(a) Members. The Committee consists of the seven members of the Board of Governors
of the Federal Reserve System (the “Board”) and five representatives
of the Federal Reserve Banks, each of whom is a president or a first
vice president of a Federal Reserve Bank.
(b) Federal Reserve Bank representatives. The
representatives of the Federal Reserve Banks, and an alternate for
each representative, are elected by the boards of directors of the
Federal Reserve Banks in accordance with section 12A of the Federal
Reserve Act (12 U.S.C. 263) for annual terms commencing on the date
of the first regularly scheduled meeting of the Committee occurring
on or after January 1 of each year. Prior to the first regularly scheduled
meeting of the Committee on or after January 1 of each year, each
member of the Committee representing the Federal Reserve Banks shall
cause a record of the member’s election and of the election of the
member’s alternate to be forwarded to the secretary of the Committee.
If any question is raised as to the election or eligibility of a member
or alternate, the Committee determines such question before such member
or alternate participates in a meeting of the Committee. In the event
a member is absent from a meeting of the Committee, the member’s alternate,
in attending the meeting, shall have the same status as the member
for whom the alternate is serving. If a member or alternate ceases
to be a president or first vice president of a Federal Reserve Bank,
a successor may be chosen in a special election by the boards of directors
of the appropriate Federal Reserve Bank or Banks and such successor
serves until the next annual election.
(c) Oath of office. Each member of the Committee
and each alternate take the same oath of office as that prescribed
by statute to be taken by officers of the United States.
