitions. 221a. Additional definitions. 222. Federal reserve districts; membership of national banks. 223. Number of Federal reserve cities in district. 224. Status of reserve cities under former statutes. 225. Federal reserve banks; title. 225a. Maintenance of long run growth of monetary and credit aggregates. 225b. Appearances before and reports to the Congress. 226. "Federal Reserve Act." 227. "Banking Act of 1933." 228. "Banking Act of 1935." SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 241. Creation; membership; compensation and expenses. 242. Ineligibility to hold office in member banks; qualifications and terms of office of members; chairman and vice chairman; oath of office. 243. Assessments upon Federal reserve banks to pay expenses. 244. Principal offices of Board; chairman of Board; obligations and expenses; qualifications of members; vacancies. 245. Vacancies during recess of Senate. 246. Powers of Secretary of the Treasury as affected by chapter. 247. Reports to Congress. 247a. Records of action on policy relating to open-market operation and policies determined generally; inclusion in report to Congress. 248. Enumerated powers. 248-1. Rules and regulations for transfer of funds and charges therefor among banks; clearing houses. 248a. Pricing of services. 248b. Annual independent audits of Federal reserve banks and Board. 249. Repealed. 250. Independence of financial regulatory agencies. 251. Repealed. 252. Credit availability assessment. SUBCHAPTER III - FEDERAL ADVISORY COUNCIL 261. Creation; membership; compensation; meetings; officers; procedure; quorum; vacancies. 262. Powers. SUBCHAPTER IV - FEDERAL OPEN MARKET COMMITTEE 263. Federal Open Market Committee; creation; membership; regulations governing open-market transactions. SUBCHAPTER V - FEDERAL DEPOSIT INSURANCE CORPORATION 264. Transferred. 265. Insured banks as depositaries of public money; duties; security; discrimination between banks prohibited; repeal of inconsistent laws. 266. State-chartered banks and other institutions as depositaries of public money; fiscal agents; duties. SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS; DIVIDENDS AND EARNINGS 281. Capital. 282. Subscription to capital stock by national banking association. 283. Public subscription to capital stock. 284. Omitted. 285. Nonvoting stock. 286. Transfers of stock; rules and regulations. 287. Value of shares of stock; increase and decrease of stock; member banks as shareholders; surrender of shares. 288. Cancellation of stock held by member bank on insolvency or discontinuance of banking operations for sixty days; repayment of cash-paid subscriptions. 289. Dividends and surplus funds of reserve banks; transfer for fiscal year 2000. 290. Use of earnings transferred to Treasury. SUBCHAPTER VII - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS AND ASSISTANTS 301. Powers and duties of board of directors; suspension of member bank for undue use of bank credit. 302. Number of members; classes. 303. Qualifications and disabilities. 304. Class A and class B directors; selection. 305. Class C directors; selection; "Federal reserve agent." 306. Assistants to Federal reserve agent. 307. Compensation of directors. 308. Terms of directors; vacancies. SUBCHAPTER VIII - STATE BANKS AS MEMBERS OF SYSTEM 321. Application for membership. 322. Determination on application. 323. Stock in Federal reserve banks; method of payment. 324. Laws applicable on becoming members. 325. Examinations. 326. Acceptance of examinations and reports by State authorities; special examinations. 327. Surrender of stock and cancellation of memberships. 328. Withdrawals from membership. 329. Capital stock required as condition precedent to membership. 329a. Omitted. 330. Laws applicable on becoming members; discounts for State banks. 331. Certifying checks on State banks admitted as members. 332. Depositaries of public money; financial agents; security required. 333. Mutual savings banks; application and admission to membership in Federal Reserve System. 334. Reports from affiliates; penalty for failure to furnish. 335. Dealing in investment securities; limitations and conditions. 336. Certificates of stock; representation of stock of other corporations. 337. Repealed. 338. Examination of affiliates; forfeiture of membership on refusal of affiliate to give information or pay expense. 338a. Investments to promote public welfare and community development; limitation on investments. 339. Participation by State member banks in lotteries and related activities. 339a. Resolution of clearing banks. SUBCHAPTER IX - POWERS AND DUTIES OF FEDERAL RESERVE BANKS 341. General enumeration of powers. 342. Deposits; exchange and collection; member and nonmember banks or other depository institutions; charges. 343. Discount of obligations arising out of actual commercial transactions. 344. Discount or purchase of bills to finance agricultural shipments. 345. Rediscount of notes, drafts, and bills for member banks; limitation of amount. 346. Discount of acceptances. 347. Advances to member banks on their notes. 347a. Advances to member bank groups; inadequate amounts of eligible and acceptable assets; liability of individual banks in group; distribution of loans among banks of group; rate of interest; notes accepted for advances as collateral security for Federal reserve notes; foreign obligations as security for advances. 347b. Advances to individual member banks on time or demand notes; maturities; time notes secured by mortgage loans covering one-to-four family residences. 347c. Advances to individuals, partnerships, and corporations; security; interest rate. 347d. Transactions between Federal Reserve banks and branch or agency of foreign bank; matters considered. 348. Discount of obligations given for agricultural purposes or based upon livestock; collateral security for Federal reserve notes. 348a. Transactions with foreign banks; supervision of Board of Governors of the Federal Reserve System. 349. Rediscount for intermediate credit banks of obligations given for agricultural purposes; discount of notes made pursuant to section 1031. 350. Purchase and sale of debentures and like obligations of intermediate credit banks and agricultural credit corporations. 351. Obligations of cooperative marketing association as issued or drawn for agricultural purposes. 352. Limitation on amount of obligations of certain maturities which may be discounted and rediscounted. 352a. Repealed. 353. Purchase and sale of cable transfers, acceptances and bills. 354. Transactions involving gold coin, bullion, and certificates. 355. Purchase and sale of obligations of National, State, and municipal governments; open market operations; purchases and sales from or to United States; maximum aggregate amount of obligations acquired directly from or loaned directly to United States. 356. Purchase of commercial paper from member banks and sale of same. 357. Establishment of rates of discount. 358. Establishment of accounts for purposes of open-market operations; correspondents and agencies. 359. Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations. 359a. Omitted. 360. Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances. 361. Bills receivable, bills of exchange, acceptances; regulations by Board of Governors. 362 to 364. Omitted. SUBCHAPTER X - POWERS AND DUTIES OF MEMBER BANKS 371. Real estate loans. 371a. Payment of interest on demand deposits. 371b. Rate of interest on time deposits; payment of time deposits before maturity; waiver of notice requirements for withdrawal of savings deposits. 371b-1. Repealed. 371b-2. Interbank liabilities. 371c. Banking affiliates. 371c-1. Restrictions on transactions with affiliates. 371d. Investment in bank premises or stock of corporation holding premises. 372. Bankers' acceptances. 373. Acceptance of drafts or bills drawn by banks in foreign countries or dependencies of United States for purpose of dollar exchange. 374. Acting as agent for nonmember bank in getting discounts from reserve bank. 374a. Acting as agent for nonbanking borrower in making loans on securities to dealers in stocks, bonds, etc.; penalties. 375. Purchases from directors; sales to directors. 375a. Loans to executive officers of banks. 375b. Extensions of credit to executive officers, directors, and principal shareholders of member banks. 376. Rate of interest paid to directors, etc. 377. Repealed. 378. Dealers in securities engaging in banking business; individuals or associations engaging in banking business; examinations and reports; penalties. SUBCHAPTER XI - DEPOSITARIES AND FISCAL AGENTS 391. Federal reserve banks as Government depositaries and fiscal agents. 391a. Reimbursement of Federal Reserve Banks. 392. Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries. 393. Federal reserve banks as depositaries for Farm Credit System. 394. Federal reserve banks as depositaries for and fiscal agents of Home Owners' Loan Corporation. 395. Federal reserve banks as depositaries, custodians and fiscal agents for Commodity Credit Corporation. SUBCHAPTER XII - FEDERAL RESERVE NOTES 411. Issuance to reserve banks; nature of obligation; redemption. 412. Application for notes; collateral required. 413. Distinctive letter and serial number of notes; cancellation of notes unfit for circulation; accounting; apportionment of credit among Federal Reserve banks. 414. Authority of Board of Governors respecting issuance of notes; interest; lien. 415. Reduction of liability for outstanding notes by depositing notes and collateral and payment of notes of series prior to 1928; reissue of deposited notes. 416. Withdrawal of collateral deposited to protect notes and substitution of other collateral; retirement of notes; payment of notes of series prior to 1928; recovery of collateral; reissue of deposited notes. 417. Custody and safe-keeping of notes issued to and collateral deposited with reserve agent. 418. Printing of notes; denomination and form. 419. Delivery of notes prior to delivery to banks. 420. Control and direction of plates and dies; expense of issue and retirement of notes paid by banks. 421. Examination of plates and dies. 422. Repealed. SUBCHAPTER XIII - CIRCULATING NOTES AND BONDS SECURING SAME 441 to 448. Omitted. SUBCHAPTER XIV - BANK RESERVES 461. Reserve requirements. 462 to 462c. Omitted or Repealed. 463. Limitation on amount of balance with any depository institution without access to Federal Reserve advances. 464. Checking against and withdrawal of reserve balance. 465. Basis for ascertaining deposits against which required balance is determined. 466. Reserves of banks in dependencies or insular possessions. 467. Deposits of gold coin, gold certificates, and Special Drawing Right certificates with United States Treasurer. SUBCHAPTER XV - BANK EXAMINATIONS 481. Appointment of examiners; examination of member banks, State banks, and trust companies; reports. 482. Employees of Office of Comptroller of the Currency; appointment; compensation and benefits. 483. Special examination of member banks; information of condition furnished to Board of Governors of the Federal Reserve System. 484. Limitation on visitorial powers. 485. Examination of Federal reserve banks. 486. Waiver of requirements as to reports from or examinations of affiliates. SUBCHAPTER XVI - CIVIL LIABILITY OF FEDERAL RESERVE AND MEMBER BANKS, SHAREHOLDERS, AND OFFICERS 501. Liability of Federal reserve or member bank for certifying check when amount of deposit was inadequate. 501a. Forfeiture of franchise of national banks for failure to comply with provisions of this chapter. 502. Liability of shareholders of Federal reserve banks on contracts, etc. 503. Liability of directors and officers of member banks. 504. Civil money penalty. 505. Civil money penalty. 506. Notice after separation from service. SUBCHAPTER XVII - RESERVE-BANK BRANCHES 521. Reserve-bank branches; establishment; directors; discontinuance of branches; approval for erection of branch bank building. 522. Federal reserve branch bank buildings. -End- -CITE- 12 USC SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM -HEAD- SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM -End- -CITE- 12 USC Sec. 221 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM -HEAD- Sec. 221. Definitions -STATUTE- Wherever the word "bank" is used in this chapter, the word shall be held to include State bank, banking association, and trust company, except where national banks or Federal reserve banks are specifically referred to. The terms "national bank" and "national banking association" used in this chapter shall be held to be synonymous and interchangeable. The term "member bank" shall be held to mean any national bank, State bank, or bank or trust company which has become a member of one of the Federal reserve banks. The term "board" shall be held to mean Board of Governors of the Federal Reserve System; the term "district" shall be held to mean Federal reserve district; the term "reserve bank" shall be held to mean Federal reserve bank; the term "the continental United States" means the States of the United States and the District of Columbia. For purposes of this chapter, a State bank includes any bank which is operating under the Code of Law for the District of Columbia. The terms "bonds and notes of the United States", "bonds and notes of the Government of the United States", and "bonds or notes of the United States" used in this chapter shall be held to include certificates of indebtedness and Treasury bills issued under section 3104 of title 31. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 1, 38 Stat. 251; Aug. 23, 1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704; Pub. L. 86-70, Sec. 8(a), June 25, 1959, 73 Stat. 142; Pub. L. 97-258, Sec. 2(c), Sept. 13, 1982, 96 Stat. 1058; Pub. L. 109-351, title VII, Sec. 725(a)(1), Oct. 13, 2006, 120 Stat. 2001; Pub. L. 109-356, title I, Sec. 123(a)(1), Oct. 16, 2006, 120 Stat. 2028.) -REFTEXT- REFERENCES IN TEXT This chapter, referred to in text, was in the original "this Act", meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables. -MISC1- AMENDMENTS 2006 - Pub. L. 109-351 and 109-356 amended section identically, inserting "For purposes of this chapter, a State bank includes any bank which is operating under the Code of Law for the District of Columbia." at end of second par. 1982 - Pub. L. 97-258 inserted provisions defining "bonds and notes of the United States", "bonds and notes of the Government of the United States", and "bonds or notes of the United States". These provisions are based on acts Sept. 24, 1917, ch. 56, Sec. 5(c), 40 Stat. 290; Apr. 4, 1918, ch. 44, Sec. 4, 40 Stat. 504; Mar. 3, 1919, ch. 100, Sec. 3, 40 Stat. 1311; restated June 17, 1929, ch. 26, 46 Stat. 20 (former 31 U.S.C. 754(c)). 1959 - Pub. L. 86-70 inserted definition of "the continental United States". -CHANGE- 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. -End- -CITE- 12 USC Sec. 221a 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM -HEAD- Sec. 221a. Additional definitions -STATUTE- As used in this chapter - (a) The terms "banks", "national bank", "national banking association", "member bank", "board", "district", and "reserve bank" shall have the meanings assigned to them in section 221 of this title. (b) Except where otherwise specifically provided, the term "affiliate" shall include any corporation, business trust, association, or other similar organization - (1) Of which a member bank, directly or indirectly, owns or controls either a majority of the voting shares or more than 50 per centum of the number of shares voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions; or (2) Of which control is held, directly or indirectly, through stock ownership or in any other manner, by the shareholders of a member bank who own or control either a majority of the shares of such bank or more than 50 per centum of the number of shares voted for the election of directors of such bank at the preceding election, or by trustees for the benefit of the shareholders of any such bank; or (3) Of which a majority of its directors, trustees, or other persons exercising similar functions are directors of any one member bank; or (4) Which owns or controls, directly or indirectly, either a majority of the shares of capital stock of a member bank or more than 50 per centum of the number of shares voted for the election of directors of a member bank at the preceding election, or controls in any manner the election of a majority of the directors of a member bank, or for the benefit of whose shareholders or members all or substantially all the capital stock of a member bank is held by trustees. -SOURCE- (June 16, 1933, ch. 89, Sec. 2, 48 Stat. 162; Aug. 23, 1935, ch. 614, title III, Sec. 301, 49 Stat. 707; Pub. L. 89-485, Sec. 13(a), (b), July 1, 1966, 80 Stat. 242.) -REFTEXT- REFERENCES IN TEXT As used in this chapter, referred to in text, was in the original "As used in this Act and in any provision of law amended by this Act", meaning act June 16, 1933, ch. 89, 48 Stat. 162, as amended, known as the Banking Act of 1933. For complete classification of this Act to the Code, see References in Text note set out under section 227 of this title and Tables. -MISC1- AMENDMENTS 1966 - Subsec. (b)(4). Pub. L. 89-485, Sec. 13(a), added par. (4) which incorporates definitions of "holding company affiliate" contained in cls. (1) and (2) of former subsec. (c) of this section, and substituted "a member bank" for "any one bank" in first two places. Subsec. (c). Pub. L. 89-485, Sec. 13(b), repealed definition of "holding company affiliate", cls. (1) and (2) thereof now being incorporated in the subsec. (b)(4) definition of "affiliate", substituting "a member bank" for "any one bank" in first two places and the par. excluding therefrom any corporations stock of which is fully owned by the United States and any organization determined by the Board of Governors of the Federal Reserve System not to be engaged, directly or indirectly, as a business in holding the stock of, or managing or controlling, banks, banking associations, savings banks, or trust companies. 1935 - Subsec. (c). Act Aug. 23, 1935, added last par. -End- -CITE- 12 USC Sec. 222 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM -HEAD- Sec. 222. Federal reserve districts; membership of national banks -STATUTE- The continental United States, excluding Alaska, shall be divided into not less than eight nor more than twelve districts. Such districts may be readjusted and new districts may from time to time be created by the Board of Governors of the Federal Reserve System, not to exceed twelve in all: Provided, That the districts shall be apportioned with due regard to the convenience and customary course of business and shall not necessarily be coterminous with any State or States. Such districts shall be known as Federal Reserve districts and may be designated by number. When the State of Alaska or Hawaii is hereafter admitted to the Union the Federal Reserve districts shall be readjusted by the Board of Governors of the Federal Reserve System in such manner as to include such State. Every national bank in any State shall, upon commencing business or within ninety days after admission into the Union of the State in which it is located, become a member bank of the Federal Reserve System by subscribing and paying for stock in the Federal Reserve bank of its district in accordance with the provisions of this chapter and shall thereupon be an insured bank under the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.], and failure to do so shall subject such bank to the penalty provided by section 501a of this title. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 251; Aug. 23, 1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704; Pub. L. 85-508, Sec. 19, July 7, 1958, 72 Stat. 350; Pub. L. 86-3, Sec. 17, Mar. 18, 1959, 73 Stat. 12.) -REFTEXT- REFERENCES IN TEXT The Federal Deposit Insurance Act, referred to in text, is act Sept. 21, 1950, ch. 967, Sec. 2, 64 Stat. 873, as amended, which is classified generally to chapter 16 (Sec. 1811 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1811 of this title and Tables. -MISC1- AMENDMENTS 1959 - Pub. L. 86-3 required readjustment of districts when the State of Hawaii is admitted to the Union. 1958 - Pub. L. 85-508 required readjustment of districts when the State of Alaska is admitted to the Union, and inserted provisions requiring national banks to become members of the Federal Reserve System upon commencing business or within 90 Days after admission into the Union of the State in which they are located. -CHANGE- 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. -MISC2- ADMISSION OF ALASKA AND HAWAII TO STATEHOOD Alaska was admitted into the Union on Jan. 3, 1959, on issuance of Proc. No. 3269, Jan. 3, 1959, 24 F.R. 81, 73 Stat. c16, and Hawaii was admitted into the Union on Aug. 21, 1959, on issuance of Proc. No. 3309, Aug. 21, 1959, 24 F.R. 6868, 73 Stat. c74. For Alaska Statehood Law, see Pub. L. 85-508, July 7, 1958, 72 Stat. 339, set out as a note preceding section 21 of Title 48, Territories and Insular Possessions. For Hawaii Statehood Law, see Pub. L. 86-3, Mar. 18, 1959, 73 Stat. 4, set out as a note preceding section 491 of Title 48. -End- -CITE- 12 USC Sec. 223 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM -HEAD- Sec. 223. Number of Federal reserve cities in district -STATUTE- A Federal reserve district shall contain only one Federal reserve city. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 251.) -End- -CITE- 12 USC Sec. 224 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM -HEAD- Sec. 224. Status of reserve cities under former statutes -STATUTE- The organization of reserve districts and Federal reserve cities shall not be construed as changing the present status of reserve cities except insofar as this chapter changes the amount of reserves that may be carried with approved reserve agents located therein. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 251; Pub. L. 86-114, Sec. 3(b)(5), July 28, 1959, 73 Stat. 264.) -REFTEXT- REFERENCES IN TEXT This chapter, referred to in text, was in the original "this Act", meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables. -MISC1- AMENDMENTS 1959 - Pub. L. 86-114 struck out "and central reserve cities" after "reserve cities". EFFECTIVE DATE OF 1959 AMENDMENT Amendment by Pub. L. 86-114 effective three years after July 28, 1959, see section 3(b) of Pub. L. 86-114, set out as a Central Reserve and Reserve Cities note under section 141 of this title. PRIOR PROVISIONS Provisions relating to reserve cities and central reserve cities were contained in R.S. Secs. 5191, 5192, and act Mar. 3, 1887, ch. 378, Secs. 1, 2, 24 Stat. 559, 560. -End- -CITE- 12 USC Sec. 225 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM -HEAD- Sec. 225. Federal reserve banks; title -STATUTE- A Federal reserve bank shall include in its title the name of the city in which it is situated, as "Federal Reserve Bank of Chicago." -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 252.) -End- -CITE- 12 USC Sec. 225a 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM -HEAD- Sec. 225a. Maintenance of long run growth of monetary and credit aggregates -STATUTE- The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long- term interest rates. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 2A, as added Pub. L. 95-188, title II, Sec. 202, Nov. 16, 1977, 91 Stat. 1387; amended Pub. L. 95-523, title I, Sec. 108(a), Oct. 27, 1978, 92 Stat. 1897; Pub. L. 100- 418, title III, Sec. 3005(c), Aug. 23, 1988, 102 Stat. 1375; Pub. L. 106-569, title X, Sec. 1003(a), Dec. 27, 2000, 114 Stat. 3028.) -COD- CODIFICATION Another section 202 of Pub. L. 95-188 amended section 302 of this title. -MISC1- AMENDMENTS 2000 - Pub. L. 106-569 struck out provisions after first sentence relating to annual reports to Congress, transmittal of reports to Congressional Committees, consultations with Committees, report of Committee, changing conditions affecting achievement of objectives and plans, and explanation for deviations from objectives and plans. 1988 - Pub. L. 100-418 inserted ", including an analysis of the impact of the exchange rate of the dollar on those trends" after "the Nation" in cl. (1). 1978 - Pub. L. 95-523 substituted provisions relating to independent written reports of the Board of Governors to the Congress for provisions relating to the consultations of the Board of Governors with Congress at semi-annual hearings, substituted "the objectives and plans with respect to the ranges" for "such ranges", inserted "of the monetary and credit aggregates disclosed in the reports submitted under this section" after "growth or diminution", and inserted proviso respecting the inclusion of an explanation of reasons for revisions or deviations in subsequent consultations and reports. EFFECTIVE DATE OF 1978 AMENDMENT Section 108(b) of Pub. L. 95-523 provided that: "The amendment made by subsection (a) [amending this section] takes effect on January 1, 1979." -End- -CITE- 12 USC Sec. 225b 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM -HEAD- Sec. 225b. Appearances before and reports to the Congress -STATUTE- (a) Appearances before the Congress (1) In general The Chairman of the Board shall appear before the Congress at semi-annual hearings, as specified in paragraph (2), regarding - (A) the efforts, activities, objectives and plans of the Board and the Federal Open Market Committee with respect to the conduct of monetary policy; and (B) economic developments and prospects for the future described in the report required in subsection (b) of this section. (2) Schedule The Chairman of the Board shall appear - (A) before the Committee on Banking and Financial Services of the House of Representatives on or about February 20 of even numbered calendar years and on or about July 20 of odd numbered calendar years; (B) before the Committee on Banking, Housing, and Urban Affairs of the Senate on or about July 20 of even numbered calendar years and on or about February 20 of odd numbered calendar years; and (C) before either Committee referred to in subparagraph (A) or (B), upon request, following the scheduled appearance of the Chairman before the other Committee under subparagraph (A) or (B). (b) Congressional report The Board shall, concurrent with each semi-annual hearing required by this section, submit a written report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking and Financial Services of the House of Representatives, containing a discussion of the conduct of monetary policy and economic developments and prospects for the future, taking into account past and prospective developments in employment, unemployment, production, investment, real income, productivity, exchange rates, international trade and payments, and prices. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 2B, as added Pub. L. 106-569, title X, Sec. 1003(b)(1), Dec. 27, 2000, 114 Stat. 3028.) -CHANGE- CHANGE OF NAME Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001. -End- -CITE- 12 USC Sec. 226 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM -HEAD- Sec. 226. "Federal Reserve Act" -STATUTE- The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the "Federal Reserve Act." -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 1, 38 Stat. 251.) -REFTEXT- REFERENCES IN TEXT The Federal Reserve Act, referred to in text, is act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, which is classified to this section, sections 1, 35, 59, 90, 92, 141, 142, 221, 222 to 225b, 241 to 248b, 261 to 263, 281 to 290, 301 to 308, 321 to 336, 338 to 339a, 341 to 352, 353 to 361, 371 to 371b, 371b-2 to 376, 391, 392, 393, 411 to 416, 418 to 421, 441 to 448, 461, 462, 462b to 467, 481 to 486, 501a to 506, 521, 522, 531, 601 to 604a, and 611 to 633 of this title and as a provision set out as a note under this section. Section 22 of act Dec. 23, 1913, ch. 6, which was classified to former sections 593 to 599 of Title 12, Banks and Banking, was repealed and restated in sections 217 to 220, 433, 655, 656, 1005, 1014, 1906, and 1909 of Title 18, Crimes and Criminal Procedure, by act June 25, 1948, ch. 645, Secs. 1, 21, 62 Stat. 683, 862, the first section of which enacted Title 18. Sections 217 to 220 of Title 18 were subsequently renumbered sections 212 to 215 of Title 18, respectively, by Pub. L. 87-849, Sec. 1(d), Oct. 23, 1962, 76 Stat. 1125. Sections 212 and 213 of Title 18, as renumbered by Pub. L. 87-849, were subsequently repealed by Pub. L. 108-198, Sec. 2(a), Dec. 19, 2003, 117 Stat. 2899. For complete classification of this Act to the Code, see Tables. -MISC1- SHORT TITLE OF 1996 AMENDMENT Pub. L. 104-208, div. A, title II, Sec. 2001(a), Sept. 30, 1996, 110 Stat. 3009-394, provided that: "This title [see Tables for classification] may be cited as the 'Economic Growth and Regulatory Paperwork Reduction Act of 1996'." SHORT TITLE OF 1992 AMENDMENT Pub. L. 102-491, Sec. 1, Oct. 24, 1992, 106 Stat. 3144, provided that: "This Act [amending section 522 of this title] may be cited as the 'Federal Reserve Bank Branch Modernization Act'." SHORT TITLE OF 1987 AMENDMENT Pub. L. 100-86, Sec. 1(a), Aug. 10, 1987, 101 Stat. 552, provided that: "This Act [enacting sections 371c-1, 1439-1, 1441, 1442a, 1467, 1467a, 1730h, 1730i, 1772b, 1772c, 3806, and 4001 to 4010 of this title and section 3334 of Title 31, Money and Finance, amending sections 24, 248a, 481, 619, 1430, 1436, 1464, 1467, 1725 to 1727, 1729 to 1730a, 1730h, 1757, 1761a, 1761b, 1764, 1766, 1767, 1785 to 1788, 1813, 1817, 1821, 1823, 1828, 1831d, 1832, 1841 to 1843, 1846, 1849, and 3106 of this title, sections 905 and 906 of Title 2, The Congress, sections 45, 46, and 57a of Title 15, Commerce and Trade, and sections 3328, 3702, 3712, 9101, and 9105 of Title 31, providing for future repeal of sections 1442a, 1467a, and 1730i of this title, enacting provisions set out as notes under sections 226, 248a, 619, 1437, 1441, 1464, 1467, 1467a, 1730, 1730a, 1751, 1811, 1841, and 4001 of this title and section 3328 of Title 31, and amending provisions set out as a note under section 1729 of this title] may be cited as the 'Competitive Equality Banking Act of 1987'." Pub. L. 100-86, title I, Sec. 100, Aug. 10, 1987, 101 Stat. 554, provided that: "This title [enacting section 371c-1 of this title, amending sections 24, 619, 1430, 1730, 1730a, 1813, 1828, 1831d, 1832, 1841 to 1843, and 1846 of this title, and enacting provisions set out as notes under sections 226, 619, 1730a, and 1841 of this title] may be cited as the 'Competitive Equality Amendments of 1987'." Pub. L. 100-86, title III, Sec. 301, Aug. 10, 1987, 101 Stat. 585, provided that: "This title [enacting section 1441 of this title, amending sections 1430, 1436, 1725, 1727, and 1730 of this title and section 9101 of Title 31, Money and Finance, and enacting provisions set out as a note under section 1730 of this title] may be cited as the 'Federal Savings and Loan Insurance Corporation Recapitalization Act of 1987'." Pub. L. 100-86, title IV, Sec. 401, Aug. 10, 1987, 101 Stat. 604, provided that: "This title [enacting sections 1442a, 1467, 1467a, 1730h, and 1730i of this title, amending sections 1464, 1467, 1729 to 1730a, and 1730h of this title, and section 9105 of Title 31, Money and Finance, providing for future repeal of sections 1442a, 1467a, and 1730i of this title, and enacting provisions set out as notes under sections 1437, 1441, 1467, and 1467a of this title] may be cited as the 'Thrift Industry Recovery Act'." SHORT TITLE OF 1982 AMENDMENT Pub. L. 97-320, Sec. 1, Oct. 15, 1982, 96 Stat. 1469, provided that: "This Act [enacting sections 216 to 216d, 1701j-3, 1795j, 1866, 1867, 3208, and 3801 to 3805 of this title and section 1099 of Title 20, Education, amending sections 22, 24, 27, 29, 30, 84, 93, 94, 95, 371, 371c, 375a, 375b, 461, 484, 504, 505, 1425a, 1426, 1428a, 1430, 1431, 1436, 1437, 1462, 1464, 1718, 1719, 1725, 1726, 1727, 1728, 1729, 1730, 1730a, 1752, 1752a, 1753, 1755, 1757, 1760, 1761, 1761a, 1761b, 1761c, 1763, 1764, 1766, 1770, 1771, 1782, 1783, 1785, 1786, 1795f, 1813, 1814, 1815, 1817, 1818, 1820, 1821, 1822, 1823, 1828, 1831c, 1832, 1841, 1842, 1843, 1847, 1861, 1862, 1863, 1864, 1865, 1972, 3106, 3204, 3305, 3412, 3414, and 3503 of this title, section 109 of Title 11, Bankruptcy, sections 1602 and 1603 of Title 15, Commerce and Trade, and sections 8103 and 8105 of Title 42, The Public Health and Welfare, repealing section 82 of this title and provisions set out as a note under section 461 of this title, enacting provisions set out as notes under this section, sections 84, 371, 371c, 1461, 1464, 1811, 1817, 1823, 3503, and 3801 of this title, and sections 1602 and 1603 of Title 15, and amending provisions set out as notes under sections 92 and 191 of this title] may be cited as the 'Garn-St Germain Depository Institutions Act of 1982'." Pub. L. 97-320, title IV, Sec. 410(a), Oct. 15, 1982, 96 Stat. 1515, provided that: "This section [amending sections 371c, 375b, 1820, 1828 and 1972 of this title, and enacting provisions set out as a note under section 371c of this title] may be cited as the 'Banking Affiliates Act of 1982'." SHORT TITLE OF 1980 AMENDMENT Pub. L. 96-221, Sec. 1, Mar. 31, 1980, 94 Stat. 132, provided that: "This Act [enacting sections 4a, 86a, 93a, 248a, 1730g, 1735f- 7a, 1831d, and 3501 to 3524 of this title, and section 1646 of Title 15, Commerce and Trade, amending sections 24, 27, 29, 51b, 51b-1, 72, 85, 92, 95, 214a, 248, 342, 347b, 355, 360, 371a, 412, 461, 463, 481, 1425a, 1425b, 1431, 1464, 1724, 1726, 1728, 1752, 1757, 1763, 1785, 1787, 1795, to 1795i, 1813, 1817, 1821, 1828, 1832, 1842, and 1843 of this title, and sections 57a, 687, 1602 to 1607, 1610, 1612, 1613, 1631, 1632, 1635, 1637, 1638, 1640, 1641, 1643, 1663, 1664, 1665a, 1666, 1666d, 1667d, and 1691f of Title 15, repealing sections 86a, 371b-1, 1730e, and 1831a of this title, and sections 1614, 1636, and 1639 of Title 15, enacting provisions set out as notes under this section, sections 27, 85, 86a, 191, 248, 355, 371a, 1425a, 1724, 1730g, 1735f-7, 1735f-7a, 1787, 1813, 1817, 3101, 3501, and 3521 of this title, and sections 1601, 1602, and 1607 of Title 15, and repealing provisions set out as notes under sections 85, 86a, 371b-1, and 1831a of this title] may be cited as the 'Depository Institutions Deregulation and Monetary Control Act of 1980'." Pub. L. 96-221, title I, Sec. 101, Mar. 31, 1980, 94 Stat. 132, provided that: "This title [enacting section 248a of this title, amending sections 248, 342, 347b, 355, 360, 412, 461, 463, and 1425a of this title and enacting provisions set out as notes under sections 248 and 355 of this title] may be cited as the 'Monetary Control Act of 1980'." Pub. L. 96-221, title III, Sec. 301, Mar. 31, 1980, 94 Stat. 145, provided that: "This title [amending sections 371a, 1431, 1464, 1724, 1728, 1752, 1757, 1763, 1785, 1787, 1795 to 1795i, 1813, 1817, 1821, 1828, and 1832 of this title and enacting provisions set out as notes under sections 371a, 1724, 1787, 1813, and 1817 of this title] may be cited as the 'Consumer Checking Account Equity Act of 1980'." SHORT TITLE OF 1978 AMENDMENT Pub. L. 95-630, Sec. 1, Nov. 10, 1978, 92 Stat. 3641, provided: "That this Act [enacting sections 375b, 504, 505, 635a-1 to 635a-3, 1795 to 1795i, 1831c, 3106a, 3201 to 3207, 3301 to 3308, and 3401 to 3422 of this title, sections 1693 to 1693r of Title 15, Commerce and Trade, and section 2153e-1 of Title 42, The Public Health and Welfare, amending sections 27, 93, 375a, 412, 635, 635e to 635g, 1451, 1462, 1464, 1715z-10, 1726, 1728 to 1730a, 1752 to 1756, 1757 to 1759, 1761 to 1763, 1766, 1767, 1771, 1772a, 1781 to 1789, 1795b to 1795g, 1813, 1817 to 1821, 1828, 1832, 1843, 1844, 1847, 1865, 1972, and 2902 of this title, sections 5108, 5314, and 5315 of Title 5, Government Organization and Employees, sections 709 and 1114 of Title 18, Crimes and Criminal Procedure, and sections 67 and 856 of former Title 31, Money and Finance, enacting provisions set out as notes under sections 27, 93, 375b, 461, 601, 635, 1451, 1728, 1730, 1751, 1752, 1795, 1817, 1832, 3201, 3301, 3401, and 3415 of this title, and sections 1601 and 1693 of Title 15; and amending provisions set out as notes under this section, section 461 of this title, and section 1666f of Title 15] may be cited as the 'Financial Institutions Regulatory and Interest Rate Control Act of 1978'." SHORT TITLE OF 1977 AMENDMENT Pub. L. 95-188, title II, Sec. 201, Nov. 16, 1977, 91 Stat. 1387, provided that: "This title [enacting section 225a of this title, amending sections 242 and 302 of this title and section 208 of Title 18, Crimes and Criminal Procedure, and enacting provisions set out as a note under section 242 of this title] may be cited as the 'Federal Reserve Reform Act of 1977'." SHORT TITLE OF 1932 AMENDMENT Act Feb. 27, 1932, ch. 58, 47 Stat. 56, which enacted sections 347a and 347b of this title, and amended section 412 of this title, is popularly known as the Glass-Steagall Act, 1932. SEPARABILITY; RIGHT TO AMEND, ALTER OR REPEAL Pub. L. 100-86, title XII, Sec. 1205, Aug. 10, 1987, 101 Stat. 663, provided that: "If any provision of this Act [see Short Title of 1987 Amendment note above] or the application thereof to any person or circumstances is held invalid, the remainder of the Act and the application of the provision to other persons not similarly situated or to other circumstances shall not be affected thereby." Sections 30 and 31, formerly 29 and 30, respectively, of act Dec. 23, 1913, as renumbered by act Nov. 10, 1978, Pub. L. 95-630, title I, Sec. 101, 92 Stat. 3641, provided: "Sec. 30. If any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered. "Sec. 31. The right to amend, alter, or repeal this Act is hereby expressly reserved." -End- -CITE- 12 USC Sec. 227 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM -HEAD- Sec. 227. "Banking Act of 1933" -STATUTE- The short title of the Act of June 16, 1933, ch. 89, 48 Stat. 162, shall be the "Banking Act of 1933." -SOURCE- (June 16, 1933, ch. 89, Sec. 1, 48 Stat. 162.) -REFTEXT- REFERENCES IN TEXT The Banking Act of 1933, also known as the Glass-Steagall Act, 1933, referred to in text, is classified to sections 24, 33, 34a, 36, 51, 52, 61, 64a, 71a, 77, 78, 84, 85, 161, 197a, 221a, 227, 242, 244, 248, 289, 301, 304, 321, 329, 333 to 338, 347, 348a, 371a, 371b, 371c, 371d, 374a, 375a, 377, 378, 481, and 632 of this title. For complete classification of this Act to the Code, see Tables. -MISC1- RIGHT TO AMEND, ALTER OR REPEAL; SEPARABILITY Section 34 of act June 16, 1933, provided: "The right to alter, amend, or repeal this Act is hereby expressly reserved. If any provision of this act, or the application thereof to any person or circumstances, is held invalid, the remainder of the act, and the application of such provision to other persons or circumstances, shall not be affected thereby". -End- -CITE- 12 USC Sec. 228 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM -HEAD- Sec. 228. "Banking Act of 1935" -STATUTE- The act of August 23, 1935, ch. 614, 49 Stat. 684, may be cited as the "Banking Act of 1935." -SOURCE- (Aug. 23, 1935, ch. 614, Sec. 1, 49 Stat. 684.) -REFTEXT- REFERENCES IN TEXT The Banking Act of 1935, referred to in text, is classified to sections 2, 24, 33 to 34c, 35, 36, 51, 51a, 51b-1, 52, 59 to 61, 64a, 71a, 78, 84, 85, 170, 181, 192, 221a, 228, 241, 242, 244, 247a, 248, 263, 287, 288, 321, 324, 336, 341, 343, 347b, 352a, 355, 357, 371, 371a, 371b, 371c, 375a, 377, 378, 461, 462a-1, 462b, 465, 481, 482, 486, 619, 1702, 1703, 1709, and 1713 of this title; section 101 of Title 11, Bankruptcy; section 19 of Title 15, Commerce and Trade. See, also, sections 217, 218, 334, 655, 656, 709, 1005, 1906, 1909, and 2113 of Title 18, Crimes and Criminal Procedure. For complete classification of this Act to the Code see Tables. -MISC1- SEPARABILITY Section 346 of act Aug. 23, 1935, provided: "If any provision of this Act, or the application thereof to any person or circumstances, is held invalid, the remainder of the Act, and the application of such provision to other persons and circumstances, shall not be affected thereby." -End- -CITE- 12 USC SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -End- -CITE- 12 USC Sec. 241 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 241. Creation; membership; compensation and expenses -STATUTE- The Board of Governors of the Federal Reserve System (hereinafter referred to as the "Board") shall be composed of seven members, to be appointed by the President, by and with the advice and consent of the Senate, after August 23, 1935, for terms of fourteen years except as hereinafter provided, but each appointive member of the Federal Reserve Board in office on such date shall continue to serve as a member of the Board until February 1, 1936, and the Secretary of the Treasury and the Comptroller of the Currency shall continue to serve as members of the Board until February 1, 1936. In selecting the members of the Board, not more than one of whom shall be selected from any one Federal Reserve district, the President shall have due regard to a fair representation of the financial, agricultural, industrial, and commercial interests, and geographical divisions of the country. The members of the Board shall devote their entire time to the business of the Board and shall each receive basic compensation at the rate of $16,000 per annum, payable monthly, together with actual necessary traveling expenses. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 260; June 3, 1922, ch. 205, 42 Stat. 620; Aug. 23, 1935, ch. 614, title II, Sec. 203(b), 49 Stat. 704.) -COD- CODIFICATION Section is comprised of first par. of section 10 of act Dec. 23, 1913. Pars. 2-7 and 8 of section 10; par. 9 of section 10, as added June 3, 1922, ch. 205, 42 Stat. 621; and par. 10 of section 10, as added Aug. 23, 1935, ch. 614, Sec. 203(d), 49 Stat. 705, are classified to sections 242 to 247, 1, 522, and 247a, respectively, of this title. -MISC1- AMENDMENTS 1935 - Act Aug. 23, 1935, Sec. 203(b), increased the appointive membership from six to seven, terminated the membership of the Secretary of the Treasury and the Comptroller of the Currency, raised the tenure from twelve to fourteen years and increased the annual salary from $12,000 to $15,000. -CHANGE- CHANGE OF NAME Section 203(a) of act Aug. 23, 1935, provided that: "Hereafter the Federal Reserve Board shall be known as the 'Board of Governors of the Federal Reserve System,' and the governor and the vice governor of the Federal Reserve Board shall be known as the 'chairman' and the 'vice chairman,' respectively, of the Board of Governors of the Federal Reserve System." -MISC2- REPEALS Act Oct. 15, 1949, ch. 695, Sec. 4, 63 Stat. 880, formerly cited as a credit to this section, was repealed by Pub. L. 89-554, Sec. 8(a), Sept. 6, 1966, 80 Stat. 655. GENERAL ACCOUNTING OFFICE STUDY OF CONFLICTS OF INTEREST Pub. L. 106-102, title VII, Sec. 728, Nov. 12, 1999, 113 Stat. 1475, provided that the Comptroller General of the United States was to conduct a study analyzing the conflict of interest faced by the Board of Governors of the Federal Reserve System between its role as a primary regulator of the banking industry and its role as a vendor of services to the banking and financial services industry and, before the end of the 1-year period beginning on Nov. 12, 1999, submit a report to the Congress, together with recommendations for such legislative or administrative actions as the Comptroller General determined to be appropriate. COMPENSATION OF BOARD OF GOVERNORS Annual basic compensation of Chairman and Members of Board of Governors, see sections 5313 and 5314 of Title 5, Government Organization and Employees. -End- -CITE- 12 USC Sec. 242 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 242. Ineligibility to hold office in member banks; qualifications and terms of office of members; chairman and vice chairman; oath of office -STATUTE- The members of the Board shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any member bank, except that this restriction shall not apply to a member who has served the full term for which he was appointed. Upon the expiration of the term of any appointive member of the Federal Reserve Board in office on August 23, 1935, the President shall fix the term of the successor to such member at not to exceed fourteen years, as designated by the President at the time of nomination, but in such manner as to provide for the expiration of the term of not more than one member in any two-year period, and thereafter each member shall hold office for a term of fourteen years from the expiration of the term of his predecessor, unless sooner removed for cause by the President. Of the persons thus appointed, one shall be designated by the President, by and with the advice and consent of the Senate, to serve as Chairman of the Board for a term of four years, and one shall be designated by the President, by and with the consent of the Senate, to serve as Vice Chairman of the Board for a term of four years. The Chairman of the Board, subject to its supervision, shall be its active executive officer. Each member of the Board shall within fifteen days after notice of appointment make and subscribe to the oath of office. Upon the expiration of their terms of office, members of the Board shall continue to serve until their successors are appointed and have qualified. Any person appointed as a member of the Board after August 23, 1935, shall not be eligible for reappointment as such member after he shall have served a full term of fourteen years. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 260; June 3, 1922, ch. 205, 42 Stat. 620; June 16, 1933, ch. 89, Sec. 6(a), 48 Stat. 166; Aug. 23, 1935, ch. 614, title II, Sec. 203(b), 49 Stat. 704; Pub. L. 95-188, title II, Sec. 204(a), Nov. 16, 1977, 91 Stat. 1388.) -COD- CODIFICATION Section is comprised of second 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. -MISC1- AMENDMENTS 1977 - Pub. L. 95-188 substituted in third sentence "one shall be designated by the President, by and with the advice and consent of the Senate, to serve as Chairman of the Board for a term of four years, and one shall be designated by the President, by and with the consent of the Senate, to serve as Vice Chairman of the Board for a term of four years" for "one shall be designated by the President as chairman and one as vice chairman of the Board, to serve as such for a term of four years". 1935 - Act Aug. 23, 1935, Sec. 203(b), extended term of appointive members from twelve to fourteen years, and inserted provisions for continuance in office until successor qualified and against reappointment. 1933 - Act June 16, 1933, extended term of appointive members from ten to twelve years. -CHANGE- 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. -MISC2- EFFECTIVE DATE OF 1977 AMENDMENT; APPLICABILITY Section 204(b) of Pub. L. 95-188 provided that: "The amendment made by subsection (a) [amending this section] takes effect on January 1, 1979, and applies to individuals who are designated by the President on or after such date to serve as Chairman or Vice Chairman of the Board of Governors of the Federal Reserve System." REPEALS Act Mar. 3, 1919, ch. 101, Sec. 2, 40 Stat. 1315, formerly cited as a credit to this section, was repealed by Pub. L. 89-554, Sec. 8(a), Sept. 6, 1966, 80 Stat. 644. COMPENSATION OF CHAIRMAN OF BOARD Annual basic compensation of Chairman of Board of Governors, see section 5313 of Title 5, Government Organization and Employees. -End- -CITE- 12 USC Sec. 243 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 243. Assessments upon Federal reserve banks to pay expenses -STATUTE- 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 judgement 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 judgement 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. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; June 19, 1934, ch. 653, Sec. 4, 48 Stat. 1108; Aug. 23, 1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704; Pub. L. 106-569, title X, Sec. 1001, Dec. 27, 2000, 114 Stat. 3027.) -COD- 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. -MISC1- 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. -CHANGE- 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. -End- -CITE- 12 USC Sec. 244 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 244. Principal offices of Board; chairman of Board; obligations and expenses; qualifications of members; vacancies -STATUTE- The principal offices of the Board shall be in the District of Columbia. At meetings of the Board the chairman shall preside, and, in his absence, the vice chairman shall preside. In the absence of the chairman and the vice chairman, the Board shall elect a member to act as chairman pro tempore. The Board shall determine and prescribe the manner in which its obligations shall be incurred and its disbursements and expenses allowed and paid, and may leave on deposit in the Federal Reserve banks the proceeds of assessments levied upon them to defray its estimated expenses and the salaries of its members and employees, whose employment, compensation, leave, and expenses shall be governed solely by the provisions of this chapter and rules and regulations of the Board not inconsistent therewith; and funds derived from such assessments shall not be construed to be Government funds or appropriated moneys. No member of the Board of Governors of the Federal Reserve System shall be an officer or director of any bank, banking institution, trust company, or Federal Reserve bank or hold stock in any bank, banking institution, or trust company; and before entering upon his duties as a member of the Board of Governors of the Federal Reserve System he shall certify under oath that he has complied with this requirement, and such certification shall be filed with the secretary of the Board. Whenever a vacancy shall occur, other than by expiration of term, among the seven members of the Board of Governors of the Federal Reserve System appointed by the President as above provided, a successor shall be appointed by the President, by and with the advice and consent of the Senate, to fill such vacancy, and when appointed he shall hold office for the unexpired term of his predecessor. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; June 16, 1933, ch. 89, Sec. 6(b), 48 Stat. 167; Aug. 23, 1935, ch. 614, title II, Sec. 203(a)-(c), 49 Stat. 704, 705.) -REFTEXT- REFERENCES IN TEXT This chapter, referred to in text, was in the original "this Act, specific amendments thereof", meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables. -COD- CODIFICATION Section is comprised of fourth par. of section 10 of act Dec. 23, 1913. For classification to this title of other pars. of section 10, see Codification note set out under section 241 of this title. Word "seven" was substituted for "six" in last sentence on authority of section 203(b) of act Aug. 23, 1935, which increased membership of the Board of Governors. -MISC1- AMENDMENTS 1935 - Act Aug. 23, 1935, Sec. 203(c), substituted second and third sentences for former related provisions. 1933 - Act June 16, 1933, fixed the principal offices of the Board, made the Secretary of the Treasury chairman, provided for chairman pro tempore, and referred to disbursements, obligations, salaries and leaves. -CHANGE- 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. -End- -CITE- 12 USC Sec. 245 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 245. Vacancies during recess of Senate -STATUTE- The President shall have power to fill all vacancies that may happen on the Board of Governors of the Federal Reserve System during the recess of the Senate by granting commissions which shall expire with the next session of the Senate. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 260; June 3, 1922, ch. 205, 42 Stat. 620; Aug. 23, 1935, ch. 614, title II, Sec. 203(a), 49, Stat. 704.) -COD- CODIFICATION Section is comprised of fifth par. of section 10 of act Dec. 23, 1913. For classification to this title of other pars. of section 10, see Codification note set out under section 241 of this title. -CHANGE- 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. -End- -CITE- 12 USC Sec. 246 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 246. Powers of Secretary of the Treasury as affected by chapter -STATUTE- Nothing in this chapter contained shall be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury which relate to the supervision, management, and control of the Treasury Department and bureaus under such department, and wherever any power vested by this chapter in the Board of Governors of the Federal Reserve System or the Federal reserve agent appears to conflict with the powers of the Secretary of the Treasury, such powers shall be exercised subject to the supervision and control of the Secretary. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; Aug. 23, 1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704.) -REFTEXT- REFERENCES IN TEXT This chapter, referred to in text, was in the original "this Act", meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables. -COD- CODIFICATION Section is comprised of sixth par. of section 10 of act Dec. 23, 1913. For classification to this title of other pars. of section 10, see Codification note set out under section 241 of this title. -CHANGE- 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. -End- -CITE- 12 USC Sec. 247 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 247. Reports to Congress -STATUTE- The Board of Governors of the Federal Reserve System shall annually make a full report of its operations to the Speaker of the House of Representatives, who shall cause the same to be printed for the information of the Congress. The report required under this paragraph shall include the reports required under section 1691f of title 15, section 57a(f)(7) of title 15, section 1613 of title 15, and section 247a of this title. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; Aug. 23, 1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704; Pub. L. 106-569, title XI, Sec. 1103(b), Dec. 27, 2000, 114 Stat. 3030.) -COD- CODIFICATION Section is comprised of seventh par. of section 10 of act Dec. 23, 1913. For classification to this title of other pars. of section 10, see Codification note set out under section 241 of this title. -MISC1- AMENDMENTS 2000 - Pub. L. 106-569 inserted at end "The report required under this paragraph shall include the reports required under section 1691f of title 15, section 57a(f)(7) of title 15, section 1613 of title 15, and section 247a of this title." -CHANGE- 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. -MISC2- MEMBERSHIP OF INTERNATIONAL BANKS IN FEDERAL RESERVE SYSTEM; REPORT TO CONGRESS Pub. L. 95-369, Sec. 3(g), Sept. 17, 1978, 92 Stat. 610, provided that the Board report to Congress not later than 270 days after Sept. 17, 1978 recommendations with respect to permitting corporations organized or operating under section 25 or 25(a) of the Federal Reserve Act to become members of Federal Reserve Banks. EFFECT OF INTERNATIONAL BANKING ACT OF 1978 ON INTERNATIONAL BANKS; REPORT TO CONGRESS Pub. L. 95-369, Sec. 3(h), Sept. 17, 1978, 92 Stat. 610, provided that: "As part of its annual report pursuant to section 10 of the Federal Reserve Act [this section], the Board shall include its assessment of the effects of the amendments made by this Act [see Short Title note set out under section 3101 of this title] on the capitalization and activities of corporations organized or operating under section 25 or 25(a) of the Federal Reserve Act [sections 601 to 604 and 611 to 631 of this title], and on commercial banks and the banking system." -End- -CITE- 12 USC Sec. 247a 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 247a. Records of action on policy relating to open-market operation and policies determined generally; inclusion in report to Congress -STATUTE- The Board of Governors of the Federal Reserve System shall keep a complete record of the action taken by the Board and by the Federal Open Market Committee upon all questions of policy relating to open- market operations and shall record therein the votes taken in connection with the determination of open-market policies and the reasons underlying the action of the Board and the Committee in each instance. The Board shall keep a similar record with respect to all questions of policy determined by the Board, and shall include in its annual report to the Congress a full account of the action so taken during the preceding year with respect to open- market policies and operations and with respect to the policies determined by it and shall include in such report a copy of the records required to be kept under the provisions of this section. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 10 (par.), as added Aug. 23, 1935, ch. 614, title II, Sec. 203(d), 49 Stat. 705.) -COD- CODIFICATION Section is comprised of tenth par. of section 10 of act Dec. 23, 1913, as added Aug. 23, 1935. For classification to this title of other pars. of section 10, see Codification note set out under section 241 of this title. -End- -CITE- 12 USC Sec. 248 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 248. Enumerated powers -STATUTE- The Board of Governors of the Federal Reserve System shall be authorized and empowered: (a) Examination of accounts and affairs of banks; publication of weekly statements; reports of liabilities and assets of depository institutions; covered institutions (1) To examine at its discretion the accounts, books, and affairs of each Federal reserve bank and of each member bank and to require such statements and reports as it may deem necessary. The said board shall publish once each week a statement showing the condition of each Federal reserve bank and a consolidated statement for all Federal reserve banks. Such statements shall show in detail the assets and liabilities of the Federal reserve banks, single and combined, and shall furnish full information regarding the character of the money held as reserve and the amount, nature, and maturities of the paper and other investments owned or held by Federal reserve banks. (2) To require any depository institution specified in this paragraph to make, at such intervals as the Board may prescribe, such reports of its liabilities and assets as the Board may determine to be necessary or desirable to enable the Board to discharge its responsibility to monitor and control monetary and credit aggregates. Such reports shall be made (A) directly to the Board in the case of member banks and in the case of other depository institutions whose reserve requirements under sections 461, 463, 464, 465, and 466 of this title exceed zero, and (B) for all other reports to the Board through the (i) Federal Deposit Insurance Corporation in the case of insured State nonmember banks, savings banks, and mutual savings banks, (ii) National Credit Union Administration Board in the case of insured credit unions, (iii) the Director of the Office of Thrift Supervision in the case of any savings association which is an insured depository institution (as defined in section 1813 of this title) or which is a member as defined in section 1422 of this title, and (iv) such State officer or agency as the Board may designate in the case of any other type of bank, savings and loan association, or credit union. The Board shall endeavor to avoid the imposition of unnecessary burdens on reporting institutions and the duplication of other reporting requirements. Except as otherwise required by law, any data provided to any department, agency, or instrumentality of the United States pursuant to other reporting requirement shall be made available to the Board. The Board may classify depository institutions for the purposes of this paragraph and may impose different requirements on each such class. (b) Permitting or requiring rediscounting of paper at specified rate To permit, or, on the affirmative vote of at least five members of the Board of Governors, to require Federal reserve banks to rediscount the discounted paper of other Federal reserve banks at rates of interest to be fixed by the Board. (c) Suspending reserve requirements To suspend for a period not exceeding thirty days, and from time to time to renew such suspension for periods not exceeding fifteen days, any reserve requirements specified in this chapter. (d) Supervising and regulating issue and retirement of notes To supervise and regulate through the Secretary of the Treasury the issue and retirement of Federal Reserve notes, except for the cancellation and destruction, and accounting with respect to such cancellation and destruction, of notes unfit for circulation, and to prescribe rules and regulations under which such notes may be delivered by the Secretary of the Treasury to the Federal Reserve agents applying therefor. (e) Adding to or reclassifying reserve cities To add to the number of cities classified as reserve cities under existing law in which national banking associations are subject to the reserve requirements set forth in section 20 of this Act, or to reclassify existing reserve cities or to terminate their designation as such. (f) Suspending or removing officers or directors of reserve banks To suspend or remove any officer or director of any Federal reserve bank, the cause of such removal to be forthwith communicated in writing by the Board of Governors of the Federal Reserve System to the removed officer or director and to said bank. (g) Requiring writing off of doubtful or worthless assets of banks To require the writing off of doubtful or worthless assets upon the books and balance sheets of Federal reserve banks. (h) Suspending operations of or liquidating or reorganizing banks To suspend, for the violation of any of the provisions of this chapter, the operations of any Federal reserve bank, to take possession thereof, administer the same during the period of suspension, and, when deemed advisable, to liquidate or reorganize such bank. (i) Requiring bonds of agents; safeguarding property in hands of agents To require bonds of Federal reserve agents, to make regulations for the safeguarding of all collateral, bonds, Federal reserve notes, money, or property of any kind deposited in the hands of such agents, and said board shall perform the duties, functions, or services specified in this chapter, and make all rules and regulations necessary to enable said board effectively to perform the same. (j) Exercising supervision over reserve banks To exercise general supervision over said Federal reserve banks. (k) Delegation of certain functions; power to delegate; review of delegated activities To delegate, by published order or rule and subject to subchapter II of chapter 5, and chapter 7, of title 5, any of its functions, other than those relating to rulemaking or pertaining principally to monetary and credit policies, to one or more administrative law judges, members or employees of the Board, or Federal Reserve banks. The assignment of responsibility for the performance of any function that the Board determines to delegate shall be a function of the Chairman. The Board shall, upon the vote of one member, review action taken at a delegated level within such time and in such manner as the Board shall by rule prescribe. (l) Employing attorneys, experts, assistants, and clerks; salaries and fees To employ such attorneys, experts, assistants, clerks, or other employees as may be deemed necessary to conduct the business of the board. All salaries and fees shall be fixed in advance by said board and shall be paid in the same manner as the salaries of the members of said board. All such attorneys, experts, assistants, clerks, and other employees shall be appointed without regard to the provisions of the Act of January sixteenth, eighteen hundred and eighty-three (volume twenty-two, United States Statutes at Large, page four hundred and three), and amendments thereto, or any rule or regulation made in pursuance thereof: Provided, That nothing herein shall prevent the President from placing said employees in the classified service. (m) [Repealed] (n) Board's authority to examine depository institutions and affiliates To examine, at the Board's discretion, any depository institution, and any affiliate of such depository institution, in connection with any advance to, any discount of any instrument for, or any request for any such advance or discount by, such depository institution under this chapter. (o) Authority to appoint conservator or receiver The Board may appoint the Federal Deposit Insurance Corporation as conservator or receiver for a State member bank under section 1821(c)(9) of this title. (p) Authority The Board may act in its own name and through its own attorneys in enforcing any provision of this title,(!1) regulations promulgated hereunder, or any other law or regulation, or in any action, suit, or proceeding to which the Board is a party and which involves the Board's regulation or supervision of any bank, bank holding company (as defined in section 1841 of this title), or other entity, or the administration of its operations. (q) Uniform protection authority for Federal reserve facilities (1) Notwithstanding any other provision of law, to authorize personnel to act as law enforcement officers to protect and safeguard the premises, grounds, property, personnel, including members of the Board, of the Board, or any Federal reserve bank, and operations conducted by or on behalf of the Board or a reserve bank. (2) The Board may, subject to the regulations prescribed under paragraph (5), delegate authority to a Federal reserve bank to authorize personnel to act as law enforcement officers to protect and safeguard the bank's premises, grounds, property, personnel, and operations conducted by or on behalf of the bank. (3) Law enforcement officers designated or authorized by the Board or a reserve bank under paragraph (1) or (2) are authorized while on duty to carry firearms and make arrests without warrants for any offense against the United States committed in their presence, or for any felony cognizable under the laws of the United States committed or being committed within the buildings and grounds of the Board or a reserve bank if they have reasonable grounds to believe that the person to be arrested has committed or is committing such a felony. Such officers shall have access to law enforcement information that may be necessary for the protection of the property or personnel of the Board or a reserve bank. (4) For purposes of this subsection, the term "law enforcement officers" means personnel who have successfully completed law enforcement training and are authorized to carry firearms and make arrests pursuant to this subsection. (5) The law enforcement authorities provided for in this subsection may be exercised only pursuant to regulations prescribed by the Board and approved by the Attorney General. (r) Voting; documentation of determinations (1) Any action that this chapter provides may be taken only upon the affirmative vote of 5 members of the Board may be taken upon the unanimous vote of all members then in office if there are fewer than 5 members in office at the time of the action. (2)(A) Any action that the Board is otherwise authorized to take under the second paragraph of section 343 of this title may be taken upon the unanimous vote of all available members then in office, if - (i) at least 2 members are available and all available members participate in the action; (ii) the available members unanimously determine that - (I) unusual and exigent circumstances exist and the borrower is unable to secure adequate credit accommodations from other sources; (II) action on the matter is necessary to prevent, correct, or mitigate serious harm to the economy or the stability of the financial system of the United States; (III) despite the use of all means available (including all available telephonic, telegraphic, and other electronic means), the other members of the Board have not been able to be contacted on the matter; and (IV) action on the matter is required before the number of Board members otherwise required to vote on the matter can be contacted through any available means (including all available telephonic, telegraphic, and other electronic means); and (iii) any credit extended by a Federal reserve bank pursuant to such action is payable upon demand of the Board. (B) The available members of the Board shall document in writing the determinations required by subparagraph (A)(ii), and such written findings shall be included in the record of the action and in the official minutes of the Board, and copies of such record shall be provided as soon as practicable to the members of the Board who were not available to participate in the action and to the Chairman of the Committee on Banking, Housing, and Urban Affairs of the Senate and to the Chairman of the Committee on Financial Services of the House of Representatives. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 11, 38 Stat. 261; Sept. 7, 1916, ch. 461, 39 Stat. 752; Sept. 26, 1918, ch. 177, Sec. 2, 40 Stat. 968; Mar. 3, 1919, ch. 101, Sec. 3, 40 Stat. 1315; Feb. 27, 1921, ch. 75, 41 Stat. 1146; June 26, 1930, ch. 612, 46 Stat. 814; Mar. 9, 1933, ch. 1, title I, Sec. 3, 48 Stat. 2; June 16, 1933, ch. 89, Sec. 7, 48 Stat. 167; Aug. 23, 1935, ch. 614, title II, Sec. 203(a), title III, Secs. 321(a), 342, 49 Stat. 704, 713, 722; June 12, 1945, ch. 186, Sec. 1(c), 59 Stat. 237; Pub. L. 86-114, Sec. 3(b)(6), July 28, 1959, 73 Stat. 264; Pub. L. 86-251, Sec. 3(c), Sept. 9, 1959, 73 Stat. 488; Pub. L. 87-722, Sec. 3, Sept. 28, 1962, 76 Stat. 670; Pub. L. 89-427, Sec. 2, May 20, 1966, 80 Stat. 161; Pub. L. 89-765, Nov. 5, 1966, 80 Stat. 1314; Pub. L. 90-269, Sec. 1, Mar. 18, 1968, 82 Stat. 50; Pub. L. 95-251, Sec. 2(a)(3), Mar. 27, 1978, 92 Stat. 183; Pub. L. 96-221, title I, Sec. 102, Mar. 31, 1980, 94 Stat. 132; Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 1068; Pub. L. 97-457, Sec. 17(b), Jan. 12, 1983, 96 Stat. 2509; Pub. L. 101-73, title VII, Sec. 744(i)(1), Aug. 9, 1989, 103 Stat. 439; Pub. L. 102-242, title I, Secs. 133(f), 142(c), Dec. 19, 1991, 105 Stat. 2273, 2281; Pub. L. 102-550, title XVI, Sec. 1603(d)(9), Oct. 28, 1992, 106 Stat. 4080; Pub. L. 103- 325, title III, Secs. 322(d), 331(d), title VI, Sec. 602(g)(2), Sept. 23, 1994, 108 Stat. 2227, 2232, 2293; Pub. L. 106-102, title VII, Sec. 735, Nov. 12, 1999, 113 Stat. 1479; Pub. L. 107-56, title III, Sec. 364, Oct. 26, 2001, 115 Stat. 333; Pub. L. 107-297, title III, Sec. 301, Nov. 26, 2002, 116 Stat. 2340.) -REFTEXT- REFERENCES IN TEXT Sections 461, 463, 464, 465, and 466 of this title, referred to in subsec. (a)(2), was in the original "section 19 of the Federal Reserve Act". Provisions of section 19 relating to reserve requirements are classified to the cited sections. For complete classification of section 19 to the Code, see References in Text note set out under section 461 of this title. This chapter, referred to in subsecs. (c), (h), (i), (n), and (r)(1), was in the original "this Act", meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables. Reference in subsec. (e) to "section 20 of this Act" means section 20 of the Federal Reserve Act which is not classified to the Code. Since section 20 does not set forth any reserve requirements, section 19 of the Federal Reserve Act might have been intended. For provisions of section 19 relating to reserve requirements, see note above. The Act of January sixteenth, eighteen hundred and eighty-three, referred to in subsec. (l), is act Jan. 16, 1883, ch. 27, 22 Stat. 403, as amended, which enacted section 42 of former Title 40, Public Buildings, Property, and Works, and sections 632, 633, 635, 637, 638, and 640 to 642a of former Title 5, Executive Departments and Government Officers and Employees. For complete classification of this Act to the Code, see Tables. Section 42 of former Title 40 was repealed and reenacted as section 8165 of Title 40, Public Buildings, Property, and Works, by Pub. L. 107-217, Secs. 1, 6(b), Aug. 21, 2002, 116 Stat. 1062, 1304. The sections that were classified to former Title 5 were repealed by Pub. L. 89-554, Sec. 8(a), Sept. 6, 1966, 80 Stat. 632, the first section of which enacted Title 5, Government Organization and Employees. For distribution of former sections of Title 5 into the revised Title 5, see table at the beginning of Title 5. This title, referred to in subsec. (p), probably should read "this Act", meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, known as the Federal Reserve Act, which does not contain titles. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables. The second paragraph of section 343 of this title, referred to in subsec. (r)(2)(A), was in the original "section 13(3)" meaning section 13(3) of the Federal Reserve Act, which was translated as if it referred to the third paragraph of section 13 of that Act to reflect the probable intent of Congress. Section 13 of the Federal Reserve Act does not contain a paragraph designated as "(3)". -COD- CODIFICATION In subsec. (k), "subchapter II of chapter 5, and chapter 7, of title 5" was substituted for "the Administrative Procedure Act" on authority of section 7(b) of Pub. L. 89-554, Sept. 6, 1966, 80 Stat. 631, the first section of which enacted Title 5, Government Organization and Employees. Section is comprised of section 11 of act Dec. 23, 1913. The fourteenth par. of section 16 of act Dec. 23, 1913, which formerly constituted subsec. (o) of this section, is now classified to section 248-1 of this title. -MISC1- AMENDMENTS 2002 - Subsec. (r). Pub. L. 107-297 added subsec. (r). 2001 - Subsec. (q). Pub. L. 107-56 added subsec. (q). 1999 - Subsec. (m). Pub. L. 106-102 substituted "[Repealed]" for text of subsec. (m) which related to percentage of capital and surplus represented by loans to be determined by the Federal Reserve Board. 1994 - Subsec. (d). Pub. L. 103-325, Sec. 602(g)(2), substituted "Secretary of the Treasury" for "bureau under the charge of the Comptroller of the Currency" before "the issue and retirement" and for "Comptroller" before "to the Federal Reserve agents". Subsec. (m). Pub. L. 103-325, Sec. 322(d), which directed substitution of "15 percent" for "10 percentum" wherever appearing, was executed by substituting "15 percent" for "10 per centum" in two places to reflect the probable intent of Congress. Subsec. (p). Pub. L. 103-325, Sec. 331(d), added subsec. (p). 1992 - Subsecs. (o), (p). Pub. L. 102-550 redesignated subsec. (p) as (o). 1991 - Subsec. (n). Pub. L. 102-242, Sec. 142(c), which directed addition of subsec. (n) at end of section, was executed by adding subsec. (n) after subsec. (m). See Construction of 1991 Amendment note below. Subsec. (p). Pub. L. 102-242, Sec. 133(f), added subsec. (p). 1989 - Subsec. (a)(2)(iii). Pub. L. 101-73 substituted "the Director of the Office of Thrift Supervision in the case of any savings association which is an insured depository institution (as defined in section 1813 of this title)" for "Federal Home Loan Bank Board in the case of any institution insured by the Federal Savings and Loan Insurance Corporation". 1983 - Subsec. (m). Pub. L. 97-457 substituted "under section 84(c)(4) of this title" for "under paragraph (8) of section 84 of this title" after "in the case of national banks". 1982 - Subsec. (n). Pub. L. 97-258 struck out subsec. (n) which provided that, whenever in the judgment of the Secretary of the Treasury such action was necessary to protect the currency system of the United States, the Secretary of the Treasury, in his discretion, could require any or all individuals, partnerships, associations, and corporations to pay and deliver to the Treasurer of the United States any or all gold coin, gold bullion, and gold certificates owned by such individuals, partnerships, associations, and corporations and that, upon receipt of such gold coin, gold bullion or gold certificates, the Secretary of the Treasury would pay therefor an equivalent amount of any other form of coin or currency coined or issued under the laws of the United States. 1980 - Subsec. (a). Pub. L. 96-221 designated existing provisions as par. (1) and added par. (2). 1978 - Subsec. (k). Pub. L. 95-251 substituted "administrative law judges" for "hearing examiners". 1968 - Subsec. (c). Pub. L. 90-269 struck out requirements for establishment by the Board of Governors of the Federal Reserve System of a graduated tax on the deficiency in the gold reserve whenever the reserve held against Federal Reserve notes fell below 25 percent and for an automatic increase in the rates of interest or discount fixed by the Board in an amount equal to the graduated tax imposed. 1966 - Subsec. (d). Pub. L. 89-427 excepted the cancellation and destruction, and the accounting with respect to the cancellation and destruction, of notes unfit for circulation from the area of responsibility exercised by the Board of Governors of the Federal Reserve System through the Bureau of the Comptroller of the Currency over the issue and retirement of Federal Reserve notes. Subsec. (k). Pub. L. 89-765 added subsec. (k). A former subsec. (k) was repealed by Pub. L. 87-722, Sec. 3, Sept. 28, 1962, 76 Stat. 670. 1962 - Subsec. (k). Pub. L. 87-722 repealed subsec. (k) which related to the authority of the Board of Governors of the Federal Reserve System to permit national banks to act as trustees, etc., and is now covered by section 92a of this title. 1959 - Subsec. (e). Pub. L. 86-114 substituted "reserve cities" for "reserve and central reserve cities" in two places. Subsec. (m). Pub. L. 86-251 struck out "in the form of notes" after "represented by obligations" in proviso. 1945 - Subsec. (c). Act June 12, 1945, substituted "25 per centum" for "40 per centum", and "20 per centum" for "32 1/2 per centum" wherever appearing. 1935 - Subsec. (k). Act Aug. 23, 1935, Sec. 342, amended last sentence of third par. Subsec. (m). Act Aug. 23, 1935, Sec. 321(a), inserted proviso at end of first sentence. 1933 - Subsec. (m). Act June 16, 1933, amended provisions generally. Subsec. (n). Act Mar. 9, 1933, added subsec. (n). 1930 - Subsec. (k). Act June 26, 1930, added last par. -CHANGE- 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. -MISC2- EFFECTIVE DATE OF 1992 AMENDMENT Amendment by Pub. L. 102-550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102-242, as of Dec. 19, 1991, except that where amendment is to any provision of law added or amended by Pub. L. 102-242 effective after Dec. 19, 1992, then amendment by Pub. L. 102-550 effective on effective date of amendment by Pub. L. 102-242, see section 1609 of Pub. L. 102-550, set out as a note under section 191 of this title. EFFECTIVE DATE OF 1991 AMENDMENT Amendment by section 133(f) of Pub. L. 102-242 effective 1 year after Dec. 19, 1991, see section 133(g) of Pub. L. 102-242, set out as a note under section 191 of this title. EFFECTIVE DATE OF 1980 AMENDMENT Section 108 of title I of Pub. L. 96-221 provided that: "This title [enacting section 248a of this title, amending this section and sections 342, 347b, 355, 360, 412, 461, 463, 505, and 1425a of this title, and enacting provisions set out as notes under sections 226 and 355 of this title] shall take effect on the first day of the sixth month which begins after the date of the enactment of this title [Mar. 31, 1980], except that the amendments regarding sections 19(b)(7) and 19(b)(8)(D) of the Federal Reserve Act [section 461(b)(7) and (b)(8)(D) of this title] shall take effect on the date of enactment of this title." EFFECTIVE DATE OF 1959 AMENDMENT Amendment by Pub. L. 86-114 effective three years after July 28, 1959, see section 3(b) of Pub. L. 86-114, set out as a Central Reserve and Reserve Cities note under section 141 of this title. CONSTRUCTION OF 1991 AMENDMENT Section 1603(e)(2) of Pub. L. 102-550 provided that: "The amendment made by section 142(c) of the Federal Deposit Insurance Corporation Improvement Act of 1991 [Pub. L. 102-242] (adding a paragraph at the end of section 11 of the Federal Reserve Act [this section]) shall be considered to have been executed before the amendment made by section 133(f) of the Federal Deposit Insurance Corporation Improvement Act of 1991 [amending this section]." -EXEC- EXECUTIVE ORDER NO. 6359 Ex. Ord. No. 6359, Oct. 25, 1933, as amended by Ex. Ord. No. 11825, Dec. 31, 1974, 40 F.R. 1003, which provided for receipt on consignment of gold by the United States mints and assay offices, was revoked by Ex. Ord. No. 12553, Feb. 25, 1986, 51 F.R. 7237. EX. ORD. NO. 10547. INSPECTION OF STATISTICAL TRANSCRIPT CARDS Ex. Ord. No. 10547, July 27, 1954, 19 F.R. 4661, required statistical transcript cards submitted with, or prepared by the Internal Revenue Service from, corporation income tax returns for the taxable years ending after June 30, 1951, and before July 1, 1952, to be open to inspection by the Board of Governors of the Federal Reserve System as an aid in executing the powers conferred upon such Board by this section, such inspection to be in accordance and upon compliance with the rules and regulations prescribed by the Secretary of the Treasury in T.D. 6081, 19 F.R. 4666. -FOOTNOTE- (!1) See References in Text note below. -End- -CITE- 12 USC Sec. 248-1 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 248-1. Rules and regulations for transfer of funds and charges therefor among banks; clearing houses -STATUTE- The Board of Governors of the Federal Reserve System shall make and promulgate from time to time regulations governing the transfer of funds and charges therefor among Federal reserve banks and their branches, and may at its discretion exercise the functions of a clearing house for such Federal reserve banks, or may designate a Federal reserve bank to exercise such functions, and may also require each such bank to exercise the functions of a clearing house for depository institutions. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 16 (par.), 38 Stat. 268; Aug. 23, 1935, ch. 614, Sec. 203(a), 49 Stat. 704; Pub. L. 96-221, title I, Sec. 105(d), Mar. 31, 1980, 94 Stat. 140.) -COD- CODIFICATION Section is comprised of fourteenth par. of section 16 of act Dec. 23, 1913, which was formerly classified to section 248(o) of this title. For classification to this title of other pars. of section 16, see Codification note set out under section 411 of this title. -MISC1- AMENDMENTS 1980 - Pub. L. 96-221 substituted "depository institutions" for "its member banks". -CHANGE- CHANGE OF NAME Section 203(a) of act Aug. 23, 1935, changed the name of the Federal Reserve Board to Board of Governors of the Federal Reserve System. -MISC2- EFFECTIVE DATE OF 1980 AMENDMENT Amendment by Pub. L. 96-221 effective on first day of sixth month which begins after Mar. 31, 1980, see section 108 of Pub. L. 96- 221, set out as a note under section 248 of this title. -End- -CITE- 12 USC Sec. 248a 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 248a. Pricing of services -STATUTE- (a) Publication of pricing principles and proposed schedule of fees; effective date of schedule of fees Not later than the first day of the sixth month after March 31, 1980, the Board shall publish for public comment a set of pricing principles in accordance with this section and a proposed schedule of fees based upon those principles for Federal Reserve bank services to depository institutions, and not later than the first day of the eighteenth month after March 31, 1980, the Board shall begin to put into effect a schedule of fees for such services which is based on those principles. (b) Covered services The services which shall be covered by the schedule of fees under subsection (a) of this section are - (1) currency and coin services; (2) check clearing and collection services; (3) wire transfer services; (4) automated clearinghouse services; (5) settlement services; (6) securities safekeeping services; (7) Federal Reserve float; and (8) any new services which the Federal Reserve System offers, including but not limited to payment services to effectuate the electronic transfer of funds. (c) Criteria applicable The schedule of fees prescribed pursuant to this section shall be based on the following principles: (1) All Federal Reserve bank services covered by the fee schedule shall be priced explicitly. (2) All Federal Reserve bank services covered by the fee schedule shall be available to nonmember depository institutions and such services shall be priced at the same fee schedule applicable to member banks, except that nonmembers shall be subject to any other terms, including a requirement of balances sufficient for clearing purposes, that the Board may determine are applicable to member banks. (3) Over the long run, fees shall be established on the basis of all direct and indirect costs actually incurred in providing the Federal Reserve services priced, including interest on items credited prior to actual collection, overhead, and an allocation of imputed costs which takes into account the taxes that would have been paid and the return on capital that would have been provided had the services been furnished by a private business firm, except that the pricing principles shall give due regard to competitive factors and the provision of an adequate level of such services nationwide. (4) Interest on items credited prior to collection shall be charged at the current rate applicable in the market for Federal funds. (d) Budgetary consequences of decline in volume of services The Board shall require reductions in the operating budgets of the Federal Reserve banks commensurate with any actual or projected decline in the volume of services to be provided by such banks. The full amount of any savings so realized shall be paid into the United States Treasury. (e) Parity in clearing All depository institutions, as defined in section 461(b)(1) of this title, may receive for deposit and as deposits any evidences of transaction accounts, as defined by section 461(b)(1) of this title from other depository institutions, as defined in section 461(b)(1) of this title or from any office of any Federal Reserve bank without regard to any Federal or State law restricting the number or the physical location or locations of such depository institutions. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 11A, as added Pub. L. 96-221, title I, Sec. 107, Mar. 31, 1980, 94 Stat. 140; amended Pub. L. 100-86, title VI, Sec. 612(a), Aug. 10, 1987, 101 Stat. 652.) -MISC1- AMENDMENTS 1987 - Subsec. (e). Pub. L. 100-86 added subsec. (e). EFFECTIVE DATE OF 1987 AMENDMENT Section 612(b) of Pub. L. 100-86 provided that: "The amendment made by subsection (a) [amending this section] shall take effect on the date of enactment of this title [Aug. 10, 1987]." EFFECTIVE DATE Section effective on first day of sixth month which begins after Mar. 31, 1980, see section 108 of Pub. L. 96-221, set out as an Effective Date of 1980 Amendment note under section 248 of this title. -End- -CITE- 12 USC Sec. 248b 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 248b. Annual independent audits of Federal reserve banks and Board -STATUTE- The Board shall order an annual independent audit of the financial statements of each Federal reserve bank and the Board. -SOURCE- (Dec. 23, 1913, ch. 6, Sec. 11B, as added Pub. L. 106-102, title VII, Sec. 726, Nov. 12, 1999, 113 Stat. 1475.) -End- -CITE- 12 USC Sec. 249 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 249. Repealed. -MISC1- Sec. 249. Repealed. Pub. L. 94-412, title V, Sec. 501(c), Sept. 14, 1976, 90 Stat. 1258. Section, act Aug. 8, 1947, ch. 517, 61 Stat. 921, dealt with regulation of consumer credit. SAVINGS PROVISION Repeal by Pub. L. 94-412 not to affect any action taken or proceeding pending at the time of repeal, see section 501(h) of Pub. L. 94-412, set out as a note under section 1601 of Title 50, War and National Defense. -End- -CITE- 12 USC Sec. 250 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 250. Independence of financial regulatory agencies -STATUTE- No officer or agency of the United States shall have any authority to require the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Federal Housing Finance Board, or the National Credit Union Administration to submit legislative recommendations, or testimony, or comments on legislation, to any officer or agency of the United States for approval, comments, or review, prior to the submission of such recommendations, testimony, or comments to the Congress if such recommendations, testimony, or comments to the Congress include a statement indicating that the views expressed therein are those of the agency submitting them and do not necessarily represent the views of the President. -SOURCE- (Pub. L. 93-495, title I, Sec. 111, Oct. 28, 1974, 88 Stat. 1506; Pub. L. 103-325, title III, Sec. 331(a), Sept. 23, 1994, 108 Stat. 2232; Pub. L. 106-102, title VI, Sec. 606(e)(2), Nov. 12, 1999, 113 Stat. 1455.) -COD- CODIFICATION Section was not enacted as part of the Federal Reserve Act which comprises this chapter. -MISC1- AMENDMENTS 1999 - Pub. L. 106-102 substituted "Director of the Office of Thrift Supervision, the Federal Housing Finance Board," for "Federal Home Loan Bank Board,". 1994 - Pub. L. 103-325 inserted "the Comptroller of the Currency," after "Federal Deposit Insurance Corporation,". -End- -CITE- 12 USC Sec. 251 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 251. Repealed. -MISC1- Sec. 251. Repealed. Pub. L. 104-208, div. A, title II, Sec. 2224(a), Sept. 30, 1996, 110 Stat. 3009-415. Section, Pub. L. 102-242, title IV, Sec. 477, Dec. 19, 1991, 105 Stat. 2387; Pub. L. 102-550, title XVI, Sec. 1606(i)(3), Oct. 28, 1992, 106 Stat. 4089, required Board of Governors of Federal Reserve System to collect and publish information on availability of credit to small businesses. -End- -CITE- 12 USC Sec. 252 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -HEAD- Sec. 252. Credit availability assessment -STATUTE- (a) Study (1) In general Not later than 12 months after September 30, 1996, and once every 60 months thereafter, the Board, in consultation with the Director of the Office of Thrift Supervision, the Comptroller of the Currency, the Board of Directors of the Corporation, the Administrator of the National Credit Union Administration, the Administrator of the Small Business Administration, and the Secretary of Commerce, shall conduct a study and submit a report to the Congress detailing the extent of small business lending by all creditors. (2) Contents of study The study required under paragraph (1) shall identify, to the extent practicable, those factors which provide policymakers with insights into the small business credit market, including - (A) the demand for small business credit, including consideration of the impact of economic cycles on the levels of such demand; (B) the availability of credit to small businesses; (C) the range of credit options available to small businesses, such as those available from insured depository institutions and other providers of credit; (D) the types of credit products used to finance small business operations, including the use of traditional loans, leases, lines of credit, home equity loans, credit cards, and other sources of financing; (E) the credit needs of small businesses, including, if appropriate, the extent to which such needs differ, based upon product type, size of business, cash flow requirements, characteristics of ownership or investors, or other aspects of such business; (F) the types of risks to creditors in providing credit to small businesses; and (G) such other factors as the Board deems appropriate. (b) Use of existing data The studies required by this section shall not increase the regulatory or paperwork burden on regulated financial institutions, other sources of small business credit, or small businesses. -SOURCE- (Pub. L. 104-208, div. A, title II, Sec. 2227, Sept. 30, 1996, 110 Stat. 3009-417.) -COD- CODIFICATION Section was enacted as part of the Economic Growth and Regulatory Paperwork Reduction Act of 1996, and also as part of the Omnibus Consolidated Appropriations Act, 1997, and not as part of the Federal Reserve Act which comprises this chapter. -TRANS- TRANSFER OF FUNCTIONS Functions vested in Administrator of National Credit Union Administration transferred and vested in National Credit Union Administration Board pursuant to section 1752a of this title. -MISC1- STUDY OF FINANCIAL MODERNIZATION'S EFFECT ON THE ACCESSIBILITY OF SMALL BUSINESS AND FARM LOANS Pub. L. 106-102, title I, Sec. 109, Nov. 12, 1999, 113 Stat. 1362, provided that: "(a) Study. - The Secretary of the Treasury, in consultation with the Federal banking agencies (as defined in section 3(z) of the Federal Deposit Insurance Act [12 U.S.C. 1813(z)]), shall conduct a study of the extent to which credit is being provided to and for small businesses and farms, as a result of this Act [see Tables for classification] and the amendments made by this Act. "(b) Report. - Before the end of the 5-year period beginning on the date of the enactment of this Act [Nov. 12, 1999], the Secretary, in consultation with the Federal banking agencies, shall submit a report to the Congress on the study conducted pursuant to subsection (a) and shall include such recommendations as the Secretary determines to be appropriate for administrative and legislative action." -CROSS- DEFINITIONS Section 2001(c) of title II of div. A of Pub. L. 104-208, provided that: "Except as otherwise specified in this title [see Tables for classification], the following definitions shall apply for purposes of this title: "(1) Appraisal subcommittee. - The term 'Appraisal Subcommittee' means the Appraisal Subcommittee established under section 1011 of the Federal Financial Institutions Examination Council Act of 1978 [12 U.S.C. 3310] (as in existence on the day before the date of enactment of this Act [Sept. 30, 1996]). "(2) Appropriate Federal banking agency. - The term 'appropriate Federal banking agency' has the same meaning as in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]. "(3) Board. - The term 'Board' means the Board of Governors of the Federal Reserve System. "(4) Corporation. - The term 'Corporation' means the Federal Deposit Insurance Corporation. "(5) Council. - The term 'Council' means the Financial Institutions Examination Council established under section 1004 of the Federal Financial Institutions Examination Council Act of 1978 [12 U.S.C. 3303]. "(6) Insured credit union. - The term 'insured credit union' has the same meaning as in section 101 of the Federal Credit Union Act [12 U.S.C. 1752]. "(7) Insured depository institution. - The term 'insured depository institution' has the same meaning as in section 3 of the Federal Deposit Insurance Act." -End- -CITE- 12 USC SUBCHAPTER III - FEDERAL ADVISORY COUNCIL 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER III - FEDERAL ADVISORY COUNCIL -HEAD- SUBCHAPTER III - FEDERAL ADVISORY COUNCIL -End- -CITE- 12 USC Sec. 261 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER III - FEDERAL ADVISORY COUNCIL -HEAD- Sec. 261. Creation; membership; compensation; meetings; officers; procedure; quorum; vacancies -STATUTE- There is created a Federal Advisory Council, which shall consist of as many members as there are Federal reserve districts. Each Federal reserve bank by its board of directors shall annually select from its own Federal reserve district one member of said council, who shall receive such compensation and allowances as may be fixed by his board of directors subject to the approval of the Board of Governors of the Federal Reserve System. The meetings of said advisory council shall be held at Washington, District of Columbia, at least four times each year, and oftener if called by