FepErAL RESERVE Act 
expenses, and the Comptroller of the Currency, as ex officio member of the Federal 
Reserve Board, shall, in addition to the salary now paid him as Comptroller of the 
Currency, receive the sum of $7,000 annually for his services as a member of said board. 
The Secretary of the Treasury and the Comptroller of the Currency shall be ineligible 
during the time they are in office and for two years thereafter to hold any office, posi- 
tion, or employment in any member bank. The appointive members of the Federal 
Reserve 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. Of the six members thus appointed by the President one shall be 
designated by the President to serve for two, one for four, one for six, one for eight and 
the balance of the members for ten years, and thereafter each member so appointed 
shall serve for a term of ten years, unless sooner removed for cause by the President. 
Of the six persons thus appointed, one shall be designated by the President as governor 
and one as vice governor of the Federal Reserve Board. The governor of the Federal 
Reserve Board, subject to its supervision, shall be the active executive officer. The 
Secretary of the Treasury may assign offices in the Department of the Treasury for the 
use of the Federal Reserve Board. Each member of the Federal Reserve Board shall 
within fifteen days after notice of appointment make and subscribe to the oath of office. 
The Federal Reserve Board 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 for- 
ward from the preceding half year. 
The first meeting of the Federal Reserve Board shall be held in Washington, Dis- 
trict of Columbia, as soon as may be after the passage of this Act, at a date to be fixed 
by the Reserve Bank Organization Committee. The Secretary of the Treasury shall 
be ex officio chairman of the Federal Reserve Board. No member of the Federal 
Reserve Board shall be an officer or director of any bank, banking institution, trust 
company, or Federal reserve bank nor hold stock in any bank, banking institution, or 
trust company; and before entering upon his duties as a member of the Federal Re- 
serve Board he shall certify under oath to the Secretary of the Treasury that he has 
complied with this requirement. Whenever a vacancy shall occur, other than by expira- 
tion of term, among the six members of the Federal Reserve Board appointed by the 
President, as above provided, a successor shall be appointed by the President, with the 
advice and consent of the Senate, to fill such vacancy, and when appointed he shall 
bold office for the unexpired term of the member whose place he is selected to fill. 
The President shall have power to fill all vacancies that may happen on the Federal 
Reserve Board during the recess of the Senate by granting commissions which shall 
eXpire with the next session of the Senate. 
Nothing in this Act contained shall be construed as taking away any powers hereto- 
fore 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 de- 
Partment, and wherever any power vested by this Act in the Federal Reserve Board 
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 
Secelary. [1071