The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

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Monograph

Identifikator:: 1856431436

URN:: urn:nbn:de:zbw-retromon-262738

Document type:: Monograph

Title:: The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

Place of publication:: Washington

Publisher:: United States Government Printing Office

Year of publication:: 1931

Scope:: ii, 170 Seiten

Digitisation:: 2022

Collection:: Economics Books

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ac. 8 of cen set n- 31- vs- EO ach 0b ‘he nd Lon his ant ral ry MM - ‘he all no OT of ‘ed mt IM 18] a nf all he ‘he AT 1le nt of of nk on. An ch ATS SEC. 10 FEDERAL RESERVE ACT 19 shall be a good and valid obligation against such bank, but the act of any such officer, clerk, or agent in violation of this section may subject such bank to a forfeiture of its membership in the Federal Reserve System upon aearing by the Federal Reserve Board.* | All banks or trust companies incorporated by special law or organized under the general laws of any State, which are members of the Federal reserve system, when designated for that purpose by the Secretary of the Treasury, shall be depositaries of public money, under such regulations as may be prescribed by the Secretary; and they may also be employed as financial agents of the Government; and they shall perform all such reasonable duties, as depositaries of public money and financial agents of the Government, as may be required of them. The Secretary of the Treasury shall require of the banks and trust companies thus designated satisfactory secur- ity, by the deposit of United States bonds or otherwise, for the safe keeping and prompt payment of the public money deposited with them and for the faithful perform- ance of their duties as financial agents of the Government. FEDERAL RESERVE BOARD See. 10. A Federal Reserve Board is hereby created Assmendedby which shall consist of eight members, including the Mar. 3.5008 Go Secretary of the Treasury and the Comptroller of the SOD: rie as 1685 Currency, who shall be members ex officio, and Six chap. 25; rep. members appointed by the President of the United Shot hey States, by and with the advice and consent of the Senate. In selecting the six appointive members of the Federal Reserve Board, not more than one of whom shall be selected from any one Federal reserve district, the Presi- dent shall have due regard to a fair representation of the financial, agricultural, industrial and commercial inter- ests, and geographical divisions of the country. The six members of the Federal Reserve Board appointed by the President and confirmed as aforesaid shall devote their entire time to the business of the Federal Reserve Board and shall each receive an annual salary of $12,000, payable monthly, together with actual necessary traveling sxpenses, and the Comptroller of the Currency, as ex SfRicio member of the Federal Reserve Board, shall, in ——————————— 1 See sec. 5208, Revised Statutes, as amended (Appendix, p. 86), for penalty for false ertification of checks by officers of Federal reserve banks and national banks,

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