12 U.S.C. § 302

Number of members; classes

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Such board of directors shall be selected as hereinafter specified and shall consist of nine members, holding office for three years, and divided into three classes, designated as classes A, B, and C.

Class A shall consist of three members, without discrimination on the basis of race, creed, color, sex, or national origin, who shall be chosen by and be representative of the stockholding banks.

Class B shall consist of three members, who shall represent the public and shall be elected without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.

Class C shall consist of three members who shall be designated by the Board of Governors of the Federal Reserve System. They shall be elected to represent the public, without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.

Notes of Decisions

Cited in 16 cases (6 in the last 5 years), 1978–2026 · leading case: Bostock v. Clayton County

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Bostock v. Clayton County (2020) scotus · cites it 2× “§1034 (j)(3) (Protected Communica- tions; Prohibition of Retaliatory Personnel Ac- tions)  12 U. S. C. §302 (Directors of Federal Reserve Banks; Number of Members; Classes)  12 U.”

Freytag v. Commissioner (1991) scotus · cites it 2× “Louis, whose president is appointed in none of the manners constitutionally permitted for federal officers, but rather by a Board of Directors, two-thirds of whom are elected by regional banks, see 12 U. S. C. §§ 302 , 304, and 341. It is as impossible to respond to this random…”

McKinley v. Board of Governors of the Federal Reserve System (2011) cadc “For example, the Board appoints three of the nine directors of each Reserve Bank, 12 U.S.C. § 302 ; the Board approves the compensation a Reserve Bank pays to its directors, id.”

Consumer Financial Protection Bureau v. Community Financial Services Assn. of America, Ltd. (2024) scotus “12 U. S. C. §§ 302 , 304. 2 In the most recent fscal year, the Bureau requested $641.”

Donald W. Riegle, Jr., Member, U. S. Senate v. Federal Open Market Committee (1981) cadc “12 U.S.C. §§ 302 , 304 (1976). The presidents and first vice presidents of the Reserve Banks, although selected by the respective boards of directors, are subject to the approval, suspension, and removal authority of the Board of Governors.”

Flight International Group, Inc. v. Federal Reserve Bank (1984) gand “12 U.S.C. § 302 . Third, the chairman and members of the Board of Governors are paid according to the federal executive pay levels established in 5 U.”

Berini v. Federal Reserve Bank of St. Louis (2005) moed “12 U.S.C. § 302 . National banks are required to become members of the Federal Reserve System by "subscribing and paying for stock in the Federal Reserve bank of its district.”

Consumer Financial Protection Bureau v. Community Financial Services Assn. of America, Ltd. (2024) scotus “12 U. S. C. §§302 , 304. 2 In the most recent fiscal year, the Bureau requested $641.”

Federal Reserve Bank v. Metrocentre Improvement District 1 (1980) ared · cites it 2× “12 U.S.C. §§ 302 , 304. The remaining three directors are appointed by the Board; but these directors are not employees of the Board or of the United States.”

Consumer Financial Protection Bureau v. Community Financial Services Assn. of America, Ltd. (2024) scotus “12 U. S. C. §§ 302 , 304. 2 In the most recent fscal year, the Bureau requested $641.”

Fraternal Order of Police v. Board of Governors of the Federal Reserve System (2005) dcd “For example, the Act establishes the Board’s authority to appoint three members of each Reserve Bank’s nine-member board of directors, 12 U.S.C. §§ 302 , 305; to designate each Reserve Bank’s chairman of the board, 12 U.”

Custodia Bank v. Federal Reserve Board of Governors (2025) ca10 · cites it 2× “24 See Ass’n of Am. Railroads v. U.S. Dep’t of 24 Specifically, a Reserve Bank’s nine-member board is made up of three classes of directors with three directors in each class.”

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