Federal Reserve Bank Directors Act of 1984

Summary

Federal Reserve Bank Directors Act of 1984 - Amends the Federal Reserve Act to increase from nine to 11 the number of members of the board of directors of a Federal Reserve bank. Increases from three to five the number of class C members selected by the Board of Governors of the Federal Reserve System for membership on the board of a Federal Reserve bank. Provides that not more than two directors of class C shall be officers or directors, employees, or stockholders of any depository institution which is not a member of the Federal Reserve System. Prohibits the chairman or deputy chairman of the board of a Federal Reserve bank from being an officer or director, employee, or stockholder of any depository institution. Provides that the class C director with the longest tenure on the board who is not an officer or director, employee, or stockholder of any depository institution shall preside at meetings in the absence of the chairman and deputy chairman. Requires the designation of the two new members appointed pursuant to this Act at the first meeting of the full board of directors of each Federal Reserve bank after the date of enactment of this Act. Sets the respective terms of office of such new members.

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1 official file

• Introduced in Senate

  summary · EN · 24 September 1984

  Open at official source

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