frsbog_mim_v13_0951.pdf
TRANSCRIPT
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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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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.