12 USC 303 – Qualifications and disabilities
Current as of: 2024 | Check for updates
|
Other versions
No Senator or Representative in Congress shall be a member of the Board of Governors of the Federal Reserve System or an officer or a director of a Federal reserve bank.
Terms Used In 12 USC 303
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1
No director of class B shall be an officer, director, or employee of any bank.
No director of class C shall be an officer, director, employee, or stockholder of any bank.