1. Creation,
Members, and Meetings There is hereby created a
Federal Advisory Council, which shall consist of as many members as
there are Federal reserve districts. Each Federal reserve bank by
its board of directors shall annually select from its own Federal
reserve district one member of said council, who shall receive such
compensation and allowances as may be fixed by his board of directors
subject to the approval of the Board of Governors of the Federal Reserve
System. The meetings of said advisory council shall be held at Washington,
District of Columbia, at least four times each year, and oftener
if called by the Board of Governors of the Federal Reserve System.
The council may in addition to the meetings above provided for hold
such other meetings in Washington, District of Columbia, or elsewhere,
as it may deem necessary, may select its own officers and adopt its
own methods of procedure, and a majority of its members shall constitute
a quorum for the transaction of business. Vacancies in the council
shall be filled by the respective reserve banks, and members selected
to fill vacancies, shall serve for the unexpired term.
[12 USC 261. Part of original Federal Reserve Act; not amended.]
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2. Powers The
Federal Advisory Council shall have power, by itself or through its
officers, (1) to confer directly with the Board of Governors of the
Federal Reserve System on general business conditions; (2) to make
oral or written representations concerning matters within the jurisdiction
of said board; (3) to call for information and to make recommendations
in regard to discount rates, rediscount business, note issues, reserve
conditions in the various districts, the purchase and sale of gold
or securities by reserve banks, open-market operations by said banks,
and the general affairs of the reserve banking system.
[12
USC 262. Part of original Federal Reserve Act; not amended.]