12 U.S.C. § 244

Principal offices of Board; chairman of Board; obligations and expenses; qualifications of members; vacancies

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The principal offices of the Board shall be in the District of Columbia. At meetings of the Board the chairman shall preside, and, in his absence, the vice chairman shall preside. In the absence of the chairman and the vice chairman, the Board shall elect a member to act as chairman pro tempore. The Board shall determine and prescribe the manner in which its obligations shall be incurred and its disbursements and expenses allowed and paid, and may leave on deposit in the Federal Reserve banks the proceeds of assessments levied upon them to defray its estimated expenses and the salaries of its members and employees, whose employment, compensation, leave, and expenses shall be governed solely by the provisions of this chapter and rules and regulations of the Board not inconsistent therewith; and funds derived from such assessments shall not be construed to be Government funds or appropriated moneys. No member of the Board of Governors of the Federal Reserve System shall be an officer or director of any bank, banking institution, trust company, or Federal Reserve bank or hold stock in any bank, banking institution, or trust company; and before entering upon his duties as a member of the Board of Governors of the Federal Reserve System he shall certify under oath that he has complied with this requirement, and such certification shall be filed with the secretary of the Board. Whenever a vacancy shall occur, other than by expiration of term, among the seven members of the Board of Governors of the Federal Reserve System appointed by the President as above provided, a successor shall be appointed by the President, by and with the advice and consent of the Senate, to fill such vacancy, and when appointed he shall hold office for the unexpired term of his predecessor.

Notes of Decisions

Cited in 9 cases, 1986–2020 · leading case: United States v. Wells Fargo, 943 F.3d 588 (2d Cir. 2019).

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United States v. Wells Fargo, 943 F.3d 588 (2d Cir. 2019). · cites it 2× “21 We are similarly unpersuaded by defendants’ argument, seconded by amici, that 12 U.S.C. § 244 forecloses FCA liability.”

Richardson v. Yellen, 167 F. Supp. 3d 105 (D.D.C. 2016). “” 12 U.S.C. § 244 (emphasis added). The Merit Systems Protection Board (MSPB) has held that this specific provision trumps the more general provisions in the Whistleblower Protection Act (WPA) and, thus, that the Board is not covered by that statute.”

Bozeman Fin. LLC v. Fed. Reserve Bank, 955 F.3d 971 (Fed. Cir. 2020). “12 U.S.C. § 244 . No Bank official is appointed by the President or any other Government official.”

Furash & Co. v. United States, 46 Fed. Cl. 518 (Fed. Cl. 2000). “And, under the terms of the relevant statute, 12 U.S.C. § 244 , it was provided that these assessments “shall not be construed to be Government funds or appropriated moneys.”

MDB Commc'ns, Inc. v. United States, 53 Fed. Cl. 245 (Fed. Cl. 2002). “The court based its conclusion on the fact that the revenues involved derived from assessments against member banks levied under a statute, 12 U.S.C. § 244 (2000), which specifically declared that “such assessments shall not be construed to be Government funds or appropriated…”

Rsch. Triangle Inst. v. Bd. of Governors of the Fed. Reserve Sys., 962 F. Supp. 61 (M.D.N.C. 1997). “2 Because Congress has provided that the Board’s funds “shall not be construed to be Government funds or appropriated moneys,” 12 U.S.C. § 244 , 3 these statutes would act as a waiver of the Board’s immunity only if the Board fell within the narrow class of exceptions.”

Denkler v. United States, 9 Cl. Ct. 654 (Ct. Cl. 1986). “” 12 U.S.C. § 244 (1982). Further, plaintiffs argue Congress did not intend to include the FRB, or any other non-military nonappropriated fund instrumentality, to be included in the “position”.”

Rsch. Triangle Inst. v. Bd. of Governors of the Fed. Reserve Sys., 132 F.3d 985 (4th Cir. 1997). “However, 12 U.S.C. § 244 clearly states that the money used to fund the Board (assessments from Federal Reserve banks) “shall not be construed to be Government funds or appropriated moneys.”

Richardson v. Fed. Reserve Bd. of Governors of the Fed. Reserve Sys. (D.D.C. 2016). “” 12 U.S.C. § 244 (emphasis added). The Merit Systems Protection Board (MSPB) has held that this specific provision trumps the more general provisions in the Whistleblower Protection Act (WPA) and, thus, that the Board is not covered by that statute.”

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