74T H CONGR ESS . SESS. I. CH . 614. AUGUST 23, 1935 .
705 by the President . Of the persons thus appointed, one shall be desig- man air man, vi cechai r- nated by the President as chairman and one as vice chairman of the Board, to serve as such for a term of four years . The cha ir man of the Board, subject to its supervision, shall be its active executive officer. Each member of the Board shall within fifteen days after oath of office . notice of appointment make and subscribe to the oath of office. U pon u tervi success membbe er the expiration of their terms of office, members of the Board shall pointed . continue to serve until their successors are appointed and have quali- fi ed. Any person appointed as a member of the Boa rd after the Reappointments . dat e of enactment of th e Banking Act of 193 5 shall not be eligi ble for reappointment as su ch member after he s hall have served a f ull term of fourteen years ." (c) The fourth paragraph of section 10 of the Federal Reserve 48vp1 .181, p . 261
Vol . Act, as amended, is amended by striking out the second, third, and Meetings of Board ; fourth sentences thereof and inserting in lieu thereof the following : presiding officer . "At meetings of the Board the chairman shall preside, and, in his absence, the vice chairman shall preside . In the absence of the chair- man and the vice chairman, the Board shall elect a member to act as chairman pro tempor e ." (d) Section 10 of the Federal Reserve Act, as amended, is further vol.38,p.261;Vol. amended by adding at the end thereof the following new paragraph : 42, 1'. 620 . " The Boar d of Governors of the Federal Reserve System sha ll by Records to be kept keep a complete re cord of the action t aken by the Board an d by the Federal Open Market Committee upon all questions of policy relat- ing to open-market operations and shall record therein the votes take n in conne ction with the deter minat ion o f ope n-mar ket p olici es and the reasons underlying the action of the Board and the Com- mittee in each instance . The Board shall keep a simila r record with respect to all questions of policy determined by the Board, and shall include in its annual report to the Congress a full account of the action so taken during the preceding year with respect to open- market policies and operations and with respect to the policies deter- mined by it and shall include in such report a copy of the records required to be kept under the provisions of this paragraph ." SEC . 20 4 . Section 10 (b) of the Federal Reserve Act, as amen ded, v l . 484 p;U.S 7 0 94, is amended to read as follows :
p.394. " SEC . 10(b). Any Federal Reserve bank, under rules and regula- Advances to indi- tions prescribed by the Board of Governors of the Federal Reserve victual member banks . System, may make advances to any member bank on its time or demand notes having maturities of not more than four months and which are secu red to the satisfact ion of such Federal Reserve bank . secu rity . Each such note shall bear interest at a rate not less than one-half of Interest rate . 1 per centum per annum higher than the highest discount rate in effect at such Federal Reserve ban k on the date of suc h note. " SEC. 20 5 . Secti on 12A of the Federa l Reserve Act, as am ended, is u .`s1c.,P'aso: 168 ; amended, effective March 1, 1936 to read as follows " SEC. 12A . (a) There is hereby created a Federal Open Market Feder al open Committee (hereinafter referred to as the `Committee'), which Market io°, m m'etmber- shall con sist of the members of the Board of Gove rnors of the Fed- ship . eral Reserve System and five representatives of the Federal Reserve banks to be selected as hereinafter provided . Suc h representatives Annual election of of the Federal Reserve banks shall be elected annually as follows : repr esen tati ves . One by the boards of directors of the Federal Reserve Banks of Boston an d New York, one by t he boards of directo rs of the Federal Reserve Banks of Philadelphia and Cleveland, one by the boards of directors of the Federal Reserve Banks of Chicago and Saint Louis , one by the boards of directors of the Federal Reserve Bank s of Richmond, Atlanta, and Dallas, and one by the boards of direc- tors of the Federal Reserve Banks of Minneapolis, Kansas City, and S an Francis co . An alternate to serve in the absence of each Alternates . 104019 1 -36 43
