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1 it may prescribe, subject to the provisions of this section, may 2 permit the applying bank to become a stockholder in the Federal 3 reserve bank of the district in which the applying bank is located. 4 Whenever the organization committee or the Federal Reserve Board 5 shall permit the applying bank to become a stockholder in the Federal 6 reserve bank of the district, stock shall be issued and paid for under 7 the rules and regulations in this Act provided for national banks 8 which become stockholders in Federal reserve banks.

9 The organization committee or the Federal Reserve Board shall 10 establish by-laws for the general government of its conduct in acting 11 upon applications made by the State banks and banking associations 12 and trust companies for stock ownership in Federal reserve banks. 18 Such by-laws shall require applying banks not organized under 14 Federal law to comply with the reserve and capital requirements 15 and to submit to the examination and regulations prescribed by the 16 organization committee or by the Federal Reserve Board. No ap17 plying bank shall be admitted to membership in a Federal reserve 18 bank unless it possesses a paid-up unimpaired capital sufficient to 19 entitle it to become a national banking association in the place where 20 it is situated, under the provisions of the national banking Act.

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Any bank becoming a member of a Federal reserve bank under the 22 provisions of this section shall, in addition to the regulations and 23 restrictions hereinbefore provided, be required to conform to the 24 provisions of law imposed on the national banks respecting the 25 limitation of liability which may be incurred by any person, firm, or 26 corporation to such banks, the prohibition against making purchase 27 of or loans on stock of such banks, and the withdrawal or impairment 28 of capital, or the payment of unearned dividends, and to such rules 29 and regulations as the Federal Reserve Board may, in pursuance 30 thereof, prescribe.

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Such banks, and the officers, agents, and employees thereof, shall 32 also be subject to the provisions of and to the penalties prescribed 33 by sections fifty-one hundred and ninety-eight, fifty-two hundred, 34 fifty-two hundred and one, and2 fifty-two hundred and eight, and 35 fifty-two hundred and nine of the Revised Statutes. The member 36 banks shall also be required to make reports of the conditions and 37 of the payments of dividends to the comptroller, as provided in 38 sections fifty-two hundred and eleven and fifty-two hundred and 39 twelve of the Revised Statutes, and shall be subject to the penalties 40 prescribed by section fifty-two hundred and thirteen for the failure 41 to make such report.

42 If at any time it shall appear to the Federal Reserve Board that a 43 member bank has failed to comply with the provisions of this section 44 or the regulations of the Federal Reserve Board, it shall be within the 45 power of the said board, after hearing, to require such bank to sur46 render its stock in the Federal reserve bank; upon such surrender the 47 Federal reserve bank shall pay the cash-paid subscriptions to the said 48 stock with interest at the rate of one-half of one per centum per 49 month, computed from the last dividend, if earned, not to exceed 50 the book value thereof, less any liability to said Federal reserve bank, 51 except the subscription liability not previously called, which shall be 52 canceled, and said Federal reserve bank shall, upon notice from the 53 Federal Reserve Board, be required to suspend said bank from further 54 privileges of membership, and shall within thirty days of such notice.

cancel and retire its stock and make payment therefor in the manner 1 herein provided. The Federal Reserve Board may restore membership upon due proof of compliance with the conditions imposed by 3 this section.

FEDERAL RESERVE BOARD

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SEC. 10. A Federal Reserve Board is hereby created which shall 6 consist of seven members, including the Secretary of the Treasury 7 and the Comptroller of the Currency, who shall be members ex 8 officio, and five members appointed by the President of the United 9 States, by and with the advice and consent of the Senate. In 10 selecting the five appointive members of the Federal Reserve 11 Board, not more than one of whom shall be selected from any 12 one Federal reserve district, the President shall have due regard to 13 a fair representation of the different commercial, industrial and 14 geographical divisions of the country. The five members of the 15 Federal Reserve Board appointed by the President and confirmed 16 as aforesaid shall devote their entire time to the business of the 17 Federal Reserve Board and shall each receive an annual salary of 18 $12,000, payable monthly together with actual necessary traveling 19 expenses, and the Comptroller of the Currency, as ex officio member 20 of the Federal Reserve Board, shall, in addition to the salary now 21 paid him as Comptroller of the Currency, receive the sum of $7,000 22 annually for his services as a member of said Board.

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The members of said board, the Secretary of the Treasury, the 24 Assistant Secretaries of the Treasury, and the Comptroller of the Cur- 25 rency shall be ineligible during the time they are in office and for two 26 years thereafter to hold any office, position, or employment in any 27 member bank. Of the five members thus appointed by the President 28 at least two shall be persons experienced in banking or finance. One 29 shall be designated by the President to serve for two, one for four, one 30 for six, one for eight, and one for ten years, and thereafter each 31 member so appointed shall serve for a term of ten years unless 32 sooner removed for cause by the President. Of the five persons thus 33 appointed, one shall be designated by the President as governor and 34 one as vice governor of the Federal Reserve Board. The governor of 35 the Federal Reserve Board, subject to its supervision, shall be the 36 active executive officer. The Secretary of the Treasury may assign 37 offices in the Department of the Treasury for the use of the Federal 38 Reserve Board. Each member of the Federal Reserve Board shall 39 within fifteen days after notice of appointment make and subscribe 40 to the oath of office.

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The Federal Reserve Board shall have power to levy semiannually 42 upon the Federal reserve banks, in proportion to their capital stock 48 and surplus, an assessment sufficient to pay its estimated expenses and 44 the salaries of its members and employees for the half year succeed- 45 ing the levying of such assessment, together with any deficit carried 46 forward from the preceding half year.

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The first meeting of the Federal Reserve Board shall be held in 48 Washington, District of Columbia, as soon as may be after the passage 49 of this Act, at a date to be fixed by the Reserve Bank Organization 50 Committee. The Secretary of the Treasury shall be ex officio chair- 51 man of the Federal Reserve Board. No member of the Federal 52 Reserve Board shall be an officer or director of any bank, banking 53

1 institution, trust company, or Federal reserve bank nor hold stock 2 in any bank, banking institution, or trust company; and before 3 entering upon his duties as a member of the Federal Reserve Board. 4 he shall certify under oath to the Secretary of the Treasury that he 5 has complied with this requirement. Whenever a vacancy shall 6 occur, other than by expiration of term, among the five members of 7 the Federal Reserve Board appointed by the President, as above 8 provided, a successor shall be appointed by the President, with the 9 advice and consent of the Senate, to fill such vacancy, and when 10 appointed he shall hold office for the unexpired term of the member 11 whose place he is selected to fill.

12 The President shall have power to fill all vacancies that may hap13 pen on the Federal Reserve Board during the recess of the Senate, by 14 granting commissions which shall expire thirty days after the next 15 session of the Senate convenes.

16 Nothing in this Act contained shall be construed as taking away 17 any powers heretofore vested by law in the Secretary of the Treasury 18 which relate to the supervision, management, and control of the 19 Treasury Department and bureaus under such department, and wher20 ever any power vested by this Act in the Federal Reserve Board or 21 the Federal reserve agent appears to conflict with the powers of the 22 Secretary of the Treasury, such powers shall be exercised subject 23 to the supervision and control of the Secretary.

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The Federal Reserve Board shall annually make a full report of 25 its operations to the Speaker of the House of Representatives, who 26 shall cause the same to be printed for the information of the Congress. 27 Section three hundred and twenty-four of the Revised Statutes of 28 the United States shall be amended so as to read as follows: There 29 shall be in the Department of the Treasury a bureau charged with 30 the execution of all laws passed by Congress relating to the issue and 31 regulation of national currency secured by United States bonds and, 32 under the general supervision of the Federal Reserve Board, of all 33 Federal reserve notes, the chief officer of which bureau shall be called 34 the Comptroller of the Currency and shall perform his duties under 35 the general directions of the Secretary of the Treasury.

36 SEC. 1. The Federal Reserve Board shall be authorized and em37 powered:

38 (a) To examine at its discretion the accounts, books and affairs 39 of each Federal reserve bank and of each member bank and to require 40 such statements and reports as it may deem necessary. The said 41 board shall publish once each week a statement showing the condi42 tion of each Federal reserve bank and a consolidated statement for all 43 Federal reserve banks. Such statements shall show in detail the 44 assets and liabilities of the Federal reserve banks, single and com45 bined, and shall furnish full information regarding the character of the 46 money held as reserve and the amount, nature and maturities of the 47 paper and other investments owned or held by Federal reserve 48 banks.

49 (b) To permit, or, on the affirmative vote of at least five members 50 of the Reserve Board to require Federal reserve banks to rediscount 51 the discounted paper of other Federal reserve banks at rates of in52 terest to be fixed by the Federal Reserve Board.

53 (c) To suspend for a period not exceeding thirty days, and from 54 time to time to renew such suspension for periods not exceeding

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fifteen days, any reserve requirement specified in this Act: Provided, That it shall establish a graduated tax upon the amounts by which the reserve requirements of this Act may be permitted to fall below the level hereinafter specified: And provided further, That when the gold reserve held against Federal reserve notes falls below forty per 5 centum, the Federal Reserve Board shall establish a graduated tax of 6 not more than one per centum per annum upon such deficiency until 7 the reserves fall to thirty-two and one-half per centum, and when 8 said reserve falls below thirty-two and one-half per centum, a tax at 9 the rate increasingly of not less than one and one-half per centum 10 per annum upon each two and one-half per centum or fraction thereof 11 that such reserve falls below thirty-two and one-half per centum. 12 The tax shall be paid by the reserve bank, but the reserve bank shall 18 add an amount equal to said tax to the rates of interest and discount 14 fixed by the Federal Reserve Board.

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(d) To supervise and regulate through the bureau under the charge 16 of the Comptroller of the Currency the issue and retirement of Federal 17 reserve notes, and to prescribe rules and regulations under which such 18 notes may be delivered by the Comptroller to the Federal reserve 19 agents applying therefor.

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(e) To add to the number of cities classified as reserve and central 21 reserve cities under existing law in which national banking associa- 22 tions are subject to the reserve requirements set forth in section 23 twenty of this Act; or to reclassify existing reserve and central 24 reserve cities or to terminate their designation as such.

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(f) To suspend or remove any officer or director of any Federal 26 reserve bank, the cause of such removal to be forthwith communi- 27 cated in writing by the Federal Reserve Board to the removed officer 28 or director and to said bank.

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(g) To require the writing off of doubtful or worthless assets upon 30 the books and balance sheets of Federal reserve banks.

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(h) To suspend, for the violation of any of the provisions of this 32 Act, the operations of any Federal reserve bank, to take possession 33 thereof, administer the same during the period of suspension, and, 34 when deemed advisable, to liquidate or reorganize such bank.

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(i) To require bonds of Federal reserve agents, to make regulations 36 for the safeguarding of all collateral, bonds, Federal reserve notes, 37 money or property of any kind deposited in the hands of such 38 agents, and said board shall perform the duties, functions, or services 39 specified in this Act, and make all rules and regulations necessary to 40 enable said board effectively to perform the same.

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(j) To exercise general supervision over said Federal reserve banks. 42 (k) To grant by special permit to national banks applying therefor, 43 when not in contravention of State or local law, the right to act as 44 trustee, executor, administrator, or registrar of stocks and bonds 45 under such rules and regulations as the said board may prescribe. 46

(1) To employ such attorneys, experts, assistants, clerks, or other 47 employees as may be deemed necessary to conduct the business of 48 the board. All salaries and fees shall be fixed in advance by said 49 board and shall be paid in the same manner as the salaries of the 50 members of said board. All such attorneys, experts, assistants, 51 clerks, and other employees shall be appointed without regard to the 52 provisions of the Act of January sixteenth, eighteen hundred and 58 eighty-three (volume twenty-two, United States Statutes at Large, 54

1 page four hundred and three), and amendments thereto, or any rule 2 or regulation made in pursuance thereof: Provided, That nothing 3 herein shall prevent the President from placing said employees in the 4 classified service.

FEDERAL ADVISORY COUNCIL

6 SEC. 12. There is hereby created a Federal Advisory Council, 7 which shall consist of as many members as there are Federal reserve 8 districts. Each Federal reserve bank by its board of directors shall 9 annually select from its own Federal reserve district one member of 10 said council, who shall receive such compensation and allowances as 11 may be fixed by his board of directors subject to the approval of the 12 Federal Reserve Board. The meetings of said advisory council shall 13 be held at Washington, District of Columbia, at least four times each 14 year, and oftener if called by the Federal Reserve Board. The 15 council may in addition to the meetings above provided for hold such 16 other meetings in Washington, District of Columbia, or elsewhere, as 17 it may deem necessary, may select its own officers and adopt its own 18 methods of procedure, and a majority of its members shall constitute 19 a quorum for the transaction of business. Vacancies in the council 20 shall be filled by the respective reserve banks, and members selected 21 to fill vacancies, shall serve for the unexpired term.

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The Federal Advisory Council shall have power, by itself, or through 23 its officers, (1) to confer directly with the Federal Reserve Board on 24 general business conditions; (2) to make oral or written representa25 tions concerning matters within the jurisdiction of said board; (3) to 26 call for information and to make recommendations in regard to 27 discount rates, rediscount business, note issues, reserve conditions in 28 the various districts, the purchase and sale of gold or securities by 29 reserve banks, open-market operations by said banks, and the general 30 affairs of the reserve banking system.

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POWERS OF FEDERAL RESERVE BANKS

32 SEC. 13. Any Federal reserve bank may receive from any of its 33 member banks, and from the United States, deposits of current funds 34 in lawful money, national-bank notes, Federal reserve notes, or 35 checks and drafts upon solvent member banks, payable upon presen36 tation; or, solely for exchange purposes, may receive from other 87 Federal reserve banks deposits of current funds in lawful money, 38 national-bank notes, or checks and drafts upon solvent member or 39 other-Federal reserve banks, payable upon presentation.

40 Upon the indorsement of any of its member banks, with a waiver of 41 demand, notice and protest by such bank, any Federal reserve bank 42 may discount notes, drafts, and bills of exchange arising out of actual 48 commercial transactions; that is, notes, drafts, and bills of exchange 44 issued or drawn for agricultural, industrial, or commercial purposes, 45 or the proceeds of which have been used, or are to be used, for such 46 purposes, the Federal Reserve Board to have the right to determine 47 or define the character of the paper thus eligible for discount, within 48 the meaning of this Act. Nothing in this Act contained shall be 49 construed to prohibit such notes, drafts, and bills of exchange, secured 50 by staple agricultural products, or other goods, wares, or merchandise

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