§ 303. — Qualifications and disabilities.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC303]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VII--DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS AND
ASSISTANTS
Sec. 303. Qualifications and disabilities
No Senator or Representative in Congress shall be a member of the
Board of Governors of the Federal Reserve System or an officer or a
director of a Federal reserve bank.
No director of class B shall be an officer, director, or employee of
any bank.
No director of class C shall be an officer, director, employee, or
stockholder of any bank.
(Dec. 23, 1913, ch. 6, Sec. 4 (pars.), 38 Stat. 255; Aug. 23, 1935, ch.
614, title II, Sec. 203(a), 49 Stat. 704.)
Codification
Section is comprised of pars. 13 to 15 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.
Change of Name
Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve
Board to Board of Governors of the Federal Reserve System.
Section Referred to in Other Sections
This section is referred to in section 442 of this title.
