Reading Room Document

Residency Requirements for Member of the Federal Reserve Board

This document is a memorandum opinion for the Counsel to the President regarding the residency requirement for the Board of Governors of the Federal Reserve System. The conclusion reached in the document is that Congress did not intend to impose a strict residency requirement upon the selection process, and therefore, it is not necessary for the nominee to satisfy any strict residency or domicile requirement in order to be selected from a specific district. The document presents questions for review regarding the interpretation of the statute, the legislative history, and the history of appointments to the Federal Reserve Board of Governors, ultimately leaving the decision to Congress during the confirmation process.

December 28, 1977