Federal Reserve Board Seven Members

Secretary of Treasury - ex officio chairman.

Comptroller of Currency - ex officio.

Five appointed by President with consent of Senate to serve ten years, not more than one from any District - two must be experienced in banking or finance - one must be Governor and one must be Vice Governor. All must give entire time to business of board; salary, $12,-000 each.

No member can be an officer, director, or stockholder of any bank or trust company, nor a member of Congress.

Members and Assistant Secretaries of Treasury must not be employed in any Member Bank while in office nor for two years thereafter.

Powers

Examine Federal Reserve Banks and Member Banks.

Permit or require Federal Reserve Banks to rediscount paper of other Federal Reserve Banks at rates to be fixed by this Board.

Suspend for stated periods reserve requirements and to establish a tax on decreasing reserves.

Regulate the issue of notes.

Add to or reclassify existing Reserve and Central Reserve Cities.

Suspend or remove officials of Federal Reserve Banks.

Require writing off doubtful assets of Federal Reserve Banks.

Suspend, liquidate or reorganize Federal Reserve Banks violating this Act.

Require bonds of Federal Reserve Agents; to perform all duties, etc., specified or implied in this Act, and to make all necessary rules and regulations.

Exercise functions of Clearing House for Federal Reserve Banks, or may designate Federal Reserve Banks to do the same, or may require each Federal Reserve Bank to so act for its Member Banks.

Levy upon Federal Reserve Banks semi-annual assessments sufficient to meet estimated expenses of the Board.

Exercise general supervision over Federal Reserve Banks.

Define character of bills eligible for discount by Federal Reserve Banks, and to limit and regulate rediscounts and acceptances.

Establish rate of interest to be charged Federal Reserve Banks on Federal Reserve Notes issued.

Fix the charges to be collected by Member Banks for checks cleared through Federal Reserve Banks.

Employ necessary attorneys, clerks, etc., without regard to classified service; but President may place said employees in classified service.

Federal Advisory Council

Composed of as many members as there are Federal Reserve Banks - one chosen by each bank. May act only in advisory capacity to Federal Reserve Board.