§ 341. General enumeration of powers

Statutory text

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.

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.

1913
Pub. L. 63–6 § 4 · 38 Stat. 103
Enacted · 12 U.S.C. § 341
Dec. 23, 1913, ch. 6, § 4 (pars.), 38 Stat. 254
Source evidence
Code source credit
Dec. 23, 1913, ch. 6, § 4 (pars.), 38 Stat. 254
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.
1994
Riegle Community Development and Regulatory Improvement Act of 1994
Pub. L. 103–325 title VI § 602(g)(1) · 108 Stat. 2160
Substituted · 12 U.S.C. § 341
Pub. L. 103–325 amended eighth power by substituting “Secretary of the Treasury” for “Comptroller of the Currency”
Source evidence
Code amendment note
Pub. L. 103–325 amended eighth power by substituting “Secretary of the Treasury” for “Comptroller of the Currency”.
Enacted provision · exact public law section
(1) The 8th paragraph of the 4 th undesignated paragraph of section 4 of the Federal Reserve Act (12 U.S.C. 341) is amended by striking “Comptroller of the Currency” and inserting “Secretary of the Treasury”.
2010
Dodd-Frank Wall Street Reform and Consumer Protection Act
Pub. L. 111–203 title XI § 1107 · 124 Stat. 1376
Substituted · 12 U.S.C. § 341
Pub. L. 111–203 amended fifth power by substituting “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.” for “The president shall be the chief executive officer of the bank and shall be appointed by the board of directors, with the approval of the Board of Governors of the Federal Reserve System, for a term of five years; and all other executive officers and all employees of the bank shall be directly responsible to him.”
Source evidence
Code amendment note
Pub. L. 111–203 amended fifth power by substituting “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.” for “The president shall be the chief executive officer of the bank and shall be appointed by the board of directors, with the approval of the Board of Governors of the Federal Reserve System, for a term of five years; and all other executive officers and all employees of the bank shall be directly responsible to him.”
Enacted provision · exact public law section
SEC. 1107. FEDERAL RESERVE ACT AMENDMENTS ON FEDERAL RESERVE BANK GOVERNANCE. The 5th subparagraph of the 4th undesignated paragraph of section 4 of the Federal Reserve Act (12 U.S.C. 341) is amended by striking the 2nd sentence and inserting the following: “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.”.
Effective date note
Amendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of this title.

3 of 3 references resolved to an enrolled provision

Editorial Notes

References in Text

This chapter, referred to in the Fifth, Seventh, and closing pars., was in the original “this Act”, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.

Codification

Section is comprised of pars. 4 and 5 of section 4 of act Dec. 23, 1913. For classification to this title of other pars. of section 4, see Codification note set out under section 301 of this title.

Amendments1927–2010 · 4 rounds

2010

Pub. L. 111–203 amended fifth power by substituting “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.” for “The president shall be the chief executive officer of the bank and shall be appointed by the board of directors, with the approval of the Board of Governors of the Federal Reserve System, for a term of five years; and all other executive officers and all employees of the bank shall be directly responsible to him.”

1994

Pub. L. 103–325 amended eighth power by substituting “Secretary of the Treasury” for “Comptroller of the Currency”.

1935

Act Aug. 23, 1935, amended fifth power.

1927

Act Feb. 25, 1927, amended second power.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of this title.

Effective Date of 1935 Amendment

Act Aug. 23, 1935, ch. 614, title II, § 201, 49 Stat. 703, provided that the amendment made by that section is effective Mar. 1, 1936.

Executive Documents

Transfer of Functions

For transfer of functions to Secretary of the Treasury, see note under section 55 of this title.

Credits

1913–2010 · 5 acts

1913Dec. 23, 1913, ch. 6, § 4 (pars.), 38 Stat. 254
1927Feb. 25, 1927, ch. 191, § 18, 44 Stat. 1234
1935Aug. 23, 1935, ch. 614, title II, § 201, 49 Stat. 703
1994Pub. L. 103–325, title VI, § 602(g)(1), Sept. 23, 1994, 108 Stat. 2293
2010Pub. L. 111–203, title XI, § 1107, July 21, 2010, 124 Stat. 2126.

Show as published

(Dec. 23, 1913, ch. 6, § 4 (pars.), 38 Stat. 254; Feb. 25, 1927, ch. 191, § 18, 44 Stat. 1234; Aug. 23, 1935, ch. 614, title II, § 201, 49 Stat. 703; Pub. L. 103–325, title VI, § 602(g)(1), Sept. 23, 1994, 108 Stat. 2293; Pub. L. 111–203, title XI, § 1107, July 21, 2010, 124 Stat. 2126.)