Norwich bulletin., 1913-12-25
FEDERAL RESERVE BOARD.
Seven Members, Five of Whom Are to
 Get $12,o0o Year Each.

seven Members, FIVe of Whom Are to
 Get $12,o0o a Year Each.
 Sec. 10 A federal reserve board is hereby created, which shall consist of seven members, including the secre- tary of the treasury and the comptrol- Ter of the currency, who shall be mem bers ex oficio, and five members ap- 1 pointed by the president of the Unit ed States, by and with the advice and consent of the senate In selecting the five appointive 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 a fair repre- sentation of the different geographical divisions of the country. The five 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 $12O00. together with actual necessary travelling expenses, and the comptroller of the currency. as ex of1cio member of the federal re- serve board, shall in 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 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- CT to hold any office, position or em- 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 so appointed shall serve for 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 its 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 it's 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 a date to be fixed by the reserve bank organization committee. The secretary Sf the treasury shall be ex officio chair man of the federal reserve board. No member of the federal reserve board shall be an officer or director of any bank, banking institution. trust com pany or federal reserve bank nor hold stock in any bank, banking institution or trust company, and before entering upon his duties as a member of the federal reserve board he shall certify under oath to the secretary of the treasury that he has co2plied with this requirement. Whenever a vacan- cy shall occur other than by expiration of term among the six members of the federal reserve board appointed by the president, as above provided, a success sor shall be appointed by the president, with the advice and consent of the senate. to fill such vacancy
 The president shall have power to fill all vacancies that may happen on the federal reserve board during the recess of the senate by granting com missions which shall expire thirty days after the next session of the senate convenes-