---
kind: "section"
citation: "12 U.S.C. § 303"
title: "12"
title_heading: "Banks and Banking"
number: "303"
heading: "Qualifications and disabilities"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/303"
units:
  - "Chapter 3 — Federal Reserve System"
  - "Subchapter VII — Directors of Federal Reserve Banks; Reserve Agents and Assistants"
---

# §303. Qualifications and disabilities


No Senator or Representative in Congress shall be a member of the [Board](/usc/12/221a.md?p=a) of Governors of the Federal Reserve System or an officer or a [director](/usc/12/5481.md?p=10) of a Federal [reserve bank](/usc/12/221a.md?p=a).

No [director](/usc/12/5481.md?p=10) of class B shall be an officer, [director](/usc/12/5481.md?p=10), or employee of any bank.

No [director](/usc/12/5481.md?p=10) of class C shall be an officer, [director](/usc/12/5481.md?p=10), employee, or stockholder of any bank.


## Source credit

(Dec. 23, 1913, ch. 6, § 4 (pars.), 38 Stat. 255; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)

## Notes

### Editorial Notes

### Codification

Section is comprised of pars. 13 to 15 of section 4 of act Dec. 23, 1913. For classification to this title of other pars. of section 4, see Codification note set out under section 301 of this title.

### Statutory Notes and Related Subsidiaries

### Change of Name

Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.