A Federal Reserve Board is created which shall consist of seven members, including the Secretary of the Treasury and the Comptroller of the Currency, who shall be members ex-offcio, and five members appointed by the President of the United States by and with the advice and consent of the Senate - not more than one member being selected from any one Federal Reserve district, the President to have due regard to a fair representation of the different commercial, industrial and geographical divisions of the country. The five members appointed shall devote their entire time to the business of the Federal Reserve Board and shall each receive an annual salary of $12,000, payable monthly, together with actual necessary traveling expenses. The Comptroller of the Currency as ex-officio member shall, in addition to the salary now paid him as Comptroller, receive the sum of $7,000 annually for his services as a member of said board.