Upon the filing of the organization certificate with the Comptroller of the Currency a Federal reserve bank shall become a body corporate and as such, and in the name designated in such organization certificate, shall have power—
First. To adopt and use a corporate seal.
Second. To have succession after February 25, 1927, until dissolved by Act of Congress or until forfeiture of franchise for violation of law.
Third. To make contracts.
Fourth. To sue and be sued, complain and defend, in any court of law or equity.
Fifth. To appoint by its board of directors a president, vice presidents, and such officers and employees as are not otherwise provided for in this chapter, to define their duties, require bonds for them and fix the penalty thereof, and to dismiss at pleasure such officers or employees. The president shall be the chief executive officer of the bank and shall be appointed by the Class B and Class C directors of the bank, with the approval of the Board of Governors of the Federal Reserve System, for a term of 5 years; and all other executive officers and all employees of the bank shall be directly responsible to the president. The first vice president of the bank shall be appointed in the same manner and for the same term as the president, and shall, in the absence or disability of the president or during a vacancy in the office of president, serve as chief executive officer of the bank. Whenever a vacancy shall occur in the office of the president or the first vice president, it shall be filled in the manner provided for original appointments; and the person so appointed shall hold office until the expiration of the term of his predecessor.
Sixth. To prescribe by its board of directors, bylaws not inconsistent with law, regulating the manner in which its general business may be conducted, and the privileges granted to it by law may be exercised and enjoyed.
Seventh. To exercise by its board of directors, or duly authorized officers or agents, all powers specifically granted by the provisions of this chapter and such incidental powers as shall be necessary to carry on the business of banking within the limitations prescribed by this chapter.
Eighth. Upon deposit with the Treasurer of the United States of any bonds of the United States in the manner provided by existing law relating to national banks, to receive from the Secretary of the Treasury circulating notes in blank, registered and countersigned as provided by law, equal in amount to the par value of the bonds so deposited, such notes to be issued under the same conditions and provisions of law as relate to the issue of circulating notes of national banks secured by bonds of the United States bearing the circulating privilege, except that the issue of such notes shall not be limited to the capital stock of such Federal reserve bank.
But no Federal reserve bank shall transact any business except such as is incidental and necessarily preliminary to its organization until it has been authorized by the Comptroller of the Currency to commence business under the provisions of this chapter.
Notes of Decisions
Kathy Kroske, an Individual v. Us Bank Corp., a Foreign Corp. Dba U.S. Bank, 432 F.3d 976 (9th Cir. 2005).
· cites it 5× “1981) (holding that Federal Reserve Bank employee’s claims alleging a right to a hearing before termination under state law conflicted with and were preempted by the at-pleasure provision in 12 U.S.C. § 341 (Fifth)). *985 We again addressed a bank’s authority to dismiss a bank…”
Starr Int'l Co. v. United States, 856 F.3d 953 (Fed. Cir. 2017).
· cites it 4× “US 17 12 U.S.C. § 341 (emphasis added). Section 4(4) thus expands upon the powers “specifically granted” by § 13(3) by granting “such incidental powers as shall be necessary to carry on the business of banking.”
Michael Mele v. Fed. Reserve Bank of New York, 359 F.3d 251 (3rd Cir. 2004).
· cites it 4× “The District Court explained that Mele’s claims rested on the premise that he had an employment contract with the Bank, a conclusion undermined by both the language of the Federal Reserve Act, 12 U.S.C. § 341 , Note 3, and case law interpreting the Act to restrict the Bank’s…”
Fasano v. Fed. Reserve Bank, 457 F.3d 274 (3rd Cir. 2006).
· cites it 5× “Appellant Federal Reserve Bank of New York brings this interlocutory appeal of the District Court’s refusal to find appellee Maureen Fasano’s employment claims, based on New Jersey state law, preempted by the Federal Reserve Act, 12 U.S.C. § 341 (Fifth). For the reasons set…”
Goonan v. Fed. Reserve Bank, 916 F. Supp. 2d 470 (S.D.N.Y. 2013).
· cites it 3× “The Fed argues in the alternative that Plaintiffs state and city law claims are preempted by the Federal Reserve Act, 12 U.S.C. § 341 (Fifth) (“the FRA”). For the reasons that follow, the Fed’s motion to dismiss is denied.”
Lee Constr. Co. v. Fed. Reserve Bank of Richmond, 558 F. Supp. 165 (D. Maryland 1982).
· cites it 6× “Additionally, Lee seemingly claims that the Bank breached a duty purportedly imposed by § 4 of the Federal Reserve Act of 1913 (Act), 1 12 U.S.C. § 341 , “to act in a prudent and responsible manner in the conduct of its business affairs.”
Marc Wiersum v. U.S. Bank, N.A., 785 F.3d 483 (11th Cir. 2015).
· cites it 2× “§ 1432 (a), and the Federal Reserve Act (“FRA”), 12 U.S.C. § 341 (Fifth), have analogous at-pleasure provisions, which give the board of directors of a federal bank authority to dismiss its officers “at pleasure.”
Starr Int'l Co. v. United States, 106 Fed. Cl. 50 (Fed. Cl. 2012).
· cites it 4× “12 U.S.C. § 341 Seventh (2006). The question is whether a Federal Reserve bank’s “incidental powers” under the FRA include the power to purchase corporate stock.”
Starr Int'l Co. v. Fed. Reserve Bank, 906 F. Supp. 2d 202 (S.D.N.Y. 2012).
· cites it 5× “See 12 U.S.C. § 341 (Seventh). It follows, FRBNY argues, that state law may not impose liability for these actions.”
Starr Int'l Co., Inc. v. Fed. Reserve Bank of New York, 742 F.3d 37 (2d Cir. 2014).
· cites it 3× “Congress has specified that federal reserve banks such as FRBNY may be sued, 12 U.S.C. § 341 , and that such suits “shall be deemed to arise under the laws of the United States,” id.”
Mary Arrow v. Fed. Reserve Bank of St. Louis, 358 F.3d 392 (6th Cir. 2004).
· cites it 2× “Federal Reserve Banks were created pursuant to Section 4 of the Federal Reserve Act, 12 U.S.C. § 341 . The Act grants the power: To appoint by its board of directors a president, vice presidents, and such officers and employees as are not otherwise provided for in this chapter,…”
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