Profiles of Existing Government Corporations - US Government ...

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NANE: Federal Ro88~e Banks (FRBS)
CORPORATION PROFILE
PRBP
PvRPosg: The function8 of the Federal R@@~rv@ System include
operating the PaYmanta mschanism, distributing coin and currency,
examining banks, and fiscal-agency functions for tha Treasury
vhich are implamented through the twelve F8deral R@@@rva Banks.
The Raservm Banks al80 make advances to depository institutions
to accommodate commorco, agriculturm, and industry, and they
parform supa~isory and regulatory function8 d8legated to them by
the Federal R@@@N~ Board.
LEGNI AuTRoRITY: 12 U.S.C. 221-522
DATE CREATED: Decmbmr 23, 1913
LZGISLATED TERMINATION MTE: To hav8 succ8ssion until dissolved
by an act of Congr888 or until forfsituro of franchis for
violation of law.
LEGAL STATUS: Chart8rad by Comptrollmr of th8 Currency.
AGIDKY STA’FJS: None spscifi8d in enabling lsgislation.
BOARD OF DIRECTORS: There are nine board members: non8 of vhom
arm presidsntial appointoas.* The members of the Board hold
office for three years. The Board is divided into Clammoe A, 8, -
and C. Each cla88 con818t8 of thraa Board mawbore. Class A
mmbars arm chosen by and are repr8sontativo of thm stockholding
banks. Class S and Class C membmrs rspro88nt the public and
consider tha interests of agriculture, commerce, industry,
.*rvic*. , labor, and con@um@r@ Cla88 B members are d88ignat8d by
the stockholding banks. Cl888 C me!abers are dmsiqnatsd by the
Board of Governors of the Fed8ral Reserve System.
ADVISORY EIOARD -: Non&
PARENTAGEECI: Nona. However, thm Board of Governor8 of the
Federal R@@@rv@ System 8xercis88 general 8up8rvision over the
Banks but has no ownership interest.
AFPILIA'I'ED AGENCIES: FRBs are authorized by 8everal statutes to
act as d~positarios and fiscal ag8nts of the U.S. They are also
authorized to act as dapositaries, custodians, and fiscal agents
for the Commodity Credit Corporation and the Farm Credit System.
BUDGET STATUS: Not included in the budget.