§ 302. Number of members; classes

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. 1913

   Pub. L. 63–6 § 4 · 38 Stat. 103

   Enacted · 12 U.S.C. § 302

   Dec. 23, 1913, ch. 6, § 4 (pars.), 38 Stat. 255

   Source evidence

   Code source credit
   Dec. 23, 1913, ch. 6, § 4 (pars.), 38 Stat. 255

   Enacted provision · exact public law section
   Sec. 4. That the agreement to arbitrate— Requirements of agreement to arbitrate. First. Shall be in writing; Second. Shall stipulate that the arbitration is had under the provisions of this Act; Third. Shall state whether the board of arbitration is to consist of three or six members; Fourth. Shall be signed by duly accredited representatives of the employer or employers and of the employees; Fifth. Shall state specifically the questions to be submitted to the said board for decision; Sixth. Shall stipulate that a majority of said board shall be competent to make a valid and binding award; Seventh. Shall fix a period from the date of the appointment of the arbitrator or arbitrators necessary to complete the board, as provided for in the agreement, within which the said board shall commence its hearings; Eighth. Shall fix a period from the beginning of the hearings within which the said board shall make and file its award: Provided, That Proviso. Time for hearings. this period shall be thirty days unless a different period be agreed to; Ninth. Shall provide for the date from which the award shall Operation of award. become effective and shall fix the period during which the said award shall continue in force; Tenth. Shall provide that the respective parties to the award will Execution of award. each faithfully execute the same; Eleventh. Shall provide that the award and the papers and proceedings, Action by district court. including the testimony relating thereto, certified under the hands of the arbitrators, and which shall have the force and effect of a bill of exceptions, shall be filed in the clerk’s office of the district court of the United States for the district wherein the controversy arises or the arbitration is entered into, and shall be final and conclusive upon the parties to the agreement unless set aside for error of law apparent on the record; Twelfth. May also provide that any difference arising as to the Provision for subsequent ruling, etc., as to award. meaning or the application of the provisions of an award made by a board or arbitration shall be referred back to the same board or to a subcommittee of such board for a ruling, which ruling shall have the same force and effect as the original award; and if any member of the original board is unable or unwilling to serve another arbitrator shall be named in the same manner as such original member was named.

2. 1977

   Federal Reserve Reform Act of 1977

   Pub. L. 95–188 § 202(a) · 91 Stat. 1387

   Changed · 12 U.S.C. § 302

   Pub. L. 95–188, § 202(a), required Class A members to be chosen without discrimination on the basis of race, creed, color, sex or national origin

   Source evidence

   Code amendment note
   Second par. Pub. L. 95–188, § 202(a), required Class A members to be chosen without discrimination on the basis of race, creed, color, sex or national origin.

   Enacted provision · exact public law section
   Sec. 202. congressional-federal reserve dialog on monetary policy Insert a new section 2A immediately after section 2 of the Federal Reserve Act to read as follows: “Sec. 2A. “general policy: congressional review The Board of Governors of the Federal Reserve System 12 USC 225a. and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates. The Board of Governors shall consult Semiannual hearings before congressional committees. with Congress at semiannual hearings before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives about the Board of Governors’ and the Federal Open Market Committee’s objectives and plans with respect to the ranges of growth or diminution of monetary and credit aggregates for the upcoming twelve months, taking account of past and prospective developments in production, employment, and prices. Nothing in this Act shall be interpreted to require that such ranges of growth or diminution be achieved if the Board of Governors and the Federal Open Market Committee determine that they cannot or should not be achieved because of changing conditions.”.

3. 1977

   Federal Reserve Reform Act of 1977

   Pub. L. 95–188 § 202(b) · 91 Stat. 1387

   Substituted · 12 U.S.C. § 302

   Pub. L. 95–188, § 202(b), substituted requirement that Class B members represent the public and 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 for prior requirement that such Class B members, at the time of their election, be actively engaged in their district in commerce, agriculture or some other industrial pursuit

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Third par. Pub. L. 95–188, § 202(b), substituted requirement that Class B members represent the public and 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 for prior requirement that such Class B members, at the time of their election, be actively engaged in their district in commerce, agriculture or some other industrial pursuit.

   Enacted provision · exact public law section
   Sec. 202. congressional-federal reserve dialog on monetary policy Insert a new section 2A immediately after section 2 of the Federal Reserve Act to read as follows: “Sec. 2A. “general policy: congressional review The Board of Governors of the Federal Reserve System 12 USC 225a. and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates. The Board of Governors shall consult Semiannual hearings before congressional committees. with Congress at semiannual hearings before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives about the Board of Governors’ and the Federal Open Market Committee’s objectives and plans with respect to the ranges of growth or diminution of monetary and credit aggregates for the upcoming twelve months, taking account of past and prospective developments in production, employment, and prices. Nothing in this Act shall be interpreted to require that such ranges of growth or diminution be achieved if the Board of Governors and the Federal Open Market Committee determine that they cannot or should not be achieved because of changing conditions.”.

4. 1977

   Federal Reserve Reform Act of 1977

   Pub. L. 95–188 § 202(c) · 91 Stat. 1387

   Changed · 12 U.S.C. § 302

   Pub. L. 95–188, § 202(c), required Class C members to 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

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Fourth par. Pub. L. 95–188, § 202(c), required Class C members to 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.

   Enacted provision · exact public law section
   Sec. 202. congressional-federal reserve dialog on monetary policy Insert a new section 2A immediately after section 2 of the Federal Reserve Act to read as follows: “Sec. 2A. “general policy: congressional review The Board of Governors of the Federal Reserve System 12 USC 225a. and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates. The Board of Governors shall consult Semiannual hearings before congressional committees. with Congress at semiannual hearings before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives about the Board of Governors’ and the Federal Open Market Committee’s objectives and plans with respect to the ranges of growth or diminution of monetary and credit aggregates for the upcoming twelve months, taking account of past and prospective developments in production, employment, and prices. Nothing in this Act shall be interpreted to require that such ranges of growth or diminution be achieved if the Board of Governors and the Federal Open Market Committee determine that they cannot or should not be achieved because of changing conditions.”.

4 of 4 references resolved to an enrolled provision