irc. 101

the:

his

sller.

hey

any

nk.
yard
and

on,
this
ved

six;
be’
for |
rhe !

+ a0

mer
sons
‘ent
aral
rve
rive

nay
the

the

fter
of

avy

orent



ries
odny



18l]

. a8

ved

ecthe

Renk,


SEC. 10 FEDERAL RESERVE ACT

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 Reserve Board he shall certify
ander oath to the Secretary of the Treasury that he has
complied with this requirement. Whenever a vacancy
shall occur, other than by expiration 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 hold 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 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 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 Secretary.
The Federal Reserve Board 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.
Section three hundred and twenty-four of the Revised
Statutes of the United States shall be amended so as to
read as follows:
“Spc. 324. There shall be in the Department of the
Treasury a bureau charged with the execution of all laws
passed by Congress relating to the issue and regulation
of national currency secured by United States bonds and,
under the general supervision of the Federal Reserve
Board, of all Federal Reserve notes, the chief officer of
which bureau shall be called the Comptroller of the
Currency and shall perform his duties under the general
directions of the Secretary of the Treasury.

21