The Nezperce herald. (Nezperce, Idaho) 1900-1957, 1914-01-01
FEDERAL RESERVE BOARD.



Get $4,000 Year Eaeh-
See. 10 A federal reserve board is
hereby created, which shall consist Of
seven members. including the secre-
fary OF the treasury and the eomptrcl-
| Ter OF the currency. who shall be MEM
bers ex 0flcio, and i've members ap-
pointed by the president OF the Unit
ed States, by and with the advice and
consent Of the senate. In selecting the
i've appolntivs 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 q fair repre-
sentati0n Of the different geographical
divisions of the country. The i've men,
bers Of the federal reserve board APP
pointed By the president and confirmed
rs aforesaid shall devote their entire
time 10 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,
as ex ofEiei0 member of the federal re-
serve board. shall in addition to the
salary now paid hiE as comptroller Of
the currency. receive the sum Of 1000
annually for his services as member
Of said board Tha 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 theFeaftr
er to hold any Office. position or en-
pIoyment In any member bank. OF
the Eve members thus appointed by
the president at least two shall be
persons experienced in banking or
finance One shall be designated by
the president 70 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 i've
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 20
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 10 pay its estimated
expenses and salaries OF its members
and employees for the half year sue
ceeding the Ievying 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 fxed By the reserve bank |
organization committee The secretary |
Of the treasury shall be ex ofici0 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 az a member of the Il
federal reserve board he shah certify |
under oath to the secretary OF the 4
treasury that be has complied with
fhfs requirement. Whenever vac&n-
cy shall occur other than by expiration
or term among the SIX members Of the
federal reserve board appointed by the
president as above provided, success
sor shall be appointed by the president,
szv4&s. &Fxo a@v4on and ~e.nacuf ~ &ha
senate. co al such vacancy.
The president shah have power 70
III all vacancies that may happen on
he federal reserve board during the
recess Of the senate by granting com
which shall expire thirty days
after the next session Of the senate
sonvenes.