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FEDERAL RESERVE ACT

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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 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 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 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,