12 U.S.C. § 307
Compensation of directors
Directors of Federal reserve banks shall receive, in addition to any compensation otherwise provided, a reasonable allowance for necessary expenses in attending meetings of their respective boards, which amount shall be paid by the respective Federal reserve banks. Any compensation that may be provided by boards of directors of Federal reserve banks for directors, officers or employees shall be subject to the approval of the Board of Governors of the Federal Reserve System.
Notes of Decisions
Cited in 4
cases, 1981–2005 · leading case: 9 to 5 Organization for Women Office Workers v. Board of Governors
9 to 5 Organization for Women Office Workers v. Board of Governors (1983)
“12 U.S.C. § 307 (1976). The Board has determined that, in order to attract, retain and motivate qualified employees, the federal reserve banks should maintain levels of compensation which are competitive with those offered by other employees in the relevant labor market.”
9to5 Organization for Women Office Workers v. Board of Governors of the Federal Reserve System (1981)
“12 U.S.C. §§ 307 , 341. The Board thus claims (1) that this information is “commercial or financial” in nature — a claim not contested by the plaintiff; (2) that the information was obtained from a “person,” the BSG; and (3) that the information is confidential.”
9 to 5 Organization for Women Office Workers v. Board of Governors of Federal Reserve System (1982)
“This information has been contained in various letters and memoranda that over the past 25 years have passed between the Bank and the Board as a result of the Bank’s efforts to fulfill the Board’s requirement that each federal reserve bank around the country supply the Board…”
Fraternal Order of Police v. Board of Governors of the Federal Reserve System (2005)
“§ 248 (f); and to approve the compensation of directors, officers, and employees of the Reserve Banks, 12 U.S.C. § 307 . Moreover, the fact that the rules and procedures governing the unionization of employees in both the private and public sectors fail to apply to the employees…”
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