Page:United States Statutes at Large Volume 42 Part 1.djvu/649

 SIXTY-SEVENTH CONGRESS. Sess. II. Ch. 205. 1922. 621 as governor and one as vice overnor of the Federal Reserve Board. §°'°,{¤°* md vice The governor of the F ederal Reserve Board, subject to its super- go em L vision, shall be the active executive officer. The Secretary of the °m°°S,°*°· Treasury maly  offices in the Department of the Treasury for the use of the eder Reserve Board. Each member of the Federal Reserve Board shall within fifteen da after notice of appointment make and subscribe to the oath of ogde. The Federal Reserve Board shall have power to levy semiannually m‘},.S§`°°$,§'§ {Q? Q`; upon the Federal reserve banks, in proportion to their capital P°¤¤°S· stock and surplus, an assessment sufficient to pay its estimated ep-Hrenses and the salaries of its members and employees for the h iyearsucceeding the levying of such assessment, together with any`!} elicit carried orward from the lpreceding half year. _ e first meeting of the Federal eserve oard shall be held in M°°t"’gs'°°°‘ Washington, District of Columbia, as soon as may be after the passage of this_Act, at a date to be fixed by the Reserve Bank Organization Committee. The Secretary of the Treasury shall be ex officio D, _ chairman of the Federal Reserve Board. No member of the Federal *Squ°m°°u°°°' Reserve Board shall be an o;ocer or director of an bank, banking institution, trust company, or Federal reserve bank, nor hold stoc in any bank, banking institution, or trust compan ; and before upon his duties as a member of the Federal Reserve Board he sh certify imder oath to the Secret of the Treasury that V ci he has complied with this requirement. Flfhyenever a vacancy shall pa§i°f$`m°§ in °°°x` occ1u·, other than by expiration of term, amongrthe six members of the Federal Reserve Board appointed by the esident, as above provided, a successor shall be appointed by the President, with the advice and consent of the Senate to fill such vacaniy, and when appointed he shall hold office for the unexpired term o the member w ose lace he is selected to till. The Fmesident shall have power to fill all vacancies that may happen ¤§¤8 on the Federal Reserve Board during the recess of the Senate by ` gganting commissions which shall expire with the next session of the nate. Nothing in this Act contained shall be construed as taking away P°"°,,.*° °‘ S°°*°°i*¤j any owers heretofore vested by law in the Secretary of the Treasury giiiiili. umm which relate to the supervision, management, and control of the Treasury Department and bureaus under such department, and wherever any power vested by this Act in the Federal Reserve Board or the ederal reserve agent appears to conflict with the powers of the Secretary of the Treasury, such powers shall be exercised subject to the supervision and control of the Secreta:3. The Federal Reserve Board shall annually make a f report #¤¤¤•¤¤v¤¤· of its operations to the Speaker of the House of Representatives, Ego shall cause the same to be printed for the information of the ¤g¥`°S$· . Section three hundred and twentg—four of the Revised Statutes _,,f§,;l§,;d§°°·3”*·P-5*· of the United States shall be amende so as to read as follows: "SEc. 324. There shall be in the Department of the Treasury a °,§’,§°°C,{’r{_,Q’$?§’°'°“” bureau charged with the execution of all laws £8SSB(l by Congress nuns. relating to the issue and regulation of nation currency seemed gy United States bonds and, under the ggneral supervision of the ederal Reserve Board, of all Federal eserve notes, the chief officer of which bureau shall be called the Comptroller of the Currenc and shall erform his duties under the general directions of the Qcretary of &e Treasiny.