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f 951

X-2033

BY-LAWS OF THE FEDERAL RESERVE BOARD

-Article I ,

The Chairman.

The Secretary of the Treasury, a s Chairman o f the Board, shall preside

a t a l l

meetings when present.

I n t h e

absence

of the

Chairman,

t h e

Governor

shal l

a c t a s

p r e s id ing o f f i ce r .

I n t h e

absence

of

both

t h e

Chairman

and- the

Governor,

t h e

Vice-Governor shall preside,

an d i n t h e

absence

o f a l l

three

such of f icers ,

t h e

remaining member

of the

Executive Committee shall preside.

Ar t i c l e

I I .

The

Governor.

Sec. 1 . The Governor of the Federal Reserve Board shall be the ac t ive

executive officer thereof; subject* however, t o t h e supervision o f the Board

and to such rules and r egula t ions as may be incorporated herein or may from

time t o time, b y r eso lu t ion , b e es tabl ished.

Sec. 2 . The Governor shall have general charge o f t h e executive and

routine business o f the Board n o t specif ical ly assigned under t h e by-laws o r

b y r e so lu t i on o f the Board t o an y individual member o r committee thereof, and

shall have supervision

of the

Board

1

s s t a f f , inc ludin g promotions, appointments,

s a l a r i e s

and

d ismissals .

Sec .

3 .

I t

sha l l

b e t h e

duty

of the.

Governor

t o

oversee

and

cont ro l

the

submission

of

s tatements

t o t h e

press expressive

o f t h e

Board s po licy

o r

descr ip t ive

o f i t s

ac t ion .

Ar t i c l e I I I .

The Vice-Governor.

Sec. 1 . In th e

absence

o r

d i s a b i l i t y

of the

Governor,

h i s

powers shall

be

exercised

a n d h i s

duties discharged

by the

Vice Governor,

and in the

absence

or

d i s a b i l i t y

of

both

of

th ese of f i ce r s , such powers sha ll

b e

exercised

and

such

duties discharged

b y t h e

remaining member

o f the

Executive Committee.

Sec. 2 , I t

sha l l

b e t h e

duty

o f t h e

Vice Governor

t o

cooperate with

t h e

Governor

i n t h e

admin i s t r a t i s^

o f t h e

executive business

o f t h e

Board.

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A r t i c l e IV.

The Ex ecu ti ve Committee.

Sec4 1 , There sh al l be an Executive Committee o f t h e Board consisting

o f

:three members, which s h a l l in cl ud e

t h e

Governor

and

Vice-Governor

and one

other. The third member shall b e nominated and e l e c t e d a t a regular meeting

o f t h e Board* Members o f t h e Board shall serve a s f a r a s p r ac t i c ab l e i n

r o t a t i on

a n d f o r

per iods

t o be

f i x e d

b y t h e

Board from time

t o

time.

Two

members shall constitute a quorutn f o r t h e transac t ion of bus iness .

S e c . 2 , I t s h a l l be t he duty of t he Executive Committee o f t h e Board t o

transact a l l b u s i n e s s of an administrative nature which c a n b e transacted i n

accordance with principles or po l i c i e s a l ready e s tab l i shed b y t h e Board, and

such as may be de legated t o i t from time t o time; t o review an d approve im -

portant correspondence involving t h e express ion of opinions o r d e c i s i on s of the

Board,

and t o

prepare

an d

make recomrrendati

o ns

governing

th e

conduct

of t he

Board's business.

A r t i c l e V.

The Secretary an d Ass i s t ant Secre tar i e s .

Sec , 1 . The

Board sh al l appo int

a

Secretary

and one or

more Assistant

Secretar ies*

Se c. 2» The Secre tar y sh al l at ten d each meeting of t he Board and shal l

keep a n accurate record of i t s proceedings, and shall conduct such correspondence

as may be ass igned t o h im by t he Board o r t h e Governor. He s h a l l b e Secretary

o f a l l stan ding committees of t he Board and shall perform such other duties a s

may be

ass igned

t o h i m b y t h e

Governor.

Se c. 3« The

Secretary shall have custody

of t he

s e a l ,

and ,

ac ti ng under

t h e author i ty o f t h e Board, shall have power t o a f f i x t h e same t o a l l i n s t r u -

ments requiring

i t .

Such instrum ents sh al l

b e

a t t e s t e d

b y t h e

Secretary,

Se c . 4 , The

As si st an t Secretary des ignated

b y t h e

Board

or by t h e

Secretary

shal l exerc i se t h e powers and discharge t h e dut i e s of t he Secretary i n h i s

absence o r d i s a b i l i t y . The As sis ta nt Se cre ta rie s sh al l perform such other

dut i e s

a s may be

ass igned

t o

them from time

t o

time

b y t h e

Board

or by the

Secretary o f t h e Board.

A r t i c l e VI .

A s s i s t an t t o t h e Governor.

Se c . 1 . The Board may appoint an A s s i s t a n t t o t h e Governor.

Se c . 2 , The A s s i s t a n t t o t h e Governor shall perform such duties a s shal l

b e ass igned t o h im by t h e Governor.

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Sec. 3 - The Ass is tan t to the Governor shall have power to sign checks of

th e F ede ral Reserve Board, withdrawi ng fund s from t h e Gold Settlement Fund a s

described

i n

Art icle VIII

o f

these by-laws,

and

requisi t ions upon

t h e

Comptroller

of the

Currency

f o r t h e

de l ivery

of

Federal Reserve notes

t o t h e

r espect ive

Federal Reserve Agents o r to their order and Federal Reserve Bank notes to the

respective Federal Reserve Bariks o r t o their order a s described i n A r t i c l e IX

of thes e by-law s, such checks atid re qu is it io ns to be countersigned by the

Governor o r ac t ing execut ive of f icer of the Board.

Ar t i c l e

VI I .

The Fiscal Agent and Deputy Fiscal Agent-

Sec . 1 , The Board shall appoint a Fiscal Agent and a Deputy Fiscal Agent.

Hie duty o f the Fiscal Agent shall be to co l l ec t and deposi t a l l moneys r e -

ceivable

by the

Board with

t h e

Treasurer

of the

United States,

to be

p laced

i n

a

special fund establ ished

on th e

books

o f the

Treasurer

f o r t h e

Federal

Reserve Board.

The

Deputy Fiscal Agent shall perform

t h e

du t ies

of the

F iscal

Agent during h i s absence o r d i s ab i l i t y .

Sec. 2 . The Fiscal Agent and Deputy Fiscal Agent shall each execute a

separate bond with sure ty sat is fa ct or y t o t h e Board.

Sec. 3*

Payments

of

expenses

and

other disbursements

of the

Board shall

be

made b y t h e Fiscal Agent upon proper vouchers out of moneys advanced to him by

r equ i s i t i on and warrant out of the special fund and p laced t o h i s o f f i c i a l

credi t with t h e Treasurer o f the United States a s provided b y Section 5 o f th is

Ar t i c l e . I n t h e absence of the Fiscal Agent payment o f expenses a n d other

disbursements shall

b e

made

by the

Deputy Fiscal Agent upon proper vouchers

out

of

moneys advanced

t o t h e

Fiscal Agent

b y

r eq u i s i t i o n

a nd

warrant

out of the

special fund

and

placed

t o h i s

o f f i c i a l c red i t wi th

th e

Treasurer

of the

United States a s provided b y Sections 5 and 6 of t h i s a r t i c l e .

Sec . 4 . The Fi sc al Agent shal l prepare a quarter ly account i n such form a s

sha l l

b e

approved

by the

Comptroller

o f the

Treasury

a nd ,

af ter approval

by the

Governor, such quarterly account shall

be

submitted

to the

Auditor

f o r t h e

State and othe r Departments. Such account sh al l cover payments of expenses and

other disbursements made by both t h e Fiscal Agent a nd the Deputy Fiscal Agent*

Se c. 5* The Governor s ha ll , when nece ssar y, mdce r e q ui s i t i on on th e

Treasurer

o f t h e

United States

f o r t h e

advance

of

such sums

t o t h e

Fiscal Agent

as may be

necessary from

t h e

Federal Reserve Board fund.

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:

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>

Se c. 6 . The Deputy Fiscal Agent i n making disbursements o f the Board, upon

proper vouchers out of the moneys advanced t o t h e Fiscal Agent shall sign

against funds

t o t h e

o f f i c i a l c r e d i t

o f the

Fiscal Agent with

t h e

Treasurer

of

th e United States i n t h e name o f the Fiscal Agent b y himself a s Deputy Fiscal

Agent.

Article VIII

Gold Settlement Fund.

and

Federal Reserve Agents

1

Fund

A l l

funds deposited

b y o r f o r

account

o f the

respective Federal Reserve

Agents i n t h e Federal Reserve Agents fund of the Federal Reserve Board and

a l l funds deposited b y o r f o r account of the respective Federal Reserve Banks

i n t h e Gold Settlement Fund of the Federal Reserve Board shall b e held on

deposit with

t h e

Measurer

o f the

United States

and

shal l

b e

sub ject

t o

withdrawal

only by check o f the Federal Reserve Board signed by the Ass is tan t to the Governor,

or by the Secretary or an Assi stan t Secretary and countersigned b y t h e Governor

o r act ing executive off icer of the Board,

Ar t i c l e IX,

Requisi t ion f o r Delivery

of

Federal Reserve Notes

Requisitions upon t h e Comptroller of the Currency f o r t h e del ivery of

Federal Reserve notes t o t h e respective Federal Reserve Agents shall b e signed

b y t h e Ass i s t an t t o t h e Governor o r by the Secretary or an Assistant Secretary

and countersigned b y t h e Governor o r act ing executive off icer o f the Board.

Ar t i c l e X.

The Seal .

The fo l lowing is an impression of the seal adopted by the Board.

SEAL

Ar t i c l e XI .

Counsel.

Sec. 1 . The

Board shall appoint

a

General Counsel whose duty

i t

shal l

be to

advise with t h e Board, or any member thereof, a s t o such le ga l questions as may

a r i s e i n t h e conduct o f i t s business; t o prepare, a t t h e Bo ard s req ue st , opinions,

regulat ions, rul ings, forms an d other legal papers and to perform generally such

legal serv ices

a s he may b e

called upon

b y t h e

Board

t o

perform.

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, , .

S

f

c

*

2

* Subject to the d i r e c t i o n o f t h e Governor, th e General Counsel

shal l have authori ty

t o

correspond directly with

th e

Counsel

o f the

various

ederal Reserve Banks

and to

request their opinions

a s t o t h e

i n t e rp re t a t ion

of the local laws o f the States included i n their respective Federal Reserve

Dis t r ic t s . Copies o f a l l such correspondence to be f u rn i shed to the Board

f o r i t s information.

Sec. 3*

Whenever

i t may be

deemed advisable,

t h e

Board

may

appoint

one

o r

more Associate

o r

Assistant Counsel,

or one or

more Assistants

t o

Counsel.

The

duty

of

such Associate

o r

Assistant Counsel shall

be to

a s s i s t

t h e

General

counsel i n t h e performance o f h i s du t i es and to perform t h e duty of the General

Counsel i n h i s absence. The duty of such Assistant t o Counsel o r Assistants

t o Counsel shall be to a s s i s t t h e General Counsel in the performance o f h i s

dutios*

Sec, 4 . The Board may appoint from time t o time Consulting Counsel, who

may be a t t o rneys a t l a w engaged i n outside pract ice.

Ar t i c l e XI I .

Meetings.

S e c . 1 .

Stat ed meetings

of the

Board shall

be

held

on

such days

of the

week a t such hour s a s the Board by majori ty vote may adopt from time to time.

Special meetings o f the Board shall be called upon th e wri t ten request of three

.members

of the

Board.

Sec. 2. A major i ty o f the Board shall constitute a quorum f o r t h e t r an s -

act ion of business, except that an a f f i rmat ive vo te of a t least five members of

th e Board shall b e necessary t o require Federal Reserve Banks t o r ed iscount the

discounted paper of other Federal Reserve Banks, or to change reserves of banks

i n

ou tly ing d i s t r i c t s .

Sec . 3» At a l l

meetings

o f the

Board

t h e

fo l lowing shal l

be the

order

of business:

1 ) Reading o r inspect ion of the Minutes of the

last regular meeting and Minutes of meetings

o f a l l

committees.

2 )

Report

of the

Governor.

3 ) Report of the Secretary.

U) Reports of the committees or members on

assigned business.

5 ) Unfinished bus ine ss .

Article XIII

Information a n d Publ icat ion.

Sec . 1 . A l l

persons employed

b y t h e

Board shall keep inviolate

i t s

b u s i n e s s , a f f a i r s ,

and

concerns,

a n d

sha l l

n o t

d i sc lose

o r

divulge

t h e

same

t o

any unauthorized person whomsoever, and any employee who sh al l give informati on

cont rary t o th is by-law shal l b e l i a b l e t o immediate dismissal.

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S e c . 2 . Whi le ea ch member of th e Board, must determine f o r h i m s e l f the

p r o p r i e t y o r n e c e s s i t y o f e x p r e s s i n g p u b l i c l y h i s ind iv idua l op in ion on an y

ques tio n, members sh al l

n o t

quote pu bl ic ly

t h e

op in ion

of

other members

on

matters which have n o t formally been passed upon b y t h e Board.

S e c . 3 * There sh al l b e published monthly, under t h e superv i s ion of a

committee o f t h e Board, a b u l l e t i n t o b e known a s The Federal Reserve Bul let in

which shall

b e t h e

o f f i c i a l p e r i o d i c a l or ga n

o r

p u b l i c a t i o n

o f t h e

Federal

Reserve Board.

S ec . U, No r e s o l u t i o n s o f a per son al ch ar ac te r, ex ce pt upon t h e death

o f a member o f t h e Fede ral Reserve Board whi le ser vin g a s such, shall appear

i n a n y p u b l i c a t i o n o f t h e Federal Reserve Board,

A r t i c l e XIV

Budget and Audit

The ex ec ut i ve committee, ac t i ng a s a committee o f Budget and Audit , sh al l

aud i t

t h e

accounts

o f t h e

Board

f o r

each

s i x

months' period,

a n d

shal l report

t o t h e Board a tentat ive budget o f expenses f o r t h e next succeeding s i x months.

A r t i c l e XV.

Amendments.

These by-laws

may be

amended

a t a n y

regular meet ing

o f t h e

Board

by a

majority vote o f t h e entire Board, provided that a copy of such amendments

sha l l have been del iv ere d t o each member a t l e a s t seven days pri or t o such

meeting.

Approved a t Board Meeting

October 12,1920.

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