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12 U.S. Code § 242
Legal Information Institute, Cornell Law School · 2010-07-21
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<h1 class="title" id="page_title"> 12 U.S. Code § 242 - Ineligibility to hold office in member banks; qualifications and terms of office of members; chairman and vice chairman; oath of office </h1>
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<p>The members of the <a aria-label="Definitions - Board" class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src=">Board</a> shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any<a aria-label="Definitions - member bank," class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-1325333506-237777554&term_occur=999&term_src=title:12:chapter:3:subchapter:II:section:242"> member bank,</a> except that this restriction shall not apply to a member who has served the full term for which he was appointed. Upon the expiration of the term of any appointive member of the Federal Reserve <a aria-label="Definitions - Board" class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src=">Board</a> in office on <span class="date" date="1935-08-23">August 23, 1935</span>, the President shall fix the term of the successor to such member at not to exceed fourteen years, as designated by the President at the time of nomination, but in such manner as to provide for the expiration of the term of not more than one member in any two-year period, and thereafter each member shall hold office for a term of fourteen years from the expiration of the term of his predecessor, unless sooner removed for cause by the President. Of the persons thus appointed, 1 shall be designated by the President, by and with the advice and consent of the <span link="https://liicornell.org/liifedent/cong_senate" occur="1" src="named_federal_agencies">Senate</span>, to serve as Chairman of the<a aria-label="Definitions - Board " class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board </a>for a term of 4 years, and 2 shall be designated by the President, by and with the advice and consent of the <span link="https://liicornell.org/liifedent/cong_senate" occur="2" src="named_federal_agencies">Senate</span>, to serve as Vice Chairmen of the<a aria-label="Definitions - Board," class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board,</a> each for a term of 4 years, 1 of whom shall serve in the absence of the Chairman, as provided in <a href="/uscode/text/12/244">section 244 of this title</a>, and 1 of whom shall be designated Vice Chairman for Supervision. The Vice Chairman for Supervision shall develop policy recommendations for the<a aria-label="Definitions - Board " class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board </a>regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the<a aria-label="Definitions - Board," class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board,</a> and shall oversee the supervision and regulation of such firms. The Chairman of the<a aria-label="Definitions - Board," class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board,</a> subject to its supervision, shall be its active executive officer. Each member of the<a aria-label="Definitions - Board " class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board </a>shall within fifteen days after notice of appointment make and subscribe to the oath of office. Upon the expiration of their terms of office, members of the<a aria-label="Definitions - Board " class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board </a>shall continue to serve until their successors are appointed and have qualified. Any person appointed as a member of the<a aria-label="Definitions - Board " class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board </a>after <span class="date" date="1935-08-23">August 23, 1935</span>, shall not be eligible for reappointment as such member after he shall have served a full term of fourteen years.</p>
</div>
<div class="sourceCredit">(Dec. 23, 1913, ch. 6, § 10 (par.), <a href="/rio/citation/38_Stat._260">38 Stat. 260</a>; June 3, 1922, ch. 205, <a href="/rio/citation/42_Stat._620">42 Stat. 620</a>; June 16, 1933, ch. 89, § 6(a), <a href="/rio/citation/48_Stat._166">48 Stat. 166</a>; Aug. 23, 1935, ch. 614, title II, § 203(b), <a href="/rio/citation/49_Stat._704">49 Stat. 704</a>; <a href="/rio/citation/Pub._L._95-188">Pub. L. 95–188, title II, § 204(a)</a>, <span class="date" date="1977-11-16">Nov. 16, 1977</span>, <a href="/rio/citation/91_Stat._1388">91 Stat. 1388</a>; <a href="/rio/citation/Pub._L._111-203">Pub. L. 111–203, title XI, § 1108(a)(1)</a>, <span class="date" date="2010-07-21">July 21, 2010</span>, <a href="/rio/citation/124_Stat._2126">124 Stat. 2126</a>.)</div>
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</div></text>
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<!-- 'notes' content area -->
<notes><div class="notes">
</div><div class="notes">
<div class="note" topic="editorialNotes"><span class="heading centered"><strong>Editorial Notes</strong></span></div>
<div class="note" topic="codification"><span class="heading centered smallCaps">Codification</span>
<p>Section is comprised of second par. of section 10 of act <span class="date" date="1913-12-23">Dec. 23, 1913</span>. For classification to this title of other pars. of section 10, see note set out under <a href="/uscode/text/12/241">section 241 of this title</a>.</p>
</div>
<div class="note" topic="amendments"><span class="heading centered smallCaps">Amendments</span>
<p>2010—<a href="/rio/citation/Pub._L._111-203">Pub. L. 111–203</a> substituted “Of the persons thus appointed, 1 shall be designated by the President, by and with the advice and consent of the <span link="https://liicornell.org/liifedent/cong_senate" occur="3" src="named_federal_agencies">Senate</span>, to serve as Chairman of the<a aria-label="Definitions - Board " class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board </a>for a term of 4 years, and 2 shall be designated by the President, by and with the advice and consent of the <span link="https://liicornell.org/liifedent/cong_senate" occur="4" src="named_federal_agencies">Senate</span>, to serve as Vice Chairmen of the<a aria-label="Definitions - Board," class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board,</a> each for a term of 4 years, 1 of whom shall serve in the absence of the Chairman, as provided in <a href="/uscode/text/12/244">section 244 of this title</a>, and 1 of whom shall be designated Vice Chairman for Supervision. The Vice Chairman for Supervision shall develop policy recommendations for the<a aria-label="Definitions - Board " class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board </a>regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the<a aria-label="Definitions - Board," class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board,</a> and shall oversee the supervision and regulation of such firms.” for “Of the persons thus appointed, one shall be designated by the President, by and with the advice and consent of the <span link="https://liicornell.org/liifedent/cong_senate" occur="5" src="named_federal_agencies">Senate</span>, to serve as Chairman of the<a aria-label="Definitions - Board " class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board </a>for a term of four years, and one shall be designated by the President, by and with the consent of the <span link="https://liicornell.org/liifedent/cong_senate" occur="6" src="named_federal_agencies">Senate</span>, to serve as Vice Chairman of the<a aria-label="Definitions - Board " class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board </a>for a term of four years.”</p>
<p>1977—<a href="/rio/citation/Pub._L._95-188">Pub. L. 95–188</a> substituted in third sentence “one shall be designated by the President, by and with the advice and consent of the <span link="https://liicornell.org/liifedent/cong_senate" occur="7" src="named_federal_agencies">Senate</span>, to serve as Chairman of the<a aria-label="Definitions - Board " class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board </a>for a term of four years, and one shall be designated by the President, by and with the consent of the <span link="https://liicornell.org/liifedent/cong_senate" occur="8" src="named_federal_agencies">Senate</span>, to serve as Vice Chairman of the<a aria-label="Definitions - Board " class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board </a>for a term of four years” for “one shall be designated by the President as chairman and one as vice chairman of the<a aria-label="Definitions - Board," class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board,</a> to serve as such for a term of four years”.</p>
<p>1935—Act <span class="date" date="1935-08-23">Aug. 23, 1935</span>, § 203(b), extended term of appointive members from twelve to fourteen years, and inserted provisions for continuance in office until successor qualified and against reappointment.</p>
<p>1933—Act <span class="date" date="1933-06-16">June 16, 1933</span>, extended term of appointive members from ten to twelve years.</p>
</div>
<div class="note" topic="statutoryNotes"><span class="heading centered"><strong>Statutory Notes and Related Subsidiaries</strong></span></div>
<div class="note" topic="changeOfName">
<span class="heading centered smallCaps">Change of Name</span>
<p>Section 203(a) of act <span class="date" date="1935-08-23">Aug. 23, 1935</span>, changed name of Federal Reserve<a aria-label="Definitions - Board " class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board </a>to<a aria-label="Definitions - Board " class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board </a>of Governors of the <span link="https://liicornell.org/liifedent/federal_reserve_system" occur="1" src="named_federal_agencies">Federal Reserve System</span>.</p>
</div>
<div class="note" topic="effectiveDateOfAmendment"><span class="heading centered smallCaps">Effective Date of 2010 Amendment</span>
<p><a href="/rio/citation/Pub._L._111-203">Pub. L. 111–203, title XI, § 1108(a)(2)</a>, <span class="date" date="2010-07-21">July 21, 2010</span>, <a href="/rio/citation/124_Stat._2126">124 Stat. 2126</a>, provided that: </p><div class="quotedContent" origin="/us/pl/111/203/tXI/s1108/a/2">“The amendment made by subsection (a) [amending this section] takes effect on the date of enactment of this title [<span class="date" date="2010-07-21">July 21, 2010</span>] and applies to individuals who are designated by the President on or after that date to serve as Vice Chairman of Supervision.”</div>
</div>
<div class="note" topic="effectiveDateOfAmendment"><span class="heading centered smallCaps">Effective Date of 1977 Amendment; Applicability</span>
<p><a href="/rio/citation/Pub._L._95-188">Pub. L. 95–188, title II, § 204(b)</a>, <span class="date" date="1977-11-16">Nov. 16, 1977</span>, <a href="/rio/citation/91_Stat._1388">91 Stat. 1388</a>, provided that: </p><div class="quotedContent" origin="/us/pl/95/188/tII/s204/b">“The amendment made by subsection (a) [amending this section] takes effect on <span class="date" date="1979-01-01">January 1, 1979</span>, and applies to individuals who are designated by the President on or after such date to serve as Chairman or Vice Chairman of the<a aria-label="Definitions - Board " class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src="> Board </a>of Governors of the <span link="https://liicornell.org/liifedent/federal_reserve_system" occur="2" src="named_federal_agencies">Federal Reserve System</span>.”</div>
</div>
<div class="note" topic="repeals"><span class="heading centered smallCaps">Repeals</span>
<p>Act Mar. 3, 1919, ch. 101, § 2, <a href="/rio/citation/40_Stat._1315">40 Stat. 1315</a>, formerly cited as a credit to this section, was repealed by <a href="/rio/citation/Pub._L._89-554">Pub. L. 89–554, § 8(a)</a>, <span class="date" date="1966-09-06">Sept. 6, 1966</span>, <a href="/rio/citation/80_Stat._644">80 Stat. 644</a>.</p>
</div>
<div class="note" topic="miscellaneous"><span class="heading centered smallCaps">Compensation of Chairman of Board</span>
<p>Annual basic compensation of Chairman of <a aria-label="Definitions - Board" class="colorbox-load definedterm" href="/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-64356038-507486184&term_occur=999&term_src=">Board</a> of Governors, see <a href="/uscode/text/5/5313">section 5313 of Title 5</a>, Government Organization and Employees.</p>
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