The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1920-10-26

rector unless nominated and elected
by banks which are members OF the
same group as the member bank OF
which he is an officer or director:
and. in case he is an officer or dircc-
tor of more than one member bank.
ne can be nominated and elected
only by the group which embraces
the largest bank Of which he is an
officer or director.
l6. What are the qualifications
and duties of the chairman OF the
board and Federal Reserve agent"
He must be "a person Of tested
banking experience" In addition to
his duties as chairman of the board.
he Is required TO maintain local
office Of the Federal Reserve Board
on the premises OF the bank. He Is
the official representative OF the
Federal Reserve Board. One OF his
important duties is to issue Federal
Reserve notes to the Federal Reserve
bank and to hold the securities
against which the notes are issued.
II. How are the officers OF the
Federal Reserve bank chosen?
BY the board of directors. which
has mower TO create all Offices other
than those OF director. chairman of
the board, Federal Reserve agent.
assistant Federal Reserve agent. ana
Deputy chairman of the board; to APP
point the officers and employees, ana
TO prescribe their duties. The head
of the executive department OF the
bank bears the title of governor. and
under him are usually one or more
deputy governors, cashier and one
or more assistant cashiers.
49, How large is the stan OF the
Raspryp Rank of Rich
mond?
On January /. 1920. the Federal
Reserve Bank of Richmond had 399
officers and employees, including lOl
Al the Baltimore branch and twenty
three at the war loan organization;
On July |, 1920, the total was boo IN
,luding 142 at the Baltimore branch
a Id twenty-three at the war loan or
ganization.
10. How are the salaries of ofh-
GERS and employees of Federal Re-
serve bank fixed?
The salary of the chairman OF the
board and Federal Reserve agent Is
fixed by the Federal Reserve Board
The other directors are paid attend
ance fees, which are fixed by resoiu-
ton OF the board of each Federal
poserve bank as approved by the
Of all other officers Of Federal Re-
serve bank are fixed by the board OF
directors of the bank, and the sal
aries of other employees are fixed by
tho same board or by the executive
committee with the approval OF the
hoard All salaries, however, are
subject to the approval OF the Fed
oraI Reserve Board, and each BANK
10 required to make fun reports 10
tho Federal Reserve Board with ref
erence to salary adjustments.
90. Are branch Offices of a Fed
aral Reserve bank permitted?
Yes. The Federal Reserve Board
80 hermit or require any Federal
reserve bank to establish branch
banks.
21. How are the branches oper-
ated?
they are operated under the SUI
norvision of "A board of directors, to
consist of not more than seven nor
loss than three directors, of whom a
=, oiority OF one shall be appointed
hy tho Federal Reserve bank OF the
district and the remaining directors
hv the Federal Reserve Board. The
directors of branch banks are APP
nointed for term of ono year and
Mold office during the pleasure OF the
Federal Reserve Board. The active
head OF the branch Is called the
manager and Is appointed by the di-
rectors OF the Federal Reserve bank
/ Of the district from among the dt-
rcctors appointed by II. The aftivi-
| tics of the branch are determined by
! bylaws framed by the board of the
Federal Reserve bank as approved
/ nv the Federal Reserve Board.
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