§ 2. — Comptroller of the Currency; appointment; term.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2]
TITLE 12--BANKS AND BANKING
CHAPTER 1--THE COMPTROLLER OF THE CURRENCY
Sec. 2. Comptroller of the Currency; appointment; term
The Comptroller of the Currency shall be appointed by the President,
by and with the advice and consent of the Senate, and shall hold his
office for a term of five years unless sooner removed by the President,
upon reasons to be communicated by him to the Senate.
(R.S. Sec. 325; Aug. 23, 1935, ch. 614, title II, Sec. 209, 49 Stat.
707.)
Codification
R.S. Sec. 325 derived from act June 3, 1964, ch. 106, Sec. 1, 13
Stat. 99, which was the National Bank Act. See section 38 of this title.
Provisions of this section which prescribed the annual basic
compensation of the Comptroller of the Currency were omitted to conform
to the provisions of the Executive Schedule. See section 5314 of Title
5, Government Organization and Employees.
Amendments
1935--Act Aug. 23, 1935, struck out ``on the recommendation of the
Secretary of the Treasury'' after ``President'', where first appearing,
and changed the salary from ``$5,000 a year'' to ``$15,000 a year''.
Repeals
Act Oct. 15, 1949, ch. 695, Sec. 4, 63 Stat. 880, formerly cited as
a credit to this section, was repealed by Pub. L. 89-554, Sec. 8(a),
Sept. 6, 1966, 80 Stat. 655.
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the
Currency, referred to in this section, were not included in transfer of
functions to Secretary of the Treasury, see note set out under section 1
of this title.
