Exhibit 779 ยท Statute
Federal Reserve Act, Section 4 (Reserve Bank organization and directors), as published by the Board of Governors
Class A shall consist of three members, without discrimination on the basis of race, creed, color, sex, or national origin, who shall be chosen by and be representative of the stockholding banks.
Each Reserve Bank board has nine directors in three classes. Class A (three) are chosen by and represent the stockholding banks; Class B (three) are elected by the member banks to represent the public and may not be officers, directors or employees of any bank; Class C (three) are designated by the Board of Governors and may not be officers, directors, employees or stockholders of any bank. Sec. 16 has the member banks nominate and elect Class A and B directors in three groups of banks of similar capitalization.
- Source
- Board of Governors of the Federal Reserve System
- Date
- 1913, as amended (page opened 10 November 2026)
- Quoted from
- Sec. 4, para. 10 (Class A directors), 12 U.S.C. 302, as numbered on federalreserve.gov
- Grade
- Primary record
- Document
- https://www.federalreserve.gov/aboutthefed/section4.htm
- Accessed
- 2026-11-09
- Cited by
- Findings citing this exhibit