Comptroller of the Currency; appointment; term

12 U.S.C. § 2

• Title: 12 — Banks and Banking
• Chapter: 1 — THE COMPTROLLER OF THE CURRENCY

Text

The Comptroller of the Currency shall be appointed by the President, by and with the advice and consent of the Senate, and shall hold his office for a term of five years unless sooner removed by the President, upon reasons to be communicated by him to the Senate.

History

(R.S. §325; Aug. 23, 1935, ch. 614, title II, §209, 49 Stat. 707.)

Editorial Notes

Editorial Notes

Codification
R.S. §325 derived from act June 3, 1864, ch. 106, §1, 13 Stat. 99, which was the National Bank Act. See section 38 of this title.
Provisions of this section which prescribed the annual basic compensation of the Comptroller of the Currency were omitted to conform to the provisions of the Executive Schedule. See section 5314 of Title 5, Government Organization and Employees.

Amendments
1935—Act Aug. 23, 1935, struck out "on the recommendation of the Secretary of the Treasury" after "President", where first appearing, and changed the salary from "$5,000 a year" to "$15,000 a year".

Statutory Notes and Related Subsidiaries

Repeals
Act Oct. 15, 1949, ch. 695, §4, 63 Stat. 880, formerly cited as a credit to this section, was repealed by Pub. L. 89–554, §8(a), Sept. 6, 1966, 80 Stat. 655.

Executive Documents

Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, were not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title.