The Committee selects a manager and deputy
manager of the System Open Market Account. The foregoing shall be
satisfactory to the Federal Reserve Bank selected by the Committee
to execute open market transactions for such account (the “Selected
Bank”) and shall serve at the pleasure of the Committee. The manager
keeps the Committee informed on market conditions and on transactions
made for such account and renders such reports as the Committee may
specify. In the absence of the manager, the deputy manager acts as
manager pro tem. In the event that the president of the Selected Bank
determines that the manager or deputy manager is not able to perform
the duties of the position, the Chair may select a person satisfactory
to such president to serve as manager or deputy manager (as relevant)
until the Committee and the Selected Bank select a replacement manager
or (as relevant) deputy manager in accordance with this section.
