The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-12-31
FEDERAL RESERVE BOARD.

ssvsn Members, Five OF Whem AFRO 10
Got $4,000 Year Each.
SEQ 10 p (edogai reserve board is
hereby created. which shal. consist OF
seven members. including the secre
tary Of the treasury and the comptrol.
lCr Of the currency. who shall be mem
bers ex oftlciO. and five members ap
pointed by the president Of the Unit
cd States. by and with the advice and
consent Of the senate In selecting the
five appOindve members Of the federal
reserve board not more than one Of
whom shall be selected from any one
federal reserve district, the president
shall have due regard to fair repre-
sentation Of the different geographical
divisions Of the country The Ave mem
bers Of the federal reserve board ap
pointed by the president and confirmed
as aforesaid shall devote their entire
time to the business of the federal re
serve board and shall each receive an
annual salary of $4,000. together with
actual necessary travelling expenses.
and the comptroller Of the currency.
US ex offici0 member Of the federal re-
serve board. shall In addition to the
salary now paid him IA comptroller Of
the currency. receive the sum Of s. 900
annually for his services as member
of said board The members Of said
board. the secretary of the treasury.
the assistant secretary Of the treasury
and the comptroller Of the currency
shall be ineligible during the time they
are In office and for two years thereaft
er to hold any office. position or en-
ployment In any member bank OF
the five members thus appointed by
the president at least two shall be
persons experienced In banking or
finance. One shall be designated BY
the president to serve for two. one for
four, one for six. one for eight, one
for ten, and thereafter each member
80 appointed shall serve for a term Of
ten years unless sooner removed for
cause by the president OF the FIVE
persons thus appointed one shall be
designated by the president as gov
ernOr and one as vice governor Of the
federal reserve board. The governor
OF the federal reserve board. subject to
it's supervision. shall be the acting ex.
ecutive officer.
The federal reserve board shall have
power to levy semiannually upon the
federal reserve banks In proportion to
their capital stock and surplus an as
sessment sufficient to pay its estimated
expenses and salaries of its members
and employees for the half year sue.
ceeding the levying OF such assessment.
together with any deficit carried for.
ward from the preceding half year.
The first meeting Of the federal re-
serve board shall be held in Washing.
ton. District Of Columbia. as soon as
may be after the passage OF this act at
date to be- fixed by the reserve bank
organization committee The secretary
OF the treasury shall be ex officiO chair.
man OF the federal reserve board. No
member Of the federal reserve board
shall be mn officer or director OF any
bank. banking institution. trust com
pnny or federal reserve bank nor hold
stock IN any bank, banking institution
or trust company, and before entering
lppn his duties IN member OF the
federal reserve board he shall certify
under oath to tho secretary Of the
treasury that be has coupled with
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