12 USC § 303 - Qualifications and disabilities

---
identifier: "/us/usc/t12/s303"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 303 - Qualifications and disabilities"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "303"
section_name: "Qualifications and disabilities"
chapter_number: 3
chapter_name: "FEDERAL RESERVE SYSTEM"
subchapter_number: "VII"
subchapter_name: "DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS AND ASSISTANTS"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Dec. 23, 1913, ch. 6, § 4 (pars.), 38 Stat. 255; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)"
---


# § 303. Qualifications and disabilities

No Senator or Representative in Congress shall be a member of the Board of Governors of the Federal Reserve System or an officer or a director of a Federal reserve bank.

No director of class B shall be an officer, director, or employee of any bank.

No director of class C shall be an officer, director, 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.)

## Editorial Notes

### Codification

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

## Statutory Notes and Related Subsidiaries

### Change of Name

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