Mn 
FEDERAL RESERVE ACT 
src. 10 
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, position, 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 sixpersons 
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 
sxecutive 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 propor- 
tion 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 succeed- 
ing the levying of such assessment, together with any 
deficit carried forward from the preceding half year. 
The first meeting of the Federal Reserve Board shall 
be held in Washington, District 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 Sec- 
retary of the Treasury shall be ex officio chairman of the 
Federal Reserve Board. No member of the Federal Re- 
serve Board shall be an officer or director of any bank,