The Board of Governors of the Federal Reserve System (hereinafter referred to as the “Board”) shall be composed of seven members, to be appointed by the President, by and with the advice and consent of the Senate, after August 23, 1935, for terms of fourteen years except as hereinafter provided, but each appointive member of the Federal Reserve Board in office on such date shall continue to serve as a member of the Board until February 1, 1936, and the Secretary of the Treasury and the Comptroller of the Currency shall continue to serve as members of the Board until February 1, 1936. In selecting the members of the Board, not more than one of whom shall be selected from any one Federal Reserve district, the President shall have due regard to a fair representation of the financial, agricultural, industrial, and commercial interests, and geographical divisions of the country. In selecting members of the Board, the President shall appoint at least 1 member with demonstrated primary experience working in or supervising community banks having less than $10,000,000,000 in total assets. The members of the Board shall devote their entire time to the business of the Board and shall each receive basic compensation at the rate of $15,000 per annum, payable monthly, together with actual necessary traveling expenses.
Notes of Decisions
PHH Corp. v. Consum. Fin. Prot. Bureau, 881 F.3d 75 (D.C. Cir. 2018).
· cites it 6× “§ 1752a(b)(1) (Chair of the National Credit Union Association); 12 U.S.C. §§ 241 , 242, 244 (Chair of the Federal Reserve Board of Governors, whose four-year term expires just after the first year of a new presidential administration taking office in a presidential election…”
Albrecht v. Comm. on Emp. Benefits of the Fed. Reserve Emp. Benefits Sys., 357 F.3d 62 (D.C. Cir. 2004).
“Despite naming the Board of Governors as a defendant, appellants insist that they sued not the Board of *66 Governors, the governmental entity composed of seven individuals appointed by the President and confirmed by the Senate to formulate monetary policy, see 12 U.S.C. § 241…”
Fasano v. Fed. Reserve Bank, 457 F.3d 274 (3rd Cir. 2006).
“The Board of Governors, comprising seven Presidential appointees, 12 U.S.C. § 241 , *278 loosely oversees the Federal Reserve Banks’ operations.”
United States v. Wells Fargo, 943 F.3d 588 (2d Cir. 2019).
“See 12 U.S.C. §§ 241‐252, 264, 341‐362.3 Through its banking subsidiary—Wachovia Bank National Association (“WBNA”)—Wachovia requested billions of dollars 3 The Fed also contains the Federal Open Market Committee (“FOMC”), composed of officials from the Board and the FRBs.”
Donald W. Riegle, Jr., Member, U. S. Senate v. Fed. Open Mkt. Comm., 656 F.2d 873 (D.C. Cir. 1981).
“Since 1935 the FOMC has been composed of the seven members of the Board of Governors of the Federal Reserve System, 12 U.S.C. § 241 (1976), who are appointed by the President with the advice and consent of the Senate, and five representatives of the Federal Reserve Banks, who…”
United States v. Bogle, 689 F. Supp. 1121 (S.D. Fla. 1988).
· cites it 2× “§ 1111 ; Board of Governors: Federal Reserve System, 12 U.S.C. § 241 ; Federal Trade Commission, 15 U.”
United States ex rel. Holbrook v. Brink's Co., 336 F. Supp. 3d 860 (S.D. Ohio 2018).
“12 U.S.C. § 241 . By contrast, the RFRBs are "private corporations whose stock is owned by the member commercial banks within their districts.”
U.S. Sec. & Exch. Comm'n v. Syron, 934 F. Supp. 2d 609 (S.D.N.Y. 2013).
“§ 1452 (a)(2)(A) (establishing Freddie Mac’s 13-member, shareholder-elected board), with 12 U.S.C. § 241 (establishing a Board of Governors for the Federal Reserve Bank and requiring that the governors be presidentially appointed and Senate-confirmed), and 12 U.”
McKinley v. Bd. of Governors of the Fed. Reserve Sys., 849 F. Supp. 2d 47 (D.D.C. 2012).
“12 U.S.C. § 241 (2006). It oversees the operation of the system, promulgates and administers regulations, and plays a major role in the supervision and regulation of the United States banking system.”
John M. Denkler v. The United States, 782 F.2d 1003 (Fed. Cir. 1986).
“The board itself is created in 12 U.S.C. § 241 . By section 243 the board levies upon the Federal Reserve banks assessments sufficient to pay, among other things, salaries of members and employees, so that no appropriation need be or is requested for these purposes.”
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