Federal Reserve System Laws

Under construction

TITLE 12 > CHAPTER 3 > SUBCHAPTER I > § 225b

The Chairman of the (Federal Reserve) Board shall appear—

(A) before the Committee on Banking and Financial Services of the House of Representatives on or about February 20 of even numbered calendar years and on or about July 20 of odd numbered calendar years;
(B) before the Committee on Banking, Housing, and Urban Affairs of the Senate on or about July 20 of even numbered calendar years and on or about February 20 of odd numbered calendar years; and
(C) before either Committee referred to in subparagraph (A) or (B), upon request,

TITLE 12 > CHAPTER 3 > SUBCHAPTER II > § 244

No member of the Board of Governors of the Federal Reserve System shall be an officer or director of any bank, banking institution, trust company, or Federal Reserve bank or hold stock in any bank, banking institution, or trust company;

Ref: http://www.law.cornell.edu/uscode/12/usc_sec_12_00000244----000-.html

TITLE 12 > CHAPTER 3 > SUBCHAPTER II § 250. Independence of financial regulatory agencies

No officer or agency of the United States shall have any authority to require the … the Board of Governors of the Federal Reserve System, (et al) to submit legislative recommendations, or testimony, or comments on legislation, to any officer or agency of the United States for approval, comments, or review, prior to the submission of such recommendations, testimony, or comments to the Congress …

Ref: http://www.law.cornell.edu/uscode/12/usc_sec_12_00000250----000-.html

TITLE 12 > CHAPTER 3 > SUBCHAPTER II § 248b. Annual independent audits of Federal reserve banks and Board

The Board shall order an annual independent audit of the financial statements of each Federal reserve bank and the Board.

http://www.law.cornell.edu/uscode/12/usc_sec_12_00000248---b000-.html

TITLE 12 > CHAPTER 3 > SUBCHAPTER II § 248. Enumerated powers (of the Board of Governors)

..

(j) Exercising supervision over reserve banks

http://www.law.cornell.edu/uscode/12/usc_sec_12_00000248----000-.html

TITLE 12 > CHAPTER 3 > SUBCHAPTER II > § 247. Reports to Congress

The Board of Governors of the Federal Reserve System shall annually make a full report of its operations to the Speaker of the House of Representatives..

http://www.law.cornell.edu/uscode/12/usc_sec_12_00000247----000-.html

TITLE 12 > CHAPTER 3 > SUBCHAPTER VI § 282. Subscription to capital stock by national banking association

Every national banking association within each Federal reserve district shall be required to subscribe to the capital stock of the Federal reserve bank for that district in a sum equal to 6 per centum of the paid-up capital stock and surplus of such bank,

http://www.law.cornell.edu/uscode/12/usc_sec_12_00000282----000-.html

TITLE 12 > CHAPTER 3 > SUBCHAPTER VI § 283. Public subscription to capital stock

No individual, copartnership, or corporation other than a member bank of its district shall be permitted to subscribe for or to hold at any time more than $25,000 par value of stock in any Federal reserve bank…

http://www.law.cornell.edu/uscode/12/usc_sec_12_00000283----000-.html

TITLE 12 > CHAPTER 3 > SUBCHAPTER VI > § 285. Nonvoting stock

Stock not held by member banks shall not be entitled to voting power.

http://www.law.cornell.edu/uscode/12/usc_sec_12_00000285----000-.html

TITLE 12 > CHAPTER 3 > SUBCHAPTER VI > § 287. Value of shares of stock;….

.. Shares of the capital stock of Federal reserve banks owned by member banks shall not be transferred or hypothecated (i.e. used as collatoral in a financial transaction).
… Any member bank which holds capital stock … in excess of … 6 per centum … shall surrender such excess stock.
When a member bank … liquidates it shall surrender all of its holdings of the capital stock of said Federal Reserve bank…. such …shares surrendered shall be canceled

http://www.law.cornell.edu/uscode/12/usc_sec_12_00000287----000-.html

TITLE 12 > CHAPTER 3 > SUBCHAPTER VI § 290. Use of earnings transferred to Treasury

The net earnings derived by the United States from Federal reserve banks shall, in the discretion of the Secretary, … shall be applied to the reduction of the outstanding bonded indebtedness of the United States under regulations to be prescribed by the Secretary of the Treasury.

http://www.law.cornell.edu/uscode/12/usc_sec_12_00000290----000-.html

TITLE 12 > CHAPTER 3 > SUBCHAPTER VII § 303. Qualifications and disabilities

No director of class B shall be an officer, director, or employee of any bank.

No director of class C shall be an officer, director, employee, or stockholder of any bank.

http://www.law.cornell.edu/uscode/12/usc_sec_12_00000303----000-.html

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