
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 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.
