---
kind: "section"
citation: "12 U.S.C. § 305"
title: "12"
title_heading: "Banks and Banking"
number: "305"
heading: "Class C directors; selection; “Federal reserve agent”"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/305"
units:
  - "Chapter 3 — Federal Reserve System"
  - "Subchapter VII — Directors of Federal Reserve Banks; Reserve Agents and Assistants"
---

# §305. Class C directors; selection; “Federal reserve agent”


Class C [directors](/usc/12/5481.md?p=10) shall be appointed by the [Board](/usc/12/221a.md?p=a) of Governors of the Federal Reserve System. They shall have been for at least two years residents of the [district](/usc/12/221a.md?p=a) for which they are appointed, one of whom shall be designated by said [board](/usc/12/221a.md?p=a) as chairman of the [board](/usc/12/221a.md?p=a) of [directors](/usc/12/5481.md?p=10) of the Federal [reserve bank](/usc/12/221a.md?p=a) and as “Federal reserve agent.” He shall be a [person](/usc/12/5481.md?p=19) of tested banking experience and in addition to his duties as chairman of the [board](/usc/12/221a.md?p=a) of [directors](/usc/12/5481.md?p=10) of the Federal [reserve bank](/usc/12/221a.md?p=a) he shall be required to maintain, under regulations to be established by the [Board](/usc/12/221a.md?p=a) of Governors of the Federal Reserve System, a local office of said [board](/usc/12/221a.md?p=a) on the premises of the Federal [reserve bank](/usc/12/221a.md?p=a). He shall make regular reports to the [Board](/usc/12/221a.md?p=a) of Governors of the Federal Reserve System and shall act as its official representative for the performance of the functions conferred upon it by this chapter. He shall receive an annual compensation to be fixed by the [Board](/usc/12/221a.md?p=a) of Governors of the Federal Reserve System and paid monthly by the Federal [reserve bank](/usc/12/221a.md?p=a) to which he is designated. One of the [directors](/usc/12/5481.md?p=10) of class C shall be appointed by the [Board](/usc/12/221a.md?p=a) of Governors of the Federal Reserve System as deputy chairman to exercise the powers of the chairman of the [board](/usc/12/221a.md?p=a) when necessary. In case of the absence of the chairman and deputy chairman, the third class C [director](/usc/12/5481.md?p=10) shall preside at meetings of the [board](/usc/12/221a.md?p=a).


## Source credit

(Dec. 23, 1913, ch. 6, § 4 (par.), 38 Stat. 256; June 21, 1917, ch. 32, § 2, 40 Stat. 232; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)

## Notes

### Editorial Notes

### References in Text

This chapter, referred to in text, was in the original “this Act”, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.

### Codification

Section is comprised of par. 22 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.