The weekly times-record. (Valley City, N.D.) 1912-1922, 1914-01-08
FEDERAL RESERVE BOARD.
Seven Members, Five Of Whom Ars q
Get $4,000 q Year Each.

Get $4,000 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-
lcr Of the currency, who shall be mem.
bers ex officio. and Eve members ap-
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 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 $4,000, together with
actual necessary travelling expenses.
and the comptroller Of the currency,
as ex officio mem Der of the federal re-
serve board, shall in addition to the
salary now paid him as comptroller OF
the currency. receive the sum of $1,000
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.
ef to hold any Office, position or en-
ployment ia 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 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 az.
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 70
serve board shall be held In Washing
ton. District Of Columbia. as soon a
may be after the passage Of this act al
q date to be 6xed BY the reserve banh
organization committee. The secretary
Of the treasury shall be ex ofacio chair
man Of the federal reserve board NJ
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 a. a member OF thl
federal reserve board be shall certify
under oath to the secretary Of th,
treasury that be has compiled viii