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Title 12 — Banks and Banking

Chapter 3 — Federal Reserve System

§ 243. Assessments upon Federal reserve banks to pay expenses

Statutory text

The Board of Governors of the Federal Reserve System shall have power to levy semiannually upon the Federal reserve banks, in proportion to their capital stock and surplus, an assessment sufficient to pay its estimated expenses and the salaries of its members and employees for the half year succeeding the levying of such assessment, together with any deficit carried forward from the preceding half year, and such assessments may include amounts sufficient to provide for the acquisition by the Board in its own name of such site or building in the District of Columbia as in its judgment alone shall be necessary for the purpose of providing suitable and adequate quarters for the performance of its functions. After , the Board may also use such assessments to acquire, in its own name, a site or building (in addition to the facilities existing on such date) to provide for the performance of the functions of the Board. After approving such plans, estimates, and specifications as it shall have caused to be prepared, the Board may, notwithstanding any other provision of law, cause to be constructed on any site so acquired by it a building or buildings suitable and adequate in its judgment for its purposes and proceed to take all such steps as it may deem necessary or appropriate in connection with the construction, equipment, and furnishing of such building or buildings. The Board may maintain, enlarge, or remodel any building or buildings so acquired or constructed and shall have sole control of such building or buildings and space therein.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

  1. Pub. L. 63–6 § 10 · 38 Stat. 103

    Enacted · 12 U.S.C. § 243

    Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 261

    Source evidence

    Code source credit
    Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 261

    Enacted provision · exact public law section
    Sec. 10. That each member of the board of arbitration created under the provisions of this Act shall receive such compensation as may be fixed by the Board of Mediation and Conciliation, together with his Appropriation for expenses. Post, p. 212. traveling and other necessary expenses. The sum of $25,000, or so much thereof as may be necessary, is hereby appropriated, to be immediately available and to continue available until the close of the fiscal year ending June thirtieth, nineteen hundred and fourteen, for the necessary and proper expenses incurred in connection with any arbitration or with the carrying on of the work of mediation and conciliation, including per diem, traveling, and other necessary expenses of members or employees of boards of arbitration and rent in the District of Columbia, furniture, office fixtures and supplies, books, salaries, traveling expenses, and other necessary expenses of members or employees of the Board of Mediation and Conciliation, to be approved by the chairman of said board and audited by the proper accounting officers of the Treasury.

  2. American Homeownership and Economic Opportunity Act of 2000

    Pub. L. 106–569 title X § 1001 · 114 Stat. 2944

    1. Inserted · 12 U.S.C. § 243

      Pub. L. 106–569 inserted “After September 1, 2000, the Board may also use such assessments to acquire, in its own name, a site or building (in addition to the facilities existing on such date) to provide for the performance of the functions of the Board.” after first sentence

    2. Inserted · 12 U.S.C. § 243

      Pub. L. 106–569 inserted “or buildings” after “building” wherever appearing in third and fourth sentences

    3. Substituted · 12 U.S.C. § 243

      Pub. L. 106–569 substituted “constructed on any site” for “constructed on the site” in third sentence

    Source evidence

    Code amendment note
    Pub. L. 106–569 inserted “After September 1, 2000, the Board may also use such assessments to acquire, in its own name, a site or building (in addition to the facilities existing on such date) to provide for the performance of the functions of the Board.” after first sentence, inserted “or buildings” after “building” wherever appearing in third and fourth sentences, and substituted “constructed on any site” for “constructed on the site” in third sentence.

    Enacted provision · exact public law section
    SEC. 1001. FEDERAL RESERVE BOARD BUILDINGS. The third undesignated paragraph of section 10 of the Federal Reserve Act (12 U.S.C. 243) is amended— (1) by inserting after the first sentence the following new sentence: “After September 1, 2000, the Board may also use such assessments to acquire, in its own name, a site or building (in addition to the facilities existing on such date) to provide for the performance of the functions of the Board.”; and (2) in the sentences following the sentence added by the amendment made by paragraph (1) of this section— (A) by striking “the site” and inserting “any site”; and (B) by inserting “or buildings” after “building” each place such term appears.

4 of 4 references resolved to an enrolled provision

Editorial Notes

Codification

Section is comprised of third par. of section 10 of act . For classification to this title of other pars. of section 10, see note set out under section 241 of this title.

Amendments1934–2000 · 2 rounds

2000

Pub. L. 106–569 inserted “After , the Board may also use such assessments to acquire, in its own name, a site or building (in addition to the facilities existing on such date) to provide for the performance of the functions of the Board.” after first sentence, inserted “or buildings” after “building” wherever appearing in third and fourth sentences, and substituted “constructed on any site” for “constructed on the site” in third sentence.

1934

Act , inserted provisions after “the preceding half year” in first sentence and inserted second and third sentences.

Statutory Notes and Related Subsidiaries

Change of Name

Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.

Credits

1913–2000 · 5 acts
  1. 1913Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 261
  2. 1922June 3, 1922, ch. 205, 42 Stat. 621
  3. 1934June 19, 1934, ch. 653, § 4, 48 Stat. 1108
  4. 1935Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704
  5. 2000Pub. L. 106–569, title X, § 1001, , 114 Stat. 3027.
Show as published

(Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; June 19, 1934, ch. 653, § 4, 48 Stat. 1108; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 106–569, title X, § 1001, , 114 Stat. 3027.)

Parsed from the official OLRC USLM XML in data/usc_all/usc12.xml · release point 119-108 · OLRC build 2026-07-23

USLM identifier /us/usc/t12/s243