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Federal Reserve Act, section 4

Section of the Act on the Reserve Banks, their directors and their presidents.

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Federal Reserve Act, Section 4: Federal Reserve Banks, Board of Governors of the Federal Reserve System (text of the Act). Primary record
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;
Class C shall consist of three members who shall be designated by the Board of Governors of the Federal Reserve System.
No director of class B shall be an officer, director, or employee of any bank.

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